Thermoelectric Modules Market Set to Surpass $1.46 Billion by 2030

Redding California, February 2, 2024] - Meticulous Research®, a leading global market research firm, unveils its latest report, '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.' This groundbreaking study projects the thermoelectric modules market to reach a remarkable $1.46 billion by 2030, reflecting a robust Compound Annual Growth Rate (CAGR) of 10.6% from 2023 to 2030.

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Understanding Thermoelectric Modules:
At the heart of this market lies the Peltier module, commonly known as a thermoelectric module (TEM), a thermal control module boasting both "warming" and "cooling" effects. The application of an electric current to the module facilitates the alteration of surface temperature, allowing precise temperature control. Renowned for its adaptability in heating, cooling, and power generation applications, TEMs are increasingly integral to modern temperature control solutions.

Market Drivers and Challenges:
The proliferation of thermoelectric modules in electronic devices and the growing adoption of electric and luxury vehicles are identified as primary drivers for market growth. However, challenges persist, notably in the form of high manufacturing costs compared to traditional heating/cooling systems.

Growth Opportunities and Market Trends:
Despite challenges, the simultaneous heating and cooling properties of TEMs, along with the advantages of thermoelectric coolers over conventional cooling devices, are expected to unlock new growth opportunities. However, companies in the market must address challenges related to reliability, durability, and design complexity.

Luxury Vehicles and Environmental Concerns Fueling Demand:
Luxury and ultra-luxury vehicles, known for their high performance, aesthetics, and safety, play a pivotal role in driving the adoption of thermoelectric modules. These modules find applications in automotive seat cooling/heating, cup holders, glove boxes, automotive night vision, and waste heat recovery.

Top 10 companies: https://meticulousblog.org/top-10-companies-in-thermoelectric-modules-market/

Moreover, rising concerns about greenhouse gas emissions have accelerated the global shift towards sustainable and eco-friendly transportation options, particularly electric vehicles (EVs). In 2022, global electric car sales exceeded 10 million for the first time, with EVs accounting for one in every seven passenger cars sold globally. Thermoelectric modules, with their suitability for heating batteries in electric cars, align perfectly with the growing demand for EVs.

In-Depth Market Segmentation:
To facilitate a comprehensive analysis, Meticulous Research® segments the market based on type, module type, stage, and sector. The report also offers an evaluation of industry competitors and analyzes the market at regional and country levels.

Key Findings:
• Type Segmentation:
• Thermoelectric Generators
• Thermoelectric Coolers
• Module Type Segmentation:
• General-purpose Modules
• Deep Cooling Modules
• Thermal Cycling Modules
• High-power Modules
• Telecom-grade Modules
• Other Modules
• Stage Segmentation:
• Single-stage Modules
• Multi-stage Modules
• Sector Segmentation:
• Consumer Electronics
• Telecommunications
• Automotive
• Medical Devices
• Machinery and Equipment
• Other Sectors
• Geographic Analysis:
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

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Asia-Pacific Emerges as Market Leader:
In 2023, Asia-Pacific is expected to dominate the global thermoelectric modules market, driven by a surge in electronics manufacturing, growing demand for consumer electronics, and expanding manufacturing facilities.
Leading Players in the Market:

Key players contributing to the thermoelectric modules market include:
• 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)
• EVERREDtronics Ltd. (China)

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Scope of the Report:
The report comprehensively covers the Thermoelectric Modules Market, delving into types, module types, stages, sectors, and geographic regions. For a detailed analysis, please refer to the full report.

Mr. Khushal Bombe
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This release was published on openPR.