Global Thermoelectric Module Market Overview
The Thermoelectric Module Market Size was valued at USD 0.88 Billion in 2024. The Thermoelectric Module industry is projected to grow from USD 0.95 Billion in 2025 to USD 1.95 Billion by 2034, exhibiting a compound annual growth rate (CAGR) of 8.3% during the forecast period (2025 - 2034). Thermoelectric modules solve heat concerns in vehicle heads-up displays (HUDs) and infotainment systems while improving the thermal insulation of critical components to maintaining optimal operation. The newly created intelligent autonomous systems' operations are becoming more complicated while also getting smaller and lighter, which exacerbates the heat flux density and thermal problems with autonomous electronics. Each delicate piece of equipment may run more efficiently and within its operating temperature range thanks to thermoelectric technology.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Thermoelectric Module Market Trends
- Increased demand for luxury vehicles will drive the growth of the market
The growth of the luxury vehicle market could have a positive impact on the demand for thermoelectric modules. Thermoelectric modules are used in a variety of applications, including the cooling and heating of car interiors. If there is an increase in demand for luxury vehicles, this could lead to an increase in demand for thermoelectric modules, as many luxury vehicles feature advanced climate control systems. However, this relationship will depend on several factors, such as the specific features of the vehicles being manufactured, the types of thermoelectric modules being used, and the overall state of the automotive industry.
Thermoelectric Module Market Segment Insights
Thermoelectric Module Model Insights
The market segmentation, based on the Model, includes Single Stage and Multi-Stage. The Single Stage segment holds the majority share in 2022, contributing to the global Thermoelectric Module revenue. This is due to the development of new and improved materials and manufacturing techniques that have led to a significant reduction in the cost of single-stage thermoelectric modules, further increasing their popularity and market.
Thermoelectric Module Type Insights
Based on Type, the market segmentation includes Bulk Thermoelectric Modules, Micro Thermoelectric Modules, and Thin-Film Thermoelectric Modules. The dominance of the bulk thermoelectric modules segment can be attributed to the increasing demand for high performance and efficiency in various industries. However, it is important to note that the market share of bulk thermoelectric modules may vary depending on the specific application and region, and the overall market share of bulk modules may change in the future as new technologies and applications emerge.
Thermoelectric Module Application Insights
Based on Application, the market segmentation includes Aerospace and Defense, Automotive, Consumer Electronics, Healthcare, Food and Beverage, Energy and Utility, and Others. The Consumer Electronics segment accounts for the largest share of the market during the forecast period, 2023-2030. This is due to the increasing demand for advanced cooling and heating systems in a wide range of consumer electronics, such as smartphones, laptops, and gaming consoles. Thermoelectric modules are well suited for cooling and heating small spaces, making them a popular choice for use in consumer electronics.
Figure 2: Thermoelectric Module Market, by Model, 2022 & 2030 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Thermoelectric Module Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is anticipated to have the largest market share for thermoelectric modules. The industries that are the primary end-users of thermoelectric modules in the region include automotive, consumer electronics, oil, gas & mining, and industrial. the expanding market for consumer items and medical monitoring equipment.
Figure 3: THERMOELECTRIC MODULE MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
North America is the second-largest market for thermoelectric modules, owing to the region's high concentration of market participants, simple availability of skilled technical experience, and developing market for high-end small consumer electronics. Furthermore, government rules in the U.S. encouraging the use of efficient and environmentally friendly technology are pushing the broad deployment of thermoelectric modules throughout North America.
Thermoelectric Module Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Thermoelectric Module industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Thermoelectric Module industry to benefit customers and expand the market sector. Major market players, including Coherent, TE Technology Inc, TEC Microsystem, Phononic Devices, Ferrotec Corporation, and others, are attempting to increase market demand by funding R&D initiatives.
Coherent, originally known as II-VI Incorporated, produces optical components and semiconductors. The company offers transceivers, coherent and advanced optics, laser optics, manufacturing of polycrystalline materials, cutting-edge ceramic and metal-matrix composites, optoelectronic, precision optical assemblies, laser devices and systems, wide bandgap semiconductors, and radio frequency (RF) devices. The business provides services to the semiconductor, industrial, consumer electronics, health sciences, automotive, aerospace, and defense industries.
TE Technology is a semiconductor and other solid-state device manufacturer and distributor. Thermoelectric coolers, cold plates, liquid coolers, and thermoelectric coolers are all available. In addition, the firm provides a full range of thermoelectric (Peltier) cooling modules, temperature controls, Peltier coolers, and power supplies.
Key Companies in the Thermoelectric Module market include
- Guangdong Fuxin Technology
Thermoelectric Module Industry Developments
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Q2 2024: Ferrotec Holdings Corporation Announces Opening of New Manufacturing Facility in Malaysia Ferrotec Holdings Corporation inaugurated a new manufacturing facility in Malaysia dedicated to the production of thermoelectric modules, aiming to expand its global supply capacity and support growing demand in electronics and automotive sectors.
