The global thermoelectric module market was US$ 720 million in 2021 and is estimated to witness strong growth of more than 8% during the forecast period of 2022-2028. The thermoelectric module is a semiconductor-based electronic component that functions as a small heat pump. They are also sometimes used to generate electricity by using a temperature between both sides of the module. Moreover, thermoelectric modules are also known as thermoelectric coolers and Peltier coolers. An increase in sales of consumer electronics, an increase in the demand for thermoelectric modules by various industries, and the trend of automation in the commercial industrial, and residential sectors are some of the key factors expected to propel the demand for the global thermoelectric module market during the forecast period.
Moreover, the compact design of thermoelectric modules compared to conventional systems and simultaneous heating and cooling capabilities make thermoelectric modules suitable for EVs which is also anticipated to further drive the global market in an upward direction. Thermoelectric coolers are capable of cooling or heating a system based on the polarity of the DC power applied. Therefore, the simultaneous heating and cooling ability of thermoelectric modules are utilized to produce hot and cold water for different functions.
Bulk thermoelectric modules hold a prominent share of the global thermoelectric modules market
Bulk thermoelectric modules are anticipated to hold a prominent share of the global thermoelectric modules market and are expected to dominate the market during the forecast period. The segmental growth of the market is attributed to the wide variety of applications and no design constraints compared to micro or thin film thermoelectric modules. These modules can be organized for different power draw and cooling capabilities based on their design. Moreover, they are also less complex to design and manufacture compared to smaller modules. Bulk thermoelectric modules are widely used to make related components such as thermoelectric generators (TEGs) and heat pumps.
Asia Pacific is likely to dominate the global thermoelectric module market
Asia Pacific has become a key global hub for significant investments and prospects for corporate growth. This market in the region is anticipated to be driven by the rising need for waste heat recovery, consumer goods, industrial automation, and healthcare monitoring devices. China, a centre for international manufacturing, has a sizable market for thermoelectric modules and is anticipated to dominate Asia Pacific during the forecast period. In terms of technological advancements, Japan is one of the top nations globally. The market in Japan is driven by the nation’s well-established consumer electronics, healthcare, and automotive industries. The adoption of thermoelectric modules is also made possible by South Korea’s booming automotive and telecommunication industries, which is fuelling the expansion of the market in the region. In North America and Europe, the ability of thermoelectric modules to increase fuel efficiency and rising public awareness of green energy are some of the factors driving demand for thermoelectric module and use of these devices. Numerous advantages of thermoelectric modules, such as precise temperature control and cycling, reduced power consumption, and small geometrical size, are fostering this market expansion.
Market Structure and Competitive Landscape
The global thermoelectric module market is fragmented in nature with the presence of many players in the global market. Some of the prominent players in the global thermoelectric module market include, Ferrotec Corporation, Laird Thermal Systems, Kelk, Kryotherm, Guangdong Fuxin Technology, TE Technology, TEC Microsystems, Crystal Ltd, II-VI Incorporated, Phononic, Advanced Thermoelectric, Align Sourcing LLC, AMS Technologies AG, and Beijing Huimao Cooling Equipment Co., Ltd. (HUI MAO) among others. Some of the strategies adopted by these players in order to reinforce their market share and gain a competitive edge include mergers and acquisitions, partnerships, and collaborations. Some of the key developments in the global thermoelectric module market include,
- In May 2022, Phononic collaborated with Manufacturing Data Engine and Manufacturing Connect, two new manufacturing data solutions from Google Cloud. The collaboration aims to obtain the analytics and insights required to completely optimize Phononic’s business operations.
Key Market Segmentation
RationalStat has segmented the global thermoelectric module market on the basis of the model, type, module type, end use, and region.
- By Model
- By Type
- Bulk Thermoelectric Modules
- Thin Film Thermoelectric Modules
- Micro Thermoelectric Modules
- By Module Type
- General Purpose Module
- Deep Cooling Module
- By End Use
- Medical Diagnostics
- Consumer Electronics
- Aerospace & Defense
- Oil & Gas and Mining
- Others (Medical & Laboratories)
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecast, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
- Annual reports, company filings, investor presentations, product catalogs, and company documents
- Industry and market-related documents available in the public domain
- Paid database including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, Thomson Reuters, among others
- Whitepapers, research papers, and industry blogs.
Why Buy this Report?
The report is intended for thermoelectric module manufacturers, raw material suppliers, third party distributors & dealers, the semiconductor industry, system integrators, government organizations, regulatory agencies, and market research firms, among others. The report provides an in-depth analysis of market size, consumption patterns, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.
Frequently Asked Questions (FAQs)
The global thermoelectric module market is expected to grow at a CAGR of over 8% during the forecast period 2022-2028.
Asia Pacific is dominating the global thermoelectric module market in 2021.
The global thermoelectric module market is estimated at around US$ 720 million in 2021.
Compact design and simultaneous heating and cooling capabilities of the thermoelectric module is the key drivers of the global thermoelectric module market.
Major companies operating in the global thermoelectric module market Ferrotec Corporation, Laird Thermal Systems, Kelk, Kryotherm, Guangdong Fuxin Technology, TE Technology, TEC Microsystems, Crystal Ltd, II-VI Incorporated etc.