Thermoelectric Modules Market by Model (Single-Stage, Multi-Stage), Type (Bulk Thermoelectric Modules, Micro Thermoelectric Modules, Thin-Film Thermoelectric Modules), Functionality, Offering, End-Use Application, and Region - Global Forecast to 2024
The thermoelectric modules market size is projected to reach USD 1,023 million by 2024 from an estimation of USD 668 million in 2019, at a CAGR of 8.9%. Benefits of thermoelectric modules over conventional systems, simultaneous heating & cooling of thermoelectric modules catering to the demand in several applications, growth of electric vehicle market and focus of governments as well as product & service providers on using renewable energy sources is expected to drive the thermoelectric modules industry growth. Furthermore, underlying opportunities in this space include the development of thermoelectric modules for new application arena and the concept of turning body heat into electricity.
Based on end-use application, consumer electronics to hold the largest market share of thermoelectric modules market
Thermoelectric modules are used widely in the consumer electronics application, including portable food/beverage containers, chilled water dispensers, beer/wine cabinets, small refrigerators, air conditioners, and others. These applications require thermoelectric modules to provide cooling and temperature control as traditional cooling systems are not feasible.
Growth in the application arena of consumer electronics is expected to increase the demand for thermoelectric modules. For instance, due to environmental concerns related to bottled water, point-of-use dispensers have emerged as a boon for commercial, as well as residential spaces. Therefore, to achieve the demand for suitable temperature effect, the market growth of thermoelectric modules will surge in the coming years. Companies such as Ferrotec (US), LAIRD (UK), and II-VI Marlow (US) offer thermoelectric modules for the consumer electronics application.
Bulk thermoelectric modules expected to be the largest shareholder of thermoelectric modules in coming years
Bulk thermoelectric modules held the largest market share of the thermoelectric modules market in 2018 owing to their benefits, such as the highest power output and voltage compared with micro and thin-film thermoelectric modules. Moreover, these modules are the most commonly used types of thermoelectric modules for various end-use applications such as telecommunications, medical & laboratories, aerospace & defense, consumer electronics, and industrial. In addition, these modules can instantly warm or cool an object by producing a temperature differential through the induction of an electric current. Further, they can provide a power output from milliwatts to multiple kilowatts. Key manufacturers of bulk these modules are Ferrotec (US), LAIRD (UK), RMT ltd. (Russia), and TEC Microsystems (Germany).
APAC to account for the largest market size during the forecast period
Asia Pacific accounted for the largest share of the thermoelectric modules market in 2018. It is the fastest-developing region for most of the applications such as automotive, consumer electronics, oil, gas & mining, and industrial.
The market in APAC has been segmented into China, Japan, South Korea, and the Rest of APAC. The region has emerged as a global focal point for significant investments and business expansion opportunities. The increasing demand for waste heat recovery, consumer goods, industrial automation, and healthcare monitoring devices is expected to drive this market in the region.
Key Market Players
Ferrotec (USA) Corporation (Ferrotec, US), Laird Thermal Systems (LAIRD, UK), II-VI Marlow (Marlow, US), TE Technology, Inc. (TE Technology, US), TEC Microsystems GmbH (TEC Microsystems, Germany), Crystal Ltd (Crystal, Russia), Kryotherm (Kryotherm, Russia), RMT Ltd. (RMT, Russia), Thermion Company (Thermion Company, Ukraine), Thermonamic Electronics (Jiangxi) Corp., Ltd. (Thermonamic Electronics, China), KELK Ltd (KELK, Japan), and Guangdong Fuxin Technology Co., Ltd. (Fuxin Technology, China) are a few major players in the thermoelectric modules market.
