Thermoelectric Modules Market

Thermoelectric Modules Market is anticipated to grow at a CAGR of 8.3% during forecast period and estimated to reach USD 1,017 million by 2028.

Thermoelectric Modules Market Overview

Thermoelectric modules are a semiconductor electronic pump which has the capacity to transfer heat from one side of the device to another side of the device. It is also known as Peltier Cooler. The primary function of a thermoelectric device is to utilize industrial waste heat. It has also been used for cooling chillers, biotechnology, air conditioners, and other wide range of electronic products.

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Major Thermoelectric Modules Market Drivers

The significant factor propelling the growth of the thermoelectric modules is the ability of thermoelectric module to convert heat energy into electric energy and vice versa. Their utilization is growing as they offer the upsides of reusing waste energy. This means transforming the heat from industry or road transport into electricity, thus increasing system efficiency and decreasing operating costs and environmental pollution. For instance, in-vehicle heat is exhausted, which leads to the generation of electricity, thereby helping to increase the performance of vehicle mileage as it reduces the burden on the alternator. In addition, it has a wide range of impacts on the other automotive sector, such as cooling batteries of hybrid and electric cars, cooling of head-up displays in the automobile. For instance, in winter season batteries of car does not work smoothly thus, to overcome this problem, these modules maintain the temperature of the battery so that its inferior performance can be overcome. The increasing demand for the use of large-sized thermoelectric systems for certain specific applications such as conventional cooling and refrigeration systems provides a significant opportunity to the growth of the thermoelectric modules market in the upcoming years.

Restraint in the Thermoelectric modules Market

Factors such as low efficiency and high cost associated to thermoelectric modules might restrain the growth of the global thermoelectric modules market. Hence, it has negatively impacted the small and medium companies as they are not able to deploy the technology. Additionally, it has high maintenance and repair costs which will also hamper the growth of the thermoelectric module’s market size.

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 Technology type – Segment Analysis

Based on Technology Type, the multi-stage segment is anticipated to grow at a higher CAGR over the forecast period. Multi-stage thermoelectric has a higher advantage when there is a high difference in temperature and the reduction performance is more notable with multi-Stage modules. Therefore, it is used on modules with more than two stages and works foremost when inlet temperature is above 800K. Hence, these factors are propelling the growth of this segment.

Function – Segment Analysis

Based on Function, the deep cooling segment is projected to grow at a higher CAGR during the forecast period.  The growth of this segment is due to the deep cooling module which has greater capacity to provide a higher temperature difference, it occurs with both the single-stage module and double stage module. In addition, these are used for cooling infrared, deep chilling system which offers significant advantage over conventional vapor – compression. Hence, these factors are boosting the growth of this segment.

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Regional – Segment Analysis:

Based on the region, the Asia-Pacific region is expected to grow at a higher CAGR over the forecast period. Asia Pacific has been the central focus point for the growing thermoelectric module owing to growing demand from industries such as consumer electronics, automotive, laboratory, medical, semiconductor, healthcare among others. With the growing market, cooling device has also expanded from commercial to residential end-user. For instance, it is being used in mini refrigerator, air conditioners, wine cabinet, thereby expanding the market size. Some of the leading thermoelectric module manufacturers in this region include KELK LTD, Ferrotec holdings corporation among others

Top Market Players

Various notable players operating in the market, include, Ferrotec Holdings Corporation., Laird Thermal Systems, Inc., KELK Ltd., II-VI Incorporated, TEC Microsystems GmbH, Crystal Ltd., Thermonamic Electronics (Jiangxi) Corp., Ltd , Hi-Z TECHNOLOGY, Phononic , TE Technology, Inc., among others. 

Key Developments:

• • In 2020, Phononic signed a partnership agreement with Fabrinet (it provide vertically designed optical products and services) which has provided strength and volume to expand its manufacturing items and industry This partnership will allow Phononic to expand significantly its high-volume manufacturing capabilities in Durham.
  • In 2020, Ferrotec holdings acquired RMT, a manufacturer of micro- thermoelectric module. With this transaction, the additional of micro-modular products from RMT will help Ferrotec company to strengthen the product line up of thermoelectric modules.

