Thermoelectric Modules Market - Forecast(2024 - 2030)

Report Code: ESR 45868 Report Format: PDF + Excel

Thermoelectric Modules Market Overview

The Global Thermoelectric Modules Market is estimated to reach $1.3 billion by 2026, growing at a CAGR of 7.5% from 2021 to 2026. Thermoelectric module is a semiconductor device used for both heating and cooling in temperature control applications. These thermoelectric coolers are utilized in various applications including vapor compression refrigeration and electrical vehicles as well as in electrical energy generation. These modules have wide operating temperature range and are small and light weighted. 

The traditional cooling systems are not feasible owing to which the thermoelectric modules are required for use in applications such as portable food and beverage containers, chilled water dispensers, small refrigerators and others. The increasing demand for waste heat recovery, consumer goods, healthcare monitoring devices and industrial automation are driving the growth of the market.

Report Coverage

The report: “Thermoelectric Modules Market – Forecast (2021-2026)”, by Industry ARC covers an in-depth analysis of the following segments of the Thermoelectric Modules Market.
By Type - MicroThermoelectric, Thin Film Thermoelectric, Bulk Thermoelectric.
By Technology - Single Stage, Multi Stage.
By Functionality - Deep Cooling Modules, General Purpose Modules.
By End Users - Consumer Electronics, Medical and Laboratories, Oil and Gas, Mining, Automotive, Aerospace and Defense, Industrial, Telecommunications, Power and Energy Others.
By Geography - North America (U.S, Canada, Mexico), Europe(Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), South America(Brazil, Argentina and others) and RoW (Middle east and Africa).

Key Takeaways

  • The upsurge in Telecommunication sectors, advancement in Healthcare sectors, Automotive sector and scientific laboratories are driving the growth of the market.
  • The Automotive sector is dominating the market owing to the upsurge in demand for luxurious vehicles and the thermoelectric coolers are used for cooling and heating applications in automobiles.
  • In APAC, rise in Telecommunication sector, advanced automobiles, industrial sectors and healthcare sectors have driven the growth of the market.

Thermoelectric Modules Market, By Technology, 2020

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Thermoelectric Modules Market Segment Analysis - By Type

By Type the market is segmented into MicroThermoelectric, Thin Film Thermoelectric and Bulk Thermoelectric. The bulk thermoelectric modules are witnessing a significant growth of 9.9% through 2026 in the market as they posses highest power output and voltage compared to the others. The bulk therelectric coolers are compact devices with less maintenance necessities. The thermoelectric cooling can be achieved directly when connected with the heat exchangers for dissipation of excessive heat. The supply of Electrical energy causes heat to transfer from from one junction to another due to which the bulk thermoelectric modules are used in the industrial applications. For the reduction of thermal noise and leackage current of electronic components, the Thermoelectric cooling devices are used in laboratory and scientific cooling for laser diodes and integrated circuit chips. The demand for low voltage driven devices are anticipated for the growth of the market in the forecast period especially in electric vehicles.

Thermoelectric Modules Market Segment Analysis - By End Users

By End users the market is segmented into Consumer Electronics, Medical and Laboratories, Oil and Gas, Mining, Automotive, Aerospace and Defense, Industrial, Telecommunications and Others. The Automotive sector is witnessing significant growth in the market due to the use of thermoelectric modules as they convert exhaust waste heat into electricity for reduction in fuel consumption. The automotive sector is growing at 10.2% CAGR through 2026 in the market as there is requirement of thermoelectric modules to recover the exhaust waste heat primarily in Electric Vehicles. Various automotive giants such as General Motors has invested heavily to increase its production. Similarly Ford has committed to expand its presence in Mexico for the manufacturing of autonomous cars. Ford has invested more than $170 million to expand its presence in Africa. Moreover several other local smart phone manufacturers such as Mara group are planning to expand their presence in this region especially in Electric Vehicle manufacturing. The Korean government along with an automobile manufacturer Hyundai Motor Group had announced of investing about 41 trillion won in 2019 to boost the developments towards making the auto industry more competitive by implementing advanced equipment.

