Top 2 players in Thermoelectric Modules Market and strategies adopted by them

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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Ferrotec (Japan) and Laird (UK) are the Key Players in the Thermoelectric Modules Market

The major drivers for the thermoelectric modules market include precise temperature control and superior benefits of thermoelectric modules, dual properties (simultaneous heating and cooling) of thermoelectric modules, improved fuel efficiency in vehicles using thermoelectric modules, and increasing awareness of green energy. Currently, the key players in the thermoelectric modules market are adopting various development strategies such as contracts, partnerships, agreements, mergers, acquisitions, expansions, product launches, and research and development (R&D) activities to gain a competitive advantage in the market.

In terms of market leadership, Ferrotec (Japan) leads the thermoelectric modules market. Other top companies in the thermoelectric modules market include Laird (UK), II-VI Marlow (US), Crystal Ltd. (Russia), and RMT Ltd. (Russia).

Ferrotec (Japan) has been ranked first in the thermoelectric modules market. Ferrotec is a diversified technology company and offers a broad array of end products and manufacturing systems across various industries. Ferrotec products are used in the telecom industry, biomedical industry, instrumentation applications, automotive industry, and power generation and consumer electronics application. The company has 12 production bases and 16 sales offices worldwide. The company has positioned itself for continued growth through product launches. Moreover, the company is extending its business through contracts, partnerships, alliances and collaborations of products and solutions. Furthermore, the company 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). This alliance helped JSW AFTY to represent the temescal electron beam evaporators of Ferrotec in the Japanese market. In addition, Ferrotec represented the systems developed by JSW AFTY in the US. Under this alliance, both companies provided sales, services, and support to customers in Japan and the US markets.

Laird (UK) has been ranked second in the thermoelectric modules market. Laird designs, manufactures, and supplies components and solutions for wireless systems and advanced electronics applications, as well as provides support services. The company’s strategy is to provide a broad range of products and solutions for thermal management and wireless systems. New developments and advancements in products require a wide variety of technologies and capabilities. Hence, the company is focusing on organic growth through product development, as well as inorganic growth by extending its existing businesses through acquisitions, expansions, and alliances, which, in turn, would help the company adopt new technologies for the development of new advanced and updated products. For instance, in January 2016, Laird completed the acquisition of Novero (Germany). With the acquisition of Novero, Laird extended its product portfolio in the wireless systems business segment.

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Thermoelectric modules market for the deep cooling modules is expected to grow at a higher CAGR

The 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. The demand for thermoelectric modules is mainly driven by its superior advantages such as precise temperature control, compact geometric size, reliable solid state operations, lower power consumption, rapid temperature cycling, fully reversible switch in polarity, integrated design, and rapid response time.

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This report covers the thermoelectric modules market based on technology, type, functionality, end-use application, offering, and region. Currently, the telecommunications application dominates the global market and is expected to be a lead the market during the forecast period. This growth is attributed to the wide deployment of thermoelectric modules in the telecommunications applications such as optical channel monitors (OCM), community antenna television (CATV) lasers, transmission lasers (DWDM), avalanche photodiodes (APD), pump lasers (EDFA), and photonic integrated circuits (PIC).

The deep cooling modules are estimated to hold the largest share, and grow at a higher CAGR between 2017 and 2023. This growth is attributed to the increasing use of deep cooling modules in various applications such as infrared (IR) detectors, charged couple discharge (CCD) arrays, electro-optics industrial cooling, temperature control, water coolers (chillers), and cold chambers for climatic tests of radio electronic components.

The market for the software and services offering is expected to grow at a higher rate between 2017 and 2023. The increasing adoption of the software and services offering is due to the emergence of various companies offering simulation, designing and engineering, and testing and compliance software and services in the market. For instance, Laird (UK) offers AZTEC thermoelectric module simulation software. Moreover, some software help in providing solutions to thermoelectric module cooling assembly design issues. For instance, TECCad software offered by RMT Ltd. (Russia) aids in addressing and resolving thermoelectric modules assembly design issues.

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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