Global Thermoelectric Module Market
1. Introduction
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Variables (Dependent and Independent)
2.2. Multi Factor Based Sensitivity Model
3. Executive Summary- Global Thermoelectric Module Market
4. Market Dynamics
4.1. Drivers
4.2. Challenges
4.3. Opportunities
4.4. Trends
5. Impact analysis of COVID-19 on the Global Market
6. Regulatory and Standards Landscape
7. Analysis of Segment-based Opportunities
8. Analysis of Major Application of Thermoelectric Modules
9. Global Thermoelectric Module Market Outlook
9.1. Market Size and Forecast, 2019-2028
9.1.1. By Value (USD Million)
9.1.2 By Volume (Million Units)
By Type
• Micro Modules, 2019-2028F (USD Million)
• Thin-Film Modules, 2019-2028F (USD Million)
• Bulk Modules, 2019-2028F (USD Million)
By Model
• Single-Stage, 2019-2028F (USD Million)
• Multi-Stage, 2019-2028F (USD Million)
By Functionality
• Deep Cooling Modules, 2019-2028F (USD Million)
• Power Generation Modules, 2019-2028F (USD Million)
By End-User
• Telecommunication, 2019-2028F (USD Million)
• By Application
• Transmission Lasers, 2019-2028F (USD Million)
• IOT Communication Equipment, 2019-2028F (USD Million)
• Others, 2019-2028F (USD Million)
• Industrial, 2019-2028F (USD Million)
• By Application
• Machine/Electric Tools, 2019-2028F (USD Million)
• Temperature Control Chambers, 2019-2028F (USD Million)
• Cleaning Equipment, 2019-2028F (USD Million)
• Microprocessor & Robotics, 2019-2028F (USD Million)
• Others, 2019-2028F (USD Million)
• Consumer Electronics, 2019-2028F (USD Million)
• By Application
• Smartphone/Cellphone, 2019-2028F (USD Million)
• Wearable Device, 2019-2028F (USD Million)
• GPS Tracker, 2019-2028F (USD Million)
• Power Storage Systems, 2019-2028F (USD Million)
• Others, 2019-2028F (USD Million)
• Automotive, 2019-2028F (USD Million)
• By Application
• Battery Thermal Management, 2019-2028F (USD Million)
• Seat Cooling, 2019-2028F (USD Million)
• Head-up Display, 2019-2028F (USD Million)
• Cabin Heating, 2019-2028F (USD Million)
• Power Electronics, 2019-2028F (USD Million)
• Others, 2019-2028F (USD Million)
• Energy & Power, 2019-2028F (USD Million)
• By Application
• Solar Power Generation Systems, 2019-2028F (USD Million)
• Home Heating Systems, 2019-2028F (USD Million)
• Building Automation, 2019-2028F (USD Million)
• Others, 2019-2028F (USD Million)
• Medical Device & Instruments, 2019-2028F (USD Million)
• By Application
• Temperature Control Chambers/Incubators, 2019-2028F (USD Million)
• Thermocycler, 2019-2028F (USD Million)
• Scientific Research, 2019-2028F (USD Million)
• Others, 2019-2028F (USD Million)
• Aerospace & Defense, 2019-2028F (USD Million)
• By Application
• Shuttle Refrigerators/ Freezers, 2019-2028F (USD Million)
• Shuttle Navigation, 2019-2028F (USD Million)
• Guidance Systems, 2019-2028F (USD Million)
• Others, 2019-2028F (USD Million)
• Oil & Gas, Mining, 2019-2028F (USD Million)
• Other Application, 2019-2028F (USD Million)
By Region
• North America, 2019-2028F (USD Million)
• Europe, 2019-2028F (USD Million)
• Asia-Pacific, 2019-2028F (USD Million)
• Latin America, 2019-2028F (USD Million)
• Middle East & Africa, 2019-2028F (USD Million)
