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$1+ Billion Thermoelectric Modules Markets, 2024 - Growth of Electric Vehicle Market Increasing Demand for Thermoelectric Modules

DUBLIN, Oct. 4, 2019 /PRNewswire/ -- The "Thermoelectric Modules Market by Model (Single-Stage, Multi-Stage), Type (Bulk Thermoelectric Modules, Micro Thermoelectric Modules, Thin-Film Thermoelectric Modules), Functionality, Offering, End-Use Application, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

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The Thermoelectric Modules Market Size is Projected to Reach USD 1,023 Million by 2024 from an Estimation of USD 668 Million in 2019, at a CAGR of 8.9%.Benefits of thermoelectric modules over conventional systems, simultaneous heating & cooling of thermoelectric modules catering to the demand in several applications, growth of electric vehicle market and focus of governments as well as product & service providers on using renewable energy sources is expected to drive the thermoelectric modules industry growth.

Furthermore, underlying opportunities in this space include the development of thermoelectric modules for the new application arena and the concept of turning body heat into electricity. Major restraints for the market growth is design complexities associated with thermoelectric modules and high costs compared with traditional systems. Managing heat dissipation in computing and networking devices poses a significant challenge for the thermoelectric modules market growth.

Single-stage model to hold the larger share of thermoelectric modules market during the forecast period

Single-stage thermoelectric modules have only one stage or layer. These modules are available in various sizes and formats. Single-stage thermoelectric modules are suitable for a wide range of cooling and heating applications with low-to-high heat-pumping capacities. They are mainly used to achieve standard temperature differences. Also, single-stage thermoelectric modules are capable of achieving a maximum no-load temperature differential (DTmax) of approximately 72C. These modules find applications in biomedical instruments, consumer electronics, industrial equipment, electrical equipment, and laboratory & scientific instruments.

Among all end-use applications, consumer electronics to hold the largest share of thermoelectric modules market from 2019 to 2024


Thermoelectric modules are used widely in the consumer electronics application, including portable food/beverage containers, chilled water dispensers, beer/wine cabinets, small refrigerators, air conditioners, and others. These applications require thermoelectric modules to provide cooling and temperature control as traditional cooling systems are not feasible.

Growth in the application arena of consumer electronics is expected to increase the demand for thermoelectric modules. For instance, due to environmental concerns related to bottled water, point-of-use dispensers have emerged as a boon for commercial, as well as residential spaces. Therefore, to achieve the demand for suitable temperature effects, the market growth of thermoelectric modules will surge in the coming years. Companies such as Ferrotec, LAIRD, and II-VI Marlow offer thermoelectric modules for the consumer electronics application.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insight 
4.1 Attractive Growth Opportunities in Thermoelectric Modules Market
4.2 Thermoelectric Modules Market, By Model
4.3 Thermoelectric Modules Market in APAC, By End-Use Application and Country
4.4 Thermoelectric Modules Market, By Offering
4.5 Thermoelectric Modules Market, By Region

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Benefits of Thermoelectric Modules Over Conventional Systems
5.2.1.2 Simultaneous Heating and Cooling of Thermoelectric Modules Driving Demand for Several Applications
5.2.1.3 Growth of Electric Vehicle Market Increasing Demand for Thermoelectric Modules
5.2.1.4 Focus of Governments as well as Product and Service Providers on Using Renewable Energy Sources
5.2.2 Restraints
5.2.2.1 Design Complexities Associated With Thermoelectric Modules
5.2.2.2 High Costs Compared With Traditional Systems
5.2.3 Opportunities
5.2.3.1 Development of Thermoelectric Modules for New Application Arena
5.2.3.2 Concept of Turning Body Heat Into Electricity
5.2.4 Challenges
5.2.4.1 Managing Heat Dissipation in Computing and Networking Devices
5.3 Value Chain Analysis

6 Thermoelectric Modules Market, By Model
6.1 Introduction
6.2 Single Stage
6.2.1 Single-Stage Modules Expected to Continue to Account for Larger Size of Thermoelectric Modules Market
6.3 Multi-Stage
6.3.1 Multi-Stage Thermoelectric Modules to Record Higher CAGR in Thermoelectric Modules Market During Forecast Period

7 Thermoelectric Modules Market, By Type
7.1 Introduction
7.2 Bulk Thermoelectric Modules
7.2.1 Bulk Thermoelectric Modules Held Largest Share of Thermoelectric Modules Market in 2018
7.3 Micro Thermoelectric Modules
7.3.1 Micro Thermoelectric Modules to Exhibit Highest Growth Rate in Coming Years
7.4 Thin-Film Thermoelectric Modules
7.4.1 Thin-Film Thermoelectric Modules Produce Maximum Heat Flux

