Please Wait.....
Report
Micro Thermoelectric Modules Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 125 Pages I Mordor Intelligence
The micro thermoelectric modules market is expected to record a CAGR greater than 7% during the forecast period 2022-2027. The COVID-19 pandemic had a mixed impact on the market. Healthcare devices were needed for the treatment of COVID-19 patients, which aided in the growth of the market, whereas the shutdown of manufacturing facilities and difficulties in the sourcing of raw materials due to the disruption of shipping hampered the growth of the market. Factors such as the increasing use of electric vehicles that employ micro thermoelectric modules and the deployment of 5G technology that will use micro-thermoelectric modules in the communication towers are likely to drive the market over the forecast period. However, the inefficient performance of micro thermoelectric modules coupled with the presence of alternative technologies may restrain the market.
The automotive segment is likely to witness significant growth during the forecast period.
Lately, mRNA vaccine technology has seen major improvements due to various technologies, such as CRISPR, leading to widespread commercial production. Furthermore, it indicates a shift toward such kinds of vaccines in the future. However, mRNA vaccines are stored strictly under cold temperatures to prevent their deterioration, which will present significant opportunities to micro thermoelectric module players involved in the market.
The Asia-Pacific region is likely to be the fastest-growing market during the forecast period owing to its significant manufacturing capacity and rising demand.
Thermoelectric Modules Market Trends
Automotive Segment to Witness Significant Growth
The automotive sector is growing globally and undergoing a significant shift toward electric-based propulsion. Furthermore, manufacturers are introducing new features in the vehicles, such as ventilated seats, multiple zone climate control, better air conditioning, and better engine temperature control.
In 2020, globally, around 78 million motor vehicle units were produced compared to 92 million units in the preceding year. This decline was expected to be temporary and did not reflect the true growth of the market since it was impacted by the COVID-19 pandemic. As mentioned above, these automotive vehicles employ micro thermoelectric modules to control the temperature efficiently.
As part of the shift toward electric-based propulsion, battery temperature is required to be regulated for efficient operations. As per a forecast, the number of electric vehicles in 2025 is expected to be around 54 million units compared to 12 million units in 2021. This is likely to drive the micro thermoelectric module market, in turn, during the forecast period.
In November 2021, Tesla Inc. announced plans to invest up to CNY 1.2 billion (USD 187.91 million) to expand production capacity at its Shanghai factory. Tesla's Shanghai factory was designed to make up to 500,000 cars a year and currently has the capacity to produce Model 3 and Model Y vehicles at a rate of 450,000 total units a year.
In August 2021, Toyota announced its new BEV series, Toyota bZ, and established a full line-up of electrified vehicles. A concept version of the first model in the series was unveiled at Auto Shanghai, and 15 BEVs are expected to be introduced globally by 2025.
Thus, owing to the abovementioned factors and in line with the growth of the automotive sector, the thermoelectric market is also expected to grow.
Asia-Pacific to be the Fastest-growing Region
The Asia-Pacific region is home to the largest chunk of the world's population and countries with the highest economic growth rates. The countries in the region are witnessing the increasing adoption of electric vehicles, developing cold chains for food security and other applications, and advancements in healthcare technologies and equipment, such as organ transportation and preservation systems.
The government of China is encouraging people to adopt electric vehicles. The country has already made plans to phase out diesel fuel, which runs the current generation of commercial vehicles, such as trucks. The country is planning to ban diesel and petrol vehicles completely by 2040. China is a key player in the global electric bus market, and it is anticipated to sustain its dominance during the forecast period. In May 2020, more than 420,000 electric buses were in use in China, which amounted to about 99% of the global fleet. The keen focus on electrification of public transit with prevalent subsidies and national regulations is a major factor contributing to the high market share held by China in the global electric bus market.
India, as of 2020, had 8,200 cold storage facilities, of which 75% are suitable only for single commodities, mainly potatoes. The number of cold storage facilities is likely to rise significantly due to the surge in online grocery, processed foods, and pharmaceutical sales. These new use cases will result in multiple smaller cold-storage facilities in the cities to ensure efficient last-mile delivery.
Furthermore, APAC is growing significantly in the organ preservation space. The surging incidence rate of various organ failures in the region and increasing healthcare expenditure is expected to boost the market's growth. Moreover, due to the economic upturn in the region, the demand for advanced treatments has witnessed a surge. These organ preservation systems employ micro thermoelectric modules to regulate the temperature, which is critical for organ life, and, in turn, is likely to aid the growth of the micro thermoelectric modules market.
Thus, owing to the abovementioned factors, the Asia-Pacific region is likely to be the fastest-growing regional market during the forecast period.
Thermoelectric Modules Market Competitor Analysis
The micro thermoelectric modules market is partially fragmented. Some of the major players involved in the market are CUI Devices, Thermonamic Electronics (Jiangxi) Corp. Ltd, TEC Microsystems, KELK Ltd, and Guangdong Fuxin Technology Co. Ltd.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Demand and Forecast, in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Market Dynamics
4.4.1 Drivers
4.4.2 Restraints
4.5 Supply Chain Analysis
4.6 Porter's Five Forces Analysis
4.6.1 Bargaining Power of Suppliers
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Threat of New Entrants
4.6.4 Threat of Substitute Products and Services
4.6.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Stage
5.1.1 Single Stage
5.1.2 Multi Stage
5.2 Functionality
5.2.1 General Purpose
5.2.2 Deep Cooling
5.3 End Use Aplication
5.3.1 Aerospace and Defense
5.3.2 Automotive
5.3.3 Consumer Electronics
5.3.4 Heathcare
5.3.5 Food and Beverages
5.3.6 Energy and Utility
5.3.7 Referigerant and Chillers
5.3.8 Other End Use Applications
5.4 Geography
5.4.1 North America
5.4.2 Europe
5.4.3 Asia-Pacific
5.4.4 South America
5.4.5 Middle-East
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 CUI Devices
6.3.2 AMS Technologies
6.3.3 KELK Ltd
6.3.4 Guangdong Fuxin Technology Co. Ltd
6.3.5 TE Technology Inc.
6.3.6 Thermonamic Electronics (Jiangxi) Corp. Ltd
6.3.7 Wellen Technology Co. Ltd
6.3.8 TEC Microsystems
6.3.9 Merit Technology Group
6.3.10 HiTECH Technologies Inc.
7 MARKET OPPORUNITIES AND FUTURE TRENDS
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security