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Thermoelectric Module Market Segmentation By Type (Micro Modules, Thin-Film Modules and Bulk Modules); By Model (Single-stage and Multi-Stage); By Functionality (Deep Cooling Module and Power Generation Module) and By End-User (Telecommunication, Industrial, Consumer Electronics, Automotive, Energy & Power, Medical Device & Instruments, Aerospace & Defense, Oil & Gas Mining and Others) - Global Industry Demand Analysis and Opportunity Assessment 2019-2028

Buy Now Report ID: 2568 | Published Date: Feb 03, 2023
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Global Thermoelectric Module Market

1. Introduction

1.1. Market Definition

1.2. Market Segmentation

2. Research Methodology

2.1. Variables (Dependent and Independent)

2.2. Multi Factor Based Sensitivity Model

3. Executive Summary- Global Thermoelectric Module Market

4. Market Dynamics

4.1. Drivers

4.2. Challenges

4.3. Opportunities

4.4. Trends

5. Impact analysis of COVID-19 on the Global Market

6. Regulatory and Standards Landscape

7. Analysis of Segment-based Opportunities

8. Analysis of Major Application of Thermoelectric Modules

9. Global Thermoelectric Module Market Outlook

9.1. Market Size and Forecast, 2019-2028

9.1.1. By Value (USD Million)

9.1.2  By Volume (Million Units)

By Type

• Micro Modules, 2019-2028F (USD Million)

• Thin-Film Modules, 2019-2028F (USD Million)

• Bulk Modules, 2019-2028F (USD Million)

By Model

• Single-Stage, 2019-2028F (USD Million)

• Multi-Stage, 2019-2028F (USD Million)

By Functionality

• Deep Cooling Modules, 2019-2028F (USD Million)

• Power Generation Modules, 2019-2028F (USD Million)

By End-User

• Telecommunication, 2019-2028F (USD Million)

• By Application

• Transmission Lasers, 2019-2028F (USD Million)

• IOT Communication Equipment, 2019-2028F (USD Million)

• Others, 2019-2028F (USD Million)

• Industrial, 2019-2028F (USD Million)

• By Application

• Machine/Electric Tools, 2019-2028F (USD Million)

• Temperature Control Chambers, 2019-2028F (USD Million)

• Cleaning Equipment, 2019-2028F (USD Million)

• Microprocessor & Robotics, 2019-2028F (USD Million)

• Others, 2019-2028F (USD Million)

• Consumer Electronics, 2019-2028F (USD Million)

• By Application

• Smartphone/Cellphone, 2019-2028F (USD Million)

• Wearable Device, 2019-2028F (USD Million)

• GPS Tracker, 2019-2028F (USD Million)

• Power Storage Systems, 2019-2028F (USD Million)

• Others, 2019-2028F (USD Million)

• Automotive, 2019-2028F (USD Million)

• By Application

• Battery Thermal Management, 2019-2028F (USD Million)

• Seat Cooling, 2019-2028F (USD Million)

• Head-up Display, 2019-2028F (USD Million)

• Cabin Heating, 2019-2028F (USD Million)

• Power Electronics, 2019-2028F (USD Million)

• Others, 2019-2028F (USD Million)

• Energy & Power, 2019-2028F (USD Million)

• By Application

• Solar Power Generation Systems, 2019-2028F (USD Million)

• Home Heating Systems, 2019-2028F (USD Million)

• Building Automation, 2019-2028F (USD Million)

• Others, 2019-2028F (USD Million)

• Medical Device & Instruments, 2019-2028F (USD Million)

• By Application

• Temperature Control Chambers/Incubators, 2019-2028F (USD Million)

• Thermocycler, 2019-2028F (USD Million)

• Scientific Research, 2019-2028F (USD Million)

• Others, 2019-2028F (USD Million)

• Aerospace & Defense, 2019-2028F (USD Million)

• By Application

• Shuttle Refrigerators/ Freezers, 2019-2028F (USD Million)

• Shuttle Navigation, 2019-2028F (USD Million)

• Guidance Systems, 2019-2028F (USD Million)

• Others, 2019-2028F (USD Million)

• Oil & Gas, Mining, 2019-2028F (USD Million)

• Other Application, 2019-2028F (USD Million)

By Region

• North America, 2019-2028F (USD Million)

• Europe, 2019-2028F (USD Million)

• Asia-Pacific, 2019-2028F (USD Million)

• Latin America, 2019-2028F (USD Million)

• Middle East & Africa, 2019-2028F (USD Million)

