Market Dynamics and Future Outlook of the Thermoelectric Modules Market

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MarketsandMarkets Presents
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.
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MarketsandMarkets Presents
Single stage thermoelectric modules to account
for larger share of thermoelectric modules market
in 2022 Single-stage thermoelectric modules are
suitable for a wide range of cooling and heating
applications with low to high heat pumping
capacities. 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. Download PDF Sample _at_
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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 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.
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MarketsandMarkets Presents
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.
5
MarketsandMarkets Presents
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.
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MarketsandMarkets Presents
Key Players 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). Browse For More Details -
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