Thermoelectric Modules Market Segment Analysis – By Geography

By Geography the Thermoelectric Modules Market is dominated by APAC with a market share of 35.1% in 2020. APAC is dominating the market owing to the growth of consumer Electronics due to the growth of smartphones and electronic gadgets, growth of healthcare centers, increased expenditures by the government for improved communications and others. Advancing broadband technologies, such as 3G, 4G and 5G, offer an incentive for the successful user sector of optical cable to guarantee better penetration and reliable data. In Addition, According to Australian Construction Industry Forum, non-residential building activity has been showing strong growth in approvals over the last two years and work is expected to expand by a considerable 12% this year, lifting the value of activity from $45 billion in 2018. With the expansion of non-residential building, the usage of optical cables increases thereby propelling the market growth of the market as the thermoelectric cooling modules are used for optical communications.

Thermoelectric Modules Market Drivers

Growth of data centers and networking

The growth of data centers owing to the growth of mobile subscribers and advancement in telecommunication sector have driven the growth of the market. The growth in data centers have resulted in rapid use of fiber optical cables for fast communication purposes. In 2019, Huawei a telecommunication equipment company has committed to invest up to $800 million over the next three years to expand its presence in Brazil via a new manufacturing facility in São Paulo. As the Brazilian telecoms are planning to make the telecom sector world’s largest 5G spectrum in the year 2020. The use of fiber optics which helps the connectors to convert electrical signals to optical ones more easily and vice versa compared to other cables earlier used in data center applications. Usage of active fiber optical cable technology is highly efficient in serving both intra as well as inter rack applications in data centers along with offering greater configuration flexibility. The semiconductor laser light acts as single wavelength light source. Such factors have been helping in fuelling the demands towards semiconductors lasers across data centers. Moreover, According to Intelligence Node, the number of smartphone users in United States crossed 260 million in April 2020, and smartphone shipments reached $161 million in 2019. This indicates the growth of optical cables as it provides longer distance link, less bulky physical cabling and active high digital speed electric interface facing the host ASIC. The thermoelectric modules are widely used in lasers and optical devices enhancing the growth of the market.

Growth of the Automotive Industry

The luxurious lifestyle of people have also contributed towards the growth of the market as there is upsurge in demand for luxurious vehicles by the people. As there is demand for luxurious vehicles the use of thermoelectric cooling modules are increasing due to its use for waste heat rejection. These modules are used for waste heat rejection as these can instantly warm or cool an object by producing a temperature difference through the induction of an electric energy. The surge in automotive sector, especially for electric vehicles is anticipated to boost the market in the forecast period.

Thermoelectric Modules Market Challenges

Temperature related challenge

Thermoelectric modules face a number of technology related challenges, the primary among which is temperature related issues. Whenever the hot side temperature of thermoelectric module exceeds 60 degree it gets damaged. Moreover, the TEC modules has small power therefore they are combined in cascade or parallel with high power to generate the cooling effect. These limitations hinder the widespread adoption of thermoelectric modules.

Thermoelectric Modules Market Landscape

Thermoelectric Modules Market is dominated by major companies such as Laird Thermal Systems, TEC Microsystems GmbH, Thermonamic Electronics Corporation Ltd., KELK Ltd., Fuxin Technology Co. Ltd., TE Technology Inc., Thermion Company, II-VI Marlow, Crystal Ltd., Ferrotec Corporation among others.

Acquisitions/Technology Launches

  • In September 2019, Ferrotec expanded its thermoelectric module business by announcing its new TEM technology into the automobile sector. This TEM technology is highly responsive temperature control within 0.1 degree Celsius.

