The Europe Thermoelectric Modules Market would witness market growth of 6.9% CAGR during the forecast period (2021-2027). Thermoelectric modules are also used in the processes that need heat removal, that range from milli-watts to some thousands of watts.
They are capable of stabilizing the temperature of an object beyond ambient temperatures and can lower it below ambient temperature. Moreover, the thermoelectric cooler’s effect is different from that of a heat sink as TE carries out active cooling whereas the heat sink offers only passive cooling. This is the major reason why thermoelectric modules are ideal choice as compared to other traditional systems like compressor systems and conventional refrigerant-based systems. The demand for thermoelectric modules is increasing due to these benefits and would exhibit similar trend even during the forecast period.
A variety of standard thermoelectric modules are easily available in the market. Though, the manufacturers of thermoelectric modules are well aware of the fact that only traditional solutions would not fulfil the emerging requirement of customers in long term. There are many properties that are needed to be discovered for every application, so a customized thermoelectric module may produce a more ideal thermal solution. That is why manufacturers of the thermoelectric modules are aiming to produce fast and cost-effective thermoelectric products and solutions to meet the customer’s needs. So, a flexible production process might help the manufacturers provide better thermoelectric products in order to fulfil the ever-growing requirements of the customer.
The manufacturers of consumer electronics are focused to consistently innovate and enhance designs in order to create smaller, thinner, lighter, and more reliable products that meet customer demands in Europe. As the preferences of the consumers are changing in UK and Germany, and thermoelectric cooling solutions are offering a competitive edge by enabling OEMs to manufacture desirable products and bring them quickly to the European market. Thermoelectric cooler modules are considered as a perfect device for applications that need to have temperature control above or below ambient temperatures. A design engineer also uses thermoelectric cooling while designing a system that needs localized cooling/heating in an electronic device with detailed temperature control, and high reliability. Peltier modules of thermoelectric coolers are a popular brand in UK and Germany. This module combines low energy requirements and its capability to facilitate cooling and heating from the same element.
The Germany market dominated the Europe Micro Thermoelectric Modules Market by Country 2020, thereby, achieving a market value of $16.3 million by 2027. The UK market is exhibiting a CAGR of 6.3% during (2021 - 2027). Additionally, The France market is anticipated to witness a CAGR of 7.9% during (2021 - 2027).
Based on Offering, the market is segmented into Hardware and Services. Based on Type, the market is segmented into Bulk, Micro and Thin-Film. Based on Model, the market is segmented into Single Stage and Multi Stage. Based on Functionality, the market is segmented into General Purpose and Deep Cooling. Based on End User, the market is segmented into Consumer Electronics, Automotive, Industrial, Medical & Laboratories, Manufacturing, Telecommunications and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Thermoelectric Modules Market Size will Hit $866 Million by 2027, at a CAGR of 7.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Ferrotec Holdings Corporation, II-VI, Incorporated, Vishay Precision Group, Inc., Phononic, Inc., Z-Max Co., Ltd., Thermion, Inc., Kryotherm, TEC Microsystems GmbH, TE Technology, Inc., and Laird Thermal Systems, Inc.
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