Dublin, Oct. 11, 2022 (GLOBE NEWSWIRE) -- The "Global 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 - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The thermoelectric modules market is expected to grow from USD 693 million in 2022 and is projected to reach USD 1,054 million by 2027; it is expected to grow at a CAGR of 8.8% during the forecast period.
Advantages such as compact design of TEMs compared to vapor-compression cooling systems, drives the adoption of TEMs across several end-use application. Additionally, ability of TEMs to produce hot and cold water for different functions adds to its rising adoption in different applications. Furthermore, the rapidly growing market for electric and luxury vehicles is also expected to drive thermoelectric modules market. TEMs are used in electric vehicles to stabilize the temperature of a car's battery-operated system.
Market for multistage thermoelectric modules to grow at higher CAGR during forecast period
Multistage thermoelectric modules are also known as cascade thermoelectric modules. They work on high-temperature differentials between the hot and cold sides of the module. These modules are designed to achieve significantly higher temperature differentials of around 130C. Hence, cascaded modules are stacked on top of one another whereby the cold side of one module becomes the hot side of another module mounted above. Multistage thermoelectric modules are suitable for applications in which a low-to-medium cooling capacity is required.
Market for micro thermoelectric modules to grow at highest CAGR during forecast period
Micro thermoelectric modules are devices that have semiconductor elements with dimensions of less than 1.0 mm square. They can easily convert heat into electricity, starting from a zero-temperature difference. Further, these modules help in decreasing the energy consumption of electric devices, such as wearables and wireless sensors. Technological advancements have resulted in product miniaturization; as a result, the number of microdevices, such as microprocessors, microsensors, microcontrollers, and micro-instruments, has increased. Therefore, the demand for micro thermoelectric modules is likely to grow in the coming years.
Market for automotive application to grow at highest CAGR during forecast period
Thermoelectric modules are prominently used in the automotive application for automotive seat cooling/heating, cup holders, glove boxes, automotive night vision, and waste heat recovery. For automotive seats, thermoelectric modules are used as they can switch easily between heating and cooling functions. Autonomous systems provide numerous benefits in modern vehicles. High-temperature thermoelectric coolers provide the thermal management solution needed to operate each system within an acceptable temperature range and optimize its performance. The growth in the production of light vehicles is expected to increase the demand for thermoelectric modules in the automotive application. With the fast growth of electric cars, thermoelectric modules are expected to be used to a greater degree to maintain the optimal temperature of battery packs.
APAC to create highest growth opportunities for thermoelectric modules market among other region during the forecast period
APAC is the largest consumer electronics market in terms of manufacturing and consumption of consumer electronics products. In China, the demand for consumer electronic products is increasing in the country due to its large population. The industrial application is the second-largest segment in the thermoelectric modules market in China, followed by the automotive segment. The Japanese government has taken initiatives to bring a robotic revolution in the country to increase the use of intelligent machines in the manufacturing and healthcare sectors, which would drive the thermoelectric modules market in Japan in the industrial sector. South Korea, one of the leading manufacturers of electric and hybrid vehicles, is expected to create high growth opportunities for thermoelectric modules market with growing electric vehicles market.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in Thermoelectric Modules Market
4.2 Bulk Thermoelectric Modules Market, by Region
4.3 Thermoelectric Modules Market, by Functionality
4.4 Thermoelectric Modules Market in Apac, by End-Use Application Vs. by Country
4.5 Thermoelectric Modules Market, by Country
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Benefits of Tems Over Conventional Systems
5.2.1.2 Simultaneous Heating and Cooling Properties of Tems Driving Demand in Several Applications
5.2.1.3 Growth of Electric and Luxury Vehicles Increasing Demand for Tems
5.2.2 Restraints
5.2.2.1 Inherent Disadvantages and Design Complexities
5.2.2.2 High Costs Compared with Traditional Heating/Cooling Systems
5.2.3 Opportunities
5.2.3.1 Development of Tems for New Application Areas
5.2.3.2 Thermoelectric Coolers for Storage and Transport of COVID-19 Vaccines
5.2.4 Challenges
5.2.4.1 Reliability and Strength of Tems
5.3 Value Chain Analysis
5.4 Ecosystem/Market Map
5.4.1 Thermoelectric Module Oems
5.4.2 Suppliers
5.4.3 Distributors
5.5 Pricing Analysis
