Thermoelectric Modules Market Forecasts to 2028 – Global Analysis By Type (Bulk Thermoelectric Modules, Micro Thermoelectric Modules, Thin-Film Thermoelectric Modules), Functionality, Offering, Model, Application, End User and By Geography
According to Stratistics MRC, the Global Thermoelectric Modules Market is accounted for $489.54 million in 2020 and is expected to reach $1,057.04 million by 2028 growing at a CAGR of 10.1% during the forecast period. Benefits of TEMs over conventional systems and simultaneous heating & cooling properties of TEMs are the major factors propelling the market growth. However, inherent disadvantages, design complexities and high costs compared to traditional heating/cooling systems are hampering the market growth.
Thermoelectric module widely known as thermoelectric cooler is a device which is placed inside of gadget or embedded in machine to transfer the heat from one side to other. It is also called Peltier cooler, which is a semiconductor-based electronic device that functions as a mini heat pump and transmits heat from one side of the device to the other. The thermoelectric modules can instantly warm or cool an object by producing temperature differentials. The thermoelectric modules consist of semiconductor elements that are deeply doped with electric carriers.
Based on end user, the automotive segment is going to have a lucrative growth during the forecast period owing to the fast growth of electric vehicles in the market. Thermoelectric modules are suitable for heating batteries in electric cars to overcome the poor performance of batteries in cold weather conditions. Other uses of these modules in automotive applications include cooling laser diodes in head-up displays, cool cup holders and glove boxes in car cabins, cooling sensor devices such as LIDAR in autonomous vehicles, and cooling laser diodes in laser headlights. Hence, with the rise in vehicles equipped with convenience features and the high growth potential of electric and autonomous vehicles, the market for thermoelectric modules for automotive applications is expected to witness the fastest growth during the forecast period.
By geography, Asia Pacific is going to have a lucrative growth during the forecast period due to the large-scale manufacturing mainly in China and significant investments in new vehicle technologies including electric vehicles, LiDAR, and autonomous vehicles. The fast growth of luxury vehicles in China equipped with features such as heated/cooled seats, cooled glove boxes, and mini freezers is expected to drive the market for thermoelectric modules in the automotive segment. Japanese automotive manufacturers such as Toyota (Japan) and Honda (Japan) are fusing electrification technology for their vehicles, which is expected to facilitate the demand for thermoelectric modules in electric vehicles.
Some of the key players profiled in the Thermoelectric Modules Market include Align Sourcing, Crystal Ltd., Ferrotec Holdings Corp., Guangdong Fuxin Technology, HiTECH Technologies, Hi-Z Technology Inc., II-VI Inc, KELK Ltd., Kryotherm, Kyocera Corporation, Laird Thermal Systems, Phononic, TE Technology, TEC Microsystems, Thermonamic Electronics (Jiangxi) Corp. Ltd, Wellen Technology Co. Ltd., Xiamen Hicool Electronics Co. Ltd, and Z-Max.
Estimated Market Size in 2020:
USD 489.54 million
Compound Annual Growth Rate (CAGR) from 2020 to 2028:
Predicted 2028 Value:
USD 1,057.04 million
Tables, Graphs& Figures
Type, Functionality, Offering, Model, Material, Application, End User and Region
Core Drivers and Opportunities:
Restraining Factors & Market Threats:
• Bulk Thermoelectric Modules
• Micro Thermoelectric Modules
• Thin-Film Thermoelectric Modules
• Deep Cooling
• General Purpose
• Software & Services
• Multi Stage
• Single Stage
• Bismuth Telluride (Bi2Te3)
• Lead Telluride (PbTe)
• Silicon Germanium (SiGe)
• Analytical Instrumentation
• Electronics and Safety Systems
• Refrigeration and Cryogenics
• Thermal Cycling
End Users Covered:
• Consumer Electronics
• Medical & Laboratories
• Aerospace & Defense
• Oil, Gas and Mining
• Food and Beverages
• Energy and Utility
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Key Questions Answered In The Report
The Global Thermoelectric Modules Market is majorly driven by inclination for thermoelectric coolers for storage & transport of COVID-19 vaccines and Growth of electric & luxury vehicles
The automotive segment is growing at a highest CAGR owing to the rise in vehicles equipped with convenience features and the high growth potential of electric and autonomous vehicles.
Asia Pacific dominated with a significant market share due to the factors such as large-scale manufacturing mainly in China and significant investments in new vehicle technologies including electric vehicles, LiDAR, and autonomous vehicles across the region.
North America market is growing at a highest CAGR owing to the standardization of commercial refrigeration and heating, ventilation, and air conditioning (HVAC) devices with replacement of ageing units in the region.
Key players in Thermoelectric Modules Market include Align Sourcing, Crystal Ltd., Ferrotec Holdings Corp., Guangdong Fuxin Technology, HiTECH Technologies, Hi-Z Technology Inc., II-VI Inc, KELK Ltd., Kryotherm, Kyocera Corporation, Laird Thermal Systems, Phononic, TE Technology, TEC Microsystems, Thermonamic Electronics (Jiangxi) Corp. Ltd, Wellen Technology Co. Ltd., Xiamen Hicool Electronics Co. Ltd, and Z-Max.
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