The Thermoelectric Modules Market is anticipated to increase from USD 693 million in 2022 to USD 1,054 million in 2027, growing at a Compound Annual Growth Rate (CAGR) of 8.8% over that time. The rising demand for luxury and electric automobiles as well as the expanding adoption of 5G connectivity are some of the reasons fueling the expansion of the market for thermoelectric modules. Critical components like optical transceivers face temperature problems as a result of the new, high-speed 5G telecommunication standard. Where TEMs must be used, optical transceivers have a laser diode that must be kept below 70°C to ensure no loss of data transmission. Consequently, as 5G equipment is deployed more widely, there will be a greater need for TEMs in the telecommunications industry. Future electric vehicles are predicted to use TEMs. The temperature of an electric car's battery-operated system is stabilised by the use of TEMs, especially in colder locations where battery efficiency can be lowered by up to 40%.

Single stage thermoelectric modules are expected to hold a bigger market share.

The Thermoelectric Modules Market is dominated by single-stage thermoelectric modules, and this trend will continue over the projected period. With modest to high heat pumping capacity, single-stage thermoelectric modules are appropriate for a variety of cooling and heating applications (depending on the module specifications). A single-stage module's key benefit is that it can be found in a variety of sizes, forms, and heat pumping capacities, making it suitable for a wide range of consumer, commercial, and industrial purposes. In comparison to multistage modules, it is also simpler to design and produce.

Thermoelectric Modules Market will be dominated by the Bulk Thermoelectric Modules Segment throughout the Projection Period

The Thermoelectric Modules Market was dominated by bulk thermoelectric modules, and this trend is expected to continue over the forecast period. In contrast to micro or thin-film thermoelectric modules, bulk thermoelectric modules are appropriate for a wide range of applications and have no design limitations. Based on their design, these modules can be set up for various power draws and cooling capacities. In comparison to smaller modules, they are also simpler to design and produce. The production of related parts like heat pumps and thermoelectric generators (TEGs) frequently uses bulk thermoelectric modules. TEGs are used in power plants to generate additional electrical power from waste heat. Due to their longer service-free lifespan than other conventional generators, TEGs are frequently used in industrial processes and heating.

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Application for Consumer Electronics to register the largest market share for thermoelectric modules

Consumer electronics-related thermoelectric modules held the biggest market share, and this trend is expected to continue over the course of the projection period. To produce smaller, thinner, lighter, and more dependable goods that satisfy consumer needs, consumer electronics makers must continuously develop and improve designs. Thermoelectric cooling technologies give OEMs a competitive edge by enabling them to create desired goods and bring them to market more quickly in light of rapidly shifting consumer demands. Thermoelectric modules for beverage dispensers, such as coffee and juice/milk machines, are necessary because they provide effective performance, minimal running noise, and minimal maintenance needs. Another application area that calls for thermoelectric coolers for both chilling and heating water is water purification systems. Future consumer wearables are also anticipated to include thermoelectric solutions. Therefore, the market for thermoelectric modules is dominated by consumer electronics.

According to estimates, APAC will dominate the market over the projection period.

APAC has become a key worldwide hub for significant investments and prospects for corporate growth. The market for thermoelectric modules in this area is expanding at the quickest rate in the globe. This market in the region is anticipated to be driven by the rising need for waste heat recovery, consumer goods, industrial automation, and healthcare monitoring devices. South Korea, the leading producer and consumer of consumer electronics, together with nations like China, Japan, and India make up the APAC region. China is the top supplier of consumer refrigeration equipment, while South Korea plays a significant role in the production of portable consumer electronics. As a result, the market in APAC for consumer electronics is anticipated to develop in the future while markets in North America and Europe remain stagnant.

The epidemic has had the greatest negative impact on North America. The market for thermoelectric modules for consumer electronics will decline as consumers hesitate to replace their old refrigerators and freezers. Due to decreasing purchasing power in the US and Canada, consumers are reluctant to replace outdated equipment as a result of a decline in disposable personal income. Even though major automakers introduced new car models, the North American automotive market had a severe decrease in 2020, leading to lower vehicle sales. In North America, many current and potential car purchasers are currently postponing their purchases. The North American commercial aerospace market has also been negatively impacted, particularly in the US. The demand for Thermoelectric Modules in aerospace applications has decreased since the procurement of civilian aircraft manufacturing in 2020 has fallen to almost half that of 2019.

Key Players

Ferrotec, II-VI Incorporated, KELK, Laird Thermal Systems, Guangdong Fuxin Technology, TE Technology, Phononic, INHECO Industrial Heating & Cooling, TEC Microsystems, Crystal, Kryotherm, Z-Max, Kyocera Corporation, Align Sourcing, HiTECH Technologies, Hi-Z Technology, Merit Technology Group, KJLP, and others are significant market participants in the thermoelectric modules market.

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