Market Overview

Global Thermoelectric Module Market size was valued at USD 615.5 Million in 2022 and is projected to reach USD 1.7 Billion by 2031, growing at a CAGR of 8.9% during the forecast period (2023-2031) according to a new report by IMIR Market Research.

A thermoelectric module (TEM), also known as a thermoelectric cooler or Peltier cooler, is a semiconductor component that acts as a miniature heat pump, moving heat from one end of the device to the other. Thermoelectric modules are typically used for cooling or precise temperature cooling systems, but they can also be utilised for heating. It can also be used as a generator by utilising waste heat and directly generated energy. The thermoelectric module is used in a variety of business fields, including the protection of critical components in harsh environments, computer microprocessor and robotics equipment, cabinet cooling, and consumer applications such as food/beverage containers, chilled water dispensers, small refrigerators, and so on. Other areas of application include telecommunications, defence, aerospace, photonics, and medicine.

The automotive industry is the most active in terms of energy recovery. The aeronautics industry is also investigating the use of hot gases from aeroplane or helicopter engines for energy. The thermoelectric module has promising promise in maritime transport becauseto the availability of a free cold washbasin (fresh or sea water). A substantial amount of heat is emitted from aircraft jet engines and turbine engines, which can be utilised by the thermoelectric module in planes and helicopters. According to preliminary research conducted by Boeing Research & Technology, the thermoelectric module can save up to 0.5% of fuel.

Scope of Thermoelectric Module Market Report:

A recent market research report added to repository of Intellectual Market Insights Research is an in-depth analysis of Global Thermoelectric Module Market. On the basis of historic growth analysis and current scenario of Thermoelectric Module market place, the report intends to offer actionable insights on global market growth projections. Authenticated data presented in report is based on findings of extensive primary and secondary research. Insights drawn from data serve as excellent tools that facilitate deeper understanding of multiple aspects of global Thermoelectric Module market. This further helps users with their developmental strategy.

This report examines all the key factors influencing growth of global Thermoelectric Module market, including demand-supply scenario, pricing structure, profit margins, production and value chain analysis. Regional assessment of global Thermoelectric Module market unlocks a plethora of untapped opportunities in regional and domestic market places. Detailed company profiling enables users to evaluate company shares analysis, emerging product lines, pricing strategies, innovation possibilities and much more.

The report covers the all the aspects of industry with dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give clear futuristic view of the industry to the decision makers.

The Global Thermoelectric Module Market Industry Drivers:

High Durability of thermoelectric modules

Thermoelectric modules have many advantages, including compact physical dimensions, accurate temperature control, rapid temperature cycling, reliable solid-state operations, integrated design, and fully reversible switch in polarity and responsiveness. Furthermore, thermoelectric modules are noiseless and highly reliable. They have a long lifespan of up to 100,000 hours. Furthermore, because thermoelectric modules do not release chlorofluorocarbons, they are environmentally safe. For example, European Thermodynamics Limited, a thermal management firm, introduced new JUNIOR and CyCLO Pulse width modulator thermoelectric controller electronic PCBs in November 2017. The capacity of thermoelectric modules to cool and heat by simply reversing current flow is useful for applications requiring +/-0.1 degree Celsius temperature control.As a result, these factors are projected to propel the worldwide thermoelectric market forward.

The Global Thermoelectric Module Market Industry Restraint:

The high capital cost of thermoelectric modules in comparison to traditional systems is projected to stymie market expansion throughout the forecast period.

A thermoelectric module costs roughly US$ 3,000, which is much more than traditional systems. As a result, small and medium-sized businesses are hesitant to purchase these modern gadgets. Furthermore, thermoelectric modules necessitate periodic repair and maintenance, which incurs an additional cost. As a result, these factors are likely to stifle market growth over the forecast period.

Complex planning and design are required for designing and producing thermoelectric modules. It also necessitates a strong infrastructure and skilled workers to operate the machinery. Such complexity are difficult to manage and can only be handled by qualified professionals. As a result, these factors are projected to limit the worldwide thermoelectric modules market's growth over the forecast period.

The Global Thermoelectric Module Market Industry Opportunities:

Systems with a capacity range of 200 Watt to 400 Watt are becoming more widespread in a variety of industries.

Furthermore, massive thermoelectric systems have been developed for specialised purposes such as railway vehicles, submarine cooling, and semiconductor production. The market is currently showing a preference for larger thermoelectric systems. Because of the availability of less expensive power sources and the greater performance of thermoelectric systems, the cost of a comprehensive thermoelectric system utilised for temperature control, cooling, and power generation is lower. Thermoelectric systems with capacity ranges of 200 Watt to 400 Watt are becoming more widespread in a variety of industries.