10. North America Thermoelectric Module Market Outlook

10.1. Assessment of Macroeconomic Factors

10.2. Assessment of End-use Industry

10.3. Demand-Supply Analysis

10.4. Market Size and Forecast, 2019-20278

10.1.1. By Value (USD Million)

10.1.2 By Volume (Million Units)

By Type

• Micro Modules, 2019-2028F (USD Million)

• Thin-Film Modules, 2019-2028F (USD Million)

• Bulk Modules, 2019-2028F (USD Million)

By Model

• Single-Stage, 2019-2028F (USD Million)

• Multi-Stage, 2019-2028F (USD Million)

By Functionality

• Deep Cooling Modules, 2019-2028F (USD Million)

• Power Generation Modules, 2019-2028F (USD Million)

By End-User

• Telecommunication, 2019-2028F (USD Million)

• Industrial, 2019-2028F (USD Million)

• Consumer Electronics, 2019-2028F (USD Million)

• Automotive, 2019-2028F (USD Million)

• Energy & Power, 2019-2028F (USD Million)

• Medical Device & Instruments, 2019-2028F (USD Million)

• Aerospace & Defense, 2019-2028F (USD Million)

• Oil & Gas, Mining, 2019-2028F (USD Million)

• Other Application, 2019-2028F (USD Million)

By Country

• U.S., 2019-2028F (USD Million)

• Canada, 2019-2028F (USD Million)

11. Europe Thermoelectric Module Market Outlook

11.1. Assessment of Macroeconomic Factors

11.2. Assessment of End-use industry

11.3. Demand-Supply Analysis

11.4. Market Size and Forecast, 2019-2028

11.1.1. By Value (USD Million)

11.1.2 By Volume (Million Units)

By Type

• Micro Modules, 2019-2028F (USD Million)

• Thin-Film Modules, 2019-2028F (USD Million)

• Bulk Modules, 2019-2028F (USD Million)

By Model

• Single-Stage, 2019-2028F (USD Million)

• Multi-Stage, 2019-2028F (USD Million)

By Functionality

• Deep Cooling Modules, 2019-2028F (USD Million)

• Power Generation Modules, 2019-2028F (USD Million)

By End-User

• Telecommunication, 2019-2028F (USD Million)

• Industrial, 2019-2028F (USD Million)

• Consumer Electronics, 2019-2028F (USD Million)

• Automotive, 2019-2028F (USD Million)

• Energy & Power, 2019-2028F (USD Million)

• Medical Device & Instruments, 2019-2028F (USD Million)

• Aerospace & Defense, 2019-2028F (USD Million)

• Oil & Gas, Mining, 2019-2028F (USD Million)

• Other Application, 2019-2028F (USD Million)

By Country

• UK, 2019-2028F (USD Million)

• Germany, 2019-2028F (USD Million)

• Italy, 2019-2028F (USD Million)

• France, 2019-2028F (USD Million)

• Spain, 2019-2028F (USD Million)

• Russia, 2019-2028F (USD Million)

• Rest of Europe, 2019-2028F (USD Million)

12. Asia Pacific Thermoelectric Module Market Outlook

12.1. Assessment of Macroeconomic Factors

12.2. Assessment of End-use industry

12.3. Demand-Supply Analysis

12.4. Market Size and Forecast, 2019-2028

12.1.1. By Value (USD Million)

12.1.2 By Volume (Million Units)

By Type

• Micro Modules, 2019-2028F (USD Million)

• Thin-Film Modules, 2019-2028F (USD Million)

• Bulk Modules, 2019-2028F (USD Million)

By Model

• Single-Stage, 2019-2028F (USD Million)

• Multi-Stage, 2019-2028F (USD Million)

By Functionality

• Deep Cooling Modules, 2019-2028F (USD Million)

• Power Generation Modules, 2019-2028F (USD Million)

By End-User

• Telecommunication, 2019-2028F (USD Million)

• Industrial, 2019-2028F (USD Million)

• Consumer Electronics, 2019-2028F (USD Million)

• Automotive, 2019-2028F (USD Million)

• Energy & Power, 2019-2028F (USD Million)

• Medical Device & Instruments, 2019-2028F (USD Million)

• Aerospace & Defense, 2019-2028F (USD Million)

• Oil & Gas, Mining, 2019-2028F (USD Million)

• Other Application, 2019-2028F (USD Million)

By Country

• China, 2019-2028F (USD Million)

• India, 2019-2028F (USD Million)

• Japan, 2019-2028F (USD Million)

• South Korea, 2019-2028F (USD Million)

• Singapore, 2019-2028F (USD Million)

• Malaysia, 2019-2028F (USD Million)

• Thailand, 2019-2028F (USD Million)

• Rest of Asia Pacific, 2019-2028F (USD Million)

