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(IT-NEWSWIRE.COM, August 10, 2021 ) The Global Thermoelectric Modules Market is estimated to reach $1.3 billion by 2026, growing at a CAGR of 7.5% from 2021 to 2026. Thermoelectric module is a semiconductor device used for both heating and cooling in temperature control applications. These thermoelectric coolers are utilized in various applications including vapor compression refrigeration and electrical vehicles as well as in electrical energy generation. These modules have wide operating temperature range and are small and light weighted.
The traditional cooling systems are not feasible owing to which the thermoelectric modules are required for use in applications such as portable food and beverage containers, chilled water dispensers, small refrigerators and others. The increasing demand for waste heat recovery, consumer goods, healthcare monitoring devices and industrial automation are driving the growth of the market.
Thermoelectric Modules Market Segment Analysis - By Type
By Type the market is segmented into MicroThermoelectric, Thin Film Thermoelectric and Bulk Thermoelectric. The bulk thermoelectric modules are witnessing a significant growth of 9.9% through 2026 in the market as they posses highest power output and voltage compared to the others. The bulk therelectric coolers are compact devices with less maintenance necessities. The thermoelectric cooling can be achieved directly when connected with the heat exchangers for dissipation of excessive heat. The supply of Electrical energy causes heat to transfer from from one junction to another due to which the bulk thermoelectric modules are used in the industrial applications. For the reduction of thermal noise and leackage current of electronic components, the Thermoelectric cooling devices are used in laboratory and scientific cooling for laser diodes and integrated circuit chips. The demand for low voltage driven devices are anticipated for the growth of the market in the forecast period especially in electric vehicles.
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Thermoelectric Modules Market Segment Analysis - By End Users
By End users the market is segmented into Consumer Electronics, Medical and Laboratories, Oil and Gas, Mining, Automotive, Aerospace and Defense, Industrial, Telecommunications and Others. The Automotive sector is witnessing significant growth in the market due to the use of thermoelectric modules as they convert exhaust waste heat into electricity for reduction in fuel consumption. The automotive sector is growing at 10.2% CAGR through 2026 in the market as there is requirement of thermoelectric modules to recover the exhaust waste heat primarily in Electric Vehicles. Various automotive giants such as General Motors has invested heavily to increase its production. Similarly Ford has committed to expand its presence in Mexico for the manufacturing of autonomous cars. Ford has invested more than $170 million to expand its presence in Africa. Moreover several other local smart phone manufacturers such as Mara group are planning to expand their presence in this region especially in Electric Vehicle manufacturing. The Korean government along with an automobile manufacturer Hyundai Motor Group had announced of investing about 41 trillion won in 2019 to boost the developments towards making the auto industry more competitive by implementing advanced equipment.
Thermoelectric Modules Market Segment Analysis – By Geography
By Geography the Thermoelectric Modules Market is dominated by APAC with a market share of 35.1% in 2020. APAC is dominating the market owing to the growth of consumer Electronics due to the growth of smartphones and electronic gadgets, growth of healthcare centers, increased expenditures by the government for improved communications and others. Advancing broadband technologies, such as 3G, 4G and 5G, offer an incentive for the successful user sector of optical cable to guarantee better penetration and reliable data. In Addition, According to Australian Construction Industry Forum, non-residential building activity has been showing strong growth in approvals over the last two years and work is expected to expand by a considerable 12% this year, lifting the value of activity from $45 billion in 2018. With the expansion of non-residential building, the usage of optical cables increases thereby propelling the market growth of the market as the thermoelectric cooling modules are used for optical communications.
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Thermoelectric Modules Market Drivers
Growth of data centers and networking
The growth of data centers owing to the growth of mobile subscribers and advancement in telecommunication sector have driven the growth of the market. The growth in data centers have resulted in rapid use of fiber optical cables for fast communication purposes. In 2019, Huawei a telecommunication equipment company has committed to invest up to $800 million over the next three years to expand its presence in Brazil via a new manufacturing facility in São Paulo. As the Brazilian telecoms are planning to make the telecom sector world’s largest 5G spectrum in the year 2020. The use of fiber optics which helps the connectors to convert electrical signals to optical ones more easily and vice versa compared to other cables earlier used in data center applications. Usage of active fiber optical cable technology is highly efficient in serving both intra as well as inter rack applications in data centers along with offering greater configuration flexibility. The semiconductor laser light acts as single wavelength light source. Such factors have been helping in fuelling the demands towards semiconductors lasers across data centers. Moreover, According to Intelligence Node, the number of smartphone users in United States crossed 260 million in April 2020, and smartphone shipments reached $161 million in 2019. This indicates the growth of optical cables as it provides longer distance link, less bulky physical cabling and active high digital speed electric interface facing the host ASIC. The thermoelectric modules are widely used in lasers and optical devices enhancing the growth of the market.
Growth of the Automotive Industry
The luxurious lifestyle of people have also contributed towards the growth of the market as there is upsurge in demand for luxurious vehicles by the people. As there is demand for luxurious vehicles the use of thermoelectric cooling modules are increasing due to its use for waste heat rejection. These modules are used for waste heat rejection as these can instantly warm or cool an object by producing a temperature difference through the induction of an electric energy. The surge in automotive sector, especially for electric vehicles is anticipated to boost the market in the forecast period.
Thermoelectric Modules Market Challenges
Temperature related challenge
Thermoelectric modules face a number of technology related challenges, the primary among which is temperature related issues. Whenever the hot side temperature of thermoelectric module exceeds 60 degree it gets damaged. Moreover, the TEC modules has small power therefore they are combined in cascade or parallel with high power to generate the cooling effect. These limitations hinder the widespread adoption of thermoelectric modules.
Thermoelectric Modules Market Landscape
Thermoelectric Modules Market is dominated by major companies such as Laird Thermal Systems, TEC Microsystems GmbH, Thermonamic Electronics Corporation Ltd., KELK Ltd., Fuxin Technology Co. Ltd., TE Technology Inc., Thermion Company, II-VI Marlow, Crystal Ltd., Ferrotec Corporation among others.
Acquisitions/Technology Launches
In September 2019, Ferrotec expanded its thermoelectric module business by announcing its new TEM technology into the automobile sector. This TEM technology is highly responsive temperature control within 0.1 degree Celsius.
Key Takeaways
The upsurge in Telecommunication sectors, advancement in Healthcare sectors, Automotive sector and scientific laboratories are driving the growth of the market.
The Automotive sector is dominating the market owing to the upsurge in demand for luxurious vehicles and the thermoelectric coolers are used for cooling and heating applications in automobiles.
In APAC, rise in Telecommunication sector, advanced automobiles, industrial sectors and healthcare sectors have driven the growth of the market.
Related Reports:
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https://www.industryarc.com/Report/15445/thermoelectric-generator-market.html
B. Thermoelectric Chiller Market
https://www.industryarc.com/Report/19108/thermoelectric-chiller-market
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IndustryARC
Venkat Reddy
(+1) 970-236-3677
venkat@industryarc.com
Source: EmailWire.Com 
Source: EmailWire.com
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