Thermoelectric Modules Market 2021 Global Key Country Analysis: Ferrotec, II-VI Incorporated, KELK, Laird Thermal Systems, Guangdong Fuxin Technology

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
The thermoelectric modules market is expected to grow from USD 593 million in 2021 and is projected to reach USD 872 million by 2026; it is expected to grow at a CAGR of 8.0% during the forecast period. Increasing application of thermoelectric modules in electric and luxury vehicles is one of the primary factors for the deployment of thermoelectric modules in automotive applications. Active thermoelectric cooling can be a potentially viable alternative because the coolers are small and require few or no moving parts. With many of the COVID-19 vaccines requiring sub-zero or freezing temperatures, TEMs with large temperature differentials can be very effective in controlling the storage temperature of vaccines.

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The report profiles key players in the thermoelectric modules market with their respective market ranking analyses.

Prominent players profiled in this report are: 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).

“Market for multistage thermoelectric modules to grow at higher CAGR during forecast period”

The multistage coolers (TEC) offer superior cooling capabilities over single-stage coolers while maintaining their solid-state benefits. They have higher heat pumping capability than single-stage thermoelectric modules. For various niche applications, companies are focusing on developing high-capacity multistage thermoelectric modules. For instance, TEC Microsystems (Germany) offers a range of ultra-small multistage thermoelectric modules having 8 times smaller volume dimensions. Hence, the market for multistage thermoelectric modules is expected to witness a slightly higher growth rate compared to the market for single-stage modules. Multistage modules are used in automotive, industrial, telecommunications, medical, and consumer applications.

“Market for micro thermoelectric modules to grow at highest CAGR during forecast period”

Micro thermoelectric modules are witnessing the fastest growth due to applications such as telecommunications and automotive. The fast deployment of 5G communication is driving the need for micro thermoelectric modules. In automotive, micro thermoelectric modules are used for cooling various sensors that provide driving aid. Hence, the market for micro thermoelectric modules is expected to grow at the fastest rate during the forecast period. For niche applications where the temperature has to be regulated in very small devices, which have space constraints, companies are now focusing on developing thin-film modules. They lack the cooling capabilities compared to larger and thicker modules and hence, are not suitable for use in large devices.

“Market for automotive application to grow at highest CAGR during forecast period”

The market for thermoelectric modules used in automotive applications is expected to grow at the highest CAGR during the forecast period. With the fast growth of electric vehicles in the market, thermoelectric modules are being deployed for the cooling and heating of batteries in electric and hybrid vehicles as they can offer a highly responsive temperature control system. Thermoelectric modules are suitable for heating batteries in electric cars to overcome the poor performance of batteries in cold weather conditions. Other uses of these modules in automotive applications include cooling laser diodes in head-up displays, cool cup holders and glove boxes in car cabins, cooling sensor devices such as LIDAR in autonomous vehicles, and cooling laser diodes in laser headlights. Hence, with the rise in vehicles equipped with convenience features and the high growth potential of electric and autonomous vehicles, the market for thermoelectric modules for automotive applications is expected to witness the fastest growth during the forecast period.

“Market in APAC to grow at highest CAGR during the forecast period”

Due to large-scale manufacturing mainly in China and significant investments in new vehicle technologies including electric vehicles, LiDAR, and autonomous vehicles, the automotive industry is expected to play a vital role in the growth of the thermoelectric modules market in the region. The fast growth of luxury vehicles in China equipped with features such as heated/cooled seats, cooled glove boxes, and mini freezers is expected to drive the market for thermoelectric modules in the automotive segment. Japanese automotive manufacturers such as Toyota (Japan) and Honda (Japan) are fusing electrification technology for their vehicles, which is expected to facilitate the demand for thermoelectric modules in electric vehicles.

Countries in APAC such as China and South Korea lead in terms of the adoption of 5G communication technology, which would further provide opportunities for the thermoelectric modules market. Huawei (China) and Samsung (South Korea) are the two largest patent holders in the 5G marketspace. South Korea is one of the early adopters of 5G technology and is deploying 5G base stations throughout the country at a fast pace. China is also expanding its telecommunications network at a fast pace. These developments are expected to increase the demand for thermoelectric modules in APAC.

In the process of determining and verifying the market size for several segments and sub segments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the thermoelectric modules marketspace. The break-up of primary participants for the report has been shown below:

By Company Type: Tier 1 – 40%, Tier 2 – 30%, and Tier 3 – 30%
By Designation: C-level Executives – 40%, Directors – 40%, and Others – 20%
By Region: North America –40%, APAC– 30%, Europe – 20%, and RoW – 10%

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Key Benefits of Buying the Report

The report would help leaders/new entrants in this market in the following ways:

This report segments the thermoelectric modules market comprehensively and provides the closest market size projection for all sub segments across different regions.
The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, product launches, deals, and expansions.
The analysis of the top 25 companies, based on the strength of the market rank as well as the product footprint will help stakeholders visualize the market positioning of these key players.

