The growth of the global thermoelectric module market is thriving on the back of the increasing adoption rate of thermoelectric modules globally, backed by the launch of new eco-friendly products, followed by the innovative technological advancements and developments in the thermoelectric modules. Moreover, increasing product miniaturization, coupled with the development of several micro devices, such as microcontrollers, microprocessors, microsensors and micro instruments and the increasing research and development activities by the key players for the development of advanced thermoelectric modules are some of the factors anticipated to promote towards the growth of the global thermoelectric module market.
The global thermoelectric module market reached USD 660.80 million in the year 2019 and is expected to garner USD 1334.44 million by the end of 2028 by registering a CAGR of 8.41% across the globe over the forecast period 2020-2028. Moreover, the market is anticipated to gain an incremental $ opportunity of USD 38.79 million in the year 2020 as compared to the previous year. On the other hand, the market is also anticipated to gain an absolute $ opportunity of USD 634.85 million in-between the period 2020 and 2028.
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.
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. CLICK TO DOWNLOAD SAMPLE REPORT
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 Segmentation Synopsis
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.
Market Drivers and Challenges
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.
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.
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.
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.
The market is anticipated to attain a CAGR of 8.41% over the forecast period, i.e. 2020-2028.
The market in Asia Pacific (APAC) held the dominating share of 41.26% in the year 2019.
The market in Europe is anticipated to provide more business opportunities in the future.
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
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.
The market is majorly segmented by type, model, functionality, end-user and by region.
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.
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.
Direct access to analyst to help you understand the market in a better way to handle your critical question
Citing your business specific requirement our consultant would assist you ensuring targeted goal is achieved
Get 10% free customization