Redding, California, April 18, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Thermoelectric Modules Market by Type (Generators, Coolers), Module (General-purpose, Deep Cooling, Thermal Cycling, Others), Stage (Single-stage, Multi-stage), Sector (Consumer Electronics, Automotive, Others) & Geography - Global Forecasts to 2030’, the thermoelectric modules market is projected to reach $1,457.1 million by 2030, at a CAGR of 10.6% from 2023 to 2030.
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A thermoelectric (TE) module, also called a thermoelectric cooler or Peltier cooler, is a semiconductor-based electronic component that functions as a small heat pump. It moves heat from one side of the device to the other. Thermoelectric modules are also sometimes used to generate electricity by using a temperature differential between the two sides of the module. Some of the factors driving the growth of this market are the growing use of thermoelectric modules in electronic devices and the rising adoption of electric and luxury vehicles. However, the high manufacturing costs of thermoelectric modules compared to traditional heating/cooling systems restrain the growth of this market.
The thermoelectric modules market is segmented by type (thermoelectric generators, thermoelectric coolers), module type (general-purpose, deep cooling, thermal cycling, high-power modules, telecom-grade modules and other modules), stage (single-stage modules, multi-stage modules), sector (consumer electronics, telecommunications, automotive, medical devices, machinery and equipment and other sectors). The study also evaluates industry competitors and analyses the market at the regional and country levels.
Based on type, the global thermoelectric modules market is segmented into thermoelectric generators and thermoelectric coolers. In 2023, the thermoelectric coolers segment is expected to account for the larger share of the global thermoelectric modules market. The large market share of this segment is attributed to its growing adoption in EVs and luxury vehicles, the benefits of thermoelectric coolers over conventional systems, and the development of thermoelectric coolers for new application areas. However, the thermoelectric generators segment is projected to record the highest CAGR during the forecast period. The growth of this segment is driven by the rising demand for thermoelectric generators from the automobile sector due to their ability to convert exhaust heat into electrical energy to increase the engine's overall efficiency.
Based on module type, the global thermoelectric modules market is segmented into general-purpose modules, deep cooling modules, thermal cycling modules, high-power modules, telecom-grade modules and other modules. In 2023, the thermal cycling module segment is expected to account for the largest share of the global thermoelectric modules market. The large market share of this segment is attributed to the simultaneous heating and cooling properties of TEMs. However, the deep cooling module segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the rising need for specialized deep cooling in refrigerators with a large temperature difference and scientific cooling systems.
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Based on stage, the global thermoelectric modules market is segmented into single-stage modules and multi-stage modules. In 2023, the single-stage modules segment is expected to account for the larger share of the global thermoelectric modules market. The large market share of this segment is attributed to the rising use of single-stage thermoelectric modules in a wide range of heating and cooling applications and the continuous launch of innovative products by key players to cater to growing demand. However, the multi-stage modules segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the growing adoption of multi-stage thermoelectric modules in measuring, analytical and testing equipment.
Based on sector, the global thermoelectric modules market is segmented into consumer electronics, telecommunications, automotive, medical devices, industrial, and other sectors. In 2023, the consumer electronics segment is expected to account for the largest share of the global thermoelectric modules market. However, the automotive segment is projected to register the higher CAGR during the forecast period. The growth of this segment is driven by the rising adoption of thermoelectric modules by automotive manufacturers for applications such as ventilated seats, multiple zone climate control, better air conditioning, and better engine temperature control.
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Based on geography, the thermoelectric modules market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global thermoelectric modules market. Asia-Pacific is also the fastest-growing regional market for thermoelectric modules. The countries in APAC are witnessing increased adoption of electric vehicles, developing cold chains for food security and other applications, and making advancements in healthcare technologies and equipment. Therefore, the demand for thermoelectric modules is increasing across various industries, including automotive, consumer electronics, medical, semiconductor, and defense, in the APAC region.
Key Players:
Some of the key players operating in the thermoelectric modules market are Ferrotec Holdings Corporation (Japan), TEC Microsystems GmbH (Germany), Crystal Ltd. (Russia), Coherent Corp. (U.S.), KELK Ltd. (Japan) (a subsidiary of Komatsu Ltd.), KRYOTHERM (Russia), Laird Thermal Systems, Inc. (U.S.), Phononic (U.S.), Guangdong Fuxin Technology Co. Ltd (China), Align Sourcing LLC. (U.S.), KYOCERA Corporation (Japan), HiTech Technologies, Inc. (U.S.), Hi-Z Technology, Inc. (U.S.), Z-MAX Co.Ltd. (China), and EVERREDtronics Ltd. (China).
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Scope of the report:
Thermoelectric Modules Market, by Type
- Thermoelectric Generators
- Thermoelectric Coolers
Thermoelectric Modules Market, by Module Type
- General-purpose Modules
- Deep Cooling Modules
- Thermal Cycling Modules
- High-power Modules
- Telecom-grade Modules
- Other Modules
Thermoelectric Modules Market, by Stage
- Single-stage Modules
- Multi-stage Modules
Thermoelectric Modules Market, by Sector
- Consumer Electronics
- Telecommunications
- Automotive
- Medical Devices
- Machinery and Equipment
- Other Sectors
Thermoelectric Modules Market, by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Sweden
- Denmark
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Taiwan
- Singapore
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- UAE
- Israel
- Rest of Middle East & Africa
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