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Thermoelectric Module Market Report
Thermoelectric Module Market Trends, Dynamics & Market Insights
The Thermoelectric Module Market is estimated to grow from USD 575.6 million in 2020 to USD 910.0 million by 2026 at a healthy CAGR of 8.1% during the forecast period.
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A thermoelectric module also referred to as a Peltier cooler or thermoelectric cooler is a semiconductor-based electronic element. The thermoelectric module functions as a small heat pump that departs heat from one side of a device to the other. Heat pumps fixed in them are able of extracting water from air with the help of its structured circuit engineering which works on the science of the Peltier effect.
Key players operating in the thermoelectric module market are-
Rising capability to increase vehicle fuel efficiency using thermoelectric modules as well as rise in awareness concerning green energy. Thermoelectric modules offer several benefits such as precise temperature control and cycling, compact geometric size, and lower power consumption are also augmenting the market growth. Moreover, the growing usage of thermoelectric modules for heating or cooling in numerous applications across different industries is likely to boost the industry growth during the forecast timeline.
Based on end-use, the thermoelectric module market is categorized into automotive, consumer electronics, aerospace & defense, medical & laboratories, telecommunications, industrial, and oil, gas, & mining. The automotive segment held a significant market share in 2020 and is estimated to register a healthy CAGR during the forecast timeline. This is mainly ascribed to the fast growth of electric vehicles in the market, thermoelectric modules are increasingly deployed for the cooling and heating of batteries in electric and hybrid vehicles as they can offer a highly responsive temperature control system, which bolsters the segment growth.
By region, the Asia Pacific market accounted for a significant share in 2020 and is expected to grow at a substantial CAGR in the following years. This is mainly attributed to its expertise in technology-driven aspects. Moreover, the presence of semiconductor and consumer electronic companies, a strong automotive base in the countries of India, Japan, and India, and the growing need for household appliances, further proliferates the regional market growth.
The COVID-19 outbreak has moderately affected the thermoelectric module industry. The pandemic has turned the lives of people worldwide, with the number of cases increasing rapidly which made people stuck in their homes with limited movement. The industrial operations were halted due to limited workforce and supply chain disruption, which further negatively affected the product demand. However, various automobile suppliers throughout China have now resumed production, recovering from the initial disruptions caused in the supply chain as a result of the pandemic
Here is the list of the group of customers that the thermoelectric module market hopes to have the greatest opportunity to convert-
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The thermoelectric module market size is expected to reach USD 910.0 million in the foreseeable future.
Crystal Ltd. (Hong Kong), TEC Microsystem GmbH (Germany), Ferrotec Corporation (Japan), Thermonamic Electronics (Jiangxi) Corp. Ltd. (China), KELK Ltd. (Japan), KRYOTHERM (US), Laird Technologies (US), RMT Ltd. (US), TE Technology Inc. (US), and Laird Thermal Systems (US) are among the key players in the thermoelectric module market.
The thermoelectric module market is expected to witness an impressive growth of 8.1% CAGR in the coming years.
The automotive segment is expected to register healthy CAGR in the thermoelectric module market in the coming years.
Asia-pacific is expected to grow at substantial CAGR in the thermoelectric module market during the forecast period.
Thermoelectric module vendors, Thermoelectric module retailers, Consumer electronics, Automotive companies are the target audience in the thermoelectric module market.
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