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Market Overview

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

  1. High advantages of thermoelectric modules over conventional products are expected to drive growth of the global thermoelectric modules market during the forecast period

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.

  1. Increasing applications of thermoelectric modules in different industries are expected to propel the global thermoelectric modules market growth over 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 automotive cockpit electronics 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

Thermoelectric Modules  | Coherent Market Insights

Market Dynamics- Restraints

  1. High capital cost as compared to conventional systems is expected to hamper the global thermoelectric modules market growth over the forecast period

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.

  1. Design complexities associated with thermoelectric modules is expected to restrain growth of the global thermoelectric modules market during the forecast

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.

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Thermoelectric Modules Market Report Coverage

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:
  • North America: U.S., Canada
  • Latin America: Brazil, Argentina, Mexico, Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, Rest of Middle East
  • Africa: South Africa, North Africa, Central Africa
Segments covered:
  • By Technology: Single Stage Thermoelectric Modules, Multi Stage Thermoelectric Modules.
  • By Type: Bulk Thermoelectric Modules, Micro Thermoelectric Modules, Thin Film Thermoelectric Modules.
  • By Application: Consumer Electronics, Telecommunication, Medical and Laboratories, Automotive, Defense and Space, Industrial Applications, Energy Harvesting, Others.
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.

Growth Drivers:
  • High advantages of thermoelectric modules over conventional products
  • Increasing applications of thermoelectric modules in different industries
Restraints & Challenges:
  • High capital cost as compared to conventional systems
  • Design complexities associated with thermoelectric modules

Market Opportunities

  1. Waste heat recovery from industrial applications can present lucrative growth 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.

  1. Growing use of larger thermoelectric systems for certain applications can provide major business opportunities

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

Thermoelectric Modules  | Coherent Market Insights

The global automotive cockpit electronics 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

  1. Use of advanced thermoelectric materials manufacturing thermoelectric modules

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.

  1. Quick and cost-effective custom-made solutions

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:

  • This report provides an in-depth analysis of the global thermoelectric modules market and provides market size (US$ million) and compound annual growth rate (CAGR %) for the forecast period (2020-2027), considering 2019 as the base year.
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
  • It profiles leading players in the global thermoelectric modules  market based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key companies covered 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.
  • The market players are focusing on strategic collaborations to innovate and launch new products to meet the increasing needs and requirements of consumers.
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology upgradation, market expansion, and marketing tactics
  • The global thermoelectric modules  market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the global thermoelectric modules  market.

Detailed Segmentation:

  • Global Thermoelectric Modules  Market, By Technology:
    • Single Stage Thermoelectric Modules
    • Multi Stage Thermoelectric Modules
  • Global Thermoelectric Modules  Market, By Type:
    • Bulk Thermoelectric Modules
    • Micro Thermoelectric Modules
    • Thin Film Thermoelectric Modules
  • Global Thermoelectric Modules  Market, By Application:
    • Consumer Electronics
    • Telecommunication
    • Medical and Laboratories
    • Automotive
    • Defense and Space
    • Industrial Applications
    • Energy Harvesting
    • Others
  • Global Thermoelectric Modules  Market, By Region:
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East
    • Africa
  • Company Profiles
    • Ferrotec Corporation *
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Crystal Ltd.
    • RMT Ltd.
    • TE Technology, Inc.
    • Laird Technologies, Inc.
    •  Gentherm Inc.
    • Tellurex Corporation
    • Thermion Company
    • Marlow Industries
    • KELK Ltd.

 *Browse all the market data tables and figures on “Global Thermoelectric Modules Market- Forecast to 2027”

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Technology
      • Market Snippet, By Type
      • Market Snippet, By Application
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Regulatory Scenario
    • Industry Trend
    • Merger and Acquisitions
    • New System Launch/Approval
  4. Global Thermoelectric Modules Market - Impact of Coronavirus (Covid-19) Pandemic
    • Short Term and Long Term Impact, By Region
      • North America
      • Europe
      • Asia Pacific
      • Latin America
      • Middle East and Africa
  5. Global Thermoelectric Modules Market, By Technology, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Segment Trends
    • Single Stage Thermoelectric Modules
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Multi Stage Thermoelectric Modules
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
  6. Global Thermoelectric Modules Market, By Type, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Segment Trends
    • Bulk Thermoelectric Modules
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Micro Thermoelectric Modules
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Thin Film Thermoelectric Modules
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
  7. Global Thermoelectric Modules Market, By Application, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Segment Trends
    • Consumer Electronics
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Telecommunication
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Medical and Laboratories
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Automotive
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Defense and Space
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Industrial Application
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Energy Harvesting
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Others
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
  8. Global Thermoelectric Modules  Market, By Region, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, By Region, 2019 and 2027 (%)
    • North America
      • Regional Trends
      • Market Size and Forecast, By Technology, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Type, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Application, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.S.
        • Canada
    • Europe
      • Regional Trends
      • Market Size and Forecast, By Technology, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Type, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Application, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.K.
        • Germany
        • Italy
        • France
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Regional Trends
      • Regional Trends
      • Market Size and Forecast, By Technology, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Type, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Application, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • Regional Trends
      • Market Size and Forecast, By Technology, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Type, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Application, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • Brazil
        • Argentina
        • Mexico
        • Rest of Latin America
    • Middle East and Africa
      • Regional Trends
      • Market Size and Forecast, By Technology, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Type, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Application, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • GCC Countries
        • South Africa
        • Rest of the Middle East and Africa
  9. Competitive Landscape
    • Company Profiles
      • Ferrotec Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Crystal Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • RMT Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • TE Technology, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Laird Technologies, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Gentherm Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Tellurex Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Thermion Company
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Marlow Industries
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • KELK Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
  10. Section
    • References
    • Research Methodology
    • About Us and Sales Contact

*Browse XX market data tables and XX figures on “Global Thermoelectric Modules Market-forecast to 2027”.

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.


Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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