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Q2 2024: Laird Thermal Systems Launches Next-Generation PowerCycling Thermoelectric Module Laird Thermal Systems introduced its new PowerCycling thermoelectric module, designed for high reliability and extended life in demanding temperature cycling applications such as medical diagnostics and industrial automation.
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Q2 2024: Gentherm Announces Strategic Partnership with Global Automotive OEM for Thermoelectric Cooling Systems Gentherm entered into a strategic partnership with a major global automotive manufacturer to supply advanced thermoelectric cooling modules for next-generation electric vehicles.
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Q3 2024: KELK Ltd. Expands Production Capacity for Thermoelectric Modules in Japan KELK Ltd. announced the expansion of its thermoelectric module production facility in Japan to meet increasing demand from the automotive and industrial sectors.
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Q3 2024: TEC Microsystems GmbH Unveils Ultra-Compact Thermoelectric Module for Wearable Devices TEC Microsystems GmbH launched a new ultra-compact thermoelectric module specifically designed for integration into wearable health monitoring devices.
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Q4 2024: Thermonamic Electronics (Jiangxi) Corp. Ltd. Secures Major Contract for Thermoelectric Modules in Medical Equipment Thermonamic Electronics (Jiangxi) Corp. Ltd. won a significant contract to supply thermoelectric modules for use in advanced medical diagnostic equipment.
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Q4 2024: Ferrotec Holdings Corporation Announces Acquisition of European Thermoelectric Module Manufacturer Ferrotec Holdings Corporation completed the acquisition of a leading European thermoelectric module manufacturer to strengthen its market position and expand its product portfolio.
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Q1 2025: RMT Ltd. Receives Regulatory Approval for New Thermoelectric Module in Aerospace Applications RMT Ltd. obtained regulatory approval for its latest thermoelectric module designed for use in aerospace thermal management systems.
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Q1 2025: Laird Thermal Systems Announces Executive Appointment: New CTO to Lead Thermoelectric Innovation Laird Thermal Systems appointed a new Chief Technology Officer to drive innovation in thermoelectric module technology and oversee R&D initiatives.
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Q2 2025: KRYOTHERM Launches High-Efficiency Thermoelectric Module for Industrial Cooling KRYOTHERM introduced a new high-efficiency thermoelectric module aimed at industrial cooling applications, featuring improved energy performance and reliability.
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Q2 2025: Gentherm Secures Multi-Year Supply Agreement for Thermoelectric Modules with Leading Medical Device Company Gentherm signed a multi-year supply agreement to provide thermoelectric modules for temperature control in a range of medical devices.
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Q3 2025: Ferrotec Holdings Corporation Announces $50 Million Investment to Expand Thermoelectric Module R&D Ferrotec Holdings Corporation announced a $50 million investment to expand research and development activities focused on next-generation thermoelectric modules.
Thermoelectric Module Market Segmentation
Thermoelectric Module Model Outlook
Thermoelectric Module Type Outlook
- Bulk Thermoelectric Modules
- Micro Thermoelectric Modules
- Thin-Film Thermoelectric Modules
Thermoelectric Module Application Outlook
Thermoelectric Module Regional Outlook
| Report Attribute/Metric |
Details |
| Market Size 2024 |
USD 0.88 Billion |
| Market Size 2025 |
USD 0.95 Billion |
| Market Size 2034 |
USD 1.95 Billion |
| Compound Annual Growth Rate (CAGR) |
8.3% (2025-2034) |
| Base Year |
2024 |
| Market Forecast Period |
2025-2034 |
| Historical Data |
2020 & 2023 |
| Market Forecast Units |
Value (USD Million) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Model, Type, Application, and Region |
| Geographies Covered |
North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered |
The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled |
TEC Microsystem, Phononic Devices, Ferrotec Corporation, Laird Thermal Systems, KELK Ltd, Crystal Ltd, Guangdong Fuxin Technology, Kryotherm, Coherent, TE Technology Inc |
| Key Market Opportunities |
Producing thermoelectric modules for novel application fields. |
| Key Market Dynamics |
Increased demand for medical gadgets, imaging systems, and diagnostic equipment with precise temperature control |
Thermoelectric Module Market Highlights:
Frequently Asked Questions (FAQ):
The Thermoelectric Module Market size was valued at USD 0.88 Billion in 2024.
The global market is projected to grow at a CAGR of 8.3% during the forecast period, 2025-2034.
Asia Pacific had the largest share of the global Thermoelectric-Module market.
The key players in the market are TEC Microsystem, Phononic Devices, Ferrotec Corporation, Laird Thermal Systems, KELK Ltd, Crystal Ltd, Guangdong Fuxin Technology, Kryotherm, Coherent, TE Technology Inc.
The Single Stage category dominated the market in 2022.
The Consumer Electronics segment had the largest share in the global market for Thermoelectric Modules.
