Thermoelectric Modules Market Size, Share, Sales, Analysis, Forecast, Industry Competition & Player Profiles 2023 - 2032
Thermoelectric modules are one of the most promising prospects for growth in the near future, as options for covid-19 vaccine transport, storage, and handling remain limited worldwide. As Covid-19 vaccine become available, the rising cost of vaccine, and storage capacity at every level of value-chain has become essential.
Moreover, thanks to limited supply of vaccine worldwide, reducing wastage, estimating demand in advance, and maintain lower stock levels has become essential for immunization programs. According to the Global Alliance for Vaccines, and Immunization or GAVI, cold chains facilities remain completely outdated, and it will be a struggle to handle a rising number of vaccines.
The agency also states that, cold chains have been in operation in the developed world for over 40 years, thanks to worldwide vaccination programs. On the other hand, the developed world will require measure private, and public investments to build a robust infrastructure for the oncoming vaccination drive.
Furthermore, recent technological advancement has enabled product launches like portable thermoelectric modules for such large, and on-demand vaccine logistic operations. The thermoelectric solid-state cooling system have tackled environmental challenges in vaccine logistics including size, weight, external impact, and performance have been issues. The rising demand for cold storage facilities, the major application of thermoelectric modules in cold storage, and rising need for vaccination supply, will remain a major promise for growth for players in the thermoelectric modules market.
Consumer Electronic Application Remains Key Conventional Driver for Growth
Thermoelectric modules are ideal for conventional storing systems like chilled water dispensers, alcoholic beverage cabinets, food and beverage containers, small refrigerators, and air conditioners. The thermoelectric modules provide these applications with the necessary cooling systems which is reliable and efficient. Moreover, the rising demand for these applications, thanks to growing weather changes, and rising disposable incomes will drive major growth for the consumer electronics segment. Thermoelectric modules remain years ahead of traditional cooling systems. However, growing environmental concerns associated with the systems also remain a challenge for growth.
Bulk Systems Remain a Prominent Feature of Rising Industry Demand
The bulk thermoelectric modules have remained a prominent driver of growth in the thermoelectric modules market. These systems help provide highest power output, and voltage for industry needs. Moreover, their application varies widely in major sectors like healthcare, telecommunications, and aerospace & defence. Their output usually reaches in milliwatts to multiple kilowatts is essential for end-application for industries.
In telecommunications, thermoelectric modules are widely used for cooling spectral optical fibres, which have become the go-to technology for building the next-gen telecom infrastructure. This technology has witnessed major growth, due to Covid-19 as digitalization took a giant leap during lockdowns around the world.
Moreover, the introduction of 5G technology on the horizon will drive expansion of the spectral fibre technology, along with other telecom equipment like laser transceivers among others. The advent of 5G technology will remain major driver for growth in the thermoelectric modules market in near future.
Furthermore, the application of thermoelectric modules in automotive engineering is also expected to rise. The thermoelectric module-based cooling technology is essential for fuel-cells, electric vehicles to undertake quiet operations. These systems will contribute to quiet operations for electric, hybrid, and fuel cell technology based on advanced HVAC operations. The growing demand for thermoelectric modules in automotive engineering will remain a specialized and core development in the thermoelectric modules market.
The Thermoelectric Modules Market is Segmented as Below:
- Bulk Thermoelectric Modules
- Thin-film Thermoelectric Modules
- Micro Thermoelectric Modules
- Deep Cooling Modules
- General-purpose Modules
By End-use Application
- Consumer Electronics
- Aerospace & Defense
- Oil & Gas
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Rest of South America