The Global Thermoelectric Modules Market, By Technology (Single Stage Thermoelectric Modules and Multi Stage Thermoelectric Modules), By Type (Bulk Thermoelectric Modules, Micro Thermoelectric Modules and Thin Film Thermoelectric Modules), By Application (Consumer Electronics, Telecommunication, Medical and Laboratories, Automotive, Defense and Space, Industrial Applications, Energy Harvesting and Others) and by Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) - Global Forecast to 2027, is expected to be valued at US$ 1217.2 million by 2027, exhibiting a CAGR of 9.6% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
Thermoelectric modules can instantly warm or cool by producing temperature differentials. Thermoelectric modules semiconductor elements that are heavily doped with electrical carriers. These elements are arranged into an array that is thermally connected in parallel and electrically connected in series. Demand for thermoelectric modules is primarily owing to their superior features, such as reliable solid-state operation, compactness, and capacity for precise temperature control.
The global thermo electric module market is estimated to account for US$ 1,217.2 Mn in terms of value by the end of 2027.
Rising demand for electric vehicle is expected to drive growth of the global thermoelectric modules market during the forecast period
The demand for electric vehicles has increased in the recent past in both developed and emerging economies. According to the Edison Electric Institute (EEI), in 2019, there were around 1.2 million electric vehicles were on the road in the U.S. According to the same source, global electric sales were pegged at 2.1 million in 2019, increasing by 64% as compared 2017. Thermoelectric modules are typically used in electric vehicles for instant cooling and heating. Thus, these factors are expected to drive growth of the global thermoelectric modules market during the forecast period.
Novel concept of turning body heat into electricity can present lucrative growth
A thermoelectric generator (TEG) is a device that converts a temperature difference into voltage and manages the flow of electric current around a circuit. This basically means converting waste heat into electricity. Many manufacturers are increasingly adopting thermoelectric generators to convert body heat into electricity since it is an efficient and cost-effective method. Key companies in the market can capitalize on these opportunities by offering novel products and gain a competitive advantage in the market.
Challenges associated with the management of heat dissipation in networking devices are expected to hinder the global thermoelectric modules market growth over the forecast period
Heat dissipation is the type of heat transfer that occurs when a hotter object is placed in an environment where heat is transferred to colder objects and the surrounding environment. Such challenges are high prevalence in networking devices, which is difficult to manage. It could lead to loss of heat and reduces the overall efficiency of the overall system. Hence, these factors are expected to hinder the global thermoelectric modules market during the forecast period.
Thermoelectric energy harvesting is based on the Seebeck effect and involves the generation of electricity from temperature differentials. The application of thermoelectric energy harvesting has grown in various sectors such as automotive, aerospace and defense, and wireless sensor networks. A trend of in-house development of waste heat recovery systems by a large number of automobile manufacturers, including the Ford Motor Company, BMW, Volvo Group, and Volkswagen, has been observed. Moreover, the implementation of thermoelectric generators in wireless sensor networks has grown. Since thermoelectric power generator systems depend upon a consistent temperature differential to generate electricity, thermoelectric modules are often combined with a heat source such as propane or natural gas for waste heat recovery and remote power generation. Thermoelectric generators are also frequently used in remote locations where power is required, such as in offshore engineering, data collection, remote telemetry, and oil pipelines.
Most thermoelectric module manufacturers continue to expand their in-house manufacturing capabilities. Thus, reducing the number of outsourced components required for manufacturing thermoelectric assemblies, stems, and other thermoelectric products such as thermoelectric materials, ingots, and pellets. Manufacturers rely on various suppliers and vendors for components; these transactions take place through purchase orders, with no guaranteed agreements for delivery. Moreover, the components for some products, such as thermoelectric devices (TEDs) and climate control seats (CCSs), are provided by a limited number of suppliers globally. Thus, the loss of any significant supplier, delay in the shipment of components, or inability to obtain components on reasonable terms could adversely affect the business, cash flows, and operations of manufacturers. Consequently, manufacturers are primarily focused on expanding their manufacturing capacities. For instance, Gentherm, Inc., a U.S.-based thermoelectric systems manufacturer, recently announced its intentions to expand its production capacities for the manufacturing of the key components for thermoelectric devices in Europe and Asia. To this end, the company opened new manufacturing facilities in Vietnam and Macedonia in December 2014.
Global Thermoelectric Modules Market - Impact of Coronavirus (Covid-19) Pandemic
Due to Covid-19 pandemic, many industries witnessed significant shift in their business. The ongoing COVID-19 outbreak has adversely affected the consumer electronics industry, as manufacturing operations temporarily suspended across major manufacturing hubs, leading to a substantial slowdown in the manufacturing production. Many manufacturing companies such as Samsung, Xiaomi, OPPO and LG Display among others have suspended their manufacturing operations in China, India, South Korea and in European countries. For instance, in May 2020, OPPO Company has shut down its operations in Noida as six employees test coronavirus positive. Thin film thermoelectric modules are used in detectors and sensors and consumer electronics applications. Additionally, due to this pandemic, the demand for thermoelectric modules is exacerbated by lockdown imposed in several countries.
Key companies operating in the global thermoelectric modules market are Ferrotec Corporation, Crystal Ltd., RMT Ltd., TE Technology, Inc., Laird Technologies, Inc., Gentherm Inc., Tellurex Corporation, Thermion Company, Marlow Industries, and KELK Ltd.
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