Report Scope
|
Report Metric |
Details |
|
Market size available for years |
20162024 |
|
Base year considered |
2018 |
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Forecast period |
20192024 |
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Forecast units |
Value, USD million/thousands |
|
Segments covered |
Model, Type, Functionality, Offering, End-use Application, and Region |
|
Regions covered |
Americas, Europe, APAC, and RoW |
|
Companies covered |
Ferrotec (USA) Corporation (Ferrotec, US), Laird Thermal Systems (LAIRD, UK), II-VI Marlow (Marlow, US), TE Technology, Inc. (TE Technology, US), TEC Microsystems GmbH (TEC Microsystems, Germany), Crystal Ltd (Crystal, Russia), Kryotherm (Kryotherm, Russia), RMT Ltd. (RMT, Russia), Thermion Company (Thermion Company, Ukraine), Thermonamic Electronics (Jiangxi) Corp., Ltd. (Thermonamic Electronics, China), KELK Ltd (KELK, Japan), and Guangdong Fuxin Technology Co., Ltd. (Fuxin Technology, China) are a few major players in the thermoelectric modules market. |
Thermoelectric modules market segmentation:
In this report, the market is segmented into the following categories:
By Model:
- Single-stage
- Multi-stage
By Type:
- Bulk Thermoelectric Modules
- Thin-film Thermoelectric Modules
- Micro Thermoelectric Modules
By Functionality:
- Deep Cooling Modules
- General-purpose Modules
By Offering:
- Hardware
- Software & Services
By End-use Application:
- Consumer Electronics
- Telecommunications
- Automotive
- Industrial
- Medical & Laboratories
- Aerospace & Defense
- Oil, Gas & Mining
By Region:
- Americas
- Europe
- APAC
- RoW
Critical questions the report answers:
- Where will all these developments take the industry in the mid to long term?
- What are emerging application areas that are expected to adopt thermoelectric modules?
- Which end-use application of in the market is growing at the highest rate?
- Which type of thermoelectric module is expected to penetrate significantly during the forecast period?
- What type of model is the most opportunistic for thermoelectric modules manufacturers in the coming years?
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
Table of Contents
1 Introduction (Page No. - 17)
1.1 Study Objectives
1.2 Definition
1.3 Study Scope
1.3.1 Markets Covered
1.3.2 Regional Scope
1.3.3 Years Considered
1.4 Currency
1.5 Stakeholders
2 Research Methodology (Page No. - 20)
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Breakdown of Primaries
2.1.2.2 Key Data From Primary Sources
2.1.3 Secondary and Primary Research
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.1.1 Approach Used to Arrive at Market Share By Bottom-Up Analysis
2.2.1.2 Approach for Capturing Company-Specific Information in Thermoelectric Modules Value Chain
2.2.2 Top-Down Approach
2.2.2.1 Approach Used to Arrive at Market Share By Top-Down Analysis
2.3 Market Breakdown and Data Triangulation
2.4 Research Assumptions
2.4.1 Assumptions
3 Executive Summary (Page No. - 29)
4 Premium Insight (Page No. - 34)
4.1 Attractive Growth Opportunities in Thermoelectric Modules Market
4.2 Market, By Model
4.3 Market in APAC, By End-Use Application and Country
4.4 Market, By Offering
4.5 Market, By Region
5 Market Overview (Page No. - 37)
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Benefits of Thermoelectric Modules Over Conventional Systems
5.2.1.2 Simultaneous Heating and Cooling of Thermoelectric Modules Driving Demand for Several Applications
5.2.1.3 Growth of Electric Vehicle Market Increasing Demand for Thermoelectric Modules
5.2.1.4 Focus of Governments as Well as Product and Service Providers on Using Renewable Energy Sources
5.2.2 Restraints
5.2.2.1 Design Complexities Associated With Thermoelectric Modules
5.2.2.2 High Costs Compared With Traditional Systems
5.2.3 Opportunities
5.2.3.1 Development of Thermoelectric Modules for New Application Arena
5.2.3.2 Concept of Turning Body Heat Into Electricity
5.2.4 Challenges
5.2.4.1 Managing Heat Dissipation in Computing and Networking Devices
5.3 Value Chain Analysis
6 Thermoelectric Modules Market, By Model (Page No. - 42)
6.1 Introduction
6.2 Single Stage
6.2.1 Single-Stage Modules Expected to Continue to Account for Larger Size of Market
6.3 Multi Stage
6.3.1 Multi-Stage Thermoelectric Modules to Record Higher CAGR in Market During Forecast Period
7 Thermoelectric Modules Market, By Type (Page No. - 46)
7.1 Introduction
7.2 Bulk Thermoelectric Modules
7.2.1 Bulk Thermoelectric Modules Held Largest Share of Market in 2018
7.3 Micro Thermoelectric Modules
7.3.1 Micro Thermoelectric Modules to Exhibit Highest Growth Rate in Coming Years
7.4 Thin-Film Thermoelectric Modules
7.4.1 Thin-Film Thermoelectric Modules Produce Maximum Heat Flux
8 Thermoelectric Modules Market, By Functionality (Page No. - 50)
8.1 Introduction
8.2 Deep-Cooling Modules
8.2.1 Americas to Witness Highest Growth for Deep-Cooling Modules
8.3 General-Purpose Modules
8.3.1 APAC Likely to Offer Tremendous Opportunities for General-Purpose Modules in Coming Years
9 Thermoelectric Modules Market, By End-Use Application (Page No. - 54)
9.1 Introduction
9.2 Consumer Electronics
9.2.1 Consumer Electronics to Dominate Thermoelectric Modules Market, in Terms of Size, During Forecast Period
9.3 Telecommunications
9.3.1 APAC to Continue to Account for Largest Market Size for Telecommunications During Forecast Period
9.4 Automotive
9.4.1 Market for Automotive Application is Expected to Grow at Highest CAGR
9.5 Industrial
9.5.1 Use of Thermoelectric Modules in Food & Beverages Industry Driving Growth of Overall Market
9.6 Medical & Laboratories
9.6.1 Need for Temperature Stabilization Boosting Demand for Thermoelectric Modules in Medical & Laboratories Application
9.7 Aerospace & Defense
9.7.1 Marlow and RMT are Among Key Companies Catering to Aerospace & Defense Application
9.8 Oil, Gas & Mining
9.8.1 Thermoelectric Modules are Used in Gas Analysers, Metering Equipment, and Remote Telemetry Units in Oil, Gas & Mining Applications