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1. Thermoelectric Module Market Overview
    1.1 Definitions and Scope
2. Thermoelectric Module Market - Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key trends By End Use Industry
    2.3 Key trends segmented by Geography
3. Thermoelectric Module Market – Market Landscape
    3.1 Comparative Analysis
        3.1.1 Product/Company Benchmarking-Top 5 Companies
        3.1.2 Top 5 Financial Analysis
        3.1.3 Market Value Split by Top 5 Companies
        3.1.4 Patent Analysis
        3.1.5 Pricing Analysis (Comparison of General Price of Industry Solutions)
4. Thermoelectric Module Market – Industry Market Entry Scenario Premium (Premium)
    4.1 Regulatory Scenario
    4.2 Ease of Doing Business Index
    4.3 Case Studies
    4.4 Customer Analysis
5. Thermoelectric Module Market – Startup Company Scenario (Premium)
    5.1 Venture Capital and Funding Scenario
    5.2 Startup Company Analysis
6. Thermoelectric Module Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes
7. Thermoelectric Module Market – By Strategic Analysis (Market Size -$Million/Billion)
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Product Life Cycle/Market Life Cycle Analysis
8. Thermoelectric Module Market – By Type (Market Size -$Million/Billion)
    8.1 Microelectric Thermoelectric Modules
    8.2 Bulk Thermoelectric Modules
    8.3 Thin Film Thermoelectric Modules
9. Thermoelectric Module Market – By Technology (Market Size -$Million/Billion)
    9.1 Single Stage
    9.2 Multi Stage
10. Thermoelectric Module Market – By Functionality (Market Size -$Million/Billion)
    10.1 Deep Cooling Modules
    10.2 General Purpose Modules
11. Thermoelectric Module Market – By End Use Industry (Market Size -$Million/Billion)
    11.1 Consumer Electronics
    11.2 Medical and Laboratories
    11.3 Automotive
    11.4 Aerospace and Defense
    11.5 Oil and Gas
    11.6 Mining
    11.7 Industrial
    11.8 Telecom
    11.9 Power and Energy
    11.10 Others
12. Thermoelectric Module Market - By Geography (Market Size -$Million/Billion)
    12.1 North America
        12.1.1 U.S
        12.1.2 Canada
        12.1.3 Mexico
    12.2 Europe
        12.2.1 Germany
        12.2.2 France
        12.2.3 UK
        12.2.4 Italy
        12.2.5 Spain
        12.2.6 Russia
        12.2.7 Netherlands
        12.2.8 Others
    12.3 APAC
        12.3.1 China
        12.3.2 Japan
        12.3.3 South Korea
        12.3.4 India
        12.3.5 Australia
        12.3.6 Indonesia
        12.3.7 Malaysia
        12.3.8 Others
    12.4 South America
        12.4.1 Brazil
        12.4.2 Argentina
        12.4.3 Chile
        12.4.4 Colombia
        12.4.5 Others
    12.5 RoW
        12.5.1 Middle East
        12.5.2 Africa
13. Thermoelectric Module Market - Market Entropy
    13.1 New product launches
    13.2 M&A's, collaborations, JVs and partnerships
14. Thermoelectric Module Market – Industry Competitive Landscape (Premium)
    14.1 Market Share – Global
    14.2 Market Share by Region
    14.3 Market Share By Technology
15. Thermoelectric Module Market – Key Company List by Country Premium (Premium)
16. Thermoelectric Module Market - Company Analysis
    16.1 Company 1
    16.2 Company 2
    16.3 Company 3
    16.4 Company 4
    16.5 Company 5
    16.6 Company 6
    16.7 Company 7
    16.8 Company 8
    16.9 Company 9
    16.10 Company 10

