Market Research Report
Thermoelectric Modules Market with COVID-19 Impact Analysis, By Product Type, By Application, By End User, and By Region - Size, Share,& Forecast from 2021-2027
|Thermoelectric Modules Market with COVID-19 Impact Analysis, By Product Type, By Application, By End User, and By Region - Size, Share,& Forecast from 2021-2027|
Published: October 1, 2021
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Content info: 271 Pages
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The global Thermoelectric Modules market was valued at USD 0.51 billion by 2019, growing with 9.8% CAGR during the forecast period, 2021-2027.
A thermoelectric (TE) module, also known as a thermoelectric cooler or Peltier cooler, is an electronic component made of semiconductors that acts as a miniature heat pump, transporting heat from one side of the device to the other. Thermoelectric modules can also be used to create power by utilizing a temperature differential between the module's two surfaces. Traditional systems have several disadvantages that TEMs do not. TEMs are more compact, require less maintenance, have lower levels of vibration and noise, and offer more precise temperature control than vapor-compression cooling systems. A TEM works as a tiny heat pump, transferring heat from one side to the other. The temperature difference between the two sides of the module is also employed to create electricity in TEMs. They are more useful than other traditional systems because of their unique ability to transform heat into electricity from a zero-temperature differential. TEMs are used in the consumer electronics, industrial, and medical industries because they are nearly maintenance-free, highly reliable, environmentally friendly, compact and lightweight, and enable accurate temperature control. They are commonly used for cooling in tiny volumes in consumer electronics, such as portable and home refrigerators, portable iceboxes, and beverage can coolers.
Consumer electronics account for the largest share of the TEM and the trend will remain the same during the forecasted period. Consumer Electronics manufacturers must constantly innovate and improve design to create smaller, thinner, lighter, and more reliable TEM that meets customer demands. The advantages of the TEM over traditional frameworks include concurrent cooling and heating of modules to meet the needs of various applications, the growth of the electric vehicle market, and the focus of governments as well as service and product providers on using environmentally friendly power sources, all of which are expected to drive demand. Developments in the buyer hardware application space are likely to spark global interest in the TEM.
Leading players in the market are adopting several strategies such as expansion, new product launching, mergers, and acquisitions to remain competitive in the market. For instance, in December 2020 RMT, a micro thermoelectric module producer Russian corporation, has been acquired by Ferrotec. The inclusion of micro-modular goods from RMT as a result of this deal will assist the firm strengthens its thermoelectric module product range. Furthermore, we will aim for further growth of our Company aiming for electronic device business and improvement of corporate value by actively capturing demand from markets such as 5G and other communication base stations, optical cables, and various sensors by integrating RMT's development and technical capabilities with the company's global sales network and mass-production capability in China.
Asia-Pacific accounted for the largest proportion of the global market for micro thermoelectric modules. The performance of India's and China's developing economies can be linked to Asia's expansion. Pacific's The expanding demand for thermoelectric modules in numerous applications, as well as the low cost of manufacture due to low labor costs, are some of the drivers driving demand in the Asia Pacific. On the other hand, lack of sufficient technological awareness and nascent industrial automation are some of the factors limiting the market for micro thermoelectric devices in the region. The most important market for micro thermoelectric devices in China, which is followed by Japan and India. Because of the significant growth in industries such as automotive, consumer electronics, oil, gas & mining, and industrial, which are the key end-users for thermoelectric modules, North America is the second-largest market for thermoelectric modules. Smooth availability of skilled technical talent, as well as a growing market for high-end compressed consumer electronics in the region
The scope of this report covers the market by its major segments, which include as follows: