Increasing demand for use of large-sized thermoelectric systems for certain specific applications is expected to provide significant opportunities to the thermoelectric module market in the near future.
The global thermoelectric modules market size is projected to reach nearly USD 1,984.75 million by 2028. In addition, it is projected to gather a CAGR of above 13.37% over the forecast years 2020-2028. Thermoelectric modules are also referred to as thermoelectric coolers. In consumer electronics, this is widely used. These pumps work with the Peltier effect, which acts as a heat pump that moves heat from one side of the system to the other. Thermoelectric modules in the forecast period are expected to expand. Due to its advantages over traditional systems, the demand for thermoelectric modules is expected to increase. The heating and cooling of thermoelectric modules meets the specifications of many applications. The growth of the thermoelectric modules industry is expected to boost the growing electronic vehicle market, the government attention along with the adoption of renewable energy sources. Moreover, with the production of thermoelectric modules for new applications, along with the notion of turning heat into electricity, the market will also open up new avenues in this space. In addition, thermoelectric bulk is expected to fuel market growth and is likely to retain a substantial market share during the forecast period due to the advantages it provides, such as the highest power voltage and performance compared to thin and micro-film thermoelectric modules. Also, by generating a temperature difference through the induction of an electric current, such modules can quickly cool or warm an object; they also have the capacity to provide power ranging from mill watts to some kilowatts.
The future and existing thermoelectric modules market progress are outlined to know the market attractiveness. Key influencing factors focus on the thermoelectric modules of market opportunities over the forecast years. 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. Also, the growth of electric vehicle market is increasing the demand for thermoelectric modules, as a result of which it is acting as a market driver. 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.
The report also outlines the various characteristics of the global thermoelectric modules industry by assessing the market from value chain analysis. Moreover, the thermoelectric modules market report comprises various qualitative parts of the thermoelectric modules industry in market restraints, essential industry drivers, and opportunities. Furthermore, the report provides a complete assessment of the market through company profiling and the competitiveness of the local as well as global vendors.
The thermoelectric modules market has solid competition amongst the already well-known and new market players. Also, the thermoelectric modules industry players are pursuing potential markets to seize a competitive lead among the other industry players by forming mergers & acquisitions, agreements, acquiring other companies & new startups, establishing collaboration & partnerships, and growing their business existence.
Based on the type segment, the market is bifurcated into micro thermoelectric, thin film thermoelectric, and bulk thermoelectric. In the year 2019, the bulk thermoelectric gathered the major growth and it is likely to maintain its position during 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.
The Asia-Pacific region is projected to accumulate the highest growth during the forecast years. The market growth in this region is mainly ascribed to the significant investments and business expansion opportunities in this region. Besides, the increasing demand for waste heat recovery, consumer goods, industrial automation, and healthcare monitoring devices is expected to drive this market in the region. In addition to this, the Asia-Pacific region held the highest market share in 2019 and it is projected to remain dominant during the forecast years 2018-2028.
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 comprises well established local as well as global 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.
Segment Overview of 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)
- By End User
- Aerospace & Defense
- Oil, Gas & Mining
- Consumer Electronics
- Medical & Laboratories
Regional Overview, 2018-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America