LIST OF TABLES

1.Global Thermoelectric Modules Market By Technology Market 2023-2030 ($M)
1.1 Single Stage Market 2023-2030 ($M) - Global Industry Research
1.2 Multi Stage Market 2023-2030 ($M) - Global Industry Research
2.Global Thermoelectric Modules Market By Type Market 2023-2030 ($M)
2.1 Bulk Thermoelectric Market 2023-2030 ($M) - Global Industry Research
2.2 Micro Thermoelectric Market 2023-2030 ($M) - Global Industry Research
2.3 Thin Film Thermoelectric Market 2023-2030 ($M) - Global Industry Research
3.Global Thermoelectric Modules Market By Functionality Market 2023-2030 ($M)
3.1 Deep Cooling Modules Market 2023-2030 ($M) - Global Industry Research
3.2 General Purpose Modules Market 2023-2030 ($M) - Global Industry Research
3.2.1 Temperature Stabilization Market 2023-2030 ($M)
3.2.2 Power Generation Market 2023-2030 ($M)
4.Global Thermoelectric Modules Market By End-Use Application Market 2023-2030 ($M)
4.1 Automotive Market 2023-2030 ($M) - Global Industry Research
4.2 Consumer Electronics Market 2023-2030 ($M) - Global Industry Research
4.3 Aerospace & Defense Market 2023-2030 ($M) - Global Industry Research
4.4 Medical & Laboratories Market 2023-2030 ($M) - Global Industry Research
4.5 Telecommunications Market 2023-2030 ($M) - Global Industry Research
4.6 Industrial Market 2023-2030 ($M) - Global Industry Research
5.Global Thermoelectric Modules Market By Technology Market 2023-2030 (Volume/Units)
5.1 Single Stage Market 2023-2030 (Volume/Units) - Global Industry Research
5.2 Multi Stage Market 2023-2030 (Volume/Units) - Global Industry Research
6.Global Thermoelectric Modules Market By Type Market 2023-2030 (Volume/Units)
6.1 Bulk Thermoelectric Market 2023-2030 (Volume/Units) - Global Industry Research
6.2 Micro Thermoelectric Market 2023-2030 (Volume/Units) - Global Industry Research
6.3 Thin Film Thermoelectric Market 2023-2030 (Volume/Units) - Global Industry Research
7.Global Thermoelectric Modules Market By Functionality Market 2023-2030 (Volume/Units)
7.1 Deep Cooling Modules Market 2023-2030 (Volume/Units) - Global Industry Research
7.2 General Purpose Modules Market 2023-2030 (Volume/Units) - Global Industry Research
7.2.1 Temperature Stabilization Market 2023-2030 (Volume/Units)
7.2.2 Power Generation Market 2023-2030 (Volume/Units)
8.Global Thermoelectric Modules Market By End-Use Application Market 2023-2030 (Volume/Units)
8.1 Automotive Market 2023-2030 (Volume/Units) - Global Industry Research
8.2 Consumer Electronics Market 2023-2030 (Volume/Units) - Global Industry Research
8.3 Aerospace & Defense Market 2023-2030 (Volume/Units) - Global Industry Research
8.4 Medical & Laboratories Market 2023-2030 (Volume/Units) - Global Industry Research
8.5 Telecommunications Market 2023-2030 (Volume/Units) - Global Industry Research
8.6 Industrial Market 2023-2030 (Volume/Units) - Global Industry Research
9.North America Thermoelectric Modules Market By Technology Market 2023-2030 ($M)
9.1 Single Stage Market 2023-2030 ($M) - Regional Industry Research
9.2 Multi Stage Market 2023-2030 ($M) - Regional Industry Research
10.North America Thermoelectric Modules Market By Type Market 2023-2030 ($M)
10.1 Bulk Thermoelectric Market 2023-2030 ($M) - Regional Industry Research
10.2 Micro Thermoelectric Market 2023-2030 ($M) - Regional Industry Research
10.3 Thin Film Thermoelectric Market 2023-2030 ($M) - Regional Industry Research
11.North America Thermoelectric Modules Market By Functionality Market 2023-2030 ($M)
11.1 Deep Cooling Modules Market 2023-2030 ($M) - Regional Industry Research
11.2 General Purpose Modules Market 2023-2030 ($M) - Regional Industry Research
11.2.1 Temperature Stabilization Market 2023-2030 ($M)
11.2.2 Power Generation Market 2023-2030 ($M)
12.North America Thermoelectric Modules Market By End-Use Application Market 2023-2030 ($M)