8 Thermoelectric Modules Market, By Functionality
8.1 Introduction
8.2 Deep-Cooling Modules
8.2.1 Americas to Witness Highest Growth for Deep-Cooling Modules
8.3 General-Purpose Modules
8.3.1 APAC Likely to Offer Tremendous Opportunities for General-Purpose Modules in Coming Years

9 Thermoelectric Modules Market, By End-Use Application
9.1 Introduction
9.2 Consumer Electronics
9.2.1 Consumer Electronics to Dominate Thermoelectric Modules Market, in Terms of Size, During Forecast Period
9.3 Telecommunications
9.3.1 APAC to Continue to Account for Largest Market Size for Telecommunications During Forecast Period
9.4 Automotive
9.4.1 Market for Automotive Application is Expected to Grow at Highest CAGR
9.5 Industrial
9.5.1 Use of Thermoelectric Modules in Food & Beverages Industry Driving Growth of Overall Market
9.6 Medical & Laboratories
9.6.1 Need for Temperature Stabilization Boosting Demand for Thermoelectric Modules in Medical & Laboratories Application
9.7 Aerospace & Defense
9.7.1 Marlow and RMT are Among Key Companies Catering to Aerospace & Defense Application
9.8 Oil, Gas & Mining
9.8.1 Thermoelectric Modules are Used in Gas Analysers, Metering Equipment, and Remote Telemetry Units in Oil, Gas & Mining Applications

10 Thermoelectric Modules Market, By Offering
10.1 Introduction
10.2 Hardware
10.2.1 Hardware Segment Dominated Thermoelectric Modules Market, in Terms of Size, in 2018
10.3 Software & Services
10.3.1 APAC Held Largest Market for Software & Services in 2018

11 Geographic Analysis
11.1 Introduction
11.2 Americas
11.2.1 North America
11.2.1.1 US
11.2.1.1.1 US is the Largest Market for Thermoelectric Modules in North America
11.2.1.2 Canada
11.2.1.2.1 Increasing Demand for Consumer Electronics to Drive Canadian Thermoelectric Modules Market
11.2.1.3 South America
11.2.1.3.1 Single-Stage Thermoelectric Modules Accounted for Larger Market Size in South American Market
11.3 Europe
11.3.1 UK
11.3.1.1 UK is A Major Consumer of Thermoelectric Modules in Europe
11.3.2 Germany
11.3.2.1 German Thermoelectric Modules Market to Grow at Highest CAGR During Forecast Period.
11.3.3 France
11.3.3.1 Government Initiatives to Drive French Thermoelectric Modules Market in Coming Years
11.3.4 Italy
11.3.4.1 Increase in Number of Vehicles is Driving Italian Thermoelectric Modules Market
11.3.5 Rest of Europe
11.4 APAC
11.4.1 China
11.4.1.1 China is Expected to Hold Largest Share of Thermoelectric Modules Market in APAC During Forecast Period
11.4.2 Japan
11.4.2.1 Growth in Consumer Electronics Sector Driving Japanese Thermoelectric Modules Market
11.4.3 South Korea
11.4.3.1 Presence of Telecommunication Manufacturers Driving South Korean Thermoelectric Modules Market
11.4.4 Rest of APAC
11.5 RoW
11.5.1 Middle East
11.5.1.1 Middle East is Expected to Hold Larger Share of Thermoelectric Modules Market in RoW
11.5.2 Africa
11.5.2.1 Increasing Awareness Toward Sustainable Energy Sources is Driving African Thermoelectric Modules Market

12 Competitive Landscape

13 Company Profiles
13.1 Introduction
13.2 Key Players
13.2.1 Ferrotec
13.2.2 Laird
13.2.3 II-VI Marlow
13.2.4 TE Technology
13.2.5 TEC Microsystems
13.2.6 Crystal Ltd.
13.2.7 Kryotherm
13.2.8 RMT Ltd
13.2.9 Thermion Company
13.2.10 Thermonamic Electronics
13.2.11 Kelk Ltd
13.2.12 Fuxin Technology
13.3 Other Important Players
13.3.1 Z Max
13.3.2 O-Flexx Technologies
13.3.3 Phononic
13.3.4 P & N Technology
13.3.5 Everredtronics
13.3.6 Micropelt
13.3.7 Hi-Z Technology
13.3.8 Hui MAO
13.3.9 Hicooltec Electronic
13.3.10 Merit Technology Group
13.3.11 LG Innotek
13.3.12 Align Sourcing
13.3.13 AMS Technologies
13.3.14 Inheco Industrial Heating & Cooling
13.3.15 Wellen Technology


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