10 Thermoelectric Modules Market, By Offering (Page No. - 61)
10.1 Introduction
10.2 Hardware
10.2.1 Hardware Segment Dominated Thermoelectric Modules Market, in Terms of Size, in 2018
10.3 Software & Services
10.3.1 APAC Held Largest Market for Software & Services in 2018
11 Geographic Analysis (Page No. - 64)
11.1 Introduction
11.2 Americas
11.2.1 North America
11.2.1.1 US
11.2.1.1.1 US is Largest Market for Thermoelectric Modules in North America
11.2.1.2 Canada
11.2.1.2.1 Increasing Demand for Consumer Electronics to Drive Canadian Thermoelectric Modules Market
11.2.1.3 South America
11.2.1.3.1 Single-Stage Thermoelectric Modules Accounted for Larger Market Size in South American Market
11.3 Europe
11.3.1 UK
11.3.1.1 UK is A Major Consumer of Thermoelectric Modules in Europe
11.3.2 Germany
11.3.2.1 German Thermoelectric Modules Market to Grow at Highest CAGR During Forecast Period.
11.3.3 France
11.3.3.1 Government Initiatives to Drive French Thermoelectric Modules Market in Coming Years
11.3.4 Italy
11.3.4.1 Increase in Number of Vehicles is Driving Italian Thermoelectric Modules Market
11.3.5 Rest of Europe
11.4 APAC
11.4.1 China
11.4.1.1 China is Expected to Hold Largest Share of Market in APAC During Forecast Period
11.4.2 Japan
11.4.2.1 Growth in Consumer Electronics Sector Driving Japanese Thermoelectric Modules Market
11.4.3 South Korea
11.4.3.1 Presence of Telecommunication Manufacturers Driving South Korean Thermoelectric Modules Market
11.4.4 Rest of APAC
11.5 RoW
11.5.1 Middle East
11.5.1.1 Middle East is Expected to Hold Larger Share of Thermoelectric Modules Market in RoW
11.5.2 Africa
11.5.2.1 Increasing Awareness Toward Sustainable Energy Sources is Driving African Thermoelectric Modules Market
12 Competitive Landscape (Page No. - 109)
12.1 Overview
12.2 Market Ranking Analysis 2018
12.3 Competitive Situations and Trends
12.3.1 Expansions
12.3.2 Collaborations/Partnerships
12.4 Competitive Leadership Mapping
12.4.1 Visionary Leaders
12.4.2 Dynamic Differentiators
12.4.3 Innovators
12.4.4 Emerging Companies
13 Company Profile (Page No. - 114)
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, and MnM View)*
13.1 Introduction
13.2 Key Players
13.2.1 Ferrotec
13.2.2 Laird
13.2.3 II-VI Marlow
13.2.4 TE Technology
13.2.5 TEC Microsystems
13.2.6 Crystal Ltd.
13.2.7 Kryotherm
13.2.8 RMT Ltd
13.2.9 Thermion Company
13.2.10 Thermonamic Electronics
13.2.11 Kelk Ltd
13.2.12 Fuxin Technology
13.3 Other Important Players
13.3.1 Z Max
13.3.2 O-Flexx Technologies
13.3.3 Phononic
13.3.4 P & N Technology
13.3.5 Everredtronics
13.3.6 Micropelt
13.3.7 Hi-Z Technology
13.3.8 Hui MAO
13.3.9 Hicooltec Electronic
13.3.10 Merit Technology Group
13.3.11 LG Innotek
13.3.12 Align Sourcing
13.3.13 AMS Technologies
13.3.14 Inheco Industrial Heating & Cooling
13.3.15 Wellen Technology
*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, and MnM View Might Not Be Captured in Case of Unlisted Companies.
14 Appendix (Page No. - 141)
14.1 Insights From Industry Experts
14.2 Discussion Guide
14.3 Knowledge Store: Marketsandmarkets Subscription Portal
14.4 Available Customizations
14.5 Related Reports
14.6 Author Details
List of Tables (128 Pages Report)
Table 1 Market, By Model, 20162024 (USD Million)
Table 2 Market, By Model, 20162024 (Thousand Units)
Table 3 Market for Single-Stage Modules, By Region, 20162024 (USD Million)
Table 4 Market for Multi-Stage Modules, By Region, 20162024 (USD Thousand)
Table 5 Market, By Type, 20162024 (USD Million)
Table 6 Bulk Thermoelectric Modules, By Region, 20162024 (USD Million)
Table 7 Micro Thermoelectric Modules, By Region, 20162024 (USD Thousand)