10. North America Thermoelectric Module Market Outlook
10.1. Assessment of Macroeconomic Factors
10.2. Assessment of End-use Industry
10.3. Demand-Supply Analysis
10.4. Market Size and Forecast, 2019-20278
10.1.1. By Value (USD Million)
10.1.2 By Volume (Million Units)
By Type
• Micro Modules, 2019-2028F (USD Million)
• Thin-Film Modules, 2019-2028F (USD Million)
• Bulk Modules, 2019-2028F (USD Million)
By Model
• Single-Stage, 2019-2028F (USD Million)
• Multi-Stage, 2019-2028F (USD Million)
By Functionality
• Deep Cooling Modules, 2019-2028F (USD Million)
• Power Generation Modules, 2019-2028F (USD Million)
By End-User
• Telecommunication, 2019-2028F (USD Million)
• Industrial, 2019-2028F (USD Million)
• Consumer Electronics, 2019-2028F (USD Million)
• Automotive, 2019-2028F (USD Million)
• Energy & Power, 2019-2028F (USD Million)
• Medical Device & Instruments, 2019-2028F (USD Million)
• Aerospace & Defense, 2019-2028F (USD Million)
• Oil & Gas, Mining, 2019-2028F (USD Million)
• Other Application, 2019-2028F (USD Million)
By Country
• U.S., 2019-2028F (USD Million)
• Canada, 2019-2028F (USD Million)
11. Europe Thermoelectric Module Market Outlook
11.1. Assessment of Macroeconomic Factors
11.2. Assessment of End-use industry
11.3. Demand-Supply Analysis
11.4. Market Size and Forecast, 2019-2028
11.1.1. By Value (USD Million)
11.1.2 By Volume (Million Units)
By Type
• Micro Modules, 2019-2028F (USD Million)
• Thin-Film Modules, 2019-2028F (USD Million)
• Bulk Modules, 2019-2028F (USD Million)
By Model
• Single-Stage, 2019-2028F (USD Million)
• Multi-Stage, 2019-2028F (USD Million)
By Functionality
• Deep Cooling Modules, 2019-2028F (USD Million)
• Power Generation Modules, 2019-2028F (USD Million)
By End-User
• Telecommunication, 2019-2028F (USD Million)
• Industrial, 2019-2028F (USD Million)
• Consumer Electronics, 2019-2028F (USD Million)
• Automotive, 2019-2028F (USD Million)
• Energy & Power, 2019-2028F (USD Million)
• Medical Device & Instruments, 2019-2028F (USD Million)
• Aerospace & Defense, 2019-2028F (USD Million)
• Oil & Gas, Mining, 2019-2028F (USD Million)
• Other Application, 2019-2028F (USD Million)
By Country
• UK, 2019-2028F (USD Million)
• Germany, 2019-2028F (USD Million)
• Italy, 2019-2028F (USD Million)
• France, 2019-2028F (USD Million)
• Spain, 2019-2028F (USD Million)
• Russia, 2019-2028F (USD Million)
• Rest of Europe, 2019-2028F (USD Million)
12. Asia Pacific Thermoelectric Module Market Outlook
12.1. Assessment of Macroeconomic Factors
12.2. Assessment of End-use industry
12.3. Demand-Supply Analysis
12.4. Market Size and Forecast, 2019-2028
12.1.1. By Value (USD Million)
12.1.2 By Volume (Million Units)
By Type
• Micro Modules, 2019-2028F (USD Million)
• Thin-Film Modules, 2019-2028F (USD Million)
• Bulk Modules, 2019-2028F (USD Million)
By Model
• Single-Stage, 2019-2028F (USD Million)
• Multi-Stage, 2019-2028F (USD Million)
By Functionality
• Deep Cooling Modules, 2019-2028F (USD Million)
• Power Generation Modules, 2019-2028F (USD Million)
By End-User
• Telecommunication, 2019-2028F (USD Million)
• Industrial, 2019-2028F (USD Million)
• Consumer Electronics, 2019-2028F (USD Million)
• Automotive, 2019-2028F (USD Million)
• Energy & Power, 2019-2028F (USD Million)
• Medical Device & Instruments, 2019-2028F (USD Million)
• Aerospace & Defense, 2019-2028F (USD Million)
• Oil & Gas, Mining, 2019-2028F (USD Million)
• Other Application, 2019-2028F (USD Million)
By Country
• China, 2019-2028F (USD Million)
• India, 2019-2028F (USD Million)
• Japan, 2019-2028F (USD Million)
• South Korea, 2019-2028F (USD Million)
• Singapore, 2019-2028F (USD Million)
• Malaysia, 2019-2028F (USD Million)
• Thailand, 2019-2028F (USD Million)
• Rest of Asia Pacific, 2019-2028F (USD Million)
13. Latin America Thermoelectric Module Market Outlook
13.1. Assessment of Macroeconomic Factors
13.2. Assessment of End-use industry
13.3. Demand-Supply Analysis
13.4. Market Size and Forecast, 2019-2028
13.1.1. By Value (USD Million)
13.1.2 By Volume (Million Units)
By Type
• Micro Modules, 2019-2028F (USD Million)
• Thin-Film Modules, 2019-2028F (USD Million)
• Bulk Modules, 2019-2028F (USD Million)
By Model
• Single-Stage, 2019-2028F (USD Million)
• Multi-Stage, 2019-2028F (USD Million)
By Functionality
• Deep Cooling Modules, 2019-2028F (USD Million)
• Power Generation Modules, 2019-2028F (USD Million)
By End-User
• Telecommunication, 2019-2028F (USD Million)
• Industrial, 2019-2028F (USD Million)
• Consumer Electronics, 2019-2028F (USD Million)
• Automotive, 2019-2028F (USD Million)
• Energy & Power, 2019-2028F (USD Million)
• Medical Device & Instruments, 2019-2028F (USD Million)
• Aerospace & Defense, 2019-2028F (USD Million)
• Oil & Gas, Mining, 2019-2028F (USD Million)
• Other Application, 2019-2028F (USD Million)
By Country
• Brazil, 2019-2028F (USD Million)
• Mexico, 2019-2028F (USD Million)
• Argentina, 2019-2028F (USD Million)
• Rest of Latin America, 2019-2028F (USD Million)
14. Middle East & Africa Thermoelectric Module Market Outlook
14.1. Assessment of Macroeconomic Factors
14.2. Assessment of End-use industry
14.3. Demand-Supply Analysis
14.4. Market Size and Forecast, 2019-2028
14.1.1. By Value (USD Million)
14.1.2 By Volume (Million Units)
By Type
• Micro Modules, 2019-2028F (USD Million)
• Thin-Film Modules, 2019-2028F (USD Million)
• Bulk Modules, 2019-2028F (USD Million)
By Model
• Single-Stage, 2019-2028F (USD Million)
• Multi-Stage, 2019-2028F (USD Million)
By Functionality
• Deep Cooling Modules, 2019-2028F (USD Million)
• Power Generation Modules, 2019-2028F (USD Million)
By End-User
• Telecommunication, 2019-2028F (USD Million)
• Industrial, 2019-2028F (USD Million)
• Consumer Electronics, 2019-2028F (USD Million)
• Automotive, 2019-2028F (USD Million)
• Energy & Power, 2019-2028F (USD Million)
• Medical Device & Instruments, 2019-2028F (USD Million)
• Aerospace & Defense, 2019-2028F (USD Million)
• Oil & Gas, Mining, 2019-2028F (USD Million)
• Other Application, 2019-2028F (USD Million)
By Country
• Israel, 2019-2028F (USD Million)
• GCC, 2019-2028F (USD Million)
• Iran, 2019-2028F (USD Million)
• South Africa, 2019-2028F (USD Million)
• Rest of Middle East & Africa, 2019-2028F (USD Million)
15.Competitive Landscape
• Kryotherm
• Komatsu Ltd. (KELK Ltd.)
• Crystal Ltd.
• Ferrotec (USA) Corporation
• Guangdong Fuxin Technology Co. Ltd.
• Kyocera Corporation
• Laird Thermal Systems
• RMT Ltd.
