Thermoelectric Module Market Research Report: By Type (Bulk Thermoelectric Modules, Micro Thermoelectric Modules and Thin-Film Thermoelectric Modules), by Model (Single-Stage and Multi-Stage), by Function (Deep-Cooling and General-Purpose), by Offerings (Hardware, Software and Services), by Application (Consumer Electronics, IT & Telecommunication, Industrial, Automotive, Oil & Gas and others), by Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2027

Thermoelectric Module Market Synopsis

The Thermoelectric Module Market is expected to grow from USD 645.68 Million in 2018 to USD 1,053.85 Million by 2025, at a CAGR of 10.29%, during the forecast period.

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 thermoelectric module market has been segmented based on type, model, function, offerings, application, and region.

By type, the thermoelectric module market has been segmented into bulk thermoelectric modules, micro thermoelectric modules, and thin-film thermoelectric modules. The bulk thermoelectric module segment is projected to dominate the market owing to the high-power output and voltage when compared with micro and thin-film thermoelectric modules. However, the micro-thermoelectric modules segment is expected to register the highest CAGR during the forecast period.

By model, the market has been segmented into single-stage and multi-stage. The single-stage segment is expected to dominate the market during the forecast period. However, the multi-stage segment is expected to register the highest CAGR owing to its growing applications, which include IR detectors, charge-coupled device (CCD) arrays, electro-optics, and material testing solutions.

By function, the market has been segmented into deep-cooling and general-purpose. The deep cooling segment is expected to witness the highest adoption; it is expected to register the highest CAGR during the forecast period. North America is the largest adopter of deep cooling modules across the globe.

By offerings, the market has been segmented into hardware, software, and services. Globally, the hardware segment is expected to dominate the market; it is expected to register the highest CAGR during the forecast period.

By application, the market has been segmented into consumer electronics, IT & telecommunication, industrial, automotive, oil & gas, and others. The consumer electronics segment is projected to hold the largest market share, and it is expected to register the highest CAGR during the forecast period. Thermoelectric modules have wide applications in devices such as water dispensers, small refrigerators, and air conditioners. Furthermore, growing environmental concerns drive the adoption thermoelectric modules in place of traditional cooling systems that use chlorofluorocarbons.

Segmentation

The Thermoelectric Module Market has been segmented based on type, model, function, offerings, application, and region.

Based on the type, the thermoelectric module market has been segmented into bulk thermoelectric modules, micro thermoelectric modules, and thin-film thermoelectric modules.

Based on model, the market has been segmented into single-stage and multi-stage.

Based on function, the market has been segmented into deep-cooling and general-purpose.

Based on offerings, the market has been segmented into hardware, software, and services.

Based on application, the market has been segmented into consumer electronics, IT & telecommunication, industrial, automotive, oil & gas, and others.

By region, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.

Regional Analysis

The global market for thermoelectric modules is estimated to grow at a significant rate during the forecast period from 2019 to 2025. The geographical analysis of the thermoelectric module market has been done for North America, Europe, Asia-Pacific, and the rest of the world. 

Asia-Pacific is expected to hold the largest share in the thermoelectric module market from 2019 to 2025. The region is witnessing highest growth in industries such as automotive, consumer electronics, oil, gas & mining, and industrial that are the major end-user for thermoelectric modules. The growing demand for consumer goods and healthcare monitoring devices.

North America is the second-largest market for thermoelectric modules owing to the high concentration of market players, easy availability of proficient technical expertise, and growing market for increasing demand for high-end compact consumer electronics in the region. Moreover, government regulations by the US government on use of efficient and eco-friendly technologies are promoting the widespread adoption of thermoelectric modules in North America.

Competitive Analysis

The key players have adopted product launch, geographic expansion, collaboration, and partnership as a part of their growth strategy to further increase their share in the global thermoelectric module market. For instance, in 2019, TEC Microsystems introduced a new range of ultra-small multistage thermoelectric coolers—4MD03 series that has eight times smaller volume dimensions.

Key Players

The Prominent Players in the Global Thermoelectric Module Market are Ferrotec Holdings (Japan), Laird Thermal Systems (US), II-VI Marlow Inc. (US), TE Technology, Inc. (US), TEC Microsystems GmbH (Germany), Crystal Ltd (Russia), Thermonamic Electronics (Jiangxi) Corp., Ltd. (China), KELK Ltd (Japan), Guangdong Fuxin Technology Co., Ltd (China), Thermion Company (Ukraine), EVERREDtronics Ltd (China), Hi-Z Technology Inc. (US), and Phononic (US).

Intended Audience

• Thermoelectric module Manufacturers


• Electronic product manufacturers


• Standard making bodies


• Equipment distributors and suppliers


• Technology providers & investors


• Research institutes, organizations, and consulting companies