Table 8 Thin-Film Thermoelectric Modules, By Region, 20162024 (USD Thousand)
Table 9 Market, By Functionality, 20162024 (USD Million)
Table 10 Market for Deep-Cooling Modules, By Region, 20162024 (USD Million)
Table 11 Thermoelectric Modules for General-Purpose Modules, By Region, 20162024 (USD Thousand)
Table 12 Market, By End-Use Application, 20162024 (USD Million)
Table 13 Market for Consumer Electronics, By Region, 20162024 (USD Thousand)
Table 14 Market for Telecommunications, By Region, 20162024 (USD Thousand)
Table 15 Market for Automotive, By Region, 20162024 (USD Thousand)
Table 16 Market for Industrial Application, By Region, 20162024 (USD Thousand)
Table 17 Market for Medical & Laboratories, By Region, 20162024 (USD Thousand)
Table 18 Market for Aerospace & Defense, By Region, 20162024 (USD Thousand)
Table 19 Market for Oil, Gas & Mining, By Region, 20162024 (USD Thousand)
Table 20 Market, By Offering, 20162024 (USD Million)
Table 21 Market for Hardware, By Region, 20162024 (USD Million)
Table 22 Market for Software & Services, By Region, 20162024 (USD Thousand)
Table 23 Market, By Region, 20162024 (USD Million)
Table 24 Market in Americas, By Region, 20162024 (USD Million)
Table 25 Market in Americas, By Model, 20162024 (USD Million)
Table 26 Market in Americas, By Model, 20162024 (Thousand Units)
Table 27 Market in Americas, By Type, 20162024 (USD Million)
Table 28 Market in Americas, By Functionality, 20162024 (USD Million)
Table 29 Market in Americas, By End-Use Application, 20162024 (USD Million)
Table 30 Market in Americas, By Offering, 20162024 (USD Million)
Table 31 North American Thermoelectric Modules, By Country, 20162024 (USD Million)
Table 32 North American Thermoelectric Modules, By Model, 20162024 (USD Million)
Table 33 North American Thermoelectric Modules Market, By Model, 20162024 (Thousand Units)
Table 34 North American Thermoelectric Modules, By Functionality, 20162024 (USD Million)
Table 35 North American Thermoelectric Modules, By Offering, 20162024 (USD Million)
Table 36 Market in Us, By Model, 0162024 (USD Million)
Table 37 Market in Us, By Model, 20162024 (Thousand Units)
Table 38 Market in Us, By Functionality, 20162024 (USD Million)
Table 39 Market in Us, By Offering, 20162024 (USD Thousand)
Table 40 Canadian Thermoelectric Modules, By Model, 20162024 (USD Thousand)
Table 41 Canadian Thermoelectric Modules, By Model, 20162024 (Thousand Units)
Table 42 Canadian Thermoelectric Modules, By Functionality, 20162024 (USD Thousand)
Table 43 Canadian Thermoelectric Modules, By Offering, 20162024 (USD Thousand)
Table 44 South American Thermoelectric Modules, By Model, 20162024 (USD Thousand)
Table 45 South American Thermoelectric Modules, By Model, 20162024 (Thousand Units)
Table 46 South American Thermoelectric Modules, By Functionality, 20162024 (USD Million)
Table 47 South American Thermoelectric Modules, By Offering, 20162024 (USD Thousand)
Table 48 European Thermoelectric Modules, By Country, 20162024 (USD Million)
Table 49 European Thermoelectric Modules, By Model, 20162024 (USD Million)
Table 50 European Thermoelectric Modules, By Model, 20162024 (Thousand Units)
Table 51 European Thermoelectric Modules, By Type, 20162024 (USD Million)
Table 52 European Thermoelectric Modules, By Functionality, 20162024 (USD Million)
Table 53 European Thermoelectric Modules, By End-Use Application, 20162024 (USD Thousand)
Table 54 European Thermoelectric Modules, By Offering, 20162024 (USD Million)
Table 55 Market in Uk, By Model, 20162024 (USD Thousand)
Table 56 Market in Uk, By Model, 20162024 (Thousand Units)
