PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1127439
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1127439
Thermoelectric modules Market size was valued at USD 707.6 Million in 2021, growing at a CAGR of 9.2% from 2022 to 2028.
Thermoelectric modules provide a number of benefits, including their ability to simultaneously heat and cool objects, which makes them useful for a variety of tasks in diverse end-use applications. The use of thermoelectric modules is fueled by these advantages. Additionally, the market for thermoelectric modules is expanding as a result of the use of these modules in a variety of functions for electric vehicles, such as controlling the temperature of the car's seats and stabilizing the temperature of the battery-operated system
The multistage coolers (TEC) maintain the solid-state advantages of single-stage coolers while providing improved cooling performance. Compared to single-stage thermoelectric modules, they can pump out more heat. Companies are concentrating on creating high-capacity thermoelectric modules for a variety of specialized applications. Therefore, compared to the market for single-stage modules, the market for multistage thermoelectric modules is anticipated to increase more quickly. Automotive, industrial, telecommunications, medical, and consumer applications all make use of multistage modules. Due to its capability to transfer heat from one side of the module to the other by applying a low voltage DC power, a thermoelectric module is used in a variety of applications in the aerospace & defense, automotive, consumer electronics, healthcare, food & beverage, energy & utility, IT & telecommunication, and manufacturing industries.
Space-saving thermoelectric cooler modules help innovations in the healthcare system, such as medical storage chambers, medical diagnostics, and computerized tomography, avoid temperature changes that could affect the interaction of sample components and adsorbents. In order to acquire accurate test results, point-of-care testing (POCT), an alternative to conventional laboratory testing, uses thermoelectric Peltier modules to regulate the temperature of blood samples in emergency situations.
The Global Thermoelectric modules Market is segmented on the basis of Model, Type, Functionality End User, and Region.
The market is divided into eight categories based on application: Consumer Electronics, Industrial, Telecommunications, Automotive, Medical & Laboratories, Aerospace & Defense, Oil & Gas, and Mining. The automotive application segment held the majority of the market share of nearly 33.2% in terms of revenue. Thermoelectric modules are used in automotive applications for a variety of things, such as cooling laser diodes in head-up displays, keeping cupholders and glove compartments cool inside automobiles, cooling sensor equipment like LIDAR in autonomous vehicles, and cooling laser diodes in laser headlights
The market is divided into three categories based on product type: Bulk Thermoelectric Modules, Micro Thermoelectric Modules, and Thin Film Thermoelectric Modules. The bulk thermoelectric segment held the majority of the market share of nearly 52.7% in terms of revenue. 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.
The global market for Thermoelectric modules is made of a number of both international and local producers, making it a fairly competitive sector in the world. Some of the leading strategies adopted by corporations to expand their market share include new product launches, agreements, distribution network development, R&D spending, and mergers and acquisitions. For instance, in May 2020, Phononic partnered with Google Cloud's two new manufacturing data solutions: Manufacturing Connect and Manufacturing Data Engine. The partnership is aimed to develop insights to optimize Phononic's operations.
The scope of this report covers the market by its major segments, which include as follows: