Global Thermoelectric Modules Market Report and Forecast 2024-2032

Global Thermoelectric Modules Market Report and Forecast 2024-2032


Market Outlook

According to the report by Expert Market Research (EMR), the global thermoelectric modules market is projected to grow at a CAGR of 9% between 2024 and 2032. Aided by the increasing demand for energy-efficient solutions, the market is expected to grow significantly by 2032.

Thermoelectric modules, known for their ability to convert temperature differences into electrical energy or vice versa, are becoming increasingly vital in various applications. These modules are integral in industries such as automotive, consumer electronics, healthcare, and aerospace due to their reliability, scalability, and eco-friendly nature.

The thermoelectric modules market growth is primarily driven by the rising demand for energy-efficient and cost-effective cooling and heating solutions. Thermoelectric modules offer a solid-state alternative to traditional cooling systems, eliminating the need for harmful refrigerants and reducing maintenance requirements. This aspect is particularly appealing in the context of growing environmental concerns and stringent regulations on greenhouse gas emissions.

In the automotive sector, the increasing adoption of electric vehicles (EVs) and the need for efficient thermal management systems are propelling the thermoelectric modules market demand. These modules are used in EVs for cabin heating and cooling, battery thermal management, and waste heat recovery, contributing to enhanced vehicle performance and efficiency.

The consumer electronics industry is another significant contributor to the market. With the proliferation of portable and wearable devices, there is a growing need for compact and efficient thermal management solutions, which further boosts the thermoelectric modules market size. Thermoelectric modules, in this regard, are ideal for maintaining optimal operating temperatures in devices like smartphones, laptops, and wearable gadgets.

The healthcare sector also presents ample opportunities for the application of thermoelectric modules. These devices are essential in medical equipment where precise temperature control is crucial, such as in DNA amplification and thermal cyclers used in laboratory research.

The Asia-Pacific region dominates the global thermoelectric modules market, primarily due to the rapid industrialisation and the presence of major consumer electronics and automotive manufacturers in countries like China, Japan, and South Korea. The region’s significant investment in renewable energy and advanced technologies further bolsters the market.

Market Segmentation

The market can be divided based on technology, component, type, functionality, end use, and region.

Market Breakup by Technology
  • Single Stage
  • Multi Stage
Market Breakup by Component
  • Hardware
  • Software and Services
Market Breakup by Type
  • Bulk Thermoelectric
  • Micro Thermoelectric
  • Thin Film Thermoelectric
Market Breakup by Functionality
  • Deep Cooling Modules
  • General Purpose Modules
  • Temperature Stabilisation
  • Power Generation
  • Others
Market Breakup by End Use
  • Automotive
  • Consumer Electronics
  • Aerospace and Defence
  • Medical and Laboratories
  • Telecommunications
  • Industrial
  • Oil, Gas, and Mining
  • Others
Market Breakup by Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global thermoelectric modules market. Some of the major players explored in the report by Expert Market Research are as follows:
  • Ferrotec (USA) Corporation
  • Laird PLC
  • II-VI Incorporated
  • TE Technology, Inc.
  • TEC Microsystems GmbH
  • Crystal Ltd.
  • Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.


