Thermoelectric Module Market Report

Market Insights

"The global thermoelectric module market size was estimated at USD 575.6 million in 2020 and is likely to grow at a CAGR of 8.1% during 2021-2026 to reach USD 910.0 million in 2026."

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A thermoelectric module also referred to as a Peltier cooler or thermoelectric cooler is a semiconductor-based electronic element. The thermoelectric module functions as a small heat pump that departs heat from one side of a device to the other. Heat pumps fixed in them are able of extracting water from air with the help of its structured circuit engineering which works on the science of the Peltier effect.

Market Dynamics

Market Drivers

Rising capability to increase vehicle fuel efficiency using thermoelectric modules as well as rise in awareness concerning green energy. Thermoelectric modules offer several benefits such as precise temperature control and cycling, compact geometric size, and lower power consumption are also augmenting the market growth. Moreover, the growing usage of thermoelectric modules for heating or cooling in numerous applications across different industries is likely to boost the industry growth during the forecast timeline.

COVID-19 Impact

The COVID-19 outbreak has moderately affected the thermoelectric module industry. The pandemic has turned the lives of people worldwide, with the number of cases increasing rapidly which made people stuck in their homes with limited movement. The industrial operations were halted due to limited workforce and supply chain disruption, which further negatively affected the product demand. However, various automobile suppliers throughout China have now resumed production, recovering from the initial disruptions caused in the supply chain as a result of the pandemic.

Segment's Analysis

End-Use Trends

"The automotive segment accounted for the largest market share."

The thermoelectric module market is categorized into automotive, consumer electronics, aerospace & defense, medical & laboratories, telecommunications, industrial, and oil, gas, & mining. The automotive segment held a significant market share in 2020 and is estimated to register a healthy CAGR during the forecast timeline. This is mainly ascribed to the fast growth of electric vehicles in the market, thermoelectric modules are increasingly deployed for the cooling and heating of batteries in electric and hybrid vehicles as they can offer a highly responsive temperature control system, which bolsters the segment growth. 

Regional Insights

"Asia Pacific accounted for the largest market share."

The Asia Pacific market accounted for a significant share in 2020 and is expected to grow at a substantial CAGR in the following years. This is mainly attributed to its expertise in technology-driven aspects. Moreover, the presence of semiconductor and consumer electronic companies, a strong automotive base in the countries of India, Japan, and India, and the growing need for household appliances, further proliferates the regional market growth.

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Key Players

The following are the key players in the thermoelectric module market (arranged alphabetically).

• Crystal Ltd. (Hong Kong)
• Ferrotec Corporation (Japan)
• KELK Ltd. (Japan)
• KRYOTHERM (US)
• Laird Technologies (US)
• Laird Thermal Systems (US)
• RMT Ltd. (US)
• TE Technology Inc. (US)
• TEC Microsystem GmbH (Germany)
• Thermonamic Electronics (Jiangxi) Corp. Ltd. (China)

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s thermoelectric module market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.