A new Report by Delvens, titled "Thermoelectric Modules market” offers a comprehensive analysis of the industry, which comprises insights on the Global analysis. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global Thermoelectric Modules market size was estimated at USD 0.62 billion in 2023 and is projected to reach USD 1.11 billion in 2030 at a CAGR of 10.2% during the forecast period 2024-2030.
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These developments are propelling the thermoelectric market forward, as companies like Ferrotec expand their offerings to meet the burgeoning demand for thermal management solutions in EVs. The focus on enhancing battery performance, charging infrastructure, and safety measures against thermal issues further underscores the critical role of thermoelectric cooling technologies. This dynamic landscape presents lucrative opportunities for stakeholders poised to capitalize on the intersection of automotive electrification and advanced thermal management solutions.
The prominent players in the Thermoelectric Modules market are
· FERROTEC
· LAIRD THERMAL SYSTEMS
· II-VI INCORPORATED
· KELK
· GUANGDONG FUXIN TECHNOLOGY
· TE TECHNOLOGY
· TEC MICROSYSTEMS
· CRYSTAL
· KRYOTHERM
· THERMION COMPANY
· Z-MAX
· PHONONIC
· ALIGN SOURCING
· EVERREDTRONICS
· HITECH TECHNOLOGIES
· HI-Z TECHNOLOGY
· HUI MAO
· INHECO INDUSTRIAL HEATING & COOLING
· KJLP (SHENZHEN) ELECTRONICS
· KYOCERA CORPORATION
Thermoelectric Modules Market Segmentations:
Based on Model
· Single Stage
· Multi Stage
Based on Type
· Bulk Thermoelectric Modules
· Micro Thermoelectric Modules
· Thin Film Thermoelectric Modules
Based on End-Use Application
· Consumer Electronics
· Industrial
· Telecommunications
· Automotive
· Medical & Laboratories
· Aerospace & Defence
· Oil & Gas and Mining
The Report helps to identify the opportunities in Global Regions:
· North America (the United States, Canada, and Mexico)
· Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
· Asia-Pacific (China, Japan, Korea, India, Australia, and Southeast Asia (Indonesia, Thailand, Philippines, Malaysia, and Vietnam))
· South America (Brazil etc.)
· The Middle East and Africa (North Africa and GCC Countries)
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The thermoelectric module (TEM) market, known for its integral role in heating and cooling applications, is experiencing significant growth and diversification across multiple industries. A TEM, also referred to as a Peltier cooler, operates as a heat pump to transfer heat from one side of the module to the other using a low voltage DC power source.
Its wide array of applications spans various sectors, including IT and telecommunications, aerospace and defense, healthcare devices, and consumer electronics. The continuous introduction of novel technologies and innovations within the automation, precision, and electronics industries is driving the development of advanced TEM products, thereby creating substantial opportunities for manufacturers and suppliers.
Asia pacific to Dominate the Market
· Asia Pacific dominated the global thermoelectric module market in 2023 with a 50.63% share. The region is driven by increased adoption in automotive and healthcare sectors. China leads with established manufacturing facilities and significant production of thermoelectric coolers and semiconductors. The market is poised for growth supported by strategic business activities like collaboration, expansion, and product development, particularly in China, Japan, and Taiwan. Emerging countries like South Korea, Japan, and Singapore are also contributing to market expansion, buoyed by rising SMEs and electronics manufacturing.
· In North America, the U.S. market is expected to see substantial growth due to advanced technology adoption in automotive and manufacturing sectors across the U.S. and Canada. This growth is driven by increasing applications of thermoelectric coolers in various industries.
· In Europe, Germany led the European market in 2023, supported by its leadership in electric vehicle manufacturing, IT, and telecom industries. The country is expected to maintain this position with a high CAGR during the forecast period, driven by extensive R&D and manufacturing capabilities.
Recent Developments
In May 2022, Phononic forged a strategic partnership with Google Cloud, integrating Google Cloud’s Manufacturing Data Engine and Manufacturing Connect solutions. This collaboration aims to enhance Phononic’s operational efficiency by leveraging advanced analytics and insights provided by Google Cloud's manufacturing data solutions.
In July 2021, Phononic secured a significant growth investment of $50 million led by the Sustainable Investing business within Goldman Sachs Asset Management. This investment is intended to support Phononic's expansion initiatives, including bolstering sales and marketing efforts, scaling domestic and international manufacturing capabilities for high-volume production, and diversifying its cooling and refrigeration product portfolio and platform.
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