Thermoelectric Modules Market: Future Forecast Assessed on the basis of how the Market is Predicted to Grow

The global thermoelectric modules market for demonstrates a high degree of consolidation with only a few players, namely, Marlow Industries, Ferrotec Corp., KELK Ltd., and Laird Technologies Inc., acquiring the lead, finds TMR in a study. To sustain the intensifying competition, key companies are increasingly focusing on innovations as well as advancements of thermoelectric systems existent in their portfolios.

Penetration of international market through mergers, acquisitions, and collaborations is another significant strategy adopted by leading thermoelectric modules manufacturers, looking to expand their global footprints in order to gain competitive advantages. For instance, Laird Technologies recently acquired Nextreme Thermal Solutions, a U.S.-based thin film thermoelectric module producer.

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Going forward, the competition between these companies is likely to intensify due to the introduction of a number of advanced as well as cost-efficient thermoelectric systems in the near future. Manufacturers will require shifting their focus on scalability and configurability of thermoelectric modules to cater to a wide range of industrial applications in order to strengthen their positions. Advancements in their in-house production capabilities, leading to a low-cost production of thermoelectric assemblies and other thermoelectric devices, will also benefit these manufacturers in the long run.

Thermoelectric modules offer a number of advantages over conventional cooling systems. The properties such as compact geometric size, lower power consumption, precise temperature control and cycling, reliable solid state operations, integrated design, fully reversible switch in polarity, and rapid response time of these modules have fueled their popularity significantly. Thermoelectric systems are witnessing a widespread application in the semiconductor, automotive, telecommunications, aerospace, defense, medical and healthcare, and consumer electronics sectors, owing to these properties.

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On the flip side, the high cost of these modules, compared to traditional cooling and refrigeration systems, is creating hindrances in their adoption across various industry verticals. Although the continual research to develop highly effective thermoelectric systems at low costs is anticipated to minimalize the impact of this factor in the coming years.

“The demand for thermoelectric modules is registering a remarkable rise across the world,” finds TMR. Analysts estimate the global opportunity in thermoelectric modules to increase from US$364.1 mn in 2014 to US$829.5 mn by 2023, expanding at a CAGR of 9.50% between 2015 and 2023.

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Asia Pacific emerged as the key consumer of these modules in 2014, contributing US$120.0 mn in the overall revenue generated. Throughout the forecast period, the regional market is projected to remain the key contributor; however, these modules will witness the fastest growth rate in North America.

Bulk modules witness the most prominent demand among all thermoelectric modules in 2014 and is anticipated to remain leading over the forecast period. Other modules, micro and thin films, are also expected to report healthy growth in the coming years. Bulk modules find key application in consumer electronics, micro modules are mostly applied in lasers and LEDs, and detectors and sensors are the prime application areas for thin film modules.

Single stage thermoelectric will remain the most utilized thermoelectric technology, globally, throughout the forecast period.

The study presented here is based on the findings of a report by Transparency Market Research (TMR) titled “Thermoelectric Modules Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”

Key Takeaways:

Global thermoelectric modules market demonstrates high degree of consolidation

High cost of thermoelectric modules limit their applications

Opportunity in thermoelectric modules to be worth US$829.5 mn by 2023 worldwide

The global thermoelectric modules market is segmented as follows:

By Technology

Single-stage

Multi-stage

By Type

Bulk Thermoelectric Modules

Micro Thermoelectric Modules

Thin Film Thermoelectric Modules

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