Thermoelectric Modules Market is expected to generate a revenue of USD 1596.70 Million by 2030, Globally, at 8.31% CAGR: Verified Market Research®
The global market for thermoelectric modules has grown quickly as a result of reasons such as the potential for using them to increase vehicle fuel economy, to maintain heating and cooling in EVs, as well as the increased awareness of green energy.
JERSEY CITY, N.J., Sept. 13, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Thermoelectric Modules Market" By Technology (Single Stage and Multi Stage), By Type (Bulk Thermoelectric, Micro Thermoelectric, and Thin Film Thermoelectric), By Functionality (Deep Cooling Modules and General Purpose Modules), By End-User (Automotive, Consumer Electronics, Aerospace & Defense, Medical & Laboratories, Telecommunications, Industrial, Oil, Gas, & Mining), and By Geography.
As per the deep research carried out by Verified Market Research, the global Thermoelectric Module Market was valued at USD 779.38 Million in 2022 and is anticipated to reach USD 1596.70 Million by 2030, growing at a CAGR of 8.31% from 2023 to 2030.
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Global Thermoelectric Modules Market Overview
Electrical components built with semiconductors are known as thermoelectric modules. Similar to a miniature heat pump, a thermoelectric module moves heat from one side of a device to the other. Heat pumps put in them may draw water from the air with the help of their structured circuit engineering, which depends on the Peltier Effect theory. Usually, electricity is produced by the temperature differential between the two sides of a thermoelectric module.
The major applications of thermoelectric modules are temperature stability, heat pumping, power production, and temperature stabilization. In contrast, thermoelectric modules are used in some unique applications to provide a range of temperatures by switching between warming and cooling. Rapid temperature cycling is accomplished by a process known as thermal cycling.
The primary factors propelling the global market for thermoelectric modules are the potential to employ them to increase vehicle fuel economy as well as the growing awareness of green energy. The development of this industry is being aided by a number of advantages of thermoelectric modules, such as precise temperature control and cycling, a small geometrical size, and low power consumption.
Furthermore, it is anticipated that throughout the projected period, rising thermoelectric module usage for cooling or heating in several applications across umerous industries would propel market growth. Additionally, as a consequence of increased government measures to promote the use of thermoelectric modules, the market is developing.
The major players in the market are Ferrotec, Laird, II-VI Marlow, TE Technology, TEC Microsystems, Crystal Ltd., Kryotherm, RMT Ltd, Thermion Company, Thermonamic Electronics, and Kelk Ltd.
Verified Market Research has segmented the Global Thermoelectric Modules Market On the basis of Technology, Type, Functionality, End-User, and Geography.
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