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Sep 14, 2020 (The Expresswire) —
The global thermoelectric module market is poised to experience impressive growth as alternative energy techno4logies show increasing demand. Key market insights have been shared by Fortune Business Insights in its report, titled “Thermoelectric Module”Market Size, Share And Global Trend By Type (Micro Thermoelectric, Thin Film Thermoelectric, Bulk Thermoelectric), By Material (Bismuth Telluride, Lead Telluride, Silicon Germanium, Bismuth-Antimony), By End-Use (Aerospace and Defence, Automotive, Consumer electronics, Healthcare, Food and Beverages, Energy and Utility, Refrigerant, and Chillers), And Geography Forecast Till 2026. The report provides comprehensive market analysis and highlights the factors that will play a key role in its growth. A thermoelectric module (TEM) or thermoelectric cooler is an electronic component that is semi-conductor based. It functions as a small heat pump and shifts heat from one side of the device to the other. These modules are also sometimes used to generate electricity by harnessing the temperature difference created on the two sides of the device.
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1. By Type
- Micro Thermoelectric
- Thin Film Thermoelectric
- Bulk Thermoelectric
2. By Material
- Bismuth Telluride (Bi2Te3)
- Lead Telluride (PbTe)
- Silicon Germanium (SiGe)
- Bismuth-Antimony (Bi-Sb)
3. By End Use
- Aerospace and Defence
- Consumer electronics
- Food and Beverages
- Energy and Utility
- Refrigerant and Chillers
4. By Geography
- By North America (USA and Canada)
- Europe (UK, Germany, France, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East and Africa (South Africa, GCC and Rest of the Middle East and Africa)
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Environmental Benefits to Spur the Market
The global thermoelectric module market is anticipated to expand as the technology is proven to be environment-friendly. For example, unlike conventional cooling systems, thermoelectric modules do not use or produce harmful gases such as chlorofluorocarbons. Furthermore, thermoelectric modules are emerging as a promising alternative energy technology due to their ability to convert waste-heat energy to electrical energy. Consequently, thermoelectric devices are expected to experience a surge in demand from the automotive and aeronautics sectors. In the case of aeronautics, the technology has extensive applicability since airplanes, helicopters, and space shuttles generate tremendous amounts of heat. This heat can be harnessed using thermoelectric modules. It can also lead to a lower level of consumption of conventional fuels. For example, a study conducted by Boeing revealed that fuel reduction of at least 0.5% is possible using thermoelectric devices. These benefits are expected to spur the number of market opportunities in the global thermoelectric module market until 2026.
Key Market Driver
- Enables waste heat recovery in plants and factories
- Government regulations and rising awareness regarding energy conservation
- Offers lower power consumption, rapid response time in terms of cycling and control functions
Key Market Restraint –
- Higher costs of thermoelectric modules than conventional systems for cooling and refrigeration
Innovations by Key Players to Intensify Prevailing Competition
Thermoelectric technology offers interesting opportunities for participants to innovate. As a result, the global thermoelectric module market is witnessing increasing innovation among market players as they look to bolster their competitive edge. This is being done through increased investment in research and development and new product launches. For instance, Gentherm launched the first-of-its-kind thermoelectric solution for the 48-volt lithium-ion batteries in 2018. The innovation has been proven to manage heating and cooling of lithium-ion batteries more efficiently, improve battery performance, and increase battery life. In the same year, Laird Technologies launched its HiTemp ET Series, a thermoelectric module, to protect critical electronic devices in high-temperature environments.
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Asia-Pacific to Occupy a Prominent Market Position
Among regions, Asia-Pacific is expected to hold to a sizeable market share and contribute significantly to the global thermoelectric module market revenue. This is primarily expected to be a result of the rapidly developing semiconductor market, especially in India and China, and lower production costs. Increasing attention to research and development will also boost the global thermoelectric module market. North America is also expected to grow considerably owing to the presence of big market leaders.
Key Industry Developments
- March 2020:TEC Microsystems GmbH introduced modification and optimization ways of thermoelectric coolers with a “header-free” concept, for directly applying thermoelectric current on PCB.This product allows to simplify packaging solutions, cost reduction in the end product volume manufacturing and further simplified the assembly processes for its primary applicationswith TECs.The main focus of this initiative is on low heatload applications like VCSELs, APD Arrays and IR- detectors with temperature stabilization requirements.
- December 2018:Osaka University developed an inexpensive large-scale flexible thermoelectric generator (FlexTEG) module with high mechanical reliability for highly efficient power generation.
Wide Range of Applications to Boost Market Growth
The global thermoelectric module market is expected to grow significantly on account of the increasing range of areas for the thermoelectric module applications. For example, thermoelectric module usability can range from simple and routine tasks such as cooling foodstuffs and beverages to temperature control systems in space vehicles. Such a wide range of applicability is steadily enhancing the market potential of these devices. Some other areas where the technology can be utilized include telecommunications, medical devices, aerospace, defense, among others.
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Major Table of Content ForThermoelectric ModuleMarket:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Thermoelectric Module Market Analysis, Insights and Forecast, 2026
- North America Thermoelectric Module Market Analysis, Insights and Forecast, 2026
- Europe Thermoelectric Module Market Analysis, Insights and Forecast, 2026
- Asia Pacific Thermoelectric Module Market Analysis, Insights and Forecast, 2026
- The Middle East and Africa Thermoelectric Module Market Analysis, Insights and Forecast, 2026
- Latin America Thermoelectric Module Market Analysis, Insights and Forecast, 2026
- Competitive Landscape
- Company Profile
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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