Thermoelectric Module Market

Thermoelectric Module Market

Growth Factors of Thermoelectric Module Market

The thermoelectric module market size was valued at USD 502.0 million in 2022, and the market is now projected to grow from USD 539.3 million in 2023 to USD 1,195.7 million by 2030, exhibiting a CAGR of 12.0 % during the forecast period of 2023-2030.

The COVID-19 pandemic has propelled the thermoelectric module market growth. Due to lockdown restriction resulted in a major decline of thermoelectric cooler demand. Conversely, the various vaccination programs for controlling viruses by local government bodies increased demand for the product. The increased requirement for cold storage and small refrigerators impelled demand for thermoelectric coolers.

The thermoelectric module market share globally expanded due to the increasing need of renewable energy technology. The insistence on renewable energy is increasing because of conventional energy generation sources which cause pollution that is responsible for global warming and ozone layer depletion. Consequently, the obligation for eco-friendly and cost-effective substitute energy generation techniques such as thermoelectric technology is rising. It is a method to generate electricity devoid of burning fuel. By reversing the operation, it can produce electricity with the help of temperature difference between the surfaces. Multiple applications of thermoelectric cooler modules are enhancing the market growth.

The increasing use of thermoelectric cooler (TEC) modules in electric vehicles is in trend which is boosting the market growth. The electric vehicle is growing rapidly and has increased demand for batteries. The battery capacity, charging rates and range, wide bandgap semiconductors, and high-performance traction motors increased considerably. The EV fires and associated recalls have initiated the concept of thermal runway detection, protection, and prevention to the fire. Various TEC offers exceptional Coefficient of Performance (COP) in electric vehicles that helps in maintaining Battery Thermal Management System (BTMS).

Comprehensive Analysis of Thermoelectric Module Market

The thermoelectric module market and semiconductor & electronics industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the semiconductor & electronics industry. These segmentations are methodically segregated by types of model, type, and end-user. The model involves single stage and multi stage. The type is such as bulk, micro, and thin film. The end users are consumer electronics, manufacturing and industrial, IT and telecom, automotive, healthcare, and aerospace and defense, oil and gas, and others.

The Asia Pacific region is conducive to the global thermoelectric module market, leading to a recall of USD 259.2 million owing to the increasing use of thermoelectric cooler devices in the automotive and healthcare sectors are propelling market growth in this region.

The top players in the market play a vital role in the semiconductor & electronics industry assuring industrial prospectus growth and setting market standards. These players include Crystal Ltd. (Hong Kong), Thermonamic Electronics (Jiangxi) Corp. Ltd. (China), TEC Microsystems GmbH (Germany), KELK Ltd. (Japan), KRYOTHERM (Russia), Ferrotec Corporation (Japan), Laird Technologies (U.S.), RMT Ltd. (U.S.), TE Technology Inc. (U.S.), and II-VI Incorporated (U.S.), these market players provide a level-playing competitive landscape.

In November 2022, TEC Microsystems established its subsidiary in Georgia to provide seamless and uninterrupted shipment of thermoelectric coolers in the country.

Segmentation Table

Global Thermoelectric Module Market Scope

ATTRIBUTE DETAILS

Study Period 2019-2030

Base Year 2022

Estimated Year 2023

Forecast Period 2023-2030

Historical Period 2019-2021

Growth Rate CAGR of 12.0% from 2023 to 2030

Unit Value (USD Billion)

Segmentation By Model

Single Stage

Multi Stage

By Type

Bulk

Micro

Thin Film

By End User

Consumer Electronics

Manufacturing and Industrial

IT and Telecom

Automotive

Healthcare

Aerospace and Defense

Oil and Gas

Others

By Region

North America (By Model, By Type, By End User, By Country)

• U.S. (By End User)
• Canada (By End User)
• Mexico (By End User)

Europe (By Model, By Type, By End User, By Country)

• U.K. (By End User)
• Germany (By End User)
• France (By End User)
• Italy (By End User)
• Spain (By End User)
• Rest of Europe

Asia Pacific (By Model, By Type, By End User, By Country)

• China (By End User)
• India (By End User)
• Japan (By End User)
• South Korea (By End User)
• Rest of Asia Pacific

Middle East & Africa (By Model, By Type, By End User, By Country)

• GCC (By End User)
• South Africa (By End User)
• Rest of the Middle East and Africa

South America (By Model, By Type, By End User, By Country)

• Brazil (By End User)
• Argentina (By End User)
• Rest of South America