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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Automotive; consumer electronics; aerospace and defense; medical and laboratories; oil, gas, and mining; industrial (energy and power, food & beverages, and metal); and telecommunications are some end-use application. The consumer electronics application accounted for the largest share of the thermoelectric modules market in coming years. Thermoelectric modules are widely used in the consumer electronics application, including portable food/beverage containers, chilled water dispensers, beer/wine cabinets, small refrigerators, air conditioners, and others. These applications require thermoelectric modules to provide cooling and temperature control as traditional cooling systems are not feasible for such applications Therefore, maintaining end-to end visibility of operations for food and beverage industry is important.
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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