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Thermoelectric Modules Market

Thermoelectric Modules Market

By Model (Single Stage, Multi Stage), Type (Bulk, Micro, and Thin Film), and Application (Consumer Electronics, Telecommunications, Automotive, Industrial, Healthcare, Aerospace & Defense, and Energy & Utility): Global Opportunity Analysis and Industry Forecast, 2021-2030

Report Code: A13037
Pages: NA
Nov 2022 | 1103 Views
Author(s) : Vineet Kumar
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Thermoelectric Modules Market Outlook – 2030

The global thermoelectric modules market is experiencing a significant growth and will grow considerably in the next few years. Thermoelectric module, also known as thermoelectric cooler, is a device that is implanted in a machine or placed inside of it to transfer heat from one side to the other. It is semiconductor-based equipment that is primarily utilized in compact cooling devices and camping coolers. With the help of its structured circuit engineering, which operates on the Peltier Effect, heat pumps installed in them are capable of extracting water from air.

 Thermodynamics, the study of how temperature influences the generation and distribution of electricity, is the primary theory that guides the operation of thermoelectric modules. A gadget must be in a condition of thermal cycling to function effectively, which essentially implies that the temperature must be constant. As no effort is made to modify the state of any component while the device is in this thermoelectric condition, the output power, which is the output voltage, will remain fixed. It's known as a thermally active device due to this reason.

The global thermoelectric modules market is segmented on the basis of model, type, application and region. On the basis of model, the market is divided into single stage, multi stage. Based on type, the market is divided into bulk, micro, and thin film. In terms of application, the market is categorized into consumer electronics, telecommunications, automotive, industrial, healthcare, aerospace & defense, and energy & utility. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

Key players operating in the global thermoelectric modules industry include Custom Thermoelectric, LLC, WATRONIX Inc, Alutron Modules Inc, Bourns Inc., Crystal Ltd., Ferrotec (USA) Corporation., Laird Thermal Systems, II-VI Incorporated, and TEC Microsystems GmbH. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global thermoelectric modules market.

Market Scope and Structure Analysis

Report Metric


 Market Size Available for Years


 Base Year Considered


 Forecast Period


 Forecast Unit

 Value ($)

 Segments Covered

 Model, Type, Application, and Region

 Regions Covered

North America (U.S., Canada and Mexico), Europe (Germany, UK, France, Italy and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea and the Rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa)

 Companies Covered

Custom Thermoelectric, LLC, WATRONIX Inc, Alutron Modules Inc, Bourns Inc., Crystal Ltd., Ferrotec (USA) Corporation., Laird Thermal Systems, II-VI Incorporated, and TEC Microsystems GmbH


COVID-19 Scenario Analysis

The COVID-19 pandemic, a deadly respiratory disease that began in China and has now spread throughout the world, has an impact on the thermoelectric module business. The impact of COVID-19 on different types of thermoelectric modules will be different. The decline in industrial, aerospace, and automotive applications has  a detrimental impact on the market.

Consumer electronics has also witnessed a drop in income at first, but it is predicted to recover by 2021.COVID-19 has had a minor impact on the telecommunications and medical sectors, as remote communications, medicine/vaccine storage and transit, and pharmaceutical research have all become vital activities in the wake of the pandemic. In 2020, the thermoelectric modules market size is predicted to recover, with some segments, such as automotive and aerospace, recovering a little later.

Top Impacting Factors

The need for thermoelectric modules is predicted to rise as the semiconductor industry expands fast around the world, owing to the rising use of semiconductors in numerous other areas such as automobiles and electronics. Renewable energies are the first major step toward a more environment-friendly future. The rise of various renewable energy mechanics as well as energy sources such as solar and wind has created a demand for an efficient cooling and heating device and thermoelectric modules are the ideal choice for the job. The global thermoelectric modules market is expected to witness significant growth as the use of thermoelectric modules in aerospace grows. To avoid failure, aerospace systems require regular cooling and heating processes.

The fact that TEMs are inefficient is their main downside. The heat generated by the flowing current via the module is added to the overall heat generated in the application. This generates an excessive quantity of heat in big applications, which can be mitigated by adding more fans. However, this consumes a lot of electricity, making its usage in large-scale applications prohibitively expensive.

Rapid Growth in the Market for Automotive Application

As the market for electric vehicles grows, thermoelectric modules are being used to cool and heat batteries in electric and hybrid vehicles because they provide a very sensitive temperature management system. Thermoelectric modules can be used to heat batteries in electric vehicles to improve their performance in cold weather. Cooling laser diodes in head-up displays, cool cup holders and glove boxes in car cabins, cooling sensor devices such as LIDAR in autonomous vehicles, and cooling laser diodes in laser lamps are some of the other uses for these modules in automotive applications. As a result, the market for thermoelectric modules for automotive applications is predicted to develop at the fastest rate during the forecast period, owing to the growing number of automobiles with convenience features and high growth potential of electric and autonomous vehicles.

Increase in Demand for Micro Thermoelectric Module

Telecommunications and automotive applications are driving the strongest growth in micro thermoelectric modules. Micro thermoelectric modules are in high demand due to the rapid rollout of 5G communication. Micro thermoelectric modules are used in automobiles to cool various sensors that provide driving assistance. As a result, during the forecast period, the market for micro thermoelectric modules is predicted to grow at the fastest rate. Companies are currently working on producing thin-film modules for niche applications where temperature must be managed in very small devices with space limits. They are not suited for use in large devices as they lack cooling capacities of larger and thicker modules.

Key Segments Covered




  • Single Stage
  • Multi Stage


  • Bulk
  • Micro
  • Thin Film


  • Consumer Electronics
  • Telecommunications
  • Automotive
  • Industrial
  • Healthcare
  • Aerospace & Defense
  • Energy & Utility

Key Benefits of the Report

  • This study presents the analytical depiction of the global thermoelectric modules industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the thermoelectric modules market share.
  • The current market is quantitatively analyzed from 2021 to 2030 to highlight the thermoelectric modules market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed thermoelectric modules market analysis based on competitive intensity and how the competition will take shape in coming years.
  • The report contains thermoelectric modules market forecast from 2021 to 2030, considering 2020 as a base year.
  • The report presents information on the thermoelectric modules market opportunities to track potential regions and country.
  • The thermoelectric modules market outlooks the future scope and estimates the percentage growth.

Questions Answered in the Thermoelectric Modules Market Research Report

  • Which are the leading players active in the market?
  • What are the detailed impacts of COVID-19 on the thermoelectric modules market trends?
  • What current trends will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?

Thermoelectric Modules Market Report Highlights

Aspects Details
By Offering
  • Hardware
  • Services
By Model
  • Single Stage
  • Multi Stage
By Type
  • Bulk Thermoelectric Modules
  • Micro Thermoelectric Modules
  • Thin-Film Thermoelectric Modules
By Functionality
  • General Purpose
  • Deep Cooling
By End-Use Application
  • Consumer Electronics
  • Industrial
  • Telecommunications
  • Autmomotive
  • Medical & Laboratories
  • Aerospace & Defense
  • Oil & Gas and Mining
By Region
  • North America  (U.S., Canada)
  • Europe  (France, Germany, Italy, Spain, UK, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players Ferrotec, II-VI Incorporated, KELK, Laird Thermal Systems, Guangdong Fuxin Technology, TE Technology, Phononic, INHECO Industrial Heating & Cooling, TEC Microsystems, Crystal

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