The report "Thermoelectric Modules Market with COVID-19 Impact Analysis, By Model (Single Stage, Multi Stage), Type (Bulk, Micro, Thin Film), Functionality (General Purpose, Deep Cooling), End-Use Application, and Region - Global Forecast to 2026", is projected to grow from USD 593 million in 2021 to USD 872 million by 2026; it is expected to grow at a CAGR of 8.0% during the forecast period. Owing to COVID-19, the thermoelectric modules market is estimated to face headwinds for 2020–2021. The growth of the thermoelectric modules market is driven by factors such as increasing demand for electric and luxury vehicles and the growing deployment of 5G connectivity. The new high-speed 5G telecommunication standard presents thermal challenges for critical components such as optical transceivers. Optical transceivers contain a laser diode that needs to be kept below 70°C to ensure no loss of data transmission wherein TEMs need to be deployed. Hence, with the increasing deployment of 5G equipment, there will be an increasing demand for TEMs in telecommunications. TEMs are expected to be used in future electric vehicles. TEMs are used in electric vehicles to stabilize the temperature of a car’s battery-operated system, especially for colder climates where battery efficiency can be reduced by up to 40%.
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Consumer Electronics application to register highest share for thermoelectric modules market in 2021
Thermoelectric modules used in consumer electronics accounted for the largest share of the thermoelectric modules market and the trend will remain the same during the forecast period. Consumer electronics manufacturers must constantly innovate and improve designs to create smaller, thinner, lighter, and more reliable products that meet customer demands. Due to fast-changing consumer preferences, thermoelectric cooling solutions offer a competitive advantage by enabling OEMs to develop desirable products and bring them faster to the market. Beverage dispensers including coffee and juice/milk machines require a thermoelectric module that delivers efficient performance, low operating noise, and low maintenance requirements. Water purification systems are another application area, which requires thermoelectric coolers for both cooling and heating water. Thermoelectric solutions are also expected to be featured in consumer wearables in the future. Hence, consumer electronics holds the largest market for thermoelectric modules.
Impact of COVID-19 on current thermoelectric modules market size and forecast
The emergence of the COVID-19 pandemic, a deadly respiratory disease that originated in China, is now become a worldwide issue and has also affected the thermoelectric modules market. The COVID-19 pandemic will have a varying impact on different types of thermoelectric modules. The market has been negatively affected primarily due to the decline in industrial, aerospace, and automotive applications. Consumer electronics have also experiencing a fall in revenue initially but is expected to recover from 2021 onward. Telecommunications and medical segments have witnessed a minimal decline due to COVID-19 as remote communications and medicine/vaccine storage and transport as well as pharmaceutical research have become critical activities in the light of the pandemic. The overall market is expected to recover in 2020 with some segments such as automotive and aerospace expected to have a slightly late recovery.
Thermoelectric Modules Dynamics
Driver: Benefits of TEMs over conventional systems
TEMs have many advantages over conventional systems. Compared to vapor-compression cooling systems, TEMs are more compact, require less maintenance, have lower levels of vibration and noise, and have a more precise control over the temperature. A TEM acts as a small heat pump and transfers heat from one side of the device to the other. In addition, TEMs are also used to generate electricity by taking advantage of the temperature difference between 2 sides of the module. Due to their unique property of converting heat into electricity, starting from a zero-temperature difference makes them more useful than other conventional systems. TEMs are virtually maintenance free, highly reliable, eco friendly, and compact and lightweight, and they also provide precise temperature control; hence, they are deployed in consumer electronics, industrial, and medical sectors. In consumer electronics, they are commonly used for cooling in small volumes, such as portable and domestic refrigerators, portable iceboxes, and beverage can coolers where the cooling requirements are not too high.
Restraint: Inherent disadvantages and design complexities
The major disadvantage of TEMs is that they are inefficient. The flowing current through the module itself tends to generate a significant amount of heat, which gets added to the overall heat produced in the respective application. In large applications, this results in an excessive amount of heat, which can be removed using additional fans. However, this also uses up a lot of electricity, which can make its use for large-scale applications very expensive. TEMs are used to heat or cool objects. They are used for various applications where cooling below the ambient temperature or high temperature precision (stability <0.01 °C) are required. As TEMs are used for different applications such as automotive and consumer electronics, design complexities are associated with them. For instance, to reach the equivalent cooling efficiency of mechanical compression refrigeration, the material optimal coefficient of TEC is not high, which hinders the growth of TEMs.
Market in APAC estimated to have largest share during forecast period
APAC has emerged as a global focal point for large investments and business expansion opportunities. The region represents the fastest-growing market worldwide for thermoelectric modules. The increased demand for waste heat recovery, consumer goods, industrial automation, and healthcare monitoring devices is expected to drive this market in the region. APAC has a large consumer electronics industry consisting of countries such as China, Japan, and South Korea, which is the largest manufacturer and end user of consumer devices. South Korea is an important country for manufacturing portable consumer devices while China is the largest exporter of consumer refrigeration devices. Hence, for consumer electronics, the market in APAC is expected to continue to grow as markets in North America and Europe continue to stagnate over time.
North America is the most adversely affected region by the pandemic. Hesitant consumer spending on refrigerator and freezer replacements will drive the demand down for thermoelectric modules for consumer electronics. A decrease in disposable personal income is driving consumer reluctance to replace old appliances as a result of lower spending power in the US and Canada. The North American automotive market witnessed a sharp decline in 2020, resulting in fewer vehicle sales despite the introduction of new vehicle models by major automobile manufacturers. Many existing and potential vehicle buyers in North America are deferring their purchases at present. The commercial aerospace market in North America has also been severely affected, particularly in the US. The purchase of civilian aircraft production in 2020 has declined to around half of that of 2019, which, in turn, has reduced the demand for thermoelectric modules in aerospace applications.
Major vendors in the thermoelectric modules market include Ferrotec (US), II-VI Incorporated (US), KELK (Japan), Laird Thermal Systems (US), Guangdong Fuxin Technology (China), TE Technology (US), Phononic (US), INHECO Industrial Heating & Cooling (Germany), TEC Microsystems (Germany), Crystal (Russia), Kryotherm (Russia), Z-Max (Japan), Kyocera Corporation (Japan), Align Sourcing (US), HiTECH Technologies (US), Hi-Z Technology (US), Merit Technology Group (China), KJLP ELECTRONICS (China), P&N Technology (China), Thermonamic Electronics (China), Hui Mao (China), Wellen Technology (China), and Xiamen HIcool Electronics (China).
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