12.1 Automotive Market 2023-2030 ($M) - Regional Industry Research
12.2 Consumer Electronics Market 2023-2030 ($M) - Regional Industry Research
12.3 Aerospace & Defense Market 2023-2030 ($M) - Regional Industry Research
12.4 Medical & Laboratories Market 2023-2030 ($M) - Regional Industry Research
12.5 Telecommunications Market 2023-2030 ($M) - Regional Industry Research
12.6 Industrial Market 2023-2030 ($M) - Regional Industry Research
13.South America Thermoelectric Modules Market By Technology Market 2023-2030 ($M)
13.1 Single Stage Market 2023-2030 ($M) - Regional Industry Research
13.2 Multi Stage Market 2023-2030 ($M) - Regional Industry Research
14.South America Thermoelectric Modules Market By Type Market 2023-2030 ($M)
14.1 Bulk Thermoelectric Market 2023-2030 ($M) - Regional Industry Research
14.2 Micro Thermoelectric Market 2023-2030 ($M) - Regional Industry Research
14.3 Thin Film Thermoelectric Market 2023-2030 ($M) - Regional Industry Research
15.South America Thermoelectric Modules Market By Functionality Market 2023-2030 ($M)
15.1 Deep Cooling Modules Market 2023-2030 ($M) - Regional Industry Research
15.2 General Purpose Modules Market 2023-2030 ($M) - Regional Industry Research
15.2.1 Temperature Stabilization Market 2023-2030 ($M)
15.2.2 Power Generation Market 2023-2030 ($M)
16.South America Thermoelectric Modules Market By End-Use Application Market 2023-2030 ($M)
16.1 Automotive Market 2023-2030 ($M) - Regional Industry Research
16.2 Consumer Electronics Market 2023-2030 ($M) - Regional Industry Research
16.3 Aerospace & Defense Market 2023-2030 ($M) - Regional Industry Research
16.4 Medical & Laboratories Market 2023-2030 ($M) - Regional Industry Research
16.5 Telecommunications Market 2023-2030 ($M) - Regional Industry Research
16.6 Industrial Market 2023-2030 ($M) - Regional Industry Research
17.Europe Thermoelectric Modules Market By Technology Market 2023-2030 ($M)
17.1 Single Stage Market 2023-2030 ($M) - Regional Industry Research
17.2 Multi Stage Market 2023-2030 ($M) - Regional Industry Research
18.Europe Thermoelectric Modules Market By Type Market 2023-2030 ($M)
18.1 Bulk Thermoelectric Market 2023-2030 ($M) - Regional Industry Research
18.2 Micro Thermoelectric Market 2023-2030 ($M) - Regional Industry Research
18.3 Thin Film Thermoelectric Market 2023-2030 ($M) - Regional Industry Research
19.Europe Thermoelectric Modules Market By Functionality Market 2023-2030 ($M)
19.1 Deep Cooling Modules Market 2023-2030 ($M) - Regional Industry Research
19.2 General Purpose Modules Market 2023-2030 ($M) - Regional Industry Research
19.2.1 Temperature Stabilization Market 2023-2030 ($M)
19.2.2 Power Generation Market 2023-2030 ($M)
20.Europe Thermoelectric Modules Market By End-Use Application Market 2023-2030 ($M)
20.1 Automotive Market 2023-2030 ($M) - Regional Industry Research
20.2 Consumer Electronics Market 2023-2030 ($M) - Regional Industry Research
20.3 Aerospace & Defense Market 2023-2030 ($M) - Regional Industry Research
20.4 Medical & Laboratories Market 2023-2030 ($M) - Regional Industry Research
20.5 Telecommunications Market 2023-2030 ($M) - Regional Industry Research
20.6 Industrial Market 2023-2030 ($M) - Regional Industry Research
21.APAC Thermoelectric Modules Market By Technology Market 2023-2030 ($M)
21.1 Single Stage Market 2023-2030 ($M) - Regional Industry Research
21.2 Multi Stage Market 2023-2030 ($M) - Regional Industry Research
22.APAC Thermoelectric Modules Market By Type Market 2023-2030 ($M)
22.1 Bulk Thermoelectric Market 2023-2030 ($M) - Regional Industry Research
22.2 Micro Thermoelectric Market 2023-2030 ($M) - Regional Industry Research
22.3 Thin Film Thermoelectric Market 2023-2030 ($M) - Regional Industry Research
23.APAC Thermoelectric Modules Market By Functionality Market 2023-2030 ($M)
