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Thermoelectric Module Market to expand at a CAGR of 8.31% by 2030

Oct 10, 2023 10:00 PM ET

Thermoelectric Module Market to expand at a CAGR of 8.31% by 2030

Thermoelectric Module Market Insights

In 2022, the Thermoelectric Modules Market size was estimated at USD 0.69 billion. During the projection period (2023 – 2030), the Thermoelectric Module industry is anticipated to expand from USD 0.76 billion in 2023 to USD 1.30 billion, at a compound yearly growth rate (CAGR) of 8.31%. Thermoelectric modules improve the thermal insulation of essential components to preserve optimal functioning while addressing heat issues in vehicle heads-up displays (HUDs) and infotainment systems. The operations of the recently developed intelligent autonomous systems are becoming more complex while simultaneously getting smaller and lighter, which aggravates the heat flux density and thermal issues with autonomous electronics. Thermoelectric technology allows each delicate piece of equipment to operate more effectively and within its operating temperature range.

The demand for thermoelectric modules may benefit from the expansion of the luxury vehicle industry. The interiors of cars can be heated and cooled using thermoelectric modules, among other uses. Given that many luxury vehicles are equipped with cutting-edge climate control systems, an increase in demand for luxury vehicles could result in an increase in demand for thermoelectric modules. The exact features of the vehicles being produced, the kinds of thermoelectric modules being utilised, and the general health of the automotive sector will all have an impact on this relationship.

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Key Companies in the Thermoelectric Module market include

  • TEC Microsystem
  • Phononic Devices
  • Ferrotec Corporation
  • Laird Thermal Systems
  • KELK Ltd
  • Crystal Ltd
  • Guangdong Fuxin Technology
  • Kryotherm
  • Coherent
  • TE Technology Inc

Part Insights

According to the model, there are two types of market segmentation: single stage and multi-stage. In 2022, the Single Stage category will occupy the majority of the market.

Bulk Thermoelectric Modules, Micro Thermoelectric Modules, and Thin-Film Thermoelectric Modules are all included in the market segmentation based on Type. The growing need for high performance and efficiency across a range of industries can be blamed for the bulk thermoelectric modules market’s dominance.

Aerospace and Defence, Automotive, Consumer Electronics, Healthcare, Food and Beverage, Energy and Utility, and Others are some of the market segments based on application. During the projected period, 2023-2030, the Consumer Electronics segment will hold the biggest market share.

The analysis offers market insights for each region separately, including North America, Europe, Asia-Pacific, and the Rest of the World. The region with the biggest market share for thermoelectric modules is predicted to be Asia-Pacific.

The automotive, consumer electronics, oil, gas & mining, and industrial sectors are the main end-users of thermoelectric modules in the area. the growing consumer goods and medical monitoring equipment markets.

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Due to the region’s high concentration of market participants, easy accessibility of competent technical experience, and growing market for high-end small consumer electronics, North America is the second-largest market for thermoelectric modules. The widespread deployment of thermoelectric modules across North America is also being pushed by government regulations in the United States that support the use of technology that is effective and ecologically benign.

Major market companies are investing a significant amount of money in R&D to expand their product portfolios, which will spur further market expansion. To grow and survive in a more cutthroat and competitive market climate, Thermoelectric Module competitors must provide affordable products.

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