The Thermoelectric Modules (TEMs) Market is anticipated to increase from USD 693 million in 2022 to USD 1,054 million by 2027, with a Compound Annual Growth Rate (CAGR) of 8.8% over the forecast period, according to a MarketsandMarkets study. The advantages of TEMs over conventional systems, like as their capacity for simultaneous heating and cooling, as well as the rising popularity of luxury and electric automobiles, are credited with driving the market expansion. The report also claims that the market would see growth prospects as TEMs are developed for new application fields including telecommunication and medicine. Model, kind, functionality, end-use application, offering, and geography are used to segment the market.

Major vendors in the thermoelectric modules market include Ferrotec (Japan), Laird Thermal Systems (US), II-VI Incorporated (US), Kelk (Japan), Guangdong Fuxin Technology (China), TE Technology (US), TEC Microsystems (Germany), Crystal (Russia), Kryotherm (Russia), and Phononic (US).

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Single stage thermoelectric modules to account for larger share of thermoelectric modules market in 2022

Single-stage thermoelectric modules led the thermoelectric module market in 2021, and it is anticipated that they will continue to do so throughout the forecast period. These modules are available in a variety of shapes and sizes, making them suited for consumer, commercial, and industrial uses. They can be used for a variety of cooling and heating applications with modest to high heat pumping capacities. The report emphasises that single-stage modules can attain a maximum no-load temperature differential of about 72°C and are less difficult to design and produce than multistage modules. Laboratory and scientific equipment, consumer electronics, industrial equipment, electrical equipment, and biomedical instruments all use single-stage thermoelectric modules.

Bulk thermoelectric modules segment to dominate thermoelectric modules market during forecast period

The bulk thermoelectric modules segment reportedly dominated the thermoelectric modules market and is anticipated to keep doing so over the course of the forecast period. Due to their higher power output and voltage, bulk or conventional thermoelectric modules are chosen over micro and thin-film thermoelectric modules. Consumer electronics, industrial, medical, laboratory, aerospace, and defence are just a few of the end-use applications for these modules. The market for thermoelectric modules and its numerous sectors, including models, types, capabilities, end-use applications, offerings, and regions, are highlighted in the research as potential growth possibilities.

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Consumer Electronics application to lead thermoelectric modules market in 2022

In comparison to other end-use applications, the consumer electronics sector is anticipated to offer the thermoelectric modules market considerable growth prospects between 2022 and 2027. Manufacturers of consumer electronics are continuously looking for novel ways to develop smaller, thinner, lighter, and more dependable devices. In order to develop appealing products and get them to market more quickly, producers can gain a competitive edge by using thermoelectric cooling systems. Thermoelectric module technology is essential to altering consumer electronics market scenarios due to the quickly shifting consumer demands. Additionally, it is anticipated that the market for thermoelectric modules in the consumer electronics sector would rise as the application space for wearables expands. The market for thermoelectric modules and its numerous sectors, including models, types, capabilities, end-use applications, offerings, and regions, are highlighted in the research as potential growth possibilities.

Market in APAC to hold significant opportunities for the market during forecast period

A recent analysis predicts that the thermoelectric modules market would experience considerable growth prospects in the APAC region over the projected period. The area has become a focal point for significant investments and chances for corporate growth on a worldwide scale. The market in the region is anticipated to be driven by the rising need for waste heat recovery, consumer goods, industrial automation, and healthcare monitoring devices. One of the world's greatest markets for consumer electronics is China, which is a key factor in the development of the local market. The fact that Japan is a major producer and exporter of electric vehicles opens up market potential for thermoelectric modules there. New communications technologies and hardware are a major factor in the expansion of the thermoelectric module market in South Korea. The market for thermoelectric modules and its numerous sectors, including models, types, capabilities, end-use applications, offerings, and regions, are highlighted in the research as potential growth possibilities.

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