Thermoelectric Modules Market is Expected to Grow Exponentially from 2024 to 2032

Pune, India, October 2019, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Thermoelectric Modules Market.

Market Highlights

According to Market Research Future, the market for the global thermoelectric modules has been segmented on the basis of type, model, function, offerings, application, and region.

Thermoelectric Modules are electronic components that work on the principle of the Peltier effect. It functions as a heat pump moving heat from one side of the device to the other. The growing adoption of electric vehicles, growing inclination toward renewable energy sources, and increase in demand for energy-efficient consumer electronics are the key factors driving the Thermoelectric Modules market. However, the high cost of thermoelectric modules, design complexity, and heat dissipation issues are expected to restrain market growth during the forecast period.

Based on type, the market has been categorized as bulk thermoelectric modules, micro thermoelectric modules, and thin-film thermoelectric modules. The bulk thermoelectric module segment is projected to account for the largest share during the review period owing to its benefits such as high power output and voltage. However, the micro-thermoelectric modules segment is expected to register the highest CAGR during the forecast period.

Based on the model, the market has been categorized as single-stage and multi-stage. The single-stage segment dominated the market in 2018. However, the multi-stage segment is expected to register the highest CAGR during the forecast period from 2019 to 2025. In 2019, TEC Microsystems introduced a new range of ultra-small multistage thermoelectric coolers—4MD03 series that has eight times smaller volume dimensions.

Based on function, the market has been categorized as deep-cooling and general-purpose. The deep-cooling segment is expected to dominate the review period and is expected to register the highest CAGR during the forecast period. Deep-cooling thermoelectric modules are expected to register a high demand from the US.

Based on offerings, the market has been categorized as hardware, software, and services. The hardware segment is expected to dominate the review period whereas the services segment is expected to register the highest CAGR during the forecast period

Based on application, the market has been segmented into consumer electronics, IT & telecommunication, industrial, automotive, oil & gas, and others. The consumer electronics segment is expected to dominate the thermoelectric modules market during the forecast period owing to the growing adoption of these modules in devices such as water dispensers, small refrigerators, and air conditioners.

Regional Analysis

The Global Thermoelectric Modules Market has been segmented by region, into North America, Europe, Asia-Pacific, and the rest of the world.

Asia-Pacific, followed by North America, is expected to be the largest market in the forecast period. Within Asia-Pacific, China is expected to hold the highest market share. Furthermore, the growing market for telecommunication and consumer electronics drives the demand for thermoelectric modules in the Asia-Pacific.

Key Players 

The Prominent Players in the Global Thermoelectric Modules Industry 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).