Market Overview:

According to a new report by IMIR Market Research on Global Thermoelectric Module Market was valued at approximately USD 666.48 Million in 2023. Over the course of the forecast period (2024–2031), the market is expected to develop at a compound annual growth rate (CAGR) of 8.30%, reaching a value of USD 1365.98 Million by 2031.

A thermoelectric module is a device that transmits heat from one side of the module to the other, resembling a mini-fridge or heat pump. It is also known as a Peltier cooler or a thermoelectric cooler. Another benefit of thermoelectric components is their compact size when compared to conventional configurations. Due to TEMs are capable of both heating and cooling simultaneously, they are ideal for a variety of functions in several everyday applications.

To perform thus, more thermoelectric components are used. The market for thermoelectric modules is growing for several reasons, including the increasing usage of electric automobiles, the shift to renewable energy sources, and the increased desire to contribute to electricity conservation. Thermoelectric coolers are employed in a variety of applications, including spacecraft for military applications and IT and communication systems. They support the proper operation of medical equipment as well as consumer goods that may require to remain warm or cold. Using the temperature differential between two sections of a module, Peltier coolers generate electricity. For example, Yamaha Corporation created an energy machine in March 2021 using the heat from automobile exhausts.

The market for luxury cars is expanding, which may increase demand for thermoelectric modules. Car interior heating and cooling systems are among the many uses for thermoelectric modules. Given that many luxury cars come equipped with cutting-edge climate control systems, there may be a rise in demand for thermoelectric components if there is a rise in the market for luxury automobiles. This link, however, will rely on a number of variables, including the particulars of the cars being produced, the kinds of thermoelectric components being utilized, and the general health of the automotive sector.

To power everything up, it converted this heated gas into electricity. The development of new technologies and innovations in fields such as automation, electronics, and precise mechanics is assisting in the production of thermoelectric module goods. In addition, customs such as the increasing adoption of coolers for smart devices in wearables lead to a rise in market expansion.

Market Dynamics:

Market Drivers:

The need for several applications is increased by TEMs' dual heating and cooling capabilities

• TEMs transfer heat across multiple electrical connections using the Peltier effect to change the temperature. Although they are also utilized in heating devices, these parts are primarily found in cooling machines. Depending on the way the electricity power is applied, electric coolers can provide either a cold or hot environment. Thus, hot and cold water for various purposes is produced in TEMs thanks to their simultaneous heating and cooling capabilities. For instance, it can provide cold water to chill the air and hot water for a bath. Weapon sights, charged devices, laser detectors, and laser cooling instruments can all benefit from this TEM capability. Computer chips that produce a lot of heat when they are turned on are one of the emerging applications for TEMs. You may rely on these to maintain the proper temperature for these electronic gadgets. Electronics lab and scientific equipment such as laser diodes and computer chips have been cooled using thermoelectric coolers (TEMs). In the areas where conventional cooling methods are unable to sufficiently remove heat, this aids in eliminating heat noise and leakage current.

Increasing Demand for Energy-Efficient Cooling Solutions​

• The growing need in a variety of industries for cooling systems that use less energy. Compared to more conventional cooling techniques like compressor-based systems, thermoelectric components offer a solid-state cooling system that can accomplish accurate temperature control, silent operation, and compact construction. The need for thermoelectric modules as effective cooling solutions keeps rising as energy economy becomes a crucial factor for applications including temperature-controlled transportation, medical equipment, and electronics cooling. Furthermore, because thermoelectric cooling doesn't use any hazardous refrigerants, it is a superior option for long-term cooling applications and is a more sustainable cooling solution. Industries are looking for new technologies that can meet their cooling needs while using less energy and having a smaller environmental effect.

Market Trends:​

Increasing Adoption in Automotive Applications

• The growing use of thermoelectric components in automobiles is driving the thermoelectric module market. Thermoelectric modules are being used by automotive thermal management systems in more and greater numbers to improve passenger comfort, reduce fuel consumption, & increase energy efficiency.   They are used to capture waste heat and transform it into useful electrical power or to offer localized heating and cooling in car seats, cup holders, HVAC systems, other exhaust gas recirculation (EGR) systems. Thermoelectric modules are also used in hybrid and electric cars for waste heat recovery form powertrain components, cabin heating, and battery thermal management. The need for thermoelectric modules in automobiles is driven by the vehicle manufacturing sector's focus on electrification, energy efficiency, & emissions reduction, which is fostering global expansion in the thermoelectric module market.

Growing Demand for Waste Heat Recovery Systems

• The market for thermoelectric modules is driven by the rising need for systems to recover waste heat in a variety of sectors. Energy efficiency can be increased and greenhouse gas emissions from power production, HVAC systems, and industrial processes can be decreased with the help of waste heat recovery technologies. Waste heat recovery systems use thermoelectric modules to transform waste heat into electricity. Waste heat recovery technologies incorporate thermoelectric modules to convert heat from industrial processes, exhaust gases, and other sources into electrical power that can be used. These systems provide enterprises with both financial and environmental benefits by recovering energy that would otherwise be squandered in an economical and sustainable manner. As a result, thermoelectric modules are being used more frequently in waste heat recuperation systems.

