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Thermoelectric Modules Market

Global Thermoelectric Modules Market Size, Share, Forecast: By Technology: Single Stage, Multi Stage; By Component: Hardware, Software and Services; By Type: Bulk Thermoelectric, Micro Thermoelectric, Thin Film Thermoelectric; By Functionality; By End Use; Regional Analysis; Market Dynamics; Competitive Landscape; 2024-2032

Global Thermoelectric Modules Market Outlook

The global thermoelectric modules market stood at a value of around USD 811.66 million in 2023 and is further projected to grow at a CAGR of 9% over the forecast period of 2024-2032.

 

Global Thermoelectric Modules Market

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Thermoelectric modules consist of highly doped semiconductor components with electrical carriers. These components are arranged in arrays, which are attached thermally in parallel and linked electrically in series. With the increasing technological advancements and rapid development of the healthcare industry, the demand for thermoelectric modules has increased, thus, aiding the industry globally.

 

Market Segmentation

The thermoelectric module, also known as a thermoelectric cooler or Peltier cooler, is an electronic semiconductor-based device that operates as a small heat pump and transfers heat from one side of the device to the other. By generating temperature differentials, thermoelectric modules can either cool or warm an object immediately.

 

The thermoelectric modules market can be segmented based on technology, type, end-use, components, and functionality. On the basis of its technology, the industry can be divided into single-stage and multi-stage. Based on its type, the industry can be categorised as bulk, micro, and thin-film thermoelectric. Based on its end-use, the industry can be segmented as:

 

Global Thermoelectric Modules Market

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  • Automotive
  • Consumer Electronics
  • Aerospace and Defence
  • Medical and Laboratories
  • Telecommunications
  • Industrial
  • Oil, Gas, & Mining
  • Others

Based on its components, the industry can be divided into hardware and software and services. On the basis of its functionality, the industry can be segmented into:

  • Deep Cooling Modules
  • General Purpose Modules
  • Temperature Stabilization
  • Power Generation
  • Others

The EMR report looks into the regional thermoelectric modules markets like North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific.

 

Market Analysis

The increasing use of thermoelectric cooling modules in medical and laboratory applications such as vaccine storage, air conditioning, medical facilities, food preservation, and electronic device cooling is the major factor driving the growth of the thermoelectric modules industry.

 

Global Thermoelectric Modules Market

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Competitive Landscape

The report presents a detailed analysis of the following key players in the global thermoelectric modules market, looking into their capacity, competitive landscape, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

  • Ferrotec (USA) Corporation [Ferrotec Holdings]
  • Laird [Laird PLC]
  • II-VI Marlow [II-VI Incorporated]
  • TE Technology, Inc.
  • TEC Microsystems GmbH
  • Crystal Ltd.
  • Kryotherm
  • RMT Ltd (NYSE: RMT)
  • Thermion Company
  • Thermonamic Electronics (Jiangxi) Corp., Ltd.
  • Kelk Ltd. [Komatsu Ltd.] 
  • Others

The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s five forces.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Technology
  • Component
  • Type
  • Functionality
  • End Use
  • Region
Breakup by Technology
  • Single Stage
  • Multi Stage
Breakup by Component
  • Hardware
  • Software and Services
Breakup by Type
  • Bulk Thermoelectric
  • Micro Thermoelectric
  • Thin Film Thermoelectric
Breakup by Functionality
  • Deep Cooling Modules
  • General Purpose Modules
Breakup by End Use
  • Automotive
  • Consumer Electronics
  • Aerospace and Defence
  • Medical and Laboratories
  • Telecommunications
  • Industrial
  • Oil, Gas and Mining
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Ferrotec (USA) Corporation 
  • Laird PLC
  • II-VI Incorporated
  • TE Technology, Inc.
  • TEC Microsystems GmbH
  • Crystal Ltd.
  • Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR 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

Key Questions Answered in the Report

In 2023, the global thermoelectric modules market attained a value of nearly USD 811.66 million.

The market is projected to grow at a CAGR of 9% between 2024 and 2032.

The major drivers of the industry, such as the developing healthcare industry, increased demand for efficient food preservation solution, and favourable government initiatives, are expected to aid the market growth.

Technological advancement and growing research and development activities are the key market trends guiding the growth of the thermoelectric modules industry.

The major regional markets are North America, Europe, the Asia Pacific, Latin America and the Middle East and Africa.

Single-stage and multi-stage are the major technologies of the product in the industry.

The significant components of thermoelectric modules include hardware and software and services segments.

The significant types of thermoelectric modules in the industry are bulk thermoelectric, micro thermoelectric and thin film thermoelectric.

Deep cooling modules and general purpose modules represent the major functionalities of the product in the market.

The major end uses of the product are automotive, consumer electronics, aerospace and defence, medical and laboratories, oil, gas and mining, industrial, and telecommunications.

The major players in the industry are Ferrotec (USA) Corporation (Ferrotec Holdings), Laird (Laird PLC), II-VI Marlow (II-VI Incorporated), TE Technology, Inc., TEC Microsystems GmbH, Crystal Ltd., Kryotherm, RMT Ltd., Thermion Company, Thermonamic Electronics (Jiangxi) Corp., Ltd., and Kelk Ltd., among others.

Analyst Review

The global thermoelectric modules market attained a value of USD 811.66 million in 2023, driven by the improving healthcare sector and the rising demand for electric vehicle and favourable government initiatives. Aided by the technological advancements, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 9%.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on technology, the industry can be segmented into single-stage and multi-stage. On the basis of component, the industry can be segmented into hardware and software and services. By type, the industry can be divided into bulk thermoelectric, micro thermoelectric, and thin film thermoelectric. On the basis of functionality, the industry can be divided into deep cooling modules and general purpose modules. Based on end use, the industry can be categorised into automotive, consumer electronics, aerospace and defence, medical and laboratories, telecommunications, industrial, and oil, gas and mining, among others. The major regional markets for thermoelectric modules are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Ferrotec (USA) Corporation (Ferrotec Holdings), Laird (Laird PLC), II-VI Marlow (II-VI Incorporated), TE Technology, Inc., TEC Microsystems GmbH, Crystal Ltd., Kryotherm, RMT Ltd., Thermion Company, Thermonamic Electronics (Jiangxi) Corp., Ltd., and Kelk Ltd., among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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