Table 57 Market in Uk, By Functionality, 20162024 (USD Million)
Table 58 Market in Uk, By Offering, 20162024 (USD Thousand)
Table 59 German Thermoelectric Modules, By Model, 20162024 (USD Million)
Table 60 German Thermoelectric Modules, By Model, 20162024 (Thousand Units)
Table 61 German Thermoelectric Modules, By Functionality, 20162024 (USD Million)
Table 62 German Thermoelectric Modules, By Offering, 20162024 (USD Thousand)
Table 63 French Thermoelectric Modules, By Model, 20162024 (USD Thousand)
Table 64 French Thermoelectric Modules, By Model, 20162024 (Thousand Units)
Table 65 French Thermoelectric Modules, By Functionality, 20162024 (USD Thousand)
Table 66 French Thermoelectric Modules, By Offering, 20162024 (USD Thousand)
Table 67 Italian Thermoelectric Modules, By Model, 20162024 (USD Thousand)
Table 68 Italian Thermoelectric Modules, By Model, 20162024 (Thousand Units)
Table 69 Italian Thermoelectric Modules, By Functionality, 20162024 (USD Thousand)
Table 70 Italian Thermoelectric Modules, By Offering, 20162024 (USD Thousand)
Table 71 Market in Rest of Europe, By Model, 20162024 (USD Thousand)
Table 72 Market in Rest of Europe, By Model, 20162024 (Thousand Units)
Table 73 Market in Rest of Europe, By Functionality, 20162024 (USD Million)
Table 74 Market in Rest of Europe, By Offering, 20162024 (USD Thousand)
Table 75 Market in APAC, By Country, 20162024 (USD Million)
Table 76 Market in APAC, By Model, 20162024 (USD Million)
Table 77 Market in APAC, By Model, 20162024 (Thousand Units)
Table 78 Market in APAC, By Type, 20162024 (USD Million)
Table 79 Market in APAC, By Functionality, 20162024 (USD Million)
Table 80 Market in APAC, By End-Use Application, 20162024 (USD Million)
Table 81 Market in APAC, By Offering, 20162024 (USD Million)
Table 82 Chinese Thermoelectric Modules, By Model, 20162024 (USD Million)
Table 83 Chinese Thermoelectric Modules, By Model, 20162024 (Thousand Units)
Table 84 Chinese Thermoelectric Modules, By Functionality, 20162024 (USD Million)
Table 85 Chinese Thermoelectric Modules, By Offering, 20162024 (USD Million)
Table 86 Japanese Thermoelectric Modules Market, By Model, 20162024 (USD Million)
Table 87 Japanese Thermoelectric Modules, By Model, 20162024 (Thousand Units)
Table 88 Japanese Thermoelectric Modules, By Functionality, 20162024 (USD Million)
Table 89 Japanese Thermoelectric Modules, By Offering, 20162024 (USD Million)
Table 90 South Korean Thermoelectric Modules, By Model, 20162024 (USD Thousand)
Table 91 South Korean Thermoelectric Modules, By Model, 20162024 (Thousand Units)
Table 92 South Korean Thermoelectric Modules, By Functionality, 20162024 (USD Thousand)
Table 93 South Korean Thermoelectric Modules, By Offering, 20162024 (USD Thousand)
Table 94 Market in Rest of APAC, By Model, 20162024 (USD Million)
Table 95 Market in Rest of APAC, By Model, 20162024 (Thousand Units)
Table 96 Market in Rest of APAC, By Functionality, 20162024 (USD Million)
Table 97 Market in Rest of APAC, By Offering, 20162024 (USD Thousand)
Table 98 Market in RoW, By Region, 20162024 (USD Thousand)
Table 99 Market in RoW, By Model, 20162024 (USD Thousand)
Table 100 Market in RoW, By Model, 20162024 (Thousand Units)
Table 101 Market in RoW, By Type, 20162024 (USD Thousand)
Table 102 Market in RoW, By Functionality, 20162024 (USD Thousand)
Table 103 Market in RoW, By End-Use Application, 20162024 (USD Thousand)
Table 104 Market in RoW, By Offering, 20162024 (USD Thousand)
Table 105 Middle Eastern Thermoelectric Modules, By Country, 20162024 (USD Thousand)
Table 106 Middle Eastern Thermoelectric Modules, By Model, 20162024 (USD Thousand)
