Thermoelectric Modules Market to hit USD 872 million by 2026 - Global Insights on Trends, Regulatory Landscape, COVID-19 Impact Analysis, Strategic Initiatives, Growth Drivers, and Future Outlook

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

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

“The thermoelectric modules market is projected to grow at a CAGR of 8.0% during 2021–2026”

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.

“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.

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“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.

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