Thermoelectric modules for power generation
Thermoelectric
Modules Market by Type (Generators, Coolers), Module (General-purpose, Deep
Cooling, Thermal Cycling, Others), Stage (Single-stage, Multi-stage), Sector
(Consumer Electronics, Automotive, Others) & Geography - Global Forecasts
to 2030’, the thermoelectric modules market is projected to reach $1,457.1
million by 2030, at a CAGR of 10.6% from 2023 to 2030.
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A thermoelectric (TE) module, also called a thermoelectric
cooler or Peltier cooler, is a semiconductor-based electronic component that
functions as a small heat pump. It moves heat from one side of the device to
the other. Thermoelectric modules are also sometimes used to generate
electricity by using a temperature differential between the two sides of the
module. Some of the factors driving the growth of this market are the growing
use of thermoelectric modules in electronic devices and the rising adoption of
electric and luxury vehicles. However, the high manufacturing costs of
thermoelectric modules compared to traditional heating/cooling systems restrain
the growth of this market.
The thermoelectric modules market is segmented by type
(thermoelectric generators, thermoelectric coolers), module type
(general-purpose, deep cooling, thermal cycling, high-power modules,
telecom-grade modules and other modules), stage (single-stage modules,
multi-stage modules), sector (consumer electronics, telecommunications,
automotive, medical devices, machinery and equipment and other sectors). The
study also evaluates industry competitors and analyses the market at the
regional and country levels.
Based on type, the global thermoelectric modules market is
segmented into thermoelectric generators and thermoelectric coolers. In 2023,
the thermoelectric coolers segment is expected to account for the larger share
of the global thermoelectric modules market. The large market share of this
segment is attributed to its growing adoption in EVs and luxury vehicles, the
benefits of thermoelectric coolers over conventional systems, and the
development of thermoelectric coolers for new application areas. However, the
thermoelectric generators segment is projected to record the highest CAGR
during the forecast period. The growth of this segment is driven by the rising
demand for thermoelectric generators from the automobile sector due to their
ability to convert exhaust heat into electrical energy to increase the engine's
overall efficiency.
Based on module type, the global thermoelectric modules
market is segmented into general-purpose modules, deep cooling modules, thermal
cycling modules, high-power modules, telecom-grade modules and other modules.
In 2023, the thermal cycling module segment is expected to account for the
largest share of the global thermoelectric modules market. The large market
share of this segment is attributed to the simultaneous heating and cooling
properties of TEMs. However, the deep cooling module segment is projected to
register the highest CAGR during the forecast period. The growth of this
segment is driven by the rising need for specialized deep cooling in
refrigerators with a large temperature difference and scientific cooling
systems.
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Based on stage, the global thermoelectric modules market is
segmented into single-stage modules and multi-stage modules. In 2023, the
single-stage modules segment is expected to account for the larger share of the
global thermoelectric modules market. The large market share of this segment is
attributed to the rising use of single-stage thermoelectric modules in a wide
range of heating and cooling applications and the continuous launch of
innovative products by key players to cater to growing demand. However, the
multi-stage modules segment is projected to register the highest CAGR during
the forecast period. The growth of this segment is driven by the growing
adoption of multi-stage thermoelectric modules in measuring, analytical and
testing equipment.
Based on sector, the global thermoelectric modules market is
segmented into consumer electronics, telecommunications, automotive, medical
devices, industrial, and other sectors. In 2023, the consumer electronics
segment is expected to account for the largest share of the global
thermoelectric modules market. However, the automotive segment is projected to
register the higher CAGR during the forecast period. The growth of this segment
is driven by the rising adoption of thermoelectric modules by automotive manufacturers
for applications such as ventilated seats, multiple zone climate control,
better air conditioning, and better engine temperature control.
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Key Players:
Some of the key players operating in the thermoelectric
modules market are Ferrotec Holdings Corporation (Japan), TEC Microsystems GmbH
(Germany), Crystal Ltd. (Russia), Coherent Corp. (U.S.), KELK Ltd. (Japan) (a
subsidiary of Komatsu Ltd.), KRYOTHERM (Russia), Laird Thermal Systems, Inc.
(U.S.), Phononic (U.S.), Guangdong Fuxin Technology Co. Ltd (China), Align
Sourcing LLC. (U.S.), KYOCERA Corporation (Japan), HiTech Technologies, Inc.
(U.S.), Hi-Z Technology, Inc. (U.S.), Z-MAX Co.Ltd. (China), and EVERREDtronics
Ltd. (China).
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