Thermoelectric Module Market Research Report - Forecast till 2027

Impact of COVID-19 on the Thermoelectric Modules Market

The thermoelectric modules market has witnessed a negative impact on the product demand in recent months owing to the lockdowns imposed in the majority of the countries. These lockdowns have resulted in the temporary halting of businesses since the COVID-19 outbreak in December 2019. Thermoelectric modules are solid-state heat pumps that use a heat exchanger to dissipate heat in accordance with the Peltier effect. Thermoelectric modules are increasingly being adopted across industry verticals owing to their advantages such as high reliability, scalability, compact size, environment friendliness, and noise-free and vibration-free operation. The primary applications of thermoelectric modules include temperature stabilization, heat pumping, power generation, and temperature stabilization.

The benefits offered by thermoelectric modules over conventional systems, simultaneous heating & cooling of thermoelectric modules, growth of the electric vehicles market, and the increasing focus of governments, as well as manufacturers on using renewable energy sources, are the key factors which are anticipated to drive the thermoelectric modules market in the coming years. The underlying opportunities in this space include the development of thermoelectric modules for new application areas and the concept of converting body heat into electricity. Thermoelectric modules find applications in several industries, including consumer electronics, IT & telecommunication, industrial, automotive, oil & gas, and others. Thermoelectric modules have wide applications in devices such as water dispensers, small refrigerators, and air conditioners. Furthermore, growing environmental concerns drive the adoption of thermoelectric modules in place of traditional cooling systems that use chlorofluorocarbons. The Asia-Pacific region has witnessed the highest growth in industries such as consumer electronics, automotive, oil, gas & mining, and industrial, which are the major end-users of thermoelectric modules. The growing demand for consumer goods and healthcare monitoring devices is anticipated to further drive the demand for thermoelectric modules in the coming years.

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Impact Analysis