Automotive thermoelectric power generation technology converts vehicle waste heat into electrical energy for use in various vehicle electrical systems, improving fuel efficiency and reducing greenhouse gas emissions.
Thermoelectric Modules Market Size – USD 65.38 Billion in 2021, Growth – at a CAGR of 8.0%, Trends – Growing demand for fuel efficiency in automobiles.
The global Thermoelectric Modules Market size was USD 65.38 Billion in 2021 and is expected to register a revenue CAGR of 8.0% over the forecast period, according to the latest report by Reports and Data.
The market for Thermoelectric Modules is experiencing high demand, driven by increasing applications in industry, automotive, healthcare, and electrical and electronic devices. Factors such as increasing demand for fuel efficiency in automobiles, increasing adoption of thermoelectric generators, government support initiatives, and increasing demand for renewable energy are driving the market demand.
In consumer electronics applications, thermoelectric generators offer several advantages, including improved energy savings when using heat-driven cooking sensors that can power smart devices and other products. Thermoelectric sensors are also widely used in wristbands and clothing to monitor body vital signs such as body temperature and heart rate. There is an increasing focus on developing green and clean energy technologies to reduce fossil fuel consumption, non-renewable resources, and greenhouse gas emissions. As the demand for thermoelectric generators for green and clean energy generation grows, so will the demand for Thermoelectric Modules.
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Top Companies: Laird Thermal Systems Inc., Marlow Industries Inc., Thermonamic Electronics, Tellurex, Ferrotec, EVERREDtronics, Hi-Z, RMT Ltd., KELK, Crystal Ltd.
Key Companies in the market include:
- The Thermoelectric Modules market is experiencing high demand driven by the growing demand for fuel efficiency in automobiles. Vehicle exhaust is a major contributor to the world's greenhouse gas (GHG) emissions, with a typical passenger car emitting about 4.6 tonnes of CO2 annually. It is also estimated that the total number of light commercial vehicles (LCVs) on the road will exceed 2 billion by 2050, consuming a significant portion of global oil production.
- Automotive thermoelectric power generation technology converts vehicle waste heat into electrical energy for use in various vehicle electrical systems, improving fuel efficiency and reducing greenhouse gas emissions. In addition, several automakers such as Ford, Volvo, Volkswagen and BMW are working with NASA to develop internal thermoelectric waste heat recovery systems.
- In August 2020, Laird Thermal Systems announced the development of a high temperature, solid-state HiTemp ETX series thermoelectric cooler for LiDAR sensor and 3D imaging applications. The product can operate at temperatures up to 150°C, which exceeds most outdoor applications.
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Key Regional Markets Covered in the Report:
North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
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Key questions covered in the global Thermoelectric Modules market report:
- What is the expected market size of the global Thermoelectric Modules market during the forecast period?
- What factors are expected to hamper global Thermoelectric Modules market growth over the forecast period?
- Which application segment is expected to dominate other application segments over the forecast period?
- Which region is expected to dominate in terms of revenue during the forecast period?
- What are the key outcomes of Porter’s Five Forces analysis and SWOT analysis?
- Which leading players are operating in the global Thermoelectric Modules market?
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