Table Of Contents

1 Introduction
1.1 Study Objectives
1.2 Market Definition And Scope
1.2.1 Inclusions And Exclusions
1.3 Study Scope
Figure 1 Segmentation Of Thermoelectric Modules Market
1.3.1 Years Considered
1.4 Currency & Pricing
1.5 Stakeholders
1.6 Summary Of Changes

2 Research Methodology
2.1 Research Data
Figure 2 Thermoelectric Modules Market: Research Design
2.1.1 Secondary And Primary Research
2.1.1.1 Key Industry Insights
2.1.2 Secondary Data
2.1.2.1 List Of Key Secondary Sources
2.1.2.2 Key Data From Secondary Sources
2.1.3 Primary Data
2.1.3.1 Breakdown Of Primaries
2.1.3.2 Key Data From Primary Sources
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.1.1 Approach To Arrive At Market Size Using Bottom-Up Analysis (Demand Side)
Figure 3 Market Size Estimation Methodology: Bottom-Up Approach
Figure 4 Market Size Estimation Methodology: (Demand Side)—Demand For Thermoelectric Modules
2.2.2 Top-Down Approach
2.2.2.1 Approach For Obtaining Market Size Using Top-Down Analysis (Supply Side)
Figure 5 Market Size Estimation Methodology: Top-Down Approach
Figure 6 Market Size Estimation Methodology: Approach 1 (Supply Side)— Revenue Generated By Companies In Thermoelectric Modules Market
Figure 7 Market Size Estimation Methodology: Approach 2 (Supply Side)—Identification Of Revenues Generated By Companies From Thermoelectric Modules Market
2.2.3 Market Projections
2.3 Market Breakdown And Data Triangulation
Figure 8 Data Triangulation
2.4 Research Assumptions And Limitations
2.4.1 Assumptions
2.4.2 Limitations
2.4.3 Risk Assessment

3 Executive Summary
Table 1 Scenarios In Terms Of Recovery Of Global Economy
3.1 Realistic Scenario
3.2 Optimistic Scenario
3.3 Pessimistic Scenario
Figure 9 Growth Projections Of Thermoelectric Modules Market In Realistic, Optimistic, And Pessimistic Scenarios
Figure 10 Impact Of Covid-19 On Thermoelectric Modules Market
Figure 11 Market For Multistage Thermoelectric Modules Expected To Experience Faster Growth Throughout Forecast Period
Figure 12 Microthermoelectric Modules Market To Grow At Highest Cagr During Forecast Period
Figure 13 Thermoelectric Modules Market For Automotive Application To Grow At Highest Cagr During Forecast Period
Figure 14 Apac To Account For Largest Share Of Thermoelectric Modules Market In 2021

4 Premium Insights
4.1 Attractive Opportunities In Thermoelectric Modules Market
Figure 15 Advantages Of Solid-State Technology, Compact Design, And Long Lifetime Driving Growth Of Thermoelectric Modules Market
4.2 Bulk Thermoelectric Modules Market, By Region
Figure 16 Apac To Witness Highest Cagr In Bulk Thermoelectric Modules Market During Forecast Period
4.3 Thermoelectric Modules Market, By Functionality
Figure 17 General-Purpose Thermoelectric Modules To Lead Market During Forecast Period
4.4 Thermoelectric Modules Market In Apac, By Application Vs. By Country
Figure 18 Consumer Electronics And China To Be Largest Shareholders Of Thermoelectric Modules Market In Apac In 2021
4.5 Thermoelectric Modules Market, By Country
Figure 19 Us Is Expected To Hold Largest Share Of Thermoelectric Modules Market In 2021

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
Figure 20 Impact Of Drivers And Opportunities On Thermoelectric Modules Market
Figure 21 Impact Of Restraints And Challenges On Thermoelectric Modules Market
5.2.1 Drivers
5.2.1.1 Benefits Of Tems Over Conventional Systems
5.2.1.2 Simultaneous Heating And Cooling Properties Of Tems Driving Demand For Several Applications
5.2.1.3 Growth Of Electric And Luxury Vehicles Increasing Demand For Tems
Figure 22 Global Electric Vehicle Market
5.2.2 Restraints
5.2.2.1 Inherent Disadvantages And Design Complexities
5.2.2.2 High Costs Compared To Traditional Heating/Cooling Systems
5.2.3 Opportunities
5.2.3.1 Development Of Tems For New Application Areas
5.2.3.2 Thermoelectric Coolers For Storage And Transport Of Covid-19 Vaccines
5.2.4 Challenges
5.2.4.1 Reliability And Strength Of Tems
5.2.4.2 Decline In Demand In Automotive Industry—Impact Of Covid-19
Figure 23 Global Vehicle Production Data For Q1, Q2, And Q3 In 2019 And 2020
5.3 Tariffs And Regulations
5.3.1 Tariffs Related To Thermoelectric Modules
5.3.2 Regulations
5.3.2.1 Europe
5.3.2.1.1 Rohs
5.3.2.2 Us
5.3.2.2.1 Telcordia Gr-468
5.3.2.2.2 Itar
5.3.3 Global
5.3.3.1 Space Qualifications
5.4 Case Studies
5.4.1 Laird Thermal Systems Utilized Thermoelectrics For Cooling Optical Sensors
5.4.2 Laird Thermal Systems Utilized Thermoelectrics For Vision Systems
5.4.3 Laird Thermal Systems Utilized Thermoelectrics For Preserving Medical Reagents
5.4.4 Ii-Vi Marlow Showcased Thermoelectrics For Thermal Cycling
5.4.5 Ii-Vi Marlow Showcased Thermoelectrics For Energy Harvesting
5.4.6 Crystal Developed Prototype For Laboratory Research Equipment
5.4.7 Mahle Testing Thermoelectrics In Automotive Applications
5.4.8 Phononic Leveraged Thermoelectrics To Develop Cpu Cooler
5.4.9 Phononic Provided Solid-State Refrigeration Solutions Using Thermoelectrics
5.4.10 Phononic Offered Thermoelectric Freezers To Convenience Stores
5.5 Average Selling Price Analysis
Figure 24 Average Selling Price Forecast Of Thermoelectric Modules (2020–2026)
Table 2 Average Selling Price Of Thermoelectric Modules, 2020–2026 (Usd)

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