The thermoelectric modules market size 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.
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Furthermore, underlying opportunities in this space include the development of thermoelectric modules for new application arena and the concept of turning body heat into electricity. Significant restraints for the market growth is design complexities associated with thermoelectric modules and high costs compared with traditional systems. Managing heat dissipation in computing and networking devices pose a significant challenge for the thermoelectric modules market growth.
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 major players in the thermoelectric modules market.
Top 2 players in Thermoelectric Modules Market:
Ferrotec (Japan)
Ferrotec Corporation operates as a subsidiary of Ferrotec Holdings Corporation. Ferrotec Corporation was founded in 1968 and is headquartered in Santa Clara, California. The company engages in designing and manufacturing components and assembly solutions for precision processes. Ferrotec designs and manufactures general-purpose, deep-cooling, and special design thermoelectric modules. The company provides sales and technical support services across the world to meet the commercial and technical requirements related to thermoelectric modules. It offers more than 136 types of thermoelectric modules, including multistage and custom modules in various shapes and sizes. The company is extending its business through contracts, partnerships, and collaborations. Furthermore, it has continued its growth in different economies such as Taiwan, Japan, the US, and the UK. For instance, in January 2016, Ferrotec announced an alliance with JSW AFTY (Japan). Moreover, the company focuses on expanding its thermoelectric modules (TEM) business in the automobile industry.
LAIRD (UK)
Advent International acquired LAIRD Thermal Systems in December 2018. The company is fully operational, an independent business owned by Advent International. LAIRD Thermal Systems has an extensive product portfolio that covers a wide range of thermoelectric modules that are used for several purposes, such as cooling, using temperature differentials to generate electricity, and ensuring low power consumption. The company is focusing on organic growth through product launches and developments and expansion of its thermoelectric module portfolio. For instance, in April 2019, the company 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. To gain a competitive edge, the company offers thermoelectric modules (TEMs) at a lower cost for medical laser applications.
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