• TE Technology
• TEC Microsystems GmbH
• Thermion Company
• Thermonamic Electronics (Jiangxi) Corporation
Thermoelectric Module Market size was over USD 551.36 million in 2023 and is poised to exceed USD 2.24 billion by 2036, witnessing over 11.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of thermoelectric module is evaluated at USD 601.64 million.
The growth of the market is thriving on the back of the increasing adoption rate of thermoelectric modules globally, backed by the launch of new eco-friendly products, followed by the innovative technological advancements and developments in the thermoelectric modules. Moreover, increasing product miniaturization, coupled with the development of several micro devices, such as microcontrollers, microprocessors, microsensors and micro instruments and the increasing research and development activities by the key players for the development of advanced thermoelectric modules are some of the factors anticipated to promote towards the growth of the global thermoelectric module market.
Growth Indicators
Increasing Need for Heating and Cooling Processes Across Various End-Users
Increasing developments in semiconductor and electronics industry processing has led to the application of various precise and compact units with relatively large amount of power and enhanced performance. The control of such special materials and the temperature sensitivity of units are pronounced, hence essentially require cooling for improved performance and smooth operation. The cooling processes of thermoelectric module technology by applying low voltage DC power source such as by adding heat sink can offer various growth opportunities in refrigeration and thermal management sector. Furthermore, various devices in medical monitoring (wearable devices), telecommunication sector, industrial and automobile requires power generation capabilities for better performance and operation. Thermoelectric module technology is capable of power generation from microwatts to tens and hundreds kW, and also to MW. Low power devices such as hearing machines, smart watches, and some other smart devices are equipped with thermoelectric module chip for temperature regulation. Additionally, various energy-intensive industries, such as processing and production of glass, metal, ceramics, cement offers particularly high potential to recover energy from waste energy. Therefore, TEG is expected to offer compact and effective solution for recovering waste heat from the exhaust tract of truck or ship diesel engines. Such factors are anticipated to drive the growth of the global thermoelectric module market.
Challenges
High Investment Cost of Thermoelectric Modules
The increasing investment cost of thermoelectric modules compared to conventional system of cooling and heating systems is one of the major factors anticipated to act as a restraining factor for the growth of the global thermoelectric module market. Many thermoelectric modules use tellurium and germanium as its contemporary thermoelectric material. These materials cost high to the manufacturers of thermoelectric modules, thereby affecting the overall cost of investment for the manufacturers.
|
Base Year |
2023 |
|
Forecast Year |
2024–2036 |
|
CAGR |
11.4% |
|
Base Year Market Size (2023) |
USD 551.36 million |
|
Forecast Year Market Size (2036) |
USD 2.24 billion |
|
Regional Scope |
|
The global thermoelectric module market is segmented by type into micro modules, thin-film modules and bulk modules. The bulk modules segment registered the largest market share of 42.43% in the year 2036 and is further anticipated to grow by a CAGR of 7.56% during the forecast period. The segment is also expected to gain an incremental $ opportunity of USD 14.22 million in the year 2020 as compared to the previous year. The segment is further anticipated to cross a value of USD 527.80 million by the end of 2028. On the other hand, the micro modules segment is anticipated to grow with the largest CAGR of 9.38% throughout the forecast period.
Our in-depth analysis of the global thermoelectric module market includes the following segments:
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By Type |
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By Model |
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By Functionality |
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End-User |
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The global thermoelectric module market is segmented by regions into North America, Latin America, Europe, Asia Pacific and Middle East and Africa. Among these regions, the market of Asia Pacific industry is predicted to account for largest revenue share of 41% by 2036. On the other hand, the market in the region is anticipated to gain an incremental $ opportunity of USD 17.96 million in the year 2020 as compared to the previous year and further reach a market value of USD 584.22 million by the end of 2028.
Moreover, the market in Europe is anticipated to gain a significant market share by growing at a CAGR of 8.62% throughout the forecast period. The thermoelectric module market in the region is further anticipated to gain an incremental $ opportunity of USD 9.29 million in the year 2020 as compared to the previous year.
Author Credits: Abhishek Verma
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