Thermoelectric Module Market Players Analysis:

• Ferrotec Corporation
• Laird Thermal Systems
• II-VI Incorporated
• TE Technology, Inc.
• RMT Ltd.
• Marlow Industries, Inc.
• KELK Ltd.
• Kryotherm Industries
• Phononic Inc.
• Hi-Z Technology, Inc.
• Alphabet Energy
• TEC Microsystems GmbH
• Align Sourcing, LLC
• Tellurex Corporation
• Custom Thermoelectric Inc.

Thermoelectric Module Market Players & Competitor Analysis:

The report covers the key players of the industry including Company Profile, Product Specifications, Production Capacity/Sales, Revenue, Price and Gross Margin 2023-2031 & Sales with a thorough analysis of the market’s competitive landscape and detailed information on vendors and comprehensive details of factors that will challenge the growth of major market vendors.

Recent Developments:

• January 2020: NASA's Mars Rover Utilizes Thermoelectric Modules NASA's Perseverance rover, launched in July 2020, incorporated a Multi-Mission Radioisotope Thermoelectric Generator (MMRTG). The MMRTG utilizes thermoelectric modules to convert the heat generated by the decay of plutonium-238 into electrical power, providing long-lasting energy for the rover's mission on Mars.
• January 2019: Advancements in High-Efficiency Thermoelectric Materials Researchers at Northwestern University developed a high-performance thermoelectric material called "thallium-doped lead telluride." This material showed promising thermoelectric properties, potentially enabling more efficient energy harvesting and waste heat recovery.

Thermoelectric Module Market Segmentation Analysis:

The global Thermoelectric Module market industry is segmented into four categories: by Technology, by Type, by Functionality, by End-User, by region.

Based on the Technology

The Thermoelectric Module market is bifurcated into Single Stage, Multi Stage

Single Stage: Rockets that consist of a single stage. They can be further classified based on the specific technology employed, such as solid rocket motors, liquid rocket engines, or hybrid rockets.

Multi-Stage: Rockets that have two or more stages stacked on top of each other. They can be categorized based on the staging configuration, such as serial staging (sequential ignition of stages) or parallel staging (simultaneous ignition of stages).

Based on the Type

The global Thermoelectric Module market is split into Bulk Thermoelectric, Micro Thermoelectric ,Thin Film Thermoelectric.

Bulk Thermoelectric: This type refers to solid materials in bulk or bulk-like forms. They are typically shaped as pellets, blocks, or rods. Bulk thermoelectric materials are known for their ability to generate significant electrical power from a temperature gradient. They are commonly used in applications where high power generation or efficient heat pumping is required.

Micro Thermoelectric: Micro thermoelectric materials are fabricated at the micro-scale. They are typically thin films or structures with micro-sized dimensions. Micro thermoelectric materials offer advantages such as enhanced flexibility and adaptability to curved or irregular surfaces. They find applications in microelectronics, sensors, and miniature energy harvesting devices.

Thin Film Thermoelectric: Thin film thermoelectric materials are fabricated as thin layers or coatings on substrates. They have a thickness typically ranging from nanometers to micrometers. Thin film thermoelectrics offer advantages such as better control over material properties and compatibility with existing microfabrication techniques. They are used in applications where compact size, high efficiency, and integration with other components are important, such as in wearable devices, integrated circuits, and thermoelectric generators.

Based on the Functionality

The global Thermoelectric Module market is split into Deep Cooling Modules, General Purpose Modules.

Deep Cooling Modules: These thermoelectric modules are specifically designed for deep cooling applications. They are capable of achieving very low temperatures and are used in industries such as medical, scientific research, and cryogenics. Deep cooling modules are utilized to cool sensitive components, materials, or samples to extremely low temperatures, often approaching or reaching cryogenic levels.

General Purpose Modules: These thermoelectric modules are designed for general-purpose cooling and temperature control applications. They provide a range of cooling capabilities for various industries and applications. General-purpose modules are often used in electronics, telecommunications, automotive, aerospace, and consumer electronics.

Based on the End-User

The global Thermoelectric Module market is split into Automotive, Consumer Electronics, Aerospace & Defense, Medical & Laboratories, Telecommunications, Industrial, Oil, Gas, & Mining

Automotive: Thermoelectric technology finds application in the automotive industry for various purposes. It is used in automotive climate control systems, seat cooling and heating, waste heat recovery systems, and thermal management of batteries in electric vehicles.

