August 13, 2021 09:11 ET | Source: Market Research Future Market Research Future

New York, US, Aug. 13, 2021 (GLOBE NEWSWIRE) -- Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Global Thermoelectric Module Market information by Type, Model, Function, Offerings, Application and Region – forecast to 2027” the market is expected to grow from USD 645.68 Million in 2018 to USD 1,053.85 Million by 2025, at a CAGR of 10.29%

Thermoelectric Module Market Scope: The Thermoelectric Module Market is growing continuously over the past few years. Specific applications of thermoelectric modules (TEM) include cooling and heating devices in consumer electronics, IT & telecommunication, and industrial applications. TEMs have traditionally been used for cooling chillers, optical communications, biotechnology, air conditioners, as well as a wide range of consumer electronics.

Dominant Key Players on Thermoelectric Module Market Covered Are:

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Market Drivers: Rising uses of these modules for cooling and heating of batteries in electric and hybrid vehicles drive the growth of the market. However, global focus has been rapidly shifting to the automobile industry, particularly for electric and hybrid cars. Besides, the growing demand for customized thermoelectric module technology for cooling and heating applications in automobiles substantiates the market growth.

Rising automation in various manufacturing companies integrating solid-state heat pumps using a heat exchanger to dissipate heat in accordance with the Peltier effect creates substantial market demand. Resultantly, the market is poised to create an exponential valuation in the years to come.

Therefore, these systems find wide-ranging applications in the automobile sector, showing an excellent coefficient of performance (COP). Other specific automotive applications of thermoelectric modules and technology include cooling laser diodes in head-up displays in automobiles, cooling batteries of electric & hybrid cars, cool cup holders in car cabins, cooling laser devices in lidar technology in autonomous vehicles, and cooling laser diodes in laser headlights.

Rising demand for customized solutions designed with unique thermoelectric modules for specific applications impacts the market growth positively. These modules are suitable for heating batteries in electric cars to overcome the poor performance of batteries in cold weather conditions. Furthermore, new heating applications of thermoelectric modules for electric cars in cold climates substantiate the market size.

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Segmentation of Market covered in the research: The thermoelectric module market is segmented into types, models, functions, offerings, applications, and regions. The type segment is sub-segmented into bulk thermoelectric modules, micro thermoelectric modules, and thin-film thermoelectric modules. The model segment is sub-segmented into single-stage and multi-stage. The function segment is sub-segmented into deep-cooling and general-purpose.

The offering segment is sub-segmented into hardware, software, and services. The application segment is bifurcated into consumer electronics, IT & telecommunication, industrial, automotive, oil & gas, and others. The region segment is sub-segmented into North America, Europe, Asia Pacific, and the-rest-of-the-world.

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Regional Analysis The Asia Pacific region dominates the global thermoelectric module market. The region is witnessing rapid growth in major end-user industries, such as automotive, consumer electronics, O&G, and mining. Besides, the largest market share attributes to the growing demand for consumer goods and healthcare monitoring devices. Increasing industrialization and urbanization drive market growth in the region.

Furthermore, increasing demand for high-tech cooling devices from residential and commercial end-users and substantiates the market growth. The presence of various thermoelectric module manufacturers such as Ferrotec and KELK Ltd. in the region influences market growth. The APAC thermoelectric module market is anticipated to maintain its market position in the coming years, growing at a significant rate.

North America stands second in the global thermoelectric module market revenue. Factors such as the increased adoption of thermoelectric devices by commercial industries and connected technology boost the regional market growth.

Additionally, favorable government policies for the use of efficient and eco-friendly technologies promote the widespread adoption of thermoelectric modules in North America. Increasing demand for high-end compact consumer electronics and increased investments to boost innovations fuel the market growth.

Moreover, the high concentration of market players such as Hi-Z Technology and Laird Thermal working on developing various new products based on efficiency and low energy consumption and easy availability of proficient technical expertise boost the market size. The North American thermoelectric module market is projected to grow at a substantial CAGR during the assessment period.

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COVID-19 Impact on the Global Thermoelectric Module Market The COVID-19 outbreak severely hit the thermoelectric module industry, delaying new installations and causing huge revenue losses. Strict lockdown mandates forced manufacturers to cut their production output, bringing the production facilities to a halt. The brake on the component and device production further spiked product prices and lowered the market demand.

However, the thermoelectric module market is rapidly returning to normalcy, witnessing the steadily increasing demand, mainly from the industrial sectors. The market demand is estimated to pick up following the uplift of the lockdown in many countries.

Industry Trends As technologies progress, thermoelectric module systems are increasingly preferred in HVAC equipment to achieve monthly targets of lowering energy consumption and operating costs, greater sustainability, and productive environments in building structures. Moreover, the benefits of thermoelectric modules, such as high reliability, scalability, compact size, environment friendliness, and noise & vibration-free operation, increase their adoption across industry verticals.

Thermoelectric modules are primarily used for temperature stabilization and heat pumping, power generation applications. This makes them an excellent solution for installing cooling equipment in areas with limited space, such as renovating old buildings. On the flip side, high prices and concerns about proper insulation are major factors acting as headwinds for the thermoelectric module market.

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