Thermoelectric Module Market Size to Surpass USD 1,195.7 Million by 2030, exhibiting a CAGR of 12%
As per the report by Fortune Business Insights, the global Thermoelectric Module Market size is projected to reach USD 1,195.7 Million by 2030 at a CAGR of 12% during the forecast period.
Pune, India, Sept. 12, 2023 (GLOBE NEWSWIRE) — The global Thermoelectric Module Market Size was valued at USD 502.0 million in 2022 and is projected to reach USD 1,195.7 million by 2030, exhibiting a CAGR of 12.0% during the forecast period. Fortune Business Insights presents this information in their report titled Global Thermoelectric Module Market Forecast, 2023–2030.
Thermoelectric Module (TEM) is a semiconductor electronic component that works as a small cooler to transfer heat from one side to another. TEM is mainly used for safe electronic equipment, such as robotic equipment, cold water dispensers, computer processors, and food & beverage containers, in case of hot and harsh environments.
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Key Industry Development:
TEC Microsystems established its subsidiary in Georgia to provide seamless and uninterrupted shipment of thermoelectric coolers in the country.
- Thermoelectric module market size in Asia Pacific was USD 259.2 Million in 2022
- Increasing Use of Thermoelectric Cooler (TEC) Module in Electric Vehicles to Drive Market Growth
- Increasing Need of Renewable Energy Generation Technology to Drive Market Growth
- increasing Demand for Temperature Stabilization to Uplift the Growth of Single Stage Segment
- Bulk Segment to Hold the Highest Share Due to its Demand in Automotive and Healthcare Sectors
Discover the Leading Players Featured in the Report:
“Companies leading the Thermoelectric Module Market Are Trilinear Technologies (U.S.), Synopsys, Inc. (U.S.), Lattice Semiconductor (U.S.), Advanced Micro Devices, Inc. (Israel), Microchip Technology, Inc. (U.S.), Intel Corporation (U.S.), Logic Fruit Technologies (India), Rambus (U.S.), Aten International Co. Ltd. (Taiwan), Analogix Semiconductor, Inc. (U.S.), Parretto B.V. (Netherlands), T2M GmbH”
Report Scope & Segmentation
|Forecast Period||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR||12%|
|2030 Value Projection||USD 1,195.7 Million|
|Thermoelectric Module Market Size in 2022||USD 502 Million|
|Historical Data for||2019 to 2021|
|No. of Pages||140|
|Segments covered||Type, End User, and Geography|
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Drivers & Restraints
Surging Need for Renewable Energy Generation Technology to Propel Market Growth
The increasing demand for renewable energy is anticipated to uplift the thermoelectric module market share. Conventional energy generation sources, such as oil generators and thermal power plants, are expensive; hence, they won’t be affordable in future. It also creates huge pollution, causing global warming and ozone layer depletion. Therefore, the need for eco-friendly and cost-effective methods for energy generation is increasing. Thus, the thermoelectric module market growth is anticipated to witness a rise during the forecast period.
The number of processes in the manufacture of thermoelectric or thermoelectric cooler modules is very high and the operational cost of this process is huge, which increase the cost of the final product, thereby restricting market growth.
- Single Stage
- Thin Film
By End User
- Consumer Electronics
- Manufacturing and Industrial
- IT and Telecom
- Aerospace and Defense
- Oil and Gas
- North America
- Asia Pacific
- Middle East & Africa
- South America
Asia Pacific to Dominate the Market owing to Increasing Demand for Thermoelectric Coolers
The Asia Pacific market is expected to dominate globally. The rising demand and use of thermoelectric cooler devices in the automotive and healthcare sectors is propelling the market growth in the region. Due to the availability of top competitors in Taiwan, China, and Japan, the market is estimated to grow during the projected period.
In North America, the U.S. market is anticipated to witness significant growth during the projected period. It is due to the adoption of modern technology in the automotive industry and manufacturing sectors in the U.S. and Canada.
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TE Technology Holds the Highest Market Share due to Huge Manufacturing Units
Among the key companies, TE Technology leads the market share as it generates the highest revenue worldwide. Moreover, TEC Microsystems GmbH, Crystal Ltd., Ferrotec Corporation, KYROTHERM, KELK Ltd., RMT Ltd., Thermonamic Electronics (Jiangxi) Corp. Ltd., II-VI Incorporated, and others have increased their thermoelectric module production capacity in various countries, contributing to the market growth.
How big is the Thermoelectric Module Market?
Thermoelectric Module Market size was USD 502 million in 2022
How fast is the Thermoelectric Module Market growing?
The Thermoelectric Module Market will exhibit a CAGR of 12% during the forecast period, 2023-2030
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