The North America Thermoelectric Modules Market would witness market growth of 7.2% CAGR during the forecast period (2021-2027). Some of the catalysts for the demand & adoption of Thermoelectric Modules includes their ability to improve the efficiency of the vehicle fuel as well as growing awareness about green energy. Thermoelectric modules offer many benefits including accurate temperature control and cycling, less power consumption, and compact geometric size, which are contributing to the growth of this market.
Moreover, several applications across different industries are increasingly using thermoelectric modules for cooling or heating which is expected to boost the growth of the market in the coming years. Furthermore, the growth of the market would witness bright prospects due to the increasing government initiatives promoting the use of the thermoelectric module in various industries. For example, the US department of energy has recently introduced a program which grants state territories to develop energy-efficient homes that would be helpful for families with low income.
The impact of the COVID-19 pandemic is adverse in various industries across North America. Consumers are nowadays spending more on refrigerators and freezer replacements. It is expected to decrease the demand for thermoelectric modules, especially for consumer electronics. A reduction in disposable personal income made the consumer unwilling to replace old appliances as a result of lower purchasing power in the US and Canada.
The North American automotive market has also seen a sharp decline in 2020 that resulted in fewer sales of vehicles in spite of the introduction of new vehicle models with advanced features by major automobile manufacturers. During the pandemic, many current and potential vehicle buyers of North America are not willing to purchase. The commercial aerospace market has also been adversely affected in the US. It is observed that there is a decline in purchasing of civilian aircraft production in 2020, which in turn, leads to a decreased demand for thermoelectric modules in aerospace applications in the US.
The US market dominated the North America Thermoelectric Modules Services Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $64.7 million by 2027. The Canada market is experiencing a CAGR of 11.6% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 10.7% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Thermoelectric Modules Market is Estimated to Reach USD 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.
By Offering
By Type
By Model
By Functionality
By End User
By Country
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