According to a research report "Thermoelectric Modules Market by Model (Single Stage, Multi Stage), Type (Bulk, Micro, Thin Film), Functionality (General Purpose, Deep Cooling), End-Use Application (Consumer Electronics, Automotive), Offering and Region - Global Forecast to 2027" published by MarketsandMarkets, the thermoelectric modules market is projected to grow from USD 693 million in 2022 to USD 1,054 million by 2027; it is expected to grow at a CAGR of 8.8% during the forecast period. The growth of the market is attributed to the benefits of TEMs over conventional systems, simultaneous heating and cooling properties of TEMs, and growth of electric and luxury vehicles. During the forecast period, development of TEMs for new application areas such as telecommunication and medical is expected to create growth opportunities for the market.
Browse 171 market data Tables and 40 Figures spread through 210 Pages and in-depth TOC on "Thermoelectric Modules Market by Model (Single Stage, Multi Stage), Type (Bulk, Micro, Thin Film), Functionality (General Purpose, Deep Cooling), End-Use Application (Consumer Electronics, Automotive), Offering and Region - Global Forecast to 2027"
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Single stage thermoelectric modules to account for larger share of thermoelectric modules market in 2022
Single-stage thermoelectric modules accounted for a larger share of the thermoelectric modules market in 2021 and it is expected to remain dominant throughout the forecast period. Single-stage thermoelectric modules are suitable for a wide range of cooling and heating applications with low to high heat pumping capacities (depending on the module specifications). The main advantage of a single-stage module is that it covers a vast array of consumer, commercial, and industrial needs as it is available in many shapes and sizes while offering different levels of heat pumping capabilities. It is also less complex to design and manufacture compared to multistage modules. In addition, single-stage thermoelectric modules are capable of achieving a maximum no-load temperature differential of ~72°C. These modules find applications in biomedical instruments, consumer electronics, industrial equipment, electrical equipment, and laboratory and scientific instruments.
Bulk thermoelectric modules segment to dominate thermoelectric modules market during forecast period
Bulk thermoelectric modules accounted for the largest share of the thermoelectric modules market and the trend will remain the same during the forecast period. Bulk or conventional thermoelectric modules have a higher power output and voltage compared to micro and thin-film thermoelectric modules. Moreover, these modules are the most commonly used types of thermoelectric modules for a majority of end-use applications such as consumer electronics, industrial, medical & laboratories, and aerospace & defense.
Consumer Electronics application to lead thermoelectric modules market in 2022
Consumer electronics to hold high opportunities for thermoelectric modules market compared to other end-use applications in 2022 and 2027. There is always a need for constant innovation and design improvements from consumer electronics manufacturers to create smaller, thinner, lighter, and more reliable products. Thermoelectric cooling solutions offer a competitive advantage by enabling OEMs to develop desirable products and bring them faster to the market. In the view of fast-changing consumer preferences, thermoelectric modules technology acts as integral part of changing consumer electronics industry scenarios. Additionally, growth in the application area of consumer electronics such as wearables is expected to increase the demand for thermoelectric modules.
Market in APAC to hold significant opportunities for the market during forecast period
The region has emerged as a global focal point for large investments and business expansion opportunities. The region represents the fastest-growing market worldwide for thermoelectric modules. The increased demand for waste heat recovery, consumer goods, industrial automation, and healthcare monitoring devices is expected to drive this market in the region. The growth of the market in China is mainly driven by the consumer electronics market, as it is one of the largest markets in the world. Japan is also one of the early adopters of electric vehicles and is a significant manufacturer and exporter of electric vehicles. This in turn creates growth opportunities for thermoelectric modules in Japan. The growth of the thermoelectric modules market in South Korea is mainly driven by the penetration of new communications technologies and hardware equipment.
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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