The Thermoelectric Modules Market is expected to grow at a robust compound annual growth rate (CAGR) of 8.8% over the forecast period, from its valuation of USD 693 million in 2022 to USD 1,054 million by 2027.
This growth trajectory can be attributed to a number of factors, including technological advancements and growing adoption across a range of end-use applications. Thermoelectric modules, which are divided into single-stage and multi-stage models, are available in different types, such as bulk, micro, and thin film, to meet a broad range of needs. Their functionality extends from general-purpose applications to deep cooling solutions, serving industries like consumer electronics and automotive. The market for thermoelectric modules is expected to grow significantly in the upcoming years due to changing customer needs and technological advancements, as well as growing offers and a worldwide outlook.
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The market for thermoelectric modules (TEMs) is growing due to a number of important considerations. The benefits that thermoelectric sensors (TEMs) provide over traditional systems, such as their small size, dependability, and capacity to precisely control temperature, are a major motivator. Furthermore, TEMs are extremely adaptable in a wide range of applications because to their exceptional capacity to perform simultaneous heating and cooling tasks. The market is expected to increase further due to the increasing integration of temperature sensors (TEMs) for effective temperature management in the luxury and electric vehicle (EV) segments. The development of TEMs in new application areas, like telecommunications and medical devices, appears promising over the foreseeable term. These developing markets provide TEM producers profitable chances to develop and broaden their range of products, propelling the industry's expansion.
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Single stage thermoelectric modules to account for larger share of thermoelectric modules market in 2022
In 2021, single-stage thermoelectric modules became the market leader; this trend is anticipated to continue for the duration of the projection period. These modules are highly valued due to their adaptability, serving a wide range of heating and cooling applications in numerous industries. Single-stage modules vary in heat pumping capacities from low to high, providing flexibility to accommodate a wide range of applications. Their popularity can be attributed to the fact that they come in a range of sizes and shapes, meeting a variety of requirements and being comparatively easier to design and produce than their multistage counterparts. Single-stage thermoelectric modules are also attractive since they have a maximum no-load temperature differential of about 72°C. Their applications in laboratory and scientific instruments, consumer electronics, industrial equipment, biomedical instruments, and electrical devices demonstrate their importance in a wide range of industries.
Bulk thermoelectric modules segment to dominate thermoelectric modules market during forecast period
Throughout the course of the forecast period, bulk thermoelectric modules are expected to maintain their dominant position in the thermoelectric module market. Backed by their better voltage and power output over micro and thin-film equivalents, bulk thermoelectric modules are the go-to option for a wide range of applications. Their adaptability makes them important in a wide range of industries, including aerospace and defence, consumer electronics, industrial, medical, and laboratories. Because of their reliable performance and extensive use in a variety of industries, bulk thermoelectric modules are the preferred choice for a broad range of end-use applications and are expected to maintain their market dominance.
Consumer Electronics application to lead thermoelectric modules market in 2022
between comparison to other end-use applications, consumer electronics show promise as a profitable market segment for thermoelectric modules between 2022 and 2027. The consumer electronics industry is always pushing for design improvements and innovation, pushing producers to make their products lighter, thinner, smaller, and more dependable. Thermoelectric cooling technologies give original equipment manufacturers (OEMs) a competitive advantage by enabling them to quickly develop and market appealing goods. Thermoelectric module technology is crucial in influencing the consumer electronics industry's dynamics against the backdrop of quickly changing consumer tastes. The need for thermoelectric modules is also expected to increase due to the growing number of wearable devices and the diversification of their applications, which will further establish their importance in the field of consumer electronics.
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Market in APAC to hold significant opportunities for the market during forecast period
The region has become the fastest-growing market for thermoelectric modules worldwide, serving as a crucial centre for large investments and expanding corporate expansion opportunities. The region's market is expected to increase as a result of the increasing demand for consumer goods, industrial automation, waste heat recovery, and healthcare monitoring devices. Notably, a major factor in market rise is China's healthy consumer electronics sector, which is among the biggest in the world. As an early user of electric vehicles, Japan is notable for its strong manufacturing skills and its prominence as an exporter in this field, which creates growth potential for thermoelectric modules within its borders. The fast adoption of innovative hardware and communications technologies is also propelling market expansion in South Korea, highlighting the region's critical role in determining the direction of the thermoelectric module industry.
Major vendors in the thermoelectric modules market include Ferrotec (Japan), Laird Thermal Systems (US), II-VI Incorporated (US), Kelk (Japan), Guangdong Fuxin Technology (China), TE Technology (US), TEC Microsystems (Germany), Crystal (Russia), Kryotherm (Russia), and Phononic (US).
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