Consumer Electronics: Thermoelectric devices are utilized in consumer electronics to provide cooling or heating functions. They are used in portable refrigerators, beverage coolers, laptop cooling pads, thermoelectric air conditioners, and personal cooling/heating devices.

Aerospace & Defense: Thermoelectric applications in the aerospace and defense sector include thermal management of electronic systems, temperature regulation in satellites and spacecraft, cooling of military equipment, and waste heat recovery in aviation.

Medical & Laboratories: Thermoelectric modules are used in medical and laboratory equipment for precise temperature control. Applications include sample and reagent cooling/heating, temperature regulation in diagnostic devices, incubators, and medical imaging equipment.

Telecommunications: Thermoelectric technology is used in telecommunications for cooling sensitive electronic components, such as telecom infrastructure, data centers, and satellite communication systems.

Industrial: Thermoelectric modules find application in various industrial processes for temperature control, cooling, and heating. Examples include industrial refrigeration, environmental chambers, thermal cycling equipment, and process cooling in manufacturing.

Oil, Gas, & Mining: Thermoelectric devices are used in the oil, gas, and mining industries for various applications such as waste heat recovery, thermal management of equipment and pipelines, and temperature control in remote monitoring systems.

Report Scope and Segmentations:

Global Thermoelectric Module Market Regional Analysis:

The global Thermoelectric Module market is analyzed on the basis of region across North America, Europe, Asia-Pacific, and LAMEA.

The thermoelectric modules market trends are examined by region, including North America (the United States, Canada, and Mexico), Europe (the United Kingdom, Germany, France, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and the rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific, particularly China, continues to be a prominent player in the worldwide thermoelectric modules market review. The country's major organisations and government institutions are heavily investing in technology.

Thermoelectric modules are utilised in a range of industries, including automotive, consumer, electronics, aerospace and defence, medical & laboratory, oil & gas, power & energy, food & beverage, metals & mining, and telecommunications. The medical device industry is a key growing area of the market due to the increasing requirement for high-performance devices, both large and small, for therapeutic and analytical applications. Medical electronic equipment encompasses medical equipment, medical diagnostic tools, and monitoring devices. These devices, which include surgical instruments and automated immunoassay analyzers, demand more precision, dependability, and efficiency in terms of thermal performance. To achieve this, medical device designers have implemented passive thermal management devices such as heat pipes and vapour chambers.

Country-wise, the U.S. acquired a prime share in the thermoelectric module market in the North American region and is expected to grow at a significant CAGR during the forecast period of 2019-2031. The U.S., holds a dominant position in the thermoelectric module market, owing to the rise in investment by prime vendors to boost the smart thermoelectric module solutions for consumer electronics and IT and telecom applications.

In Europe, the United Kingdom dominated the thermoelectric module market in terms of revenue in 2021, and this trend is likely to continue during the forecast period. However, due to advancements in the automotive industry, which drives the use of microelectronics in the country and thus creates lucrative growth opportunities for the thermoelectric module market in Germany, Germany is expected to emerge as the fastest-growing country in Europe's thermoelectric module market with a notable CAGR.  

In Asia-Pacific, China is expected to emerge as a significant market for the thermoelectric module industry, owing to a significant increase in investment in semiconductor research and chip start-up development by major players and government institutions to boost smart infrastructure across industrial and manufacturing sectors.

Latin America will have a substantial market share in the LAMEA area by 2021 as a result of the adoption of new technologies, digital transformation, and connectivity, which are transforming the future of the automotive and consumer electronics industries in Latin America. Furthermore, the Middle East area is predicted to develop at a high CAGR from 2022 to 2031, owing to recent shifts in artificial intelligence, industry 4.0, and smart technological changes, which are expected to redefine the growth of the Middle East compound semiconductor market. 

Points Covered in the Report:

The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.

The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 12 years data history and forecast.

The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.

Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.

The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Reasons to Purchase:

To gain insightful analyses of the Thermoelectric Module market and have comprehensive understanding of the global market and its commercial landscape.

Assess the production processes, major issues, and solutions to mitigate the development risk.

To understand the most affecting driving and restraining forces in the market and its impact in the global market.

Learn about the Thermoelectric Module market strategies that are being adopted by leading respective organizations.

To understand the future outlook and prospects for the Thermoelectric Module market. Besides the standard structure reports, we also provide custom research according to specific requirements.

Research Scope of Thermoelectric Module Market:

• Historic year: 2018- 2021
• Base year: 2022
• Forecast: 2023 to 2031
• Representation of Market revenue in USD Million

Thermoelectric Module Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends: