A thermoelectric module is a solid-state heat pump, which operates on the Peltier effect. Thermoelectric modules can instantly cool or warm an object by producing temperature differentials. It is comprised of an array of p- and n-type semiconductor elements that are heavily fixed with electric carriers. These elements are arranged into array that is thermally connected in parallel and electrically connected in series. Manufacturers of thermoelectric modules focus on providing technologically advanced products to customers to ensure better work, greater reliability, and increased precision.
The global thermo electric module market is estimated to account for US$ 1,217.2 Mn in terms of value by the end of 2027.
Market Dynamics- Drivers
Thermoelectric modules offer numerous advantages such as compact geometric size, accurate temperature control, rapid temperature cycling, reliable solid-state operations, integrated design, and fully reversible switch in polarity, and rapid response. Moreover, thermoelectric modules do not have moheemoe. Electriv modeving parts and operate noise-free, with highly reliable operation. They have high lifetimes, of up to 100,000 hours. Besides, thermoelectric modules do not emit chlorofluorocarbons and hence are environmentally safe. The ability of thermoelectric modules to cool and heat by simple reversal of current flow is convenient for applications, even where precise temperature control of +/-0.1 degrees Celsius is required. Therefore, these factors are expected to drive growth of the global thermoelectric modules market during the forecast period.
Thermoelectric modules are being increasingly used in different industries such as laboratory, semiconductor, automotive, consumer electronics, medical, defense, aerospace, and telecommunications. Thermoelectric modules are available in there types namely micro thermoelectric modules, thin thermoelectric modules, and bulk thermoelectric modules. Micro thermoelectric modules are widely used in lasers and LEDs, automotive, and photodiodes, and arrays. Thin film thermoelectric modules are used in detectors and sensors and consumer electronics applications. Furthermore, single-stage thermoelectric modules are suitable for a wide range of heating and cooling applications that require medium or high pumping capacity. Their key applications include consumer products, electrical and industrial equipment, biomedical instruments, and scientific and laboratory instruments. Thus, these factors are expected to propel the market growth in the near future.
Statistics:
APAC held dominant position in the Global Thermoelectric Modules Market in 2019, accounting for 33.1% share in terms of value, followed by North America, Europe, and RoW respectively.
Figure 1: Global Thermoelectric Modules Market Share (%), in terms of Value, By Region, 2019
Market Dynamics- Restraints
The basic price of a thermoelectric module as around US$ 3,000 which is significantly higher than conventional systems. As a result of this, small and medium-sized companies are hesitant towards procuring these advanced devices. Besides, thermoelectric modules require frequent repair and maintenance operations, which incurs an additional cost. Hence, these factors are expected to hamper the market growth over the forecast period.
Designing and manufacturing thermoelectric modules require complex planning and design. It also requires a robust infrastructure and skilled personnel to operate the machinery. Such complexities are challenging to handle and can only be done by trained professionals. Hence, these factors are expected to restrain growth of the global thermoelectric modules market during the forecast period.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 586.6 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 9.6% | 2027 Value Projection: | US$ 1217.2 Mn |
| Geographies covered: |
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| Companies covered: |
Ferrotec Corporation, Crystal Ltd., RMT Ltd., TE Technology, Inc., Laird Technologies, Inc., Gentherm Inc., Tellurex Corporation, Thermion Company, Marlow Industries, and KELK Ltd. |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Market Opportunities
Most of the world’s energy is still supplied by the combustion of fossil fuels, which in turn results in atmospheric pollution. Only a fraction of the released energy by burning fossil fuel is converted into electricity or mechanical energy and most of the energy is released as heat. Thermoelectric power generators can easily and effectively access this large untapped source of waste heat energy for conversion into additional electricity. For instance, researchers at the Fraunhofer Institute and BMW are working on the development of thermoelectric materials, modules, assemblies, and systems to harvest the waste heat in automobiles. This could potentially lead to improved fuel consumption in automobiles.
Large thermoelectric systems are have been built for special applications such as railroad cars, cooling within submarines, and in semiconductor manufacturing. Presently, a preference for larger thermoelectric systems has been observed in the market. The cost of a complete thermoelectric system used for temperature control, cooling, and power generation is lower, due to the presence of less expensive power supplies and the superior performance of thermoelectric systems. Thermoelectric systems with a 200 Watt to 400 Watt capacity range are becoming more common in various industries.
