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

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

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 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’, provides in-depth analysis of thermoelectric modules market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2030.

The global thermoelectric modules market is projected to reach $1.46 billion by 2030, at a CAGR of 10.6% during the forecast period 2023–2030. The growth of the thermoelectric modules market is driven by the factors such as 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 simultaneous heating and cooling properties of TEMs and the benefits of thermoelectric coolers over conventional cooling devices are expected to create market growth opportunities. However, the challenges associated with reliability, durability, and design complexity pose significant hurdles for companies operating in the thermoelectric modules market.

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.

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.

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.

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. The large market share of this segment is attributed to the increasing adoption of thermoelectric modules by manufacturers of consumer electronics to constantly innovate and improve product designs. This helps create smaller, thinner, lighter and more reliable products that meet customer demands. However, the automotive segment is projected to register the higher CAGR during the forecast period.

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 has a booming consumer electronics industry, and the region is the largest manufacturer and end-user of consumer electronics devices. With the increasing disposable incomes of the region’s middle-class population, the demand for electronic products is expected to grow further in the coming years, driving the growth of the thermoelectric modules market in Asia-Pacific.

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).

Key questions answered in the report-

Which are the high-growth market segments based on type, module type, stage, and sector?
What was the historical market for thermoelectric modules?
What are the market forecasts and estimates for the period 2023–2030?
What are the major drivers, restraints, and opportunities in the thermoelectric modules market?
Who are the major players, and what shares do they hold in the thermoelectric modules market?
How is the competitive landscape in the thermoelectric modules market?
What are the recent developments in the thermoelectric modules market?
What are the different strategies adopted by the major players in the thermoelectric modules market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global thermoelectric modules market, and how do they compete with the other players?

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

Global Thermoelectric Modules Market - Report Summary

Report Metrics	Details
Years Considered	2023 - 2030
Base Year	2022
Forecast Period	2023-2030
Page Count	202
Units Referenced	Value (USD Million), Volume (Units)
Segments/Key Topics	Market by Type, Market by Module Type, Market by Stage, Market by Sector, and Market by Geography
Regions Covered	North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Key Companies Mentioned	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).

FAQs About the Report

What is the value of revenue generated from the sales of the thermoelectric modules across the globe? At what rate is their demand expected to grow for the next 5–7 years?

The global thermoelectric modules market is expected to reach $ 1.46 billion by 2030, at a CAGR of 10.6% during the forecast period (2023–2030).

Which type segment showcases high growth opportunities for the thermoelectric modules market players?

Based on type, in 2023, the thermoelectric coolers segment is expected to account for the larger share of the global thermoelectric modules market. However, the thermoelectric generators segment is projected to record the highest CAGR during the forecast period.

Which module type segment of the market is projected to create more traction in the thermoelectric modules market?

Based on module type, in 2023, the thermal cycling module segment is expected to account for the largest share of the global thermoelectric modules market. However, the deep cooling module segment is projected to register the highest CAGR during the forecast period.

Which stage segments of the market are projected to create more traction in the thermoelectric modules market?

Based on stage, in 2023, the single-stage modules segment is expected to account for the larger share of 68.2% of the global thermoelectric modules market. However, the multi-stage modules segment is projected to register the highest CAGR of 12.1% 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.

Which sector segments of the market are projected to create more traction in the thermoelectric modules market?

Based on sector, in 2023, the consumer electronics segment is expected to account for the largest share of 35.6% of the global thermoelectric modules market. However, the automotive segment is projected to register the higher CAGR of 17.0% during the forecast period.

What are the key factors driving the growth of the thermoelectric modules market? What are the major opportunities for existing market players and new entrants?

The growth of the thermoelectric modules market is driven by the growing use of thermoelectric modules in electronic devices and the rising adoption of electric and luxury vehicles. The simultaneous heating and cooling properties of TEMs and the benefits of thermoelectric coolers over conventional cooling devices are expected to create market growth opportunities.

Who are the major players operating in the global thermoelectric modules market?

The key players operating in the global 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).

Which regions/countries are expected to witness significant demand for thermoelectric modules in the coming years?

Asia-Pacific is projected to register the highest growth rate over the coming years.