Segments covered in the Report:

The global thermoelectric modules market has been segmented based on Technology, Function, Type, End-User and regions. Based on Technology, the market is segmented into single-stage and multi-stage. Based on function, the market is segmented into Deep cooling module and general-purpose model. Based on Type, the market is segmented into Micro Thermoelectric, Bulk Thermoelectric and Thin Film Thermoelectric. Based on End-User, the market is segmented into Consumer Electronics, Aerospace & Defence, Medical & Laboratories, Telecommunications, Industrial and Oil, Gas, & Mining. 

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Market Segmentation

Global Thermoelectric Modules Market by Technology

• • Single-Stage
  • Multi-stage

Global Thermoelectric Modules Market by Function

• • Deep Cooling Modules
  • General Purpose Modules

Global Thermoelectric Modules Market by Type

• • Micro Thermoelectric
  • Bulk Thermoelectric
  • Thin Film Thermoelectric

Global Thermoelectric Modules Market by End-User

• • Consumer Electronics
  • Aerospace & Defence
  • Medical & Laboratories
  • Telecommunications
  • Industrial
  • Oil, Gas, & Mining

Global Thermoelectric Modules Market by Region

• • North America Thermoelectric Modules Market (Option 1: As a part of the free 25% customization)

    • North America Thermoelectric Modules Market by Technology
    • North America Thermoelectric Modules Market by Function
    • North America Thermoelectric Modules Market by Type
    • North America Thermoelectric Modules Market by End-user
    • US Thermoelectric Module Market All-Up
    • Canada Thermoelectric Module Market All-Up

  • Europe Thermoelectric Module Market (Option 2: As a part of the free 25% customization)

    • Europe Thermoelectric Modules Market by Technology
    • Europe Thermoelectric Modules Market by Function
    • Europe Thermoelectric Modules Market by Type
    • Europe Thermoelectric Modules Market by End-user
    • UK Thermoelectric Modules Market All-Up
    • Germany Thermoelectric Modules Market All-Up
    • France Thermoelectric Modules Market All-Up
    • Spain Thermoelectric Modules Market All-Up
    • Rest of Europe Thermoelectric Modules Market All-Up

  • Asia-Pacific Thermoelectric Modules Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific Thermoelectric Modules Market by Technology
    • Asia-Pacific Thermoelectric Modules Market by Function
    • Asia-Pacific Thermoelectric Modules Market by Type
    • Asia-Pacific Thermoelectric Modules Market by End-user
    • China Thermoelectric Modules Market All-Up
    • India Thermoelectric Modules Market All-Up
    • Japan Thermoelectric Modules Market All-Up
    • Rest of APAC Thermoelectric Modules Market All-Up

  • RoW Thermoelectric Modules Market (Option 4: As a part of the free 25% customization)

    • RoW Thermoelectric modules Market by Technology
    • RoW Thermoelectric modules Market by Function
    • RoW Thermoelectric modules Market by Type
    • RoW Thermoelectric modules Market by End-user
    • Brazil Thermoelectric modules Market All-Up
    • South Africa Thermoelectric Modules Market All-Up
    • Saudi Arabia Thermoelectric Modules Market All-Up
    • UAE Thermoelectric Modules Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Thermoelectric modules Market All-Up

Major Players Operating in the Thermoelectric modules (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Ferrotec Holdings Corporation.
  • Laird Thermal Systems, Inc.
  • KELK Ltd.
  • II-VI Incorporated
  • TEC Microsystems GmbH
  • Crystal Ltd.
  • Thermonamic Electronics(Jiangxi) Corp., Ltd.
  • Hi-Z TECHNOLOGY
  • Phononic
  • TE Technology, Inc.