The report "Thermoelectric Modules Market by Model (Single-Stage, Multi-Stage), Type (Bulk Thermoelectric Modules, Micro Thermoelectric Modules, Thin-Film Thermoelectric Modules), Functionality, Offering, End-Use Application, and Region - Global Forecast to 2024", is projected to reach USD 1,023 million by 2024 from USD 668 million in 2019, at a CAGR of 8.9%. Benefits of thermoelectric modules over conventional systems, simultaneous heating & cooling of thermoelectric modules catering to the demand in several applications, growth of electric vehicle market and focus of governments as well as product & service providers on using renewable energy sources is expected to drive the thermoelectric modules industry growth. Furthermore, underlying opportunities for the thermoelectric modules market include the development of thermoelectric modules for new application arena and the concept of turning body heat into electricity.
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Multi-stage model for thermoelectric modules to grow at higher CAGR during the forecast period
Multi-stage thermoelectric modules are also known as cascade modules. They work on high deltaT (Temperature difference) between the hot and cold side of the component. These modules are designed to provide significantly higher temperature differences. Cascade modules are used to obtain DTs of up to 130°C.
Multi-stage thermoelectric modules are suitable for applications for which a low-to-medium cooling capacity is required. Typical applications of multi-stage thermoelectric modules are IR detectors, charge-coupled device (CCD) arrays, electro-optics, and material testing solutions. Further, companies are focusing on developing high-capacity multi-stage thermoelectric modules. For instance, TEC Microsystems introduced a new range of ultra-small multistage thermoelectric coolers having eight times smaller volume dimensions.
Deep-cooling modules to hold the largest share of thermoelectric modules market during the forecast period
Deep-cooling modules are the major revenue generators of the thermoelectric modules market based on functionality. Deep-cooling modules are available in different form factors, such as single-stage and multi-stage. High-power thermoelectric modules are also considered in deep-cooling modules. High-power thermoelectric modules are designed to maximize the heat pumping capacity.
The companies in this market are also focusing on high-temperature applications. For instance, in May 2019, LAIRD has expanded its Peltier thermoelectric module product family with the HiTemp ET Series, designed to protect critical electronic devices like CMOS sensors in high-temperature applications.
Asia Pacific thermoelectric modules market expected to grow at highest CAGR during the forecast period
Asia Pacific accounted for the largest share of the thermoelectric modules market in 2018. It is the fastest-developing region for most of the applications such as automotive, consumer electronics, oil, gas & mining, and industrial.
The market in APAC has been segmented into China, Japan, South Korea, and the Rest of APAC. The region has emerged as a global focal point for significant investments and business expansion opportunities. The geography represents the fastest-growing thermoelectric modules market worldwide during the forecast period due to the increasing demand for waste heat recovery, consumer goods, industrial automation, and healthcare monitoring devices.
Ferrotec (USA) Corporation (Ferrotec, US), Laird Thermal Systems (LAIRD, UK), II-VI Marlow (Marlow, US), TE Technology, Inc. (TE Technology, US), TEC Microsystems GmbH (TEC Microsystems, Germany), Crystal Ltd (Crystal, Russia), Kryotherm (Kryotherm, Russia), RMT Ltd. (RMT, Russia), Thermion Company (Thermion Company, Ukraine), Thermonamic Electronics (Jiangxi) Corp., Ltd. (Thermonamic Electronics, China), KELK Ltd (KELK, Japan), and Guangdong Fuxin Technology Co., Ltd. (Fuxin Technology, China) are a few significant players in the thermoelectric modules market.
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