Global Thermoelectric Module Market Expected to Surpass US$ 1.2 Bn by 2031: Transparency Market Research

The Global Thermoelectric Module Market, valued at over US$ 0.5 Bn in 2021, is poised for substantial growth with an anticipated CAGR of 7.9% from 2022 to 2031. The market is projected to cross a value of US$ 1.2 Bn by the end of 2031, according to the latest industry analysis.

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Market Drivers and Trends
The demand for precise temperature control in various applications is significantly boosting the adoption of thermoelectric modules. Key advantages of these modules include highly precise temperature control, the ability to perform both heating and cooling with the same unit, low maintenance, compact size, and light weight. The rise of smart devices, miniaturization, portable medical devices, smart wearables, autonomous vehicles, IoT ecosystems, and Industry 4.0 technologies are driving the development of advanced thermoelectric and Peltier modules.

Healthcare Sector Demand
The healthcare industry is experiencing increased demand for thermoelectric modules, driven by the need for precise temperature control in medical devices and diagnostic systems. Thermoelectric cooler modules are crucial in preventing temperature fluctuations in medical storage chambers and diagnostic equipment, ensuring reliable test results and optimizing radiation therapy. The use of these modules in point-of-care testing (POCT) and DNA amplification through Polymerase Chain Reaction (PCR) systems highlights their importance in critical healthcare applications.

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Automotive Sector Growth
The automotive sector is another key area where thermoelectric modules are gaining traction. These modules address thermal management challenges in vehicle heads-up displays (HUDs) and infotainment systems, ensuring optimized performance of autonomous systems. The increasing complexity and reduced size of autonomous vehicle electronics amplify the need for effective thermal solutions, propelling market growth.

Regional Insights
Asia Pacific is expected to dominate the global thermoelectric module market, driven by high demand from consumer electronics and automotive industries. The region's rapid urbanization, digitalization, and investments in Industry 4.0 and advanced factory automation are key factors contributing to market growth. North America and Europe are also anticipated to witness significant growth due to rising cooling capacity demands for industrial equipment and the adoption of advanced thermoelectric technologies.

Key Players
• Crystal Ltd
• EVERREDtronics Ltd
• Ferrotec Holding Corporation
• GENTHERM
• Guangdong Fuxin Technology Co. Ltd
• Hi-Z Technology Inc.
• II-VI Marlow Inc.
• KELK Ltd (Japan) (Komatsu Ltd)
• KRYOTHERM
• Laird Thermal Systems
• Phononic
• RMT Ltd.
• TE Technology Inc.
• TEC Microsystems GmbH
• Thermion Company
• Thermonamic Electronics (Jiangxi) Corp.
• TOSHIBA MATERIALS CO., LTD

Recent Developments
• In March 2021, Yamaha Corporation developed a thermoelectric power production module using automotive exhaust gas heat energy to generate power.
• In September 2018, Ferrotec Holdings Corporation launched a customized thermoelectric module technology for automotive cooling and heating applications.

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About Us Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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