Thermoelectric Modules Market Size, Share, Forecasts, & Trends Analysis
The Thermoelectric Modules Market is projected to soar to $1.46 billion by 2030, with a compound annual growth rate (CAGR) of 10.6% from 2023 to 2030. In terms of volume, the market is set to reach 1.26 billion units by 2030, growing at a CAGR of 11.4% during the forecast period. This growth is propelled by the increasing application of thermoelectric modules in electronic devices and the rising adoption of electric and luxury vehicles. However, the high manufacturing costs of thermoelectric modules compared to traditional heating and cooling systems are expected to pose a challenge to market expansion.
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Key Findings from the Market Study
Dominance of Thermoelectric Coolers in 2023
In 2023, thermoelectric coolers led the market, accounting for 61.4% of the global thermoelectric modules market by value. By volume, the thermoelectric coolers segment is anticipated to reach 691.75 million units by 2030, growing at a CAGR of 10.7% during the forecast period.
With cooling devices currently consuming nearly 20% of total electricity in buildings worldwide, the demand for space cooling is projected to rise dramatically. Global energy use for space cooling is expected to surge from 2,020 terawatt hours (TWh) in 2016 to 6,200 TWh by 2050. The significant electricity consumption for cooling results in substantial CO2 emissions from fossil fuels used in power generation. Thermoelectric cooling (TEC) emerges as a promising alternative, offering personalized cooling solutions. TECs, based on the Peltier effect, transfer heat from one side of the device to the other, providing several benefits over traditional cooling methods:
Performance unaffected by orientation
Thermoelectric coolers are environmentally safer and find applications in portable air/water refrigerators, electronic cooling, thermal management systems in medical devices, and water distillation. Their reliable, lightweight, and noiseless operation has gained significant consumer market attention.
Thermoelectric Generators: The Fastest Growing Segment
While thermoelectric coolers currently dominate, the thermoelectric generators segment is set to record the highest CAGR of 11.6% during the forecast period. This growth is driven by the increasing demand for thermoelectric generators in the automotive sector, where they convert exhaust heat into electrical energy, enhancing engine efficiency.
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Regional Insights
Asia-Pacific: The Largest and Fastest Growing Market
Geographically, Asia-Pacific leads the thermoelectric modules market, accounting for 48.8% of the global market value in 2023. By volume, the region is projected to reach 739.78 million units by 2030, growing at a CAGR of 11.8%.
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The Asia-Pacific region boasts some of the world’s strongest economies and has been at the forefront of technological advancements for over two decades. Countries such as Japan and Taiwan are major hubs for developing and manufacturing technical goods and consumer electronics. The rising demand for smart devices, homes, and offices has significantly bolstered the consumer electronics market, a trend expected to continue, further driving market growth.
Moreover, Asia-Pacific is the fastest-growing regional market for thermoelectric modules, driven by increased adoption of electric vehicles, the development of cold chains for food security, and advancements in healthcare technologies. Consequently, the demand for thermoelectric modules is escalating across various industries, including automotive, consumer electronics, medical, semiconductor, and defense.
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