The Thermoelectric Modules Market Size is expected to grow at a compound annual growth rate (CAGR) of 8.8% from USD 693 million in 2022 to USD 1,054 million by 2027, as per 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 rising need for effective thermal management solutions across a range of industries, including consumer electronics and automobiles, is what is fueling this expansion. The market is growing as a result of improvements in thermoelectric materials and the growing use of these modules for energy harvesting and cooling applications.

The market for thermoelectric modules (TEMs) has grown as a result of a number of significant benefits that TEMs have over traditional systems, including the capacity to deliver simultaneous heating and cooling. Their dual functioning improves their effectiveness and adaptability in a range of scenarios. The industry is also growing as a result of the growing popularity of luxury and electric cars, which need sophisticated thermal management systems to maximise comfort and performance. Further expansion is anticipated over the projection period, driven by the development of TEMs for new application areas, such as the medical and telecommunications sectors. With the help of these new applications, TEMs can expand their market reach and serve a wider range of sectors. These growth prospects are significant.

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Single stage thermoelectric modules to account for larger share of thermoelectric modules market in 2021

The market for thermoelectric modules is still dominated by single-stage modules, a trend that is anticipated to continue during the forecast period. Due to their extreme versatility, these modules can be used for a variety of heating and cooling applications in the commercial, industrial, and consumer domains. They provide versatility in meeting a range of heat pumping needs, from modest to high capacity, because to their variable specifications. One major benefit of single-stage modules is that they may be used in a wide range of applications due to their availability in varied sizes and forms, as well as their varying heat pumping capacities. Furthermore, compared to multistage modules, their simpler design and manufacturing process make them more affordable and straightforward to use, further reinforcing their market domination.

Bulk thermoelectric modules segment to dominate thermoelectric modules market during forecast period

The market for thermoelectric modules is still dominated by bulk units, a trend that is anticipated to continue during the forecast period. Compared to their micro or thin-film equivalents, these modules are more versatile and can be used in a wider range of applications. They also have less design constraints. Bulk thermoelectric modules are designed to meet a wide range of demands because of their adaptable cooling and power draw designs. They are more affordable and widely available due to their less complicated manufacturing and design procedures, especially when contrasted with smaller modules. Bulk thermoelectric modules are widely used in many different applications and are essential to the production of related parts like heat pumps and thermoelectric generators (TEGs).

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Consumer Electronics application to register highest share for thermoelectric modules market in 2021

The market for thermoelectric modules is still driven by consumer electronics, and this trend is expected to continue during the forecast period. In order to meet changing consumer tastes, this industry requires ongoing innovation in order to offer goods that are lighter, thinner, more dependable, and smaller. Manufacturers gain a competitive advantage from thermoelectric cooling solutions since they can quickly create and launch appealing products. Effective thermoelectric modules are essential for beverage dispensers, like coffee and juice/milk machines, to function at their best, produce the least amount of noise when in use, and require less maintenance. The fact that water purification systems also use thermoelectric coolers to heat and cool water emphasises how adaptable these solutions are.

Market in APAC estimated to have largest share during forecast period

As one of the most important markets for thermoelectric modules, APAC leads the world in investments and business expansion prospects. The area offers profitable opportunities due to its quickly expanding economy, especially in waste heat recovery, consumer goods, industrial automation, and healthcare monitoring equipment. The consumer electronics sector in Asia-Pacific is growing, driven by industrial powerhouses like South Korea, Japan, and China. These nations are the leaders in the manufacturing and consumption of consumer electronics, with China controlling the majority of exports of consumer refrigeration and South Korea specialising in portable electronics. The consumer electronics industry in Asia-Pacific is expected to grow steadily as the industries in North America and Europe reach a plateau, solidifying the region's leadership in the thermoelectric module market.

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The pandemic's economic effects have been most noticeable in North America, where there have been major disruptions in a number of industries. Demand for consumer electronics has been muted, especially in the refrigerator and freezer category, as cautious consumer spending has slowed the pace of replacement trends. The US and Canadian consumer base is becoming less willing to spend money on new appliances, which is having an effect on the market for thermoelectric modules. 2020 saw a severe slump in the automobile sector, which is a major market for thermoelectric modules. This resulted in lower car sales even with the introduction of new models. In the commercial aerospace sector, the production of aircraft halved in 2020 compared to the year before, illustrating the trend of deferred acquisitions.

Thermoelectric Modules Companies:

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),
Phononic (US).

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