“Dual properties (simultaneous heating and cooling) of thermoelectric modules is driving their adoption in the automotive, telecommunication, consumer electronics, and industrial applications”
The global thermoelectric modules market is expected to grow from USD 527.5 million in 2017 and is expected to reach USD 890.6 million by 2023, at a CAGR of 9.12% between 2017 and 2023. Advanced features of thermoelectric modules such as precise temperature control, simultaneous heating and cooling, and compact size is driving their adoption in the telecommunications, consumer electronics, and industrial applications. Moreover, there is an increasing use of these modules in the automotive application due to various factors such as decrease in power loss of engine, decrease in fuel loss, less maintenance, and compact size.
“Bulk thermoelectric modules is expected to hold largest share of market during forecast period”
The largest share of bulk modules is attributed to the fact that these modules produce the highest output power and voltage compared with micro and thin film thermoelectric modules. Moreover, these modules are the most commonly used types of thermoelectric modules for telecommunications, medical, aerospace, and industrial applications.
“APAC is expected to hold largest share of thermoelectric modules market during forecast period”
Asia Pacific (APAC) holds the largest share of the thermoelectric modules market due to low manufacturing costs owing to low overhead costs and labor and growing demand for thermoelectric modules across diverse applications. Moreover, the increased demand for waste heat recovery, industrial automation, and healthcare monitoring devices are expected to drive the growth of this market. With the use of thermoelectric modules, higher efficiency levels and energy harvesting can be achieved. On the other hand, the market in the Americas is expected to grow at the highest CAGR between 2017 and 2023. This growth is attributed to the presence of top manufacturers in this region and use of thermoelectric modules in many applications such as automotive, telecommunications, and medical and laboratories. Moreover, bio-monitoring and healthcare-related devices require thermoelectric modules for various applications such as thermal cycling and temperature control. These factors are expected to increase the demand for thermoelectric modules in the Americas.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key experts.
The breakup of the profiles of primary participants is as follows:
- By Company Type: Tier 1 – 20%, Tier 2 – 45%, and Tier 3 – 35%
- By Designation: C-Level Executives – 35%, Directors – 25%, and Others – 40%
- By Region: Americas – 45%, Europe – 25%, APAC – 20%, and RoW – 10%
The key players operating in this market include Ferrotec (Japan), Laird (UK), II-VI Marlow (US), Crystal Ltd. (Russia), and RMT Ltd (Russia). The other players in this market include KELK Ltd. (Japan),TE Technology (US), TEC Microsystems (Germany), Kryotherm (Russia), Thermion Company (Ukraine), Thermonamic Electronics (Jiangxi, China), EVERREDtronics (China), Micropelt (Germany), Hi-Z Technology (US), Hui Mao (China), Hicooltec Electronic (China), Z-Max (Japan), Merit Technology Group (China), LG Innotek (South Korea), Align Sourcing (US), AMS Technologies (Germany), European Thermodynamics (UK), CUI Inc. (US), Wellen Technology (China), and Advanced Thermoelectric (US).
This report covers the thermoelectric modules market based on technology, type, functionality, end–use application, offering, and region. A detailed analysis of the key industry players has been done to provide insights into their business, products and services, and key strategies such as product launches, mergers and acquisitions, partnerships, agreements, and collaborations associated with the thermoelectric modules market.
Key Benefits of Buying the Report
The report would help market leaders or new entrants in the following ways:
- This report segments the overall market comprehensively and provides the closest approximations of the global thermoelectric modules market size and that of the subsegments across different applications and regions.
- The report helps stakeholders to understand the pulse of the market and provides them information on key drivers, restraints, challenges, and opportunities in the thermoelectric modules market.
- This report would help stakeholders to understand their competitors better and gain insights to enhance their position in the market.
- The competitive landscape section includes the competitor ecosystem, product developments, partnerships, and mergers and acquisitions in the thermoelectric modules market.