In the upcoming years, the global Thermoelectric Modules Market is anticipated to experience considerable expansion, according to a MarketsandMarketsTM research report. The market, which was estimated to be worth USD 693 million in 2022, is predicted to grow to USD 1,054 million by 2027, reflecting a strong Compound Annual Growth Rate (CAGR) of 8.8% throughout the projected period, according to the analysis.

This expansion is ascribed to a number of causes, including the rising demand for thermoelectric modules across a range of end-use industries, such as the consumer electronics and automotive sectors. The adoption of various module models, types, and capabilities has further propelled the market's growth, making it a promising sector for organisations and investors to investigate in the years to come.

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The market for thermoelectric modules (TEMs) has expanded as a result of numerous important causes. First off, TEMs are a favoured option in many industries due to their major advantages over traditional systems. Additionally, TEMs have the special capacity to provide both heating and cooling at the same time, which increases their appeal in a variety of applications. The demand for TEMs is also being fueled by the rising appeal of luxury and electric cars, which are essential to effective thermal control. Looking ahead, it is anticipated that throughout the forecast period, TEMs will be developed for new application fields including telecommunications and medicine, offering the market attractive growth prospects as it continues to develop and diversify.

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

Single-stage thermoelectric modules remained to rule the thermoelectric module market in 2022, and this trend is anticipated to continue for the duration of the forecast. Depending on their specifications, these modules can accommodate a wide range of cooling and heating applications, ranging from low to high heat pumping capacities. Their wide-spread appeal can be ascribed to the fact that they come in a variety of sizes and designs to meet varied consumer, business, and industrial needs. They also offer various levels of heat pumping capability. Additionally, compared to their multistage equivalents, single-stage modules are significantly easier to design and produce. Additionally, they may achieve a significant no-load temperature differential of about 72°C. As a result, single-stage thermoelectric modules are used in a wide range of industries, such as in laboratory and scientific equipment, consumer electronics, industrial equipment, and electrical equipment.

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

The bulk thermoelectric modules market segment has established its dominance and is anticipated to hold onto this position for the duration of the projection. When compared to their micro and thin-film counterparts, these conventional thermoelectric modules produce more power and voltage, which makes them highly desirable. They are widely used in consumer electronics, industrial settings, medical and laboratory equipment, as well as aerospace and defence applications, demonstrating their widespread applicability. As a result, bulk thermoelectric modules continue to have the biggest market share, underscoring their ongoing importance in satisfying the needs of many industries.

Consumer Electronics application to lead thermoelectric modules market in 2022

The consumer electronics industry became the market's dominant application segment for thermoelectric modules in 2022, and experts predict this trend will continue through 2027. Manufacturers of consumer electronics, who strive to make smaller, thinner, lighter, and more dependable goods, might be blamed for this dominance's constant demand for innovation and design improvements. The competitive advantage of thermoelectric cooling solutions has allowed Original Equipment Manufacturers (OEMs) to build highly valued items more quickly and bring them to market. Thermoelectric module technology has become a crucial component in adjusting to the changing consumer electronics market due to the consumers' quickly shifting preferences.

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

Throughout the anticipated period, the thermoelectric module market is expected to see considerable growth prospects in the Asia-Pacific (APAC) region. This area has drawn attention since it has developed into a centre for significant investments and commercial expansions on a global scale. The market for thermoelectric modules is expanding at the quickest rate in the world, thanks to rising demand for waste heat recovery, consumer goods, industrial automation, and medical monitoring equipment. Because of its booming consumer electronics market, which is among the biggest in the world, China stands out as a key driver in this industry. As a major producer and exporter of electric vehicles, Japan—known for adopting them early—contributes greatly to the industry, fostering favourable conditions for thermoelectric modules.

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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