Thermoelectric Module Market Estimated to Expand at 7.9% CAGR, Reaching USD 1.2 billion by 2031: TMR Report

As industry and consumers place a greater emphasis on sustainability, thermoelectric modules provide a green energy alternative by transforming waste heat into power.

Wilmington, Delaware, United States, Nov. 22, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global thermoelectric module market was estimated at a value of USD 0.5 billion in 2021. It is anticipated to register a 7.9% CAGR from 2022 to 2031 and by 2031, the market is likely to attain USD 1.2 billion by 2031.

The focus on precise temperature control applications for faster operation is increasing the adoption of thermoelectric modules due to their numerous benefits, including highly precise temperature control, heating and cooling with the same module (including temperature cycling), low upkeep, small size, and low weight.

Smart gadgets, device downsizing, portable medical devices, smart wearable devices, autonomous cars, IoT ecosystems, and Industry 4.0 are essential technologies that are influencing the development of improved thermoelectric modules and thermoelectric Peltier modules.

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Key Findings of Market Report

• Medical storage chambers, medical diagnostics, and computerized tomography all benefit from space-saving thermoelectric cooler modules to eliminate temperature changes that might affect the interaction of sample components and adsorbents.
• In order to acquire trustworthy test findings, point-of-care testing (POCT), an alternative to standard laboratory testing, employs thermoelectric Peltier modules for temperature regulation of blood samples in essential conditions.
• During the forecast period, the thermoelectric module market is expected to be fueled by an increase in demand for quicker temperature sensing and regulating with enhanced sensitivity in consumer appliances, biomedical devices, and optical elements.

Market Trends for Thermoelectric Modules

• Thermoelectric Peltier modules address thermal issues in vehicle heads-up displays (HUDs) and infotainment systems by providing increased thermal insulation of crucial electronics to maintain optimal operation.
• The rising complexity of activities in these developing intelligent autonomous systems, while reducing in size and weight, feeds the heat flux density and thermal difficulties in autonomous electronics. Thermoelectric technology assists each sensitive equipment in operating within its temperature range and optimizing its performance.
• According to the Association for Advancing Automation, the United States and the European Union, for example, have mandated that all vehicles be equipped with basic ADAS features by 2020. This is a significant aspect that is expected to drive the market.
• The market for ADAS is expected to grow at a 19% CAGR to reach USD 67.4 billion by 2025. These reasons will drive the thermoelectric module market.

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Global Market for Thermoelectric Module: Regional Outlook

Various reasons are propelling the growth of the thermoelectric module market throughout the region. These are:

• The growing demand for thermoelectric modules from the consumer electronics as well as automotive industries is likely to propel Asia Pacific to a prominent position in the global thermoelectric module market over the forecast period. Thermoelectric cooler modules are widely used in electronic devices like wine cabinets, mini-refrigerators, and air conditioners that offer cooling and temperature control in a variety of applications while being lightweight, small in size, and free of moving parts.
• Rising urbanization along with digitalization; increasing Internet of Things (IoT) penetration; ongoing investment in Industry 4.0 & advanced factory automation; and innovations in consumer appliances such as washing machine, microwave oven, television, refrigerator, and electric geyser are some of the other significant factors driving the Asia Pacific thermoelectric module market.

Global Thermoelectric Module Market: Key Players

The introduction of fresh technologies and advances across the automation, precision, and electronics industry verticals is accelerating the development of thermoelectric module products, offering considerable potential for thermoelectric module manufacturers and suppliers. The following companies are well-known participants in the global thermoelectric module market:

Crystal Ltd, EVERREDtronics Ltd, Ferrotec Holding Corporation, GENTHERM , Guangdong Fuxin Technology Co. Ltd, Hi-Z Technology Inc., II-VI Marlow Inc., KELK Ltd (Japan) (Komatsu Ltd), KRYOTHERM, Laird Thermal Systems, Phononic, RMT Ltd., TE Technology Inc., TEC Microsystems GmbH, Thermion Company , Thermonamic Electronics (Jiangxi) Corp., TOSHIBA MATERIALS CO. LTD

Global Thermoelectric Module Market Segmentation 
Type

• Bulk (Standard) TEM
• Micro TEM
• Thin-film TEM

Material

• Bismuth Telluride (Bi2Te3)
• Lead Telluride (PbTe)
• Silicon Germanium (SiGe)
• Others (Including BiSb and PbSnTe)

Offering

• Hardware
• Services

• Material Processing & Analysis
• Repair & Exchange
• Others (Training, Maintenance Planning, etc.)

Model Type

• Single Stage
• Multi Stage

Application

• Analytical Instrumentation
• Automotive Electronics & Safety Systems
• Refrigeration & Cryogenics
• Thermal Cycling
• Others (Biomedical Equipment, Industrial Equipment, etc.)

End Use Industry

• Aerospace & Defense
• Automotive
• Consumer Electronics
• Healthcare
• Food & Beverage
• Energy & Utility
• Others (IT &Telecommunication, Manufacturing, etc.)

Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

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