13. Latin America Thermoelectric Module Market Outlook

13.1. Assessment of Macroeconomic Factors

13.2. Assessment of End-use industry

13.3. Demand-Supply Analysis

13.4. Market Size and Forecast, 2019-2028

13.1.1. By Value (USD Million)

13.1.2 By Volume (Million Units)

By Type

• Micro Modules, 2019-2028F (USD Million)

• Thin-Film Modules, 2019-2028F (USD Million)

• Bulk Modules, 2019-2028F (USD Million)

By Model

• Single-Stage, 2019-2028F (USD Million)

• Multi-Stage, 2019-2028F (USD Million)

By Functionality

• Deep Cooling Modules, 2019-2028F (USD Million)

• Power Generation Modules, 2019-2028F (USD Million)

By End-User

• Telecommunication, 2019-2028F (USD Million)

• Industrial, 2019-2028F (USD Million)

• Consumer Electronics, 2019-2028F (USD Million)

• Automotive, 2019-2028F (USD Million)

• Energy & Power, 2019-2028F (USD Million)

• Medical Device & Instruments, 2019-2028F (USD Million)

• Aerospace & Defense, 2019-2028F (USD Million)

• Oil & Gas, Mining, 2019-2028F (USD Million)

• Other Application, 2019-2028F (USD Million)

By Country

• Brazil, 2019-2028F (USD Million)

• Mexico, 2019-2028F (USD Million)

• Argentina, 2019-2028F (USD Million)

• Rest of Latin America, 2019-2028F (USD Million)

14. Middle East & Africa Thermoelectric Module Market Outlook

14.1. Assessment of Macroeconomic Factors

14.2. Assessment of End-use industry

14.3. Demand-Supply Analysis

14.4. Market Size and Forecast, 2019-2028

14.1.1. By Value (USD Million)

14.1.2 By Volume (Million Units)

By Type

• Micro Modules, 2019-2028F (USD Million)

• Thin-Film Modules, 2019-2028F (USD Million)

• Bulk Modules, 2019-2028F (USD Million)

By Model

• Single-Stage, 2019-2028F (USD Million)

• Multi-Stage, 2019-2028F (USD Million)

By Functionality

• Deep Cooling Modules, 2019-2028F (USD Million)

• Power Generation Modules, 2019-2028F (USD Million)

By End-User

• Telecommunication, 2019-2028F (USD Million)

• Industrial, 2019-2028F (USD Million)

• Consumer Electronics, 2019-2028F (USD Million)

• Automotive, 2019-2028F (USD Million)

• Energy & Power, 2019-2028F (USD Million)

• Medical Device & Instruments, 2019-2028F (USD Million)

• Aerospace & Defense, 2019-2028F (USD Million)

• Oil & Gas, Mining, 2019-2028F (USD Million)

• Other Application, 2019-2028F (USD Million)

By Country

• Israel, 2019-2028F (USD Million)

• GCC, 2019-2028F (USD Million)

• Iran, 2019-2028F (USD Million)

• South Africa, 2019-2028F (USD Million)

• Rest of Middle East & Africa, 2019-2028F (USD Million)

15.Competitive Landscape

• Kryotherm

• Komatsu Ltd. (KELK Ltd.)

• Crystal Ltd.

• Ferrotec (USA) Corporation

• Guangdong Fuxin Technology Co. Ltd.

• Kyocera Corporation

• Laird Thermal Systems

• RMT Ltd.

• TE Technology

• TEC Microsystems GmbH

• Thermion Company

• Thermonamic Electronics (Jiangxi) Corporation

Market Segmentation Synopsis

By Type

The global thermoelectric module market is segmented by type into micro modules, thin-film modules and bulk modules. The bulk modules segment registered the largest market share of 42.43% in the year 2019 and is further anticipated to grow by a CAGR of 7.56% during the forecast period. The segment is also expected to gain an incremental $ opportunity of USD 14.22 million in the year 2020 as compared to the previous year. The segment is further anticipated to cross a value of USD 527.80 million by the end of 2028. On the other hand, the micro modules segment is anticipated to grow with the largest CAGR of 9.38% throughout the forecast period.

Thermoelectric Module Market Share Graph

RN
Thermoelectric Module Market Graph
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Growth Highlights based on Region during 2018-2027

The global thermoelectric module market is segmented by regions into North America, Latin America, Europe, Asia Pacific and Middle East and Africa. Among these regions, the market of Asia Pacific registered the largest market share of 41.26% in the year 2019 and is anticipated to grow with the highest CAGR of 9.12% during the forecast period. On the other hand, the market in the region is anticipated to gain an incremental $ opportunity of USD 17.96 million in the year 2020 as compared to the previous year and further reach a market value of USD 584.22 million by the end of 2028.

