Widely known as a thermoelectric cooler, the thermoelectric module is a device that is mounted inside the gadget or inserted in the unit to transfer heat from one side to another. It is semiconductor based gear used mostly for camping in small cooling tools and handheld coolers. Through its standardized circuit engineering, which operates on the Peltier Effect science, heat pumps installed in them are capable of extracting water from air. Its market growth and performance rate are mapped in the upper direction of the business graph by the increasing impedance of benefits delivered by thermoelectric modules over conventional devices and systems. The rising amount of the world's electric vehicle market is also a key component of its rising demand as a market player.
Technological developments such as unconventional concept of converting body heat into electricity are some of the opportunities driving the business growth and success ratio of thermoelectric modules market in the above-mentioned forecasted period of 2020 to 2028. Although the market has a positive outlook in the forecast period described above, the complex engineering nature of these TE modules and the expense of the standard thermos-cooler system would be less constraints that can curb the speed of the global market for thermoelectric modules, but will not prevail for longer due to upcoming science projects.
The global thermoelectric modules market revenue is projected to reach close to USD 1,984.75 million by 2028. This can be attributed to the growth of electric vehicle market increasing demand for thermoelectric modules. In addition, factors such as the ability to improve vehicle fuel efficiency using thermoelectric modules as well as the increase in awareness concerning green energy are driving the growth of the thermoelectric modules market.
However, high investment cost of thermoelectric modules compared to traditional cooling and refrigeration systems is restraining the market growth. Furthermore, underlying opportunities for the thermoelectric modules market include the development of thermoelectric modules for new application arena and the concept of turning body heat into electricity.
Thermoelectric Modules Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 1,984.75 million|
|Growth Rate||CAGR of 13.37% during 2021-2028|
|Segment Covered||Type, Technology, Functionality, End User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||TEC Microsystems, Kelk Ltd, TE Technology, Thermion Company, Fuxin Technology, Ferrotec, Thermonamic Electronics, Crystal Ltd., II-VI Marlow, RMT Ltd, Laird and Kryotherm.|
Key Segments of the Global Thermoelectric Modules Market
Type Overview, 2018-2028 (USD Million)
- Micro Thermoelectric
- Thin Film Thermoelectric
- Bulk Thermoelectric
Technology Overview, 2018-2028 (USD Million)
- Single Stage
- Multi Stage
Functionality Overview, 2018-2028 (USD Million)
- Deep Cooling Modules
- General Purpose Modules
End User Overview, 2018-2028 (USD Million)
- Aerospace & Defense
- Oil, Gas & Mining
- Consumer Electronics
- Medical & Laboratories
Regional Overview, 2018-2028 (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global thermoelectric modules market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global thermoelectric modules market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the thermoelectric modules industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on type, technology, functionality and end user. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global thermoelectric modules market. The report will benefit: Every stakeholder involved in the thermoelectric modules market.
- Managers within the thermoelectric modules industry looking to publish recent and forecasted statistics about the global thermoelectric modules market.
- Automotive organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global thermoelectric modules market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
One of the key factors that will drive the demand growth of thermoelectric modules will be the increase in government initiatives. A program, WAP or Weatherization, has been initiated by the US DOE, providing grants to states, territories, and Indian tribes to help low-income families create energy-efficient homes. A significant aspect of the software is IR thermography, which is increasingly used to diagnose buildings for a clearer understanding of the level of insulation and other points relevant to ventilation, defective wiring and infestation of pests. Moreover, with a proper energy audit, the US DOE also suggests that a person can save up to 5% to 30 percent on energy bills. As the use of IR thermography equipment has increased, the need for thermoelectric modules is also growing, leading to the overall growth of the demand for thermoelectric modules. During the forecast era, the introduction of smart thermostats, one of the main market trends in thermoelectric modules, will also drive market growth. In residential and commercial spaces, smart thermostats are gaining great popularity. These systems are increasingly used in small- to medium-sized buildings in the commercial sector. Also, with enhanced firmware and algorithms, smart thermostats are built automatically, have better learning capacity, and provide better assistance in boosting the energy efficiency of buildings while incurring low installation costs. The introduction of smart thermostats, combined with the growth of government initiatives, would push the demand for thermoelectric modules.
In terms of type, the market is bifurcated into micro thermoelectric, thin film thermoelectric, and bulk thermoelectric. In the year 2019, the bulk thermoelectric segment gathered the major growth and it is likely to keep its position throughout the forecast years. The market growth of this segment is primarily ascribed to its benefits, such as the highest power output and voltage compared with micro and thin-film thermoelectric modules, which is driving the adoption of thermoelectric modules market.
Based on the technology, the market is segmented into single stage and multi stage. The multi stage segment leads the market growth in 2019 and it is anticipated to hold its position during the forecast years.
In terms of the functionality segment, the market is segmented into deep cooling modules and general purpose modules. In 2019 the deep cooling modules segment accumulated the major market share and it is expected to do so over the forecast years.
End User Segment
In terms of the end user segment, the market is segmented into telecommunications, industrial, automotive, aerospace & defense, oil, gas & mining, consumer electronics and medical & laboratories. In 2019 the consumer electronics segment accumulated the major market share and it is expected to do so over the forecast years. Growth in the application arena of consumer electronics is expected to increase the demand for thermoelectric modules. For instance, point-of-use dispensers have evolved as a boost for commercial as well as residential spaces because of environmental issues related to bottled water. Therefore, the market growth of thermoelectric modules will rise in the coming years in order to achieve the demand for the required temperature effect.
The Asia Pacific region dominated the overall market in 2019 and it is projected to keep its position during the forecast years 2018-2028. However, the Asia-Pacific region is anticipated to gather the highest growth over the forecast years. The market growth in this region is mostly ascribed to the increasing demand for waste heat recovery, consumer goods, industrial automation, and healthcare monitoring devices is expected to drive this market in the region.
The major players of the global thermoelectric modules market are TEC Microsystems, Kelk Ltd, TE Technology, Thermion Company, Fuxin Technology, Ferrotec, Thermonamic Electronics, Crystal Ltd., II-VI Marlow, RMT Ltd, Laird and Kryotherm. The thermoelectric modules market consists of well-established global as well as local players. In addition, the previously recognized market players are coming up with new and advanced strategic solutions and services to stay competitive in the global market.