23.1 Deep Cooling Modules Market 2023-2030 ($M) - Regional Industry Research
23.2 General Purpose Modules Market 2023-2030 ($M) - Regional Industry Research
23.2.1 Temperature Stabilization Market 2023-2030 ($M)
23.2.2 Power Generation Market 2023-2030 ($M)
24.APAC Thermoelectric Modules Market By End-Use Application Market 2023-2030 ($M)
24.1 Automotive Market 2023-2030 ($M) - Regional Industry Research
24.2 Consumer Electronics Market 2023-2030 ($M) - Regional Industry Research
24.3 Aerospace & Defense Market 2023-2030 ($M) - Regional Industry Research
24.4 Medical & Laboratories Market 2023-2030 ($M) - Regional Industry Research
24.5 Telecommunications Market 2023-2030 ($M) - Regional Industry Research
24.6 Industrial Market 2023-2030 ($M) - Regional Industry Research
25.MENA Thermoelectric Modules Market By Technology Market 2023-2030 ($M)
25.1 Single Stage Market 2023-2030 ($M) - Regional Industry Research
25.2 Multi Stage Market 2023-2030 ($M) - Regional Industry Research
26.MENA Thermoelectric Modules Market By Type Market 2023-2030 ($M)
26.1 Bulk Thermoelectric Market 2023-2030 ($M) - Regional Industry Research
26.2 Micro Thermoelectric Market 2023-2030 ($M) - Regional Industry Research
26.3 Thin Film Thermoelectric Market 2023-2030 ($M) - Regional Industry Research
27.MENA Thermoelectric Modules Market By Functionality Market 2023-2030 ($M)
27.1 Deep Cooling Modules Market 2023-2030 ($M) - Regional Industry Research
27.2 General Purpose Modules Market 2023-2030 ($M) - Regional Industry Research
27.2.1 Temperature Stabilization Market 2023-2030 ($M)
27.2.2 Power Generation Market 2023-2030 ($M)
28.MENA Thermoelectric Modules Market By End-Use Application Market 2023-2030 ($M)
28.1 Automotive Market 2023-2030 ($M) - Regional Industry Research
28.2 Consumer Electronics Market 2023-2030 ($M) - Regional Industry Research
28.3 Aerospace & Defense Market 2023-2030 ($M) - Regional Industry Research
28.4 Medical & Laboratories Market 2023-2030 ($M) - Regional Industry Research
28.5 Telecommunications Market 2023-2030 ($M) - Regional Industry Research
28.6 Industrial Market 2023-2030 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Thermoelectric Modules Market Revenue, 2023-2030 ($M)
2.Canada Thermoelectric Modules Market Revenue, 2023-2030 ($M)
3.Mexico Thermoelectric Modules Market Revenue, 2023-2030 ($M)
4.Brazil Thermoelectric Modules Market Revenue, 2023-2030 ($M)
5.Argentina Thermoelectric Modules Market Revenue, 2023-2030 ($M)
6.Peru Thermoelectric Modules Market Revenue, 2023-2030 ($M)
7.Colombia Thermoelectric Modules Market Revenue, 2023-2030 ($M)
8.Chile Thermoelectric Modules Market Revenue, 2023-2030 ($M)
9.Rest of South America Thermoelectric Modules Market Revenue, 2023-2030 ($M)
10.UK Thermoelectric Modules Market Revenue, 2023-2030 ($M)
11.Germany Thermoelectric Modules Market Revenue, 2023-2030 ($M)
12.France Thermoelectric Modules Market Revenue, 2023-2030 ($M)
13.Italy Thermoelectric Modules Market Revenue, 2023-2030 ($M)
14.Spain Thermoelectric Modules Market Revenue, 2023-2030 ($M)
15.Rest of Europe Thermoelectric Modules Market Revenue, 2023-2030 ($M)
16.China Thermoelectric Modules Market Revenue, 2023-2030 ($M)
17.India Thermoelectric Modules Market Revenue, 2023-2030 ($M)
18.Japan Thermoelectric Modules Market Revenue, 2023-2030 ($M)
19.South Korea Thermoelectric Modules Market Revenue, 2023-2030 ($M)
20.South Africa Thermoelectric Modules Market Revenue, 2023-2030 ($M)
21.North America Thermoelectric Modules By Application
22.South America Thermoelectric Modules By Application
23.Europe Thermoelectric Modules By Application
24.APAC Thermoelectric Modules By Application
25.MENA Thermoelectric Modules By Application
26.Key Players, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Startup Ecosystem, Sales /Revenue, 2015-2018 ($Mn/$Bn)