Thermoelectric Module Market Graph

Moreover, the market in Europe is anticipated to gain a significant market share by growing at a CAGR of 8.62% throughout the forecast period. The market in the region is further anticipated to gain an incremental $ opportunity of USD 9.29 million in the year 2020 as compared to the previous year. 

The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).

Market Drivers and Challenges

Market-Growth-Drivers

Growth Indicators

Increasing Need for Heating and Cooling Processes Across Various End-Users

Increasing developments in semiconductor and electronics industry processing has led to the application of various precise and compact units with relatively large amount of power and enhanced performance. The control of such special materials and the temperature sensitivity of units are pronounced, hence essentially require cooling for improved performance and smooth operation. The cooling processes of thermoelectric module technology by applying low voltage DC power source such as by adding heat sink can offer various growth opportunities in refrigeration and thermal management sector. Furthermore, various devices in medical monitoring (wearable devices), telecommunication sector, industrial and automobile requires power generation capabilities for better performance and operation. Thermoelectric module technology is capable of power generation from microwatts to tens and hundreds kW, and also to MW. Low power devices such as hearing machines, smart watches, and some other smart devices are equipped with thermoelectric module chip for temperature regulation. Additionally, various energy-intensive industries, such as processing and production of glass, metal, ceramics, cement offers particularly high potential to recover energy from waste energy. Therefore, TEG is expected to offer compact and effective solution for recovering waste heat from the exhaust tract of truck or ship diesel engines. Such factors are anticipated to drive the growth of the global thermoelectric module market.

Barriers

High Investment Cost of Thermoelectric Modules

The increasing investment cost of thermoelectric modules compared to conventional system of cooling and heating systems is one of the major factors anticipated to act as a restraining factor for the growth of the global thermoelectric module market. Many thermoelectric modules use tellurium and germanium as its contemporary thermoelectric material. These materials cost high to the manufacturers of thermoelectric modules, thereby affecting the overall cost of investment for the manufacturers.

Thermoelectric Module Market Share Graph
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Top Featured Companies

top-features-companies

    Some of the affluent industry leaders in the global thermoelectric module market are Kryotherm, Crystal Ltd., Komatsu Ltd., Ferrotec (USA) Corporation, Guangdong Fuxin Technology Co., Ltd., KYOCERA Corporation, Laird Thermal Systems, RMT Ltd., TE Technology, Inc. and TEC Microsystems GmbH.

In-the-news

In The News

  • November 2018: Kryotherm announced the completion of initiative development of a new thermoelectric generator GTEG-1000 that were carried out by the representatives of Energy Department of the Department 308 of PJSC Gazprom and OOO Saratovgazavtomatika Plant. The product operates at 1 kW power and displays the excess generated net power to the load upto 10%.

  • March 2020: Crystal Ltd. announced about the utilization of Thermoelectric (Peltier) Modules in modern medical PCR devices in order to make revolutionary changes in the field of science and medicine. These thermoelectric (Peltier) modules provide compatibility and incredible flexibility with minimal effort to solve the medical related problems.

preview-analysis

Global Economic Impact

Request Insights
Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.


Author Credits:  Abhishek Verma, Hetal Singh


Key Questions Answered in the Report

1) What are the major factors driving the growth of the Thermoelectric Module market?

Ans: Increasing need for heating and cooling processes across various end users around the globe is one of the major factors that is driving the growth of the market.

2) What would be the CAGR of Thermoelectric Module market over the forecast period?

Ans: The market is anticipated to attain a CAGR of 8.41% over the forecast period, i.e. 2020-2028.

4) Which region will provide more business opportunities for growth of Thermoelectric Module market in future?

Ans: The market in Europe is anticipated to provide more business opportunities in the future.

5) Who are the major players dominating the Thermoelectric Module market?

Ans: The major players in the global thermoelectric module market are Kryotherm, Crystal Ltd., Komatsu Ltd., Ferrotec (USA) Corporation, Guangdong Fuxin Technology Co., Ltd., KYOCERA Corporation, Laird Thermal Systems, RMT Ltd., TE Technology, Inc. and TEC Mic

6) How are the company profiles selected?

Ans: he company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the major segments in the global power modules market?

Ans: The market is majorly segmented by type, model, functionality, end-user and by region.

8) What can be the significant growth opportunity for the voltage segment in the global power modules market?

Ans: The bulk modules segment, which is a sub-segment of the type segment, held the largest market share of around 42.43% in the year 2019 is anticipated to show significant growth opportunity.

8) What are the restraining factors for the market?

Ans: Concerns for the high investment cost for the manufacturing of thermoelectric modules is one of the major factors anticipated to act as a barrier towards the growth of the market.

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