Market Overview
Thermoelectric modules are solid-state heat pumps that use a heat exchanger to disperse heat according to the Peltier effect. These modules have been largely accepted in various industries. The thermoelectric module markets have lots of advantages like high reliability, scalability, small size, environmental friendliness, and noise-free and vibration-free operation.
The thermoelectric module market is widely spread all over the world. The applications of this market are very versatile, like water dispensers, small refrigerators, and the air conditioner market. Moreover, the growing concerns about the environment are also a big driver for making the thermoelectric module market huge. CFCs that cause global warming are being replaced by thermoelectric modules, which is a great initiative.
The basic applications of the thermoelectric module market are temperature stability, heat pumping, power generation, etc. The thermoelectric module market is expected to show growth from $645.68 million in 2018 to $1,053.85 million in 2025. This growth is shown in future years at a CAGR of 10.29%.
The thermoelectric module market has been divided into various segments according to their types, models, functions, offerings, applications, and regions.
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Segmentation
Let us now see the segmentation of the thermoelectric module market. Let us also discuss the classification for every segment.
- Based on types
The thermoelectric module market is divided into bulk, micro, and thin-film thermoelectric modules. In all three, the bulk thermoelectric module is dominating the market. This domination is due to its high-power output and voltage generation. According to the CAGR, the micro-thermoelectric module will be high in the forecast period.
- Based on models
The thermoelectric module market has been divided into single-stage and multi-stage markets. These 2 single-stage markets have been dominating the market, but the multi-stage thermoelectric module market will show the highest CAGR because of its applications like IR detectors, CCD device arrays, electro-optics, and material testing solutions.
- Based on functions
The thermoelectric module market has been divided into deep-cooling and general-purpose segments. Deep cooling out of both the segments is expected to show the highest CAGR in the forecast period. Moreover, in this segment, North America is the largest adapter of the deep-cooling thermoelectric module market.
- Based on offerings
The thermoelectric module market has been divided into hardware, software, and services. Out of these three, hardware has been accepted in dominance and will register the highest CAGR in the forecasting period.
- Based on applications
The thermoelectric module market has been divided into IT and telecommunication, consumer electronics, industrial, automotive, oil, and gas, etc. Consumer electronics capture the largest share of the market.
Regional classification
According to the geographical analysis the thermoelectric module market has captured North America, Europe, Asia Pacific, and other regions as well.
Asia-Pacific is calculated to show the highest growth in the market from 2019 to 2025. The second-largest region for the thermoelectric module market is North America.
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Industry news
In 2019, TEC microsystems have introduced a new range of ultra-small multi-stage thermoelectric coolers. Its volume is eight times less than that of the normal ones.
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