5.6 Trends/Disruptions Impacting Customers' Business
5.7 Technology Analysis
5.7.1 Key Technologies
5.7.1.1 Thermoelectric Generators
5.7.1.2 Thermoelectric Heat Pumps
5.7.2 Adjacent Technology
5.7.2.1 Traditional Heat Pumps
5.8 Technology Trends
5.8.1 New Materials Used for Manufacturing Thermoelectric Modules
5.8.2 Miniaturization of Thermoelectric Modules
5.9 Porter's Five Forces Analysis
5.9.1 Degree of Competition
5.9.2 Bargaining Power of Suppliers
5.9.3 Bargaining Power of Buyers
5.9.4 Threat from Substitutes
5.9.5 Threat of New Entrants
5.10 Case Studies
5.10.1 Laird Thermal Systems Used Thermoelectric Modules for Cooling Optical Sensors
5.10.2 Laird Thermal Systems Used Thermoelectric Modules for Vision Systems
5.10.3 Laird Thermal Systems Used Thermoelectric Modules for Preserving Medical Reagents
5.10.4 Ii-Vi Marlow Showcased Thermoelectric Cooler for Thermal Cycling
5.10.5 Ii-Vi Marlow Showcased Thermoelectric Modules for Energy Harvesting
5.10.6 Crystal Developed Prototype for Laboratory Research Equipment
5.10.7 Mahle Testing Thermoelectric Technology in Automotive Applications
5.10.8 Phononic Leveraged Thermoelectric Technology to Develop Cpu Cooler
5.10.9 Phononic Provided Solid-State Refrigeration Solutions Using Thermoelectric Technology
5.10.10 Phononic Offered Thermoelectric Freezers to Convenience Stores
5.11 Trade Analysis
5.11.1 Trade Data
5.12 Patent Analysis
5.13 Tariffs and Regulations
5.13.1 Tariffs Related to Thermoelectric Modules
5.13.2 Regulations
5.13.2.1 Europe
5.13.2.1.1 Rohs
5.13.2.2 US
5.13.2.2.1 Telcordia Gr-468
5.13.2.2.2 Itar
5.13.3 Global
5.13.3.1 Space Qualifications
6 Thermoelectric Modules Market, by Model
6.1 Introduction
6.2 Single-Stage
6.2.1 Single-Stage Thermoelectric Modules Have Only One Stage or Layer to Achieve Standard Temperature Differences
6.3 Multi-Stage
6.3.1 Multi-Stage Thermoelectric Modules Have High-Temperature Differentials Between Hot and Cold Sides of Modules
7 Thermoelectric Modules Market, by Type
7.1 Introduction
7.2 Bulk Thermoelectric Modules
7.2.1 Bulk Thermoelectric Modules Have Higher Power Output and Voltage Compared to Other Modules
7.3 Micro Thermoelectric Modules
7.3.1 Micro Thermoelectric Modules Help in Reducing Energy Consumption of Electric Devices
7.4 Thin-Film Thermoelectric Modules
7.4.1 These Modules Produce Maximum Heat Flux
8 Thermoelectric Modules Market, by Functionality
8.1 Introduction
8.2 General-Purpose
8.2.1 Telecommunications to Remain Largest Application of General-Purpose Thermoelectric Modules
8.3 Deep Cooling
8.3.1 Consumer Electronics to Remain Largest End-user of Deep Cooling Thermoelectric Modules
9 Thermoelectric Modules Market, by Offering
9.1 Introduction
9.2 Hardware
9.2.1 Hardware of Thermoelectric Modules Includes Various Elements and Components That Work as a Unit
9.3 Services
9.3.1 Services Include Prototyping, Designing, Engineering, Testing, and Compliance
10 Thermoelectric Modules Market, by End-Use Application
10.1 Introduction
10.2 Consumer Electronics
10.2.1 Consumer Electronics Held Largest Share of Thermoelectric Modules Market
10.3 Industrial
10.3.1 Use of Thermoelectric Modules in Food & Beverages Industry Driving Overall Market
10.4 Telecommunications
10.4.1 APAC to Account for Largest Market Share in Telecommunications Application During Forecast Period
10.5 Automotive
10.5.1 Market in Automotive Application to Witness Highest CAGR During Forecast Period
10.6 Medical & Laboratories
10.6.1 Need for Temperature Stabilization Boosting Demand for Thermoelectric Modules in Medical & Laboratories
10.7 Aerospace & Defense
10.7.1 Marlow and Rmt are Among Key Companies Catering to Demand in Aerospace & Defense Application
10.8 Oil & Gas and Mining
10.8.1 Thermoelectric Modules Used in Gas Analyzers, Metering Equipment, and Remote Telemetry Units
11 Geographic Analysis
12 Competitive Landscape
12.1 Overview
12.2 Key Player Strategies/Right to Win
12.3 Revenue Analysis of Top Companies
12.4 Market Share Analysis: Thermoelectric Modules Market, 2021
12.5 Company Evaluation Quadrant
12.5.1 Stars
12.5.2 Emerging Leaders
12.5.3 Pervasive Companies
12.5.4 Participants
12.6 Start-Ups/Small- and Medium-Sized Enterprises (Smes) Evaluation Quadrant, 2021
12.6.1 Progressive Companies
12.6.2 Responsive Companies
12.6.3 Dynamic Companies
12.6.4 Starting Blocks
12.7 Company Footprint
12.8 Competitive Scenario
12.8.1 Product Launches
12.8.2 Deals
13 Company Profiles
13.1 Key Players
13.1.1 Ferrotec
13.1.2 Laird Thermal Systems
13.1.3 Ii-Vi Incorporated
13.1.4 Kelk
13.1.5 Guangdong Fuxin Technology
13.1.6 Te Technology
13.1.7 Tec Microsystems
13.1.8 Crystal
13.1.9 Kryotherm
13.1.10 Thermion Company
13.1.11 Z-Max
13.1.12 Phononic
13.2 Other Key Players
13.2.1 Align Sourcing
13.2.2 Everredtronics
13.2.3 Hitech Technologies
13.2.4 Hi-Z Technology
13.2.5 Hui Mao
13.2.6 Inheco Industrial Heating & Cooling
13.2.7 Kjlp (Shenzhen) Electronics
13.2.8 Kyocera Corporation
13.2.9 Merit Technology Group
13.2.10 P&N Technology
13.2.11 Thermonamic Electronics
13.2.12 Wellen Technology
13.2.13 Xiamen Hicool Electronics
14 Adjacent & Related Markets
15 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/x92f57
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