Thermoelectric Modules Market worth $872 million by 2026

1. Thermoelectric Modules Market worth $872 million by 2026

2. Introduction According to MarketsandMarkets, the thermoelectric modules market is projected to grow from USD 593 million in 2021 to USD 872 million by 2026; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.0% from 2021 to 2026. Various types of thermoelectric modules based are being deployed worldwide, from bulk thermoelectric modules to thin film thermoelectric modules. Micro thermoelectric modules are being widely deployed in telecommunications equipment due to size constraints. The objective of the report is to define, describe, and forecast the thermoelectric modules market based on model, type, functionality, end-use application, offering, and region. Download PDF Brochure:- https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=133137155 APAC has emerged as a global focal point for large investments and business expansion opportunities. The region represents the fastest-growing market worldwide for thermoelectric modules. The increased demand for waste heat recovery, consumer goods, industrial automation, and healthcare monitoring devices is expected to drive this market in the region. APAC has a large consumer electronics industry consisting of countries such as China, Japan, and South Korea, which is the largest manufacturer and end user of consumer devices.

3. Key players Major vendors in the thermoelectric modules market include Ferrotec (US), II-VI Incorporated (US), KELK (Japan), Laird Thermal Systems (US), Guangdong Fuxin Technology (China), TE Technology (US), Phononic (US), INHECO Industrial Heating & Cooling (Germany), TEC Microsystems (Germany), Crystal (Russia), Kryotherm (Russia), Z-Max (Japan), Kyocera Corporation (Japan), Align Sourcing (US), HiTECH Technologies (US), Hi-Z Technology (US), Merit Technology Group (China), KJLP ELECTRONICS (China), P&N Technology (China), Thermonamic Electronics (China), Hui Mao (China), Wellen Technology (China), and Xiamen HIcool Electronics (China).

4. Summary The report "Thermoelectric Modules Market with COVID-19 Impact Analysis, By Model (Single Stage, Multi Stage), Type (Bulk, Micro, Thin Film), Functionality (General Purpose, Deep Cooling), End-Use Application, and Region - Global Forecast to 2026", is projected to grow from USD 593 million in 2021 to USD 872 million by 2026; it is expected to grow at a CAGR of 8.0% during the forecast period. Owing to COVID-19, the thermoelectric modules market is estimated to face headwinds for 2020–2021. The growth of the thermoelectric modules market is driven by factors such as increasing demand for electric and luxury vehicles and the growing deployment of 5G connectivity. The new high-speed 5G telecommunication standard presents thermal challenges for critical components such as optical transceivers. Optical transceivers contain a laser diode that needs to be kept below 70°C to ensure no loss of data transmission wherein TEMs need to be deployed. Hence, with the increasing deployment of 5G equipment, there will be an increasing demand for TEMs in telecommunications. TEMs are expected to be used in future electric vehicles. TEMs are used in electric vehicles to stabilize the temperature of a car’s battery-operated system, especially for colder climates where battery efficiency can be reduced by up to 40%.

5. Opportunity: Thermoelectric coolers for storage and transport of COVID-19 vaccines With the advent of COVID-19 and the consequent shipment and rollout of vaccines, TEMs are expected to be increasingly deployed for portable vaccine coolers. Improper handling and failure to maintain vaccines in a safe temperature range result in significant losses of vaccines in developing countries and are expected to reduce the success of immunization programs. One of the most important barriers to effective vaccination programs in remote areas is the spoilage of vaccines due to improper storage temperatures. Active thermoelectric cooling can be a potentially viable alternative because the coolers are small and require few or no moving parts. With many of the COVID-19 vaccines requiring sub-zero or freezing temperatures, TEMs with large temperature differentials can be very effective in controlling the storage temperature of vaccines. Thermoelectric coolers offer significant advantages compared to the more conventional vapor-compression refrigeration; there are fewer moving parts that may require maintenance, no risks of refrigerant leakage, and a lighter, more compact size which is now a crucial factor in the transportation of large quantities of vaccines. A vapor-compression refrigeration system is heavy due to the compressor and is costly and noisy during operations. Thus, the system is not suitable or readily portable to remote areas. Alternatively, the cold box simply uses an ice pack to cool the vaccines and is much less reliable and offers cooling over a relatively short duration.

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