Thermoelectric Modules Market estimated to be worth USD 872 Million by 2026

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MarketsandMarkets Presents
The Thermoelectric Modules Market is expected to
grow at a CAGR of 8.0 during the forecast
period. Owing to COVID-19, the Thermoelectric
Modules Market is estimated to face headwinds for
20202021. The growth of the Thermoelectric
Modules Market is driven by factors such as
increasing demand for electric and luxury
vehicles and the growing deployment of 5G
connectivity. The new high-speed 5G
telecommunication standard presents thermal
challenges for critical components such as
optical transceivers. Optical transceivers
contain a laser diode that needs to be kept below
70C to ensure no loss of data transmission
wherein TEMs need to be deployed. Hence, with the
increasing deployment of 5G equipment, there will
be an increasing demand for TEMs in
telecommunications.
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MarketsandMarkets Presents
TEMs are expected to be used in future electric
vehicles. TEMs are used in electric vehicles to
stabilize the temperature of a cars
battery-operated system, especially for colder
climates where battery efficiency can be reduced
by up to 40. Download PDF Sample _at_
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MarketsandMarkets Presents
Single stage Thermoelectric Modules to account
for larger share of Thermoelectric Modules Market
in 2021 Single-stage thermoelectric modules
account for a larger share of the Thermoelectric
Modules Market and the trend will remain the same
during 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.
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MarketsandMarkets Presents
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 thermoelectric modules
are suitable for a wide variety of applications
and have no design constraints compared to micro
or thin-film thermoelectric modules. These
modules can be configured for different power
draw and cooling capabilities based on their
design. They are also less complex to design, and
manufacture compared to smaller modules. Bulk
thermoelectric modules are widely used to make
related components such as thermoelectric
generators (TEGs) and heat pumps.
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MarketsandMarkets Presents
Consumer Electronics Application to register
highest share for Thermoelectric Modules Market
in 2021 Thermoelectric modules used in consumer
electronics accounted for the largest share of
the Thermoelectric Modules Market and the trend
will remain the same during the forecast period.
Consumer electronics manufacturers must
constantly innovate and improve designs to create
smaller, thinner, lighter, and more reliable
products that meet customer demands. Due to
fast-changing consumer preferences,
thermoelectric cooling solutions offer a
competitive advantage by enabling OEMs to develop
desirable products and bring them faster to the
market.
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MarketsandMarkets Presents
Consumer Electronics Application to register
highest share for Thermoelectric Modules Market
in 2021 Beverage dispensers including coffee and
juice/milk machines require a thermoelectric
module that delivers efficient performance, low
operating noise, and low maintenance
requirements. Water purification systems are
another application area, which requires
thermoelectric coolers for both cooling and
heating water. Thermoelectric solutions are also
expected to be featured in consumer wearables in
the future. Hence, consumer electronics holds the
largest market for Thermoelectric Modules.
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MarketsandMarkets Presents
Market in APAC estimated to have largest share
during forecast period APAC 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. APAC has a large consumer electronics
industry consisting of countries such as China,
Japan, and South Korea, which is the largest
manufacturer and end user of consumer devices.
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MarketsandMarkets Presents
South Korea is an important country for
manufacturing portable consumer devices while
China is the largest exporter of consumer
refrigeration devices. Hence, for consumer
electronics, the market in APAC is expected to
continue to grow as markets in North America and
Europe continue to stagnate over time. North
America is the most adversely affected region by
the pandemic. Hesitant consumer spending on
refrigerator and freezer replacements will drive
the demand down for thermoelectric modules for
consumer electronics. Browse For More Details -
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MarketsandMarkets Presents
A decrease in disposable personal income is
driving consumer reluctance to replace old
appliances as a result of lower spending power in
the US and Canada. The North American automotive
market witnessed a sharp decline in 2020,
resulting in fewer vehicle sales despite the
introduction of new vehicle models by major
automobile manufacturers. Many existing and
potential vehicle buyers in North America are
deferring their purchases at present. The
commercial aerospace market in North America has
also been severely affected, particularly in the
US. The purchase of civilian aircraft production
in 2020 has declined to around half of that of
2019, which, in turn, has reduced the demand for
Thermoelectric Modules in aerospace applications.
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MarketsandMarkets Presents
Key Players Major Vendors in the Thermoelectric
Modules Market include Ferrotec (US), II-VI
Incorporated (US), KELK (Japan), Laird Thermal
Systems (US), Guangdong Fuxin Technology (China),
TE Technology (US), Phononic (US), INHECO
Industrial Heating Cooling (Germany), TEC
Microsystems (Germany), Crystal (Russia),
Kryotherm (Russia), Z-Max (Japan), Kyocera
Corporation (Japan), Align Sourcing (US), HiTECH
Technologies (US), Hi-Z Technology (US), Merit
Technology Group (China), KJLP ELECTRONICS
(China), PN Technology (China), Thermonamic
Electronics (China), Hui Mao (China), Wellen
Technology (China), and Xiamen HIcool Electronics
(China).
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MarketsandMarkets Presents
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