Thermoelectric Modules Market worth $872 million by 2026 - Exclusive Report by MarketsandMarkets™

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May 11, 2021, 09:30 ET

CHICAGO, May 11, 2021 /PRNewswire/ -- According to the new market research report "Thermoelectric Modules Market with COVID-19 Impact Analysis, By Model (Single Stage, Multi Stage), Type (Bulk, Micro, Thin Film), Functionality (General Purpose, Deep Cooling), End-Use Application, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the market is projected to grow from USD 593 million in 2021 to USD 872 million by 2026; it is expected to grow at a CAGR of 8.0% during the forecast period. Owing to COVID-19, the thermoelectric modules market is estimated to face headwinds for 2020–2021. The growth of the thermoelectric modules market is driven by factors such as increasing demand for electric and luxury vehicles and the growing deployment of 5G connectivity. The new high-speed 5G telecommunication standard presents thermal challenges for critical components such as optical transceivers. Optical transceivers contain a laser diode that needs to be kept below 70°C to ensure no loss of data transmission wherein TEMs need to be deployed. Hence, with the increasing deployment of 5G equipment, there will be an increasing demand for TEMs in telecommunications. TEMs are expected to be used in future electric vehicles. TEMs are used in electric vehicles to stabilize the temperature of a car's battery-operated system, especially for colder climates where battery efficiency can be reduced by up to 40%.

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Single stage thermoelectric modules to account for larger share of thermoelectric modules market in 2021

Single-stage thermoelectric modules account for a larger share of the thermoelectric modules market and the trend will remain the same during the forecast period. Single-stage thermoelectric modules are suitable for a wide range of cooling and heating applications with low to high heat pumping capacities (depending on the module specifications). The main advantage of a single-stage module is that it covers a vast array of consumer, commercial, and industrial needs as it is available in many shapes and sizes while offering different levels of heat pumping capabilities. It is also less complex to design and manufacture compared to multistage modules.

Bulk thermoelectric modules segment to dominate thermoelectric modules market during forecast period

Bulk thermoelectric modules accounted for the largest share of the thermoelectric modules market and the trend will remain the same during the forecast period. Bulk thermoelectric modules are suitable for a wide variety of applications and have no design constraints compared to micro or thin-film thermoelectric modules. These modules can be configured for different power draw and cooling capabilities based on their design. They are also less complex to design, and manufacture compared to smaller modules. Bulk thermoelectric modules are widely used to make related components such as thermoelectric generators (TEGs) and heat pumps. TEGs are used in power plants to convert waste heat into additional electrical power. They are prevalent in industrial processes and heating as TEGs have long service-free lifetimes compared to other conventional generators.

Consumer Electronics application to register highest share for thermoelectric modules market in 2021

Thermoelectric modules used in consumer electronics accounted for the largest share of the thermoelectric modules market and the trend will remain the same during the forecast period. Consumer electronics manufacturers must constantly innovate and improve designs to create smaller, thinner, lighter, and more reliable products that meet customer demands. Due to fast-changing consumer preferences, thermoelectric cooling solutions offer a competitive advantage by enabling OEMs to develop desirable products and bring them faster to the market. Beverage dispensers including coffee and juice/milk machines require a thermoelectric module that delivers efficient performance, low operating noise, and low maintenance requirements. Water purification systems are another application area, which requires thermoelectric coolers for both cooling and heating water. Thermoelectric solutions are also expected to be featured in consumer wearables in the future. Hence, consumer electronics holds the largest market for thermoelectric modules.

Browse in-depth TOC on "Thermoelectric Modules Market"
159 – Tables
47 – Figures
211 – Pages

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Market in APAC estimated to have largest share during forecast period

APAC has emerged as a global focal point for large investments and business expansion opportunities. The region represents the fastest-growing market worldwide for thermoelectric modules. The increased demand for waste heat recovery, consumer goods, industrial automation, and healthcare monitoring devices is expected to drive this market in the region. APAC has a large consumer electronics industry consisting of countries such as China, Japan, and South Korea, which is the largest manufacturer and end user of consumer devices. South Korea is an important country for manufacturing portable consumer devices while China is the largest exporter of consumer refrigeration devices. Hence, for consumer electronics, the market in APAC is expected to continue to grow as markets in North America and Europe continue to stagnate over time.

North America is the most adversely affected region by the pandemic. Hesitant consumer spending on refrigerator and freezer replacements will drive the demand down for thermoelectric modules for consumer electronics. A decrease in disposable personal income is driving consumer reluctance to replace old appliances as a result of lower spending power in the US and Canada. The North American automotive market witnessed a sharp decline in 2020, resulting in fewer vehicle sales despite the introduction of new vehicle models by major automobile manufacturers. Many existing and potential vehicle buyers in North America are deferring their purchases at present. The commercial aerospace market in North America has also been severely affected, particularly in the US. The purchase of civilian aircraft production in 2020 has declined to around half of that of 2019, which, in turn, has reduced the demand for thermoelectric modules in aerospace applications.

Major vendors in the thermoelectric modules market include Ferrotec (US), II-VI Incorporated (US), KELK (Japan), Laird Thermal Systems (US), Guangdong Fuxin Technology (China), TE Technology (US), Phononic (US), INHECO Industrial Heating & Cooling (Germany), TEC Microsystems (Germany), Crystal (Russia), Kryotherm (Russia), Z-Max (Japan), Kyocera Corporation (Japan), Align Sourcing (US), HiTECH Technologies (US), Hi-Z Technology (US), Merit Technology Group (China), KJLP ELECTRONICS (China), P&N Technology (China), Thermonamic Electronics (China), Hui Mao (China), Wellen Technology (China), and Xiamen HIcool Electronics (China).

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