The new report by Expert Market Research titled, ‘Global Thermoelectric Modules Market Share, Size, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global thermoelectric modules market, assessing the market based on its segments like technology, type, end-use, components, functionality, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028):
- Historical Market Size (2022): USD 626.75 million
- Forecast CAGR (2023-2028): 9%
The growing usage of thermoelectric cooling modules in clinical and scientific applications such as vaccination storage, conditioning systems, healthcare centres, preservation of food, and electronic component cooling is fuelling the industry’s expansion. Thermoelectric modules are made up of electrical carriers and highly doped semiconductor components.
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These components are stacked in arrays that are thermally connected in parallel and electrically connected in series. The need for thermoelectric modules has grown as a result of the increasing technical breakthroughs and quick development of the healthcare business, therefore assisting the global industry.
Thermoelectric Modules Industry Definition and Major Segments
The thermoelectric module, also known as a Peltier cooler or thermoelectric cooler, is an electrical semiconductor-based device that acts as a tiny heat pump, transferring heat from one side to the other. Thermoelectric modules can instantly chill or warm an object by generating temperature differentials.
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On the basis of its technology, the industry can be divided into:
- Single stage
- Multi stage
Based on its type, the industry can be categorised as:
- Thin-film thermoelectric
Based on its end-use, the industry can be segmented as:
- Consumer Electronics
- Medical and Laboratories
- Oil, Gas, & Mining
Based on its components, the industry can be divided into:
- Hardware services
- Software services
On the basis of its functionality, the industry can be segmented into:
- Deep Cooling Modules
- General Purpose Modules
- Temperature Stabilization
- Power Generation
Based on region, the market is segmented into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Thermoelectric Modules Market Trends
In today’s environment, systems are becoming progressively smarter, and gadget sizes are growing smaller and more modular. The electricity required to power such gadgets is also on the micro and millivolt range. Micro-thermoelectric modules have semiconductor element sizes of less than 1.0 mm square, which allows for more thermocouples to be packed into a smaller module. These modules have a number of advantages.
Thermoelectric technology can help alleviate heat issues in microelectronic circuits by providing unattended and continuous power, as well as backup power on manned platforms for crucial communications and emergency shutdown systems. The high cost and low efficiency of thermoelectric modules are the key constraints limiting their market expansion. To make thermoelectric materials appealing on a commercial scale, the market must first overcome the inefficiency hurdle.
The search for the development of thermoelectric materials is becoming increasingly important as the world faces new energy concerns. With the help of thermoelectric devices, energy conversion activities can be carried out with nearly no greenhouse gas emissions. However, due to a scarcity of thermoelectric materials, there hasn’t been enough motivation to market the items. Manufacturers of thermoelectric modules face a technological deficiency, which limits the market expansion of thermoelectric solutions in the industrial environment.
The use of innovative thermoelectric materials in manufacturing processes, together with government policy backing, can enable thermoelectric device producers to enter the market, paving the road for commercialisation.
These modules are widely used in a variety of industries, including optoelectronics and telecommunications. Thermoelectric modules have the potential to be used in a variety of waste heat recovery applications (Energy harvesting).
Key Market Players
The major players in the market are Ferrotec (USA) Corporation [Ferrotec Holdings], Laird [Laird PLC], II-VI Marlow [II-VI Incorporated], TE Technology, Inc., TEC Microsystems GmbH, Crystal Ltd., Kryotherm, RMT Ltd, Thermion Company, Thermonamic Electronics (Jiangxi) Corp., Ltd., Kelk Ltd. [Komatsu Ltd.], among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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