Thermoelectric Modules Market by Technology (Single Stage, and Multi Stage), Type (Bulk Thermoelectric, Micro Thermoelectric, and Thin Film Thermoelectric), Functionality, Offering, End–Use Application, and Region - Global Forecast to 2023
The thermoelectric modules market is expected to grow from USD 471.0 Million in 2016 to USD 890.6 Million by 2023, at a CAGR of 9.12% during the forecast period. This report provides the market size and future growth potential of the market across different segments such as technology, type, functionality, end-use application, offering, and geography. The study identifies and analyzes the market dynamics such as drivers, restraints, opportunities, and industry-specific challenges in the market. Moreover, this report profiles the key players operating in the thermoelectric modules market. Precise temperature control and superior benefits of thermoelectric modules, improved fuel efficiency in vehicles using thermoelectric modules, and increasing awareness of green energy is expected to propel the growth of the market. The base year considered for the study is 2016, and the market size forecast is provided for the period between 2017 and 2023.
To estimate the size of the thermoelectric modules market, we have considered the top players in the market and their market share. This study involves an extensive use of secondary sources such as annual and financial reports of top players, presentations, press releases, journals, paid databases, and interviews with industry experts. The research methodology is explained below:
- Analyzing the overall size of the individual markets through the percentage split with the help of primary and secondary research
- Analyzing the various market segments and subsegments
- Analyzing the supply and demand sides of the thermoelectric modules market ecosystem
- Analyzing the market trends in various regions and countries, supported by ongoing research and development in these regions
- Finalizing the overall market sizes by triangulation method with supply-side data, which include product developments, supply chain, and estimated sales
After arriving at the overall market size, the total market has been split into several segments and subsegments and has been confirmed with the key industry experts. The following figure depicts the breakdown of primaries conducted during the research on the basis of company type, designation, and region.
To know about the assumptions considered for the study, download the pdf brochure
Market Ecosystem
The thermoelectric modules market ecosystem includes component providers such as Romny Scientific, Inc. (US), ADV-Engineering (Russia), and GIRMET (Russia). Some of the manufactures and assembly providers are Ferrotec (Japan), Laird (UK), II-VI Marlow (US), TE Technology (US), TEC Microsystems (Germany), Crystal Ltd. (Russia), RMT Ltd. (Russia), KELK Ltd. (Japan), Kryotherm (Russia), Thermion Company (Ukraine), Thermonamic Electronics (Jiangxi, China), EVERREDtronics (China), Micropelt (Germany), Hi-Z Technology (US), Hui Mao (China), Hicooltec Electronic (China), Z-Max (Japan), Merit Technology Group (China), LG Innotek (South Korea), Align Sourcing (US), AMS Technologies (Germany), European Thermodynamics (UK), CUI Inc. (US), Wellen Technology (China), and Advanced Thermoelectric (US). Some of the distributors in the thermoelectric modules ecosystem include Sewin Technology Co., Ltd (China), Align Sourcing (US), Jinan Retek Industries Inc. (China), Sunyon Industry Co., Ltd. (China), and TE Distributing, Inc. (US).
Target Audience
- Technology providers
- Research organizations
- Government organizations
- Technology investors
- Technology standards organizations
- Forums, alliances, and associations, and government bodies
- Venture capitalists
- Private equity firms, analysts, and strategic business planners
Scope of the Report
This research report categorizes the global thermoelectric modules market based on technology, type, functionality, end-use application, offering, and region.
Global Thermoelectric Modules Market, By Technology
- Single Stage
- Multi Stage
Global Thermoelectric Modules Market, By Type
- Bulk Thermoelectric
- Micro Thermoelectric
- Thin Film Thermoelectric
Global Thermoelectric Modules Market, By Functionality
- Deep Cooling Modules
- General Purpose Modules
Global Thermoelectric Modules Market, By End-use Application
- Automotive
- Consumer Electronics
- Aerospace & Defense
- Medical & Laboratories
- Telecommunications
- Industrial
- Oil, Gas & Mining
Global Thermoelectric Modules Market, By Region
- Americas
- Europe
- Asia Pacific (APAC)
- Rest of the World (RoW)
Available Customizations
With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:
Country-wise Information:
Detailed analysis of various hardware, software, and services for each country.
Company Information:
Detailed analysis and profiling of additional market players (up to five).
According to MarketsandMarkets’ forecast, the thermoelectric modules market, in terms of value, is expected to grow from USD 527.5 Million in 2017 to USD 890.6 Million by 2023, at a CAGR of 9.12% between 2017 and 2023. The growth is attributed to the increased demand of thermoelectric modules in many applications such as automotive, telecommunications, consumer electronics, industrial, and medical and laboratories. Bio-monitoring and healthcare-related devices require thermoelectric modules for various applications such as thermal cycling and temperature control.
This report covers the thermoelectric modules market based on technology, type, functionality, end-use application, offering, and region. Currently, the telecommunications application dominates the global market and is expected to be a lead the market during the forecast period. This growth is attributed to the wide deployment of thermoelectric modules in the telecommunications applications such as optical channel monitors (OCM), community antenna television (CATV) lasers, transmission lasers (DWDM), avalanche photodiodes (APD), pump lasers (EDFA), and photonic integrated circuits (PIