Global Thermoelectric Assemblies Market to Reach ~ US$ 6.4 Bn by 2027: Transparency Market Research
Global Thermoelectric Assemblies Market: Introduction
Transparency Market Research delivers key insights on the global thermoelectric assemblies market. In terms of revenue, the global thermoelectric assemblies market is estimated to expand at a ~ CAGR of ~ 8% during the forecast period, owing to numerous factors, regarding which, TMR offers thorough insights and forecasts in its report on the global thermoelectric assemblies market.
Thermoelectric assemblies (TEAs) are used to control temperatures in several industries such as aerospace & defense, automotive, consumer electronics, healthcare, food & beverages, and telecom. Thermoelectric assemblies serve a cooling capacity spectrum ranging from around 10 to 400 watts. They can perform cooling by removal of heat from control sources by means of conduction and convection. Thermoelectric assemblies are of different types, such as air-to-air, direct–to-air, liquid–to-air, and liquid-to-liquid. Out of these, direct-to-air thermoelectric assemblies are most widely used, and they are more compact in design. Applications of thermoelectric assemblies include cooling of laser diode packages in optics, lasers in medical and industrial instrumentation, and bio-sample storage units for medical diagnostics. TEAs (thermoelectric assemblies) are also used in the cooling of analytical instruments and batteries in automotive and telecom applications.
In this report, TMR proposes that, the global thermoelectric assemblies market is estimated to witness the increasing usage of thermoelectric-based devices in the near future. Increasing interest in green energy across numerous geographies and application of TEAs in the food & beverages industry are key factors driving the demand for thermoelectric assemblies across the globe. High competitive advantages of thermoelectric assemblies over other compressor-based systems are expected to drive the global thermoelectric assemblies market from 2019 to 2027. Europe is expected to be a rapidly expanding market in the global thermoelectric assemblies market during the forecast period. Manufacturers are trying to reduce costs related to components used in modern thermoelectric assemblies. They are designing advanced portable thermoelectric coolers for use in food and beverage applications. In addition to this, the usage of thermoelectric energy harvesting has grown in various sectors such as automotive, aerospace & defence, and wireless sensor networks, which tends to further drive the global thermoelectric assemblies market.
However, the higher costs of TEAs as compared to conventional cooling and refrigeration systems are likely to adversely impact the global thermoelectric assemblies market in the near future. These high costs are attributable to the added cost of other components of thermoelectric assemblies. The cost of thermoelectric assemblies is higher in North America and Europe than in Asia Pacific. This is primarily due to high overhead and labor costs in these two regions. Unfavourable results led by these factors are expected to hamper the global thermoelectric assemblies market during the forecast period.
Global Thermoelectric Assemblies Market: Prominent Regions
The market for thermoelectric assemblies in Europe is expected to expand in the near future, primarily due to rising adoption and production of new and advanced thermoelectric assemblies in the region. Europe is estimated to present prominent growth to the thermoelectric assemblies market during the forecast period, owing to advanced thermoelectric assemblies offered by manufacturers in the region. Investments are being carried out in R&D, new product development, and technological advancements in thermoelectric assemblies. Companies are introducing advanced products with extremely high accuracy and factory calibration. In September 2018, Radian Thermal Products, Inc. proclaimed to have launched a thermoelectric product line to achieve heat dissipation and precise temperature control for medical and industrial sectors. Various medical and industrial systems need precise temperature regulation and high heat dissipation, which can be successfully attained by using thermoelectric assemblies. These typical TEA systems consist of a thermoelectric module and two heat sinks with fans or a cold plate.
Key manufacturers operating in the global thermoelectric assemblies market are sharpening their competitive edges to display synergies through close cooperation and collaborations in the areas of sales, marketing, and production. Manufacturers of thermoelectric assemblies are also expanding through organic methods, such as increasing production capacity, so as to meet the rising demand.
Global Thermoelectric Assemblies Market: Key Players
Key players operating in the global thermoelectric assemblies market are ABB Ltd., Badger Meter, Inc., Emerson Electric Co., Endress+Hauser AG, General Electric Co., Honeywell International Inc., KROHNE Messtechnik GmbH, McCrometer, Inc., Omega Engineering Inc., Siemens AG, Toshiba Corporation, and Yokogawa Electric Corp.
Global Thermoelectric Assemblies Market by Type
- Air to Air
- Direct to Air
- Liquid to Air
- Liquid to Liquid
Global Thermoelectric Assemblies Market by End User
- Aerospace and Defense
- Consumer Electronics
- Food and Beverages
- Others (BFSI, Photonics, etc.)
Global Thermoelectric Assemblies Market by Region
- North America
- Asia Pacific
- Middle East and Africa
- South America
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