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Thermoelectric Modules Market to Surpass US$ 1,217 Mn by 2030

Thermoelectric Modules Market to Surpass US$ 1,217 Mn by 2030 - Coherent Market Insights

Publish On: Mar 08, 2023

The global Thermoelectric Modules Market is estimated to account for US$ 623 Mn in 2022 and is expected to surpass US$ 1,217 Mn by 2030, registering a CAGR of 8.73% during the forecast period (2023-2030). Thermoelectric modules can instantly warm or cool by producing temperature differentials. Thermoelectric modules semiconductor elements that are heavily doped with electrical carriers. These elements are arranged into an array that is thermally connected in parallel and electrically connected in series. Demand for thermoelectric modules is primarily owing to their superior features, such as reliable solid-state operation, compactness, and capacity for precise temperature control.

Global Thermoelectric Modules Market: Drivers

Rising demand for electric vehicle is expected to drive growth of the global thermoelectric modules market during the forecast period

According to International Energy Agency, electric car sales reached a record high in 2021, despite supply chain bottlenecks and the ongoing Covid-19 pandemic. Compared with 2020, sales nearly doubled to 6.6 million (a sales share of nearly 9%), bringing the total number of electric cars on the road to 16.5 million. The sales share of electric cars increased by 4 percentage points in 2021. The Net Zero Emissions by 2050 Scenario sees an electric car fleet of over 300 million in 2030 and electric cars accounting for 60% of new car sales. Getting on track with the Net Zero Scenario requires their sales share to increase by less than 6% percentage points per year. 

Global Thermoelectric Modules Market: Opportunities

Novel concept of turning body heat into electricity can present lucrative growth

A thermoelectric generator (TEG) is a device that converts a temperature difference into voltage and manages the flow of electric current around a circuit. This basically means converting waste heat into electricity. Many manufacturers are increasingly adopting thermoelectric generators to convert body heat into electricity since it is an efficient and cost-effective method. Key companies in the market can capitalize on these opportunities by offering novel products and gain a competitive advantage in the market.

Global Thermoelectric Modules Market: Restraints

Challenges associated with the management of heat dissipation in networking devices to hinder the global thermoelectric modules market growth over the forecast period

Heat dissipation is the type of heat transfer that occurs when a hotter object is placed in an environment where heat is transferred to colder objects and the surrounding environment. Such challenges are high prevalence in networking devices, which is difficult to manage. It could lead to loss of heat and reduces the overall efficiency of the overall system. Hence, these factors are expected to hinder the global thermoelectric modules market during the forecast period.

Global Thermoelectric Modules Market- Impact of Coronavirus (Covid-19) Pandemic

Due to COVID-19 pandemic, many industries witnessed significant shift in their business. The ongoing COVID-19 outbreak has adversely affected the consumer electronics industry, as manufacturing operations temporarily suspended across major manufacturing hubs, leading to a substantial slowdown in the manufacturing production. Many manufacturing companies such as Samsung, Xiaomi, OPPO and LG Display among others have suspended their manufacturing operations in China, India, South Korea and in European countries. For instance, in May 2020, OPPO a smartphone manufacturing Company shut down its operations in Noida, India, as six employees test coronavirus positive. Thin film thermoelectric modules are used in detectors and sensors and consumer electronics applications. Additionally, due to this pandemic, the demand for thermoelectric modules is exacerbated by lockdown imposed in several countries.

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Key Takeaways:

The Global Thermoelectric Modules Market was valued at US$ 623 Mn in 2022 and is forecast to reach a value of US$ 1,217 Mn by 2030 at a CAGR of 8.73% between 2023 and 2030.

AC type segment held dominant position in the Global Thermoelectric Modules Market in 2022, accounting for 35% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.

Global Thermoelectric Modules Market Trends:

Rising interest in green energy is a major trend

Thermoelectric energy harvesting is based on the Seebeck effect and involves the generation of electricity from temperature differentials. The application of thermoelectric energy harvesting has grown in various sectors such as automotive, aerospace and defense, and wireless sensor networks. A trend of in-house development of waste heat recovery systems by a large number of automobile manufacturers, including the Ford Motor Company, BMW, Volvo Group, and Volkswagen, has been observed. Moreover, the implementation of thermoelectric generators in wireless sensor networks is growing. Since, thermoelectric power generator systems depend upon a consistent temperature differential to generate electricity, thermoelectric modules are often combined with a heat source such as propane or natural gas for waste heat recovery and remote power generation. Thermoelectric generators are also frequently used in remote locations where power is required, such as in offshore engineering, data collection, remote telemetry, and oil pipelines.

Increasing focus on a number of components outsourced to contract manufacturers is another major trend

Most thermoelectric module manufacturers continue to expand their in-house manufacturing capabilities. Thus, reducing the number of outsourced components required for manufacturing thermoelectric assemblies, stems, and other thermoelectric products such as thermoelectric materials, ingots, and pellets. Manufacturers rely on various suppliers and vendors for components; these transactions take place through purchase orders, with no guaranteed agreements for delivery. Moreover, the components for some products, such as thermoelectric devices (TEDs) and climate control seats (CCSs), are provided by a limited number of suppliers globally. Thus, the loss of any significant supplier, delay in the shipment of components, or inability to obtain components on reasonable terms could adversely affect the business, cash flows, and operations of manufacturers. Consequently, manufacturers are primarily focused on expanding their manufacturing capacities.

Global Thermoelectric Modules Market: Competitive Landscape   

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.

Thermoelectric Modules Market: Recent Developments

In December, 2022 UNITEK, a company involved in designing and manufacturing PC and Mobile accessories. They launched external thermoelectric cooler for steam deck, which will now be able to run high-caliber games without overheating the console.

In March, 2021 Yamaha Corporation, a manufacturers of musical instruments and automobile, has developed the YGPX024, thermoelectric power generation (TEG) module using automotive exhaust gas heat energy to generate power.

In July, 2021 Laird Thermal Systems a thermal management solution company has launched the enhanced OptoTEC™ OTX/HTX Series of miniature thermoelectric coolers, which is designed for high-temperature environments found in telecom, industrial, autonomous and photonics applications.

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