According to a new report Global Thermoelectric Modules Market, published by KBV research, The Global Thermoelectric Modules Market size is expected to reach $866 Million by 2027, rising at a market growth of 7.3% CAGR during the forecast period.
Single-stage thermoelectric modules garnered largest major revenue share of the thermoelectric modules market in 2020. This trend is expected to remain the same during the forecast period. Single-stage thermoelectric modules find its application in a broad range of cooling and heating applications having low to high heat pumping capacities that depend on the module specifications.
Bulk thermoelectric modules obtained the maximum share of the thermoelectric modules market in 2020. This trend is likely to remain the same during the forecast period. Bulk thermoelectric modules are used in a broad array of applications and also there are no design constraints in comparison to micro/thin-film thermoelectric modules. These modules can be designed to have different power draw and cooling abilities on the basis of their design.
The thermoelectric modules market finds potential application in automotive applications and would showcase significant growth during the forecast period. The electric vehicles in the market are growing at a faster rate and thermoelectric modules are being installed in these electric and hybrid vehicles for the cooling and heating of batteries as they can offer a very responsive temperature control system.
APAC has become a global focal point for investments and business expansion opportunities. The region characterizes the fastest-growing global market for thermoelectric modules. As the demand for waste heat recovery, industrial automation, consumer goods, and healthcare monitoring devices are very high in this region, so it is expected to boost the regional market. APAC has a large consumer electronics industry that includes countries like Japan, China, and South Korea, and it is also the largest manufacturer as well as end-user of consumer devices.
Full Report: https://www.kbvresearch.com/thermoelectric-modules-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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