1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Thermoelectric Modules Market Analysis
8.1 Key Industry Highlights
8.2 Global Thermoelectric Modules Historical Market (2018-2023)
8.3 Global Thermoelectric Modules Market Forecast (2024-2032)
8.4 Global Thermoelectric Modules Market by Technology
8.4.1 Single Stage
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Multi Stage
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Thermoelectric Modules Market by Component
8.5.1 Hardware
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Software and Services
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Thermoelectric Modules Market by Type
8.6.1 Bulk Thermoelectric
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Micro Thermoelectric
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Thin Film Thermoelectric
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.7 Global Thermoelectric Modules Market by Functionality
8.7.1 Deep Cooling Modules
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 General Purpose Modules
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.2.3 Breakup by Type
8.7.2.3.1 Temperature Stabilization
8.7.2.3.2 Power Generation
8.7.2.3.3 Others
8.8 Global Thermoelectric Modules Market by End Use
8.8.1 Automotive
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Consumer Electronics
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Aerospace and Defense
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Medical and Laboratories
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Telecommunications
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
8.8.6 Industrial
8.8.6.1 Historical Trend (2018-2023)
8.8.6.2 Forecast Trend (2024-2032)
8.8.7 Oil, Gas and Mining
8.8.7.1 Historical Trend (2018-2023)
8.8.7.2 Forecast Trend (2024-2032)
8.8.8 Others
8.9 Global Thermoelectric Modules Market by Region
8.9.1 North America
8.9.1.1 Historical Trend (2018-2023)
8.9.1.2 Forecast Trend (2024-2032)
8.9.2 Europe
8.9.2.1 Historical Trend (2018-2023)
8.9.2.2 Forecast Trend (2024-2032)
8.9.3 Asia Pacific
8.9.3.1 Historical Trend (2018-2023)
8.9.3.2 Forecast Trend (2024-2032)
8.9.4 Latin America
8.9.4.1 Historical Trend (2018-2023)
8.9.4.2 Forecast Trend (2024-2032)
8.9.5 Middle East and Africa
8.9.5.1 Historical Trend (2018-2023)
8.9.5.2 Forecast Trend (2024-2032)
9 North America Thermoelectric Modules Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Thermoelectric Modules Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Thermoelectric Modules Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.2 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Thermoelectric Modules Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Thermoelectric Modules Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Ferrotec (USA) Corporation
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Laird PLC
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 II-VI Incorporated
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 TE Technology, Inc.
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 TEC Microsystems GmbH
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Crystal Ltd.
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Thermoelectric Modules Market: Key Industry Highlights, 2018 and 2032
2. Global Thermoelectric Modules Historical Market: Breakup by Technology (USD Million), 2018-2023
3. Global Thermoelectric Modules Market Forecast: Breakup by Technology (USD Million), 2024-2032
4. Global Thermoelectric Modules Historical Market: Breakup by Component (USD Million), 2018-2023
5. Global Thermoelectric Modules Market Forecast: Breakup by Component (USD Million), 2024-2032
6. Global Thermoelectric Modules Historical Market: Breakup by Type (USD Million), 2018-2023
7. Global Thermoelectric Modules Market Forecast: Breakup by Type (USD Million), 2024-2032
8. Global Thermoelectric Modules Historical Market: Breakup by Functionality (USD Million), 2018-2023
9. Global Thermoelectric Modules Market Forecast: Breakup by Functionality (USD Million), 2024-2032
10. Global Thermoelectric Modules Historical Market: Breakup by End Use (USD Million), 2018-2023
11. Global Thermoelectric Modules Market Forecast: Breakup by End Use (USD Million), 2024-2032
12. Global Thermoelectric Modules Historical Market: Breakup by Region (USD Million), 2018-2023
13. Global Thermoelectric Modules Market Forecast: Breakup by Region (USD Million), 2024-2032
14. North America Thermoelectric Modules Historical Market: Breakup by Country (USD Million), 2018-2023
15. North America Thermoelectric Modules Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Europe Thermoelectric Modules Historical Market: Breakup by Country (USD Million), 2018-2023
17. Europe Thermoelectric Modules Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Asia Pacific Thermoelectric Modules Historical Market: Breakup by Country (USD Million), 2018-2023
19. Asia Pacific Thermoelectric Modules Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Latin America Thermoelectric Modules Historical Market: Breakup by Country (USD Million), 2018-2023
21. Latin America Thermoelectric Modules Market Forecast: Breakup by Country (USD Million), 2024-2032
22. Middle East and Africa Thermoelectric Modules Historical Market: Breakup by Country (USD Million), 2018-2023
23. Middle East and Africa Thermoelectric Modules Market Forecast: Breakup by Country (USD Million), 2024-2032
24. Global Thermoelectric Modules Market Structure

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