The Thermoelectric Modules Market will expand at a Compound Annual Growth Rate (CAGR) of 8.8% between 2022 and 2027. By 2027, the market is anticipated to have grown from USD 693 million in 2022 to USD 1,054 million. The advantages of thermoelectric modules (TEMs) over conventional systems, their capacity for simultaneous heating and cooling, and the rising popularity of luxury and electric vehicles are all mentioned in the research as reasons for the market's expansion. During the projection period, it is also anticipated that the development of TEMs for new application domains including telecommunication and medical will open up new growth prospects for the market.

Simultaneous heating and cooling properties of TEMs driving demand for several applications

TEMs use the Peltier effect to create a temperature difference by transferring heat between 2 electrical junctions. These modules are mainly used in cooling devices, but they also find application in heating devices. Thermoelectric coolers are capable of cooling or heating a system based on the polarity of the DC power applied. Therefore, the simultaneous heating and cooling ability of TEMs is utilized to produce hot and cold water for different functions. For instance, it can produce hot water for a bath while delivering cold water for air cooling. This property of TEMs is used in charged coupled devices, infrared detectors, laser diode coolers, weapons sights, and thermal viewers, as well as for integrated circuit cooling, microprocessor cooling, and electronic package cooling.

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Single stage thermoelectric modules to account for larger share of thermoelectric modules market in 2022

single-stage thermoelectric modules are anticipated to maintain their dominance throughout the projected period. Due to their suitability for a wide range of cooling and heating applications, as well as their availability in a variety of forms and sizes with variable heat pumping capabilities, the modules accounted for a higher part of the thermoelectric modules market in 2021. According to the study, single-stage modules are simpler to build and design than multistage modules. Single-stage thermoelectric modules may also achieve a maximum no-load temperature differential of 72°C, which makes them suitable for usage in laboratory and scientific equipment, consumer electronics, industrial equipment, and electrical equipment.

Bulk thermoelectric modules segment to dominate thermoelectric modules market during forecast period

bulk thermoelectric modules are anticipated to rule the thermoelectric module market over the forecast year. Due to their larger power output and voltage compared to micro and thin-film thermoelectric modules, these conventional modules held the highest market share. Additional frequent uses for bulk thermoelectric modules include consumer electronics, industrial, medical, and laboratory equipment, as well as aerospace and defence.

Consumer Electronics application to lead thermoelectric modules market in 2022

consumer electronics will dominate the thermoelectric module market in 2022 and 2027. The market presents more chances for thermoelectric modules than for other end-use applications since consumer electronics producers must constantly innovate and enhance their designs. Manufacturers can produce smaller, lighter, thinner, and more dependable goods thanks to thermoelectric cooling systems, offering them a competitive edge and permitting a quicker time to market. The technology of thermoelectric modules, according to the paper, is crucial to the evolving consumer electronics sector since consumer preferences change quickly. The development of applications like wearables is also anticipated to increase demand for thermoelectric modules.

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Market in APAC to hold significant opportunities for the market during forecast period

the Asia-Pacific (APAC) region is anticipated to offer substantial potential for the thermoelectric modules market during the forecast period. The area has become a focus point for significant investments and potential for business growth, and it represents the thermoelectric module market with the quickest rate of expansion globally. The market in the region is anticipated to be driven by rising demand for waste heat recovery, consumer goods, industrial automation, and healthcare monitoring devices. The world's largest consumer electronics market, China, is what is causing the market there to expand. On the other hand, Japan is a major producer and exporter of electric vehicles, one of the early adopters of the technology, which opens up new market potential for thermoelectric modules. The adoption of new hardware and communications technologies is the key factor driving market expansion in South Korea.

Major vendors in the thermoelectric modules market include Ferrotec (Japan), Laird Thermal Systems (US), II-VI Incorporated (US), Kelk (Japan), Guangdong Fuxin Technology (China), TE Technology (US), TEC Microsystems (Germany), Crystal (Russia), Kryotherm (Russia), and Phononic (US).

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