DUBLIN--(BUSINESS WIRE)--The "Thermoelectric Modules Market by Model (Single-Stage, Multi-Stage), Type (Bulk Thermoelectric Modules, Micro Thermoelectric Modules, Thin-Film Thermoelectric Modules), Functionality, Offering, End-Use Application, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Thermoelectric Modules Market Size is Projected to Reach USD 1,023 Million by 2024 from an Estimation of USD 668 Million in 2019, at a CAGR of 8.9%.
Benefits of thermoelectric modules over conventional systems, simultaneous heating & cooling of thermoelectric modules catering to the demand in several applications, growth of electric vehicle market and focus of governments as well as product & service providers on using renewable energy sources is expected to drive the thermoelectric modules industry growth.
Furthermore, underlying opportunities in this space include the development of thermoelectric modules for the new application arena and the concept of turning body heat into electricity. Major restraints for the market growth is design complexities associated with thermoelectric modules and high costs compared with traditional systems. Managing heat dissipation in computing and networking devices poses a significant challenge for the thermoelectric modules market growth.
Single-stage model to hold the larger share of thermoelectric modules market during the forecast period
Single-stage thermoelectric modules have only one stage or layer. These modules are available in various sizes and formats. Single-stage thermoelectric modules are suitable for a wide range of cooling and heating applications with low-to-high heat-pumping capacities. They are mainly used to achieve standard temperature differences. Also, single-stage thermoelectric modules are capable of achieving a maximum no-load temperature differential (DTmax) of approximately 72C. These modules find applications in biomedical instruments, consumer electronics, industrial equipment, electrical equipment, and laboratory & scientific instruments.
Among all end-use applications, consumer electronics to hold the largest share of thermoelectric modules market from 2019 to 2024
Thermoelectric modules are used widely in the consumer electronics application, including portable food/beverage containers, chilled water dispensers, beer/wine cabinets, small refrigerators, air conditioners, and others. These applications require thermoelectric modules to provide cooling and temperature control as traditional cooling systems are not feasible.
Growth in the application arena of consumer electronics is expected to increase the demand for thermoelectric modules. For instance, due to environmental concerns related to bottled water, point-of-use dispensers have emerged as a boon for commercial, as well as residential spaces. Therefore, to achieve the demand for suitable temperature effects, the market growth of thermoelectric modules will surge in the coming years. Companies such as Ferrotec, LAIRD, and II-VI Marlow offer thermoelectric modules for the consumer electronics application.
APAC to hold the largest share of thermoelectric modules market during the forecast period
Asia Pacific accounted for the largest thermoelectric modules market share in 2018. It is the fastest-developing region for the majority of applications such as automotive, consumer electronics, oil, gas & mining, and industrial. The market in APAC has been segmented into China, Japan, South Korea, and the Rest of APAC. The region has emerged as a global focal point for significant investments and business expansion opportunities. The increasing demand for waste heat recovery, consumer goods, industrial automation, and healthcare monitoring devices is expected to drive this market in the region.
- Benefits of Thermoelectric Modules Over Conventional Systems
- Simultaneous Heating and Cooling of Thermoelectric Modules Driving Demand for Several Applications
- Growth of Electric Vehicle Market Increasing Demand for Thermoelectric Modules
- Focus of Governments as well as Product and Service Providers on Using Renewable Energy Sources
- Design Complexities Associated With Thermoelectric Modules
- High Costs Compared With Traditional Systems
- Development of Thermoelectric Modules for New Application Arena
- Concept of Turning Body Heat Into Electricity
- Managing Heat Dissipation in Computing and Networking Devices
- Align Sourcing
- AMS Technologies
- Crystal Ltd.
- Fuxin Technology
- Hi-Z Technology
- Hicooltec Electronic
- Hui MAO
- II-VI Marlow
- Inheco Industrial Heating & Cooling
- Kelk Ltd
- LG Innotek
- Merit Technology Group
- O-Flexx Technologies
- P & N Technology
- RMT Ltd
- TE Technology
- TEC Microsystems
- Thermion Company
- Thermonamic Electronics
- Wellen Technology
- Z Max
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