The thermoelectric modules (TEMs) 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% from 2022 to 2027. 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. However, inherent disadvantages and design complexities in addition to high costs of TEMs compared to traditional heating or cooling systems restrain the growth of the market.
Key players operating in the 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). Major strategies adopted by top players to enhance their product portfolios, increase their market share, and expand their presence in the market mainly include new product launches and deals, such as acquisitions and partnerships.
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Ferrotec (Japan) offers premium-quality thermoelectric modules to high-volume manufacturers that use thermoelectric modules. The company offers custom thermoelectric modules that deliver superior performance with consistent manufacturability to telecom, biomedical, industrial, instrumentation, analytical, automotive, and consumer device manufacturers. The company also has sizeable global sales and technical support to address the commercial and technical requirements of its customers. Ferrotec has operations in several countries, which include the US, Canada, Mexico, Israel, Singapore, Thailand, India, the Philippines, Vietnam, Australia, and Malaysia. The company also caters to several countries across Europe, South America, and Africa.
Laird Thermal Systems (US) offers a diverse product portfolio of active thermoelectric coolers. The company provides local design engineering, testing, prototyping, manufacturing services, along with sales, customer service, and technical support for its global customers, which helps in differentiating itself from other competitors. Reduced size, cost, and power consumption are the core principles for the design of thermoelectric modules that help the company’s products stay relevant in the market.
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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