Thermoelastic Modules Market is to grow at 7.9 % CAGR, with the United States leading the market through 2030

Thermoelastic Modules Market to Hit USD 1532.18 Mn by 2030

The Thermoelastic Modules Market was USD 899.82 Mn in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 7.9 % from 2023 to 2030, reaching USD 1532.18 Mn by 2030. In systems like engines, power plants, and HVAC systems, thermoelastic modules aid in the design of parts that adjust to temperature changes and increase energy efficiency. The performance of thermoelastic modules is being improved by advances in material technology and sophisticated smart materials. To satisfy environmental sustainability objectives and energy efficiency criteria, companies depend more on thermoelastic materials and modules. II-VI Incorporated is one of the major key players in the Thermoelastic Modules Market which specializes in creating thermoelectric devices that effectively convert heat to electricity. From 2024 to 2030, the U.S. thermoelectric generator market is projected to expand at a Compound Annual Growth Rate (CAGR) of 8.01%.

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Thermoelastic Modules Market Segmentation

By Type: Micro Thermoelectric Modules are mainly designed for applications in which small, energy-efficient thermoelectric solutions are needed such as smartphones or tablets. Thin-film modules can be customized for cooling or power generation. Thin film modules are mainly used in LED lighting and high-performance computing. Bulk Thermoelectric Modules are made to withstand more drastic temperature variations, they are mostly used in spacecraft, satellites, and high-performance aerospace components.

By Technology: Single-stage modules are simpler and less expensive to build due to their simple design. It is utilized in compact gadgets, portable fans, and mini-refrigerators, among other portable cooling equipment. Multi-Stage Thermoelastic Modules are used in industrial cooling power plants, manufacturing facilities, and data centers.

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Thermoelastic Modules Market Regional Analysis

United States, the Thermoelastic module market for thermoplastic elastomers in the United States brought in USD 6,538.4 million in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 6.1% from 2024 to 2030, reaching USD 9,910.2 million. The U.S. Department of Energy (DOE), NASA, and private sector businesses are making significant investments to support the expansion of the thermoelastic modules industry.

France, home to major automotive manufacturers such as Citroën, Peugeot, and Renault is seeing a growing trend toward hybrid electric vehicles (HEVs) and electric cars (EVs). Companies like Airbus and Dassault Aviation are important contributors to worldwide aerospace advancements, making France a prominent participant in the industry.

Taiwan, Leading Taiwanese firms like Foxconn and TSMC (Taiwan Semiconductor Manufacturing Company) are producing innovative technologies of heat management. The electric vehicle (EV) market is expanding in Taiwan, where major corporations like Taiwan Motor Co. are part of the automotive industry.

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Thermoelastic Modules Market Competitive Landscape

Laird Thermal Systems: Laird Thermal Systems acquired the Thermoelectric Solutions division from Hi-Z Technology. Also, Laird acquired Micro Cooling Systems and Thermacore. Thermal Management Systems from NSG Group was also acquired by Laird.

Alphabet Energy: In 2021 Alphabet Energy acquired Carbon Clean Solutions a company that specializes in carbon capture technologies. Alphabet Energy has also drawn investments from several venture capital firms before the takeover.

Gentherm: In 2020, For over $100 million, Gentherm acquired the Thermal Management Business from Methode Electronics. Gentherm also acquired ATS, Kistler Instrumente AG's Seat Comfort Business, Zinwave, and Thermacool.

Conclusion

Thermoelastic Modules transform thermal energy into electrical power that may be used in a variety of industries, such as industrial systems, electronics, automotive, and medical equipment.
Industry adoption of green technology, such as thermoelectric solutions that support sustainability, is being driven by the rising need to lessen carbon footprints and dependency on fossil fuels.
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