Figure 2: Global Thermoelectric Modules Market Value (US$ Mn), 2017 - 2027
The Global Thermoelectric Modules Market was valued at US$ 586.6 Mn in 2019 and is forecast to reach a value of US$ 1217.2 Mn by 2027 at a CAGR of 9.6% between 2020 and 2027.
Market Trends
The most commonly used material for the manufacturing of thermoelectric coolers is bismuth telluride (Be2Te3). This is because of its relatively high figure of merit. However, the performance track record of this material is still relatively poor and better-performing materials are currently used in the manufacturing of thermoelectric modules. The alternatives to Be2Te¬3¬¬ include antimony telluride (Sb2Te3), lead telluride (PbTe), and silicon–germanium. Some of these materials perform exceptionally well in high-temperature applications. For instance, oxide thermoelectric materials are preferred in high-temperature applications due to their superior thermal stability.
There are a number of standard thermoelectric modules available in the market. Since manufacturers are aware of the fact that standard products would not always meet their customers’ requirements. Hence, customized solutions would yield a more optimal thermal solutions. Furthermore, a flexible manufacturing process adopted by key players help them provide better thermoelectric products in the near future.
Global Thermoelectric Modules Market - Impact of Coronavirus (Covid-19) Pandemic
Due to Covid-19 pandemic, many industries witnessed significant shift in their business. There is significant impact on thermoelectric modules market, as Chinese automotive industries rapidly closing their business to reduce the spread of COVID-19 pandemic. Further, this trend continued in Europe and North America region, where factories where temporary closed due COVID-19 spread. In pre-crisis time, automotive industry witnessed significant drops in the sale. Thermoelectric modules are typically used in electric vehicles for instant cooling and heating. For instance, According to the Coherent Market Insights analysis, in 2019, China registered 4.2% of drops in automotive sells, which is negatively impacted the Thermoelectric Modules Market .
Competitive Section
Key companies operating in the global thermoelectric modules market are Ferrotec Corporation, Crystal Ltd., RMT Ltd., TE Technology, Inc., Laird Technologies, Inc., Gentherm Inc., Tellurex Corporation, Thermion Company, Marlow Industries, and KELK Ltd.
Key Developments
Major companies in the market are focused on product launches, in order to expand the product portfolio. For instance, in September 2018, Ferrotec Corporation launched customized thermoelectric module technology for cooling and heating applications in automobile.
Thermoelectric Modules are also known as thermoelectric coolers or peltier cooler. These coolers are electronic device that work as a small pump and transfer heat from one side to another side of the device. These modules can be used to warm or cool object by producing temperature differential. These coolers consists of semiconductor that are heavily doped with electric carriers. These elements are arranged into array that is thermally connected in parallel and electrically connected in series. Manufacturers of thermoelectric modules focus on providing technologically advanced products to customers to ensure better work, greater reliability, and increased precision.
Market Dynamics
Increasing demand from consumer electronics is expected to drive market growth during forecast period. Thermoelectric coolers are used in the consumer electronics applications and also in food & beverage refrigerator, air conditioner, chilled water dispenser and many others. These applications require thermoelectric modules to provide cooling and temperature as compare to other traditional cooling system. Owing to environmental concern related to bottled water has increased the demand for point-of-use dispenser in residential or commercial sector. To meet the required demand for suitable temperature effects, the growth of the market will increase in the coming years.
Rising demand for electric vehicle is expected to drive growth of the global thermoelectric modules market during the forecast period. The demand for electric vehicles has increased in the recent past in both developed and emerging economies. According to the Edison Electric Institute (EEI), in 2019, there were around 1.2 million electric vehicles were on the road in the U.S. According to the same source, global electric sales were pegged at 2.1 million in 2019, increasing by 64% as compared 2017. Thermoelectric modules are typically used in electric vehicles for instant cooling and heating. Thus, these factors are expected to drive growth of the global thermoelectric modules market during the forecast period.
Market Taxonomy
This report segments the global thermoelectric modules market on the basis of technology, type, application and region. On the basis of technology, the global thermoelectric modules market is segmented into single stage thermoelectric modules and multi stage thermoelectric modules. On the basis of type, the global thermoelectric modules market is segmented into bulk thermoelectric modules, micro thermoelectric modules and thin film thermoelectric modules. On the basis of type, the global thermoelectric modules market is segmented into consumer electronics, telecommunication, medical and laboratories, automotive, defense and space, industrial applications, energy harvesting and others. On the basis of region, the global thermoelectric modules market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
Key features of the study:
Detailed Segmentation:
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