Market Restraining Factors:

High expense of HVAC systems

• The construction of thermoelectric systems is more labor- and material-intensive than that of conventional refrigeration or cooling systems. TEMs are expensive because germanium and tellurium are expensive materials. Furthermore, because there are many materials and stages required in the creation of TEMs, estimating the cost is quite difficult. The Fraunhofer Institute in Germany, for instance, discovered that the cost of materials decreased significantly in 2019 when they produced a large number of TEMs at their semi-automatic plant. However, initially, setting up everything for production required more money. Thus, since they are produced in large quantities, companies who create a lot of TEMs have lower costs.

Report Coverage:

The report will cover the qualitative and quantitative data on the global Thermoelectric Module Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

Report Scope and Segmentations:

Thermoelectric Module Market Players Analysis:

• Laird Thermal Systems
• Ferrotec Corporation
• II-VI Marlow
• Gentherm
• KELK Ltd.
• TEC Microsystems GmbH
• Alphabet Energy (Acquired by Royal Dutch Shell)
• EVERREDtronics Ltd.
• TE Technology, Inc.
• Evident Thermoelectrics
• RMT Ltd.
• Thermion Company
• ADV-Engineering
• RedHawk Energy Systems
• Align Sourcing
• Crystal Ltd.
• Hi-Z Technology, Inc.
• Tellurex Corporation
• Kelk Ltd.
• Green TEG AG

Key Industry Developments:

• In May 2022, Solid-state cooling and heating solutions supplier Phononic and Google Cloud have established a strategic relationship to take use of Manufacturing Data Engine & Manufacturing Connect, two of Google Cloud's manufacturing data products. This partnership is a major step toward improving operational effectiveness and obtaining insightful knowledge about Phononic's production procedures. Large volumes of production data may be instantly gathered, processed, and analyzed by the production Data Engine to produce insights that can be put to use. In the meanwhile, Manufacturing Connect makes it easier for various stakeholders in the industrialization ecosystem to collaborate and share data.

Thermoelectric Module Market Segmentation Analysis:

The market is divided into segments based on By Model, By End-use.

By Model

Based on the Technology of the market is segmented into Single Stage, and Multi Stage.

The market for thermoelectric modules is divided into single-phase and multiphase segments, with the single-phase sector developing as a significant source of global income. The popularity of single-level modules can be attributed to their simplicity and ease of integration, as well as the broad range of applications and diversity of temperature control solutions available in the electronics, medical, and automotive industries. Furthermore, single-dimensional thermoelectric modules are preferred in scenarios with smooth temperature differences due to their efficiency and dependability.

The multiphase segment, on the other hand, is also crucial, particularly in applications that call for large temperature gradients or where precise control is needed in several places. various industries have various needs, which are reflected in the classification. Single phase modules are the most popular due to their efficiency and versatility in handling a wide range of temperature settings.

By End-use

Based on the End-use of the market is segmented into aerospace & defense, automotive, consumer electronics, healthcare, food & beverage, energy & utility, and others.

The Consumer Electronics segment stands out among these as the one contributing the most revenue during the projected timeframe. This is explained by the growing use of thermoelectric modules in consumer electronics to solve issues with heat management. The increasing need for compact, high-performance electronic devices is driving the need for effective thermal management. Compact & energy-efficient solutions are also provided by the improved thermoelectric module. The need for thermoelectric modules in electronic products is also being driven by the growing use of cutting-edge technologies like high-performance computing hardware and Internet of Things (IoT) devices.

The healthcare industry, which benefits from the usage of thermoelectric modules in temperature-controlled medical devices and diagnostic equipment, is notable for having the quickest rate of growth at the moment. The healthcare sector has high demands for temperature monitoring, and the industry's growing adoption of thermoelectric modules can be attributed to increased investment in medical technology. Ronyx is still in charge. Following the healthcare industry's stabilization, the thermoelectric module market is expected to experience substantial expansion due to its growing uses and prospects.

Regional Snapshots:

By region, Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. Asia Pacific will have a leading market share in the global thermoelectric module market during the forecast period. The growing use of thermoelectric coolers in cars and medical facilities is driving the Asia Pacific market. In an effort to grow their businesses, major corporations in Asia Pacific are also making efforts to collaborate, expand, and develop new products. This will help the market grow in that area. In 2022, China held a dominant position in the Asia Pacific market, mainly because large manufacturing facilities had been established there. China leads the Asia-Pacific area in revenue generated from the regional market. This is a result of their huge factories, which also manufacture thermoelectric coolers and other semiconductor devices. In terms of electronic goods output, China leads the world. This increases the quantity of thermoelectric cooler components that China exports to other nations. China has also developed a method of producing green power through the use of thermoelectric cooler modules. The market is progressing because of this. It is anticipated to increase at the fastest rate during the period of our study. This is due to the presence of formidable rivals from nations such as China, Japan, and Taiwan. Additionally, small firms and tech manufacturers are progressing at an increasing rate in emerging nations including South Korea, Japan, and Singapore. The power and oil industries are using more electric coolers, which is contributing to the market's faster growth.

The US market in North America is expected to increase significantly over the projected period due to the employment of more advanced automotive technologies in US and Canadian factories.
In 2022, Germany accounted for the largest market in Europe. And they have a very long way to go before they stop leading it. This is because Germany is the country that produces the most electric automobiles and utilizes the most phone networks. This adds to the enhanced linked safety in Germany. It is also predicted that during this period, the country will grow at its quickest rate ever. This is because it provides a multitude of venues for national manufacturing and research.

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: 2018-2022
• Base year: 2023
• Forecast: 2024 to 2031
• Representation of Market revenue in USD Million

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