The report "Thermoelectric Modules Market with COVID-19 Impact Analysis, By Model (Single Stage, Multi Stage), Type (Bulk, Micro, Thin Film), Functionality (General Purpose, Deep Cooling), End-Use Application, and Region - Global Forecast to 2026", is projected to grow from USD 593 million in 2021 to USD 872 million by 2026; it is expected to grow at a CAGR of 8.0% during the forecast period. Owing to COVID-19, the thermoelectric modules market is estimated to face headwinds for 2020–2021. The growth of the thermoelectric modules market is driven by factors such as increasing demand for electric and luxury vehicles and the growing deployment of 5G connectivity. The new high-speed 5G telecommunication standard presents thermal challenges for critical components such as optical transceivers. Optical transceivers contain a laser diode that needs to be kept below 70°C to ensure no loss of data transmission wherein TEMs need to be deployed. Hence, with the increasing deployment of 5G equipment, there will be an increasing demand for TEMs in telecommunications. TEMs are expected to be used in future electric vehicles. TEMs are used in electric vehicles to stabilize the temperature of a car’s battery-operated system, especially for colder climates where battery efficiency can be reduced by up to 40%.
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Impact of COVID-19 on current thermoelectric modules market size and forecast
The emergence of the COVID-19 pandemic, a deadly respiratory disease that originated in China, is now become a worldwide issue and has also affected the thermoelectric modules market. The COVID-19 pandemic will have a varying impact on different types of thermoelectric modules. The market has been negatively affected primarily due to the decline in industrial, aerospace, and automotive applications. Consumer electronics have also experiencing a fall in revenue initially but is expected to recover from 2021 onward. Telecommunications and medical segments have witnessed a minimal decline due to COVID-19 as remote communications and medicine/vaccine storage and transport as well as pharmaceutical research have become critical activities in the light of the pandemic. The overall market is expected to recover in 2020 with some segments such as automotive and aerospace expected to have a slightly late recovery.
Opportunity: Thermoelectric coolers for storage and transport of COVID-19 vaccines
With the advent of COVID-19 and the consequent shipment and rollout of vaccines, TEMs are expected to be increasingly deployed for portable vaccine coolers. Improper handling and failure to maintain vaccines in a safe temperature range result in significant losses of vaccines in developing countries and are expected to reduce the success of immunization programs. One of the most important barriers to effective vaccination programs in remote areas is the spoilage of vaccines due to improper storage temperatures. Active thermoelectric cooling can be a potentially viable alternative because the coolers are small and require few or no moving parts. With many of the COVID-19 vaccines requiring sub-zero or freezing temperatures, TEMs with large temperature differentials can be very effective in controlling the storage temperature of vaccines. Thermoelectric coolers offer significant advantages compared to the more conventional vapor-compression refrigeration; there are fewer moving parts that may require maintenance, no risks of refrigerant leakage, and a lighter, more compact size which is now a crucial factor in the transportation of large quantities of vaccines. A vapor-compression refrigeration system is heavy due to the compressor and is costly and noisy during operations. Thus, the system is not suitable or readily portable to remote areas. Alternatively, the cold box simply uses an ice pack to cool the vaccines and is much less reliable and offers cooling over a relatively short duration.
Challenge: Reliability and strength of TEMs
The specific reliability of thermoelectric devices can be difficult to predict, especially for custom designed modules. However, failure rates are highly dependent on the specific application. For applications involving relatively steady state cooling where DC power is being applied to the module on a continuous and uniform basis, the reliability and life-expectancy of TEMs is very high. On the other hand, applications involving thermal cycling show significantly worse reliability, especially when the TEMs are cycled up to high temperatures. Hence, there are numerous application parameters and conditions that will affect the end result. A particular test conducted in a TEM may not be valid for other configurations. TEMs also exhibit relatively high mechanical strength, but sheer strength is comparatively low. Hence, they should not be designed into a system where the module serves as a support for a mechanical structure. Furthermore, in applications where severe shock and vibration will be present, a thermoelectric cooling module has to be compression mounted. It is expected that the introduction of new materials for the manufacture of TEMs will overcome some of these challenges.
Market in APAC estimated to have largest share during forecast period
APAC has emerged as a global focal point for large investments and business expansion opportunities. The region represents the fastest-growing market worldwide for thermoelectric modules. The increased demand for waste heat recovery, consumer goods, industrial automation, and healthcare monitoring devices is expected to drive this market in the region. APAC has a large consumer electronics industry consisting of countries such as China, Japan, and South Korea, which is the largest manufacturer and end user of consumer devices. South Korea is an important country for manufacturing portable consumer devices while China is the largest exporter of consumer refrigeration devices. Hence, for consumer electronics, the market in APAC is expected to continue to grow as markets in North America and Europe continue to stagnate over time.
North America is the most adversely affected region by the pandemic. Hesitant consumer spending on refrigerator and freezer replacements will drive the demand down for thermoelectric modules for consumer electronics. A decrease in disposable personal income is driving consumer reluctance to replace old appliances as a result of lower spending power in the US and Canada. The North American automotive market witnessed a sharp decline in 2020, resulting in fewer vehicle sales despite the introduction of new vehicle models by major automobile manufacturers. Many existing and potential vehicle buyers in North America are deferring their purchases at present. The commercial aerospace market in North America has also been severely affected, particularly in the US. The purchase of civilian aircraft production in 2020 has declined to around half of that of 2019, which, in turn, has reduced the demand for thermoelectric modules in aerospace applications.
Major vendors in the thermoelectric modules market include Ferrotec (US), II-VI Incorporated (US), KELK (Japan), Laird Thermal Systems (US), Guangdong Fuxin Technology (China), TE Technology (US), Phononic (US), INHECO Industrial Heating & Cooling (Germany), TEC Microsystems (Germany), Crystal (Russia), Kryotherm (Russia), Z-Max (Japan), Kyocera Corporation (Japan), Align Sourcing (US), HiTECH Technologies (US), Hi-Z Technology (US), Merit Technology Group (China), KJLP ELECTRONICS (China), P&N Technology (China), Thermonamic Electronics (China), Hui Mao (China), Wellen Technology (China), and Xiamen HIcool Electronics (China).
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