Table 107 Middle Eastern Thermoelectric Modules, By Model, 20162024 (Thousand Units)
Table 108 Middle Eastern Thermoelectric Modules, By Functionality, 20162024 (USD Thousand)
Table 109 Middle Eastern Thermoelectric Modules, By Offering, 20162024 (USD Thousand)
Table 110 Market in UAE, By Model, 20162024 (USD Thousand)
Table 111 Market in UAE, By Model, 20162024 (Thousand Units)
Table 112 Market in UAE, By Functionality, 20162024 (USD Thousand)
Table 113 Market in UAE, By Offering, 20162024 (USD Thousand)
Table 114 Saudi Arabian Thermoelectric Modules, By Model, 20162024 (USD Thousand)
Table 115 Saudi Arabian Thermoelectric Modules, By Model, 20162024 (Thousand Units)
Table 116 Saudi Arabian Thermoelectric Modules, By Functionality, 20162024 (USD Thousand)
Table 117 Saudi Arabian Thermoelectric Modules, By Offering, 20162024 (USD Thousand)
Table 118 Market in Rest of Middle East, By Model, 20162024 (USD Thousand)
Table 119 Market in Rest of Middle East, By Model, 20162024 (Thousand Units)
Table 120 Market in Rest of Middle East, By Functionality, 20162024 (USD Thousand)
Table 121 Market in Rest of Middle East, By Offering, 20162024 (USD Thousand)
Table 122 African Thermoelectric Modules, By Model, 20162024 (USD Thousand)
Table 123 African Thermoelectric Modules, By Model, 20162024 (Thousand Units)
Table 124 African Thermoelectric Modules, By Functionality, 20162024 (USD Thousand)
Table 125 African Thermoelectric Modules, By Offering, 20162024 (USD Thousand)
Table 126 Product Developments, January 2016 to June 2019
Table 127 Expansion, January 2016 to June 2019
Table 128 Partnerships, January 2016 to June 2019
List of Figures (27 Figures)
Figure 1 Market Segmentation
Figure 2 Market: Research Design
Figure 3 Market Size Estimation Methodology: Bottom-Up Approach
Figure 4 Market Size Estimation Methodology: Top-Down Approach
Figure 5 Data Triangulation Methodology
Figure 6 Single-Stage Modules to Account for Larger Size of Market, By Model, From 2019 to 2024
Figure 7 Deep-Cooling Modules to Dominate Market, By Functionality, During Forecast Period
Figure 8 Bulk Thermoelectric Modules to Continue to Capture Largest Market Size During Forecast Period
Figure 9 Consumer Electronics Application Held Largest Market Share in 2018
Figure 10 APAC Accounted for Largest Share of Market in 2018
Figure 11 Benefits of Thermoelectric Modules Over Conventional Systems Drive Market
Figure 12 Single Stage Modules to Dominate Market, in Terms of Size, During Forecast Period
Figure 13 Consumer Electronics and China Accounted for Largest Market Share in APAC in 2018
Figure 14 Hardware Segment to Account for Larger Size of Market From 2019 to 2024
Figure 15 APAC to Witness Highest CAGR in Market During Forecast Period
Figure 16 Market: Drivers, Restraints, Opportunities, and Challenges
Figure 17 Electric Passenger Car Market, in Terms of Shipment, 2017 vs 2030
Figure 18 Value Chain Analysis: Thermoelectric Modules
Figure 19 Market in Japan to Grow at Highest CAGR During Forecast Period
Figure 20 Snapshot of Thermoelectric Modules in Americas
Figure 21 Snapshot of Thermoelectric Modules in Europe
Figure 22 Snapshot of Thermoelectric Modulesin APAC
Figure 23 Companies Adopted Product Developments as Key Growth Strategies From January 2016 to June 2019
Figure 24 Ranking of Key Players in Market, 2018
Figure 25 Market (Global) Competitive Leadership Mapping, 2018
Figure 26 Ferrotec (Parent Company): Company Snapshot
Figure 27 II-VI Marlow: Company Snapshot
The study involved four major activities in estimating the current size of the thermoelectric modules market. Exhaustive secondary research was done to collect information on the market, the peer markets, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
Secondary sources referred to in this research study include corporate filings (such as annual reports, investor presentations, and financial statements); trade, business, and professional associations; white papers, thermoelectric modules-related journals, IEST publications; directories; and databases. The secondary data has been collected and analyzed to arrive at the overall market size estimations, which has been further validated by primary research.
Primary Research
In the primary research process, various primary sources from both supply and demand sides have been interviewed to obtain qualitative and quantitative information relevant to this report. Extensive primary research has been conducted after understanding and analyzing the thermoelectric modules market through secondary research. Several primary interviews have been conducted with key opinion leaders from both demand- and supply-side vendors across four regions: Americas, Europe, Asia Pacific (APAC), and Rest of the World (RoW). RoW comprises the Middle East and Africa. Approximately 25% of the primary interviews have been conducted with the demand side and 75% with the supply side. This primary data has been collected mainly through telephonic interviews, which accounted for 80% of the total primary interviews. Besides, questionnaires and emails were also used to collect the data.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
Both top-down and bottom-up approaches were implemented to estimate and validate the total size of the thermoelectric modules market. These methods were also used extensively to estimate the size of the markets based on various subsegments. The research methodology used to estimate the market size includes the following steps:
- The key players in the industry and markets have been identified through extensive secondary research
- The industrys supply chain and market size, in terms of value, have been determined through primary and secondary research processes
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources
Data Triangulation
After arriving at the overall market sizeusing the market size estimation processes as explained abovethe market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from the demand and supply sides across different end-use applications.
Study Objectives
- To describe and forecast the thermoelectric modules market, in terms of value, segmented based on the model, type, functionality, end-use application, offering, and region
- To describe and forecast the market size with respect to four main regions, namely, Americas, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
- To provide detailed information regarding the major factors such as drivers, restraints, opportunities, and challenges influencing the growth of the market
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and their contribution to the overall market
- To analyze opportunities in the market for stakeholders and provide a detailed competitive landscape of the market
- To strategically profile the key players in the market and comprehensively analyze their market ranking and core competencies
- To analyze competitive developments such as product launches/developments, partnerships, expansions, and Research & Development (R&D) activities carried out by players in the thermoelectric modules market
Available Customizations
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Growth opportunities and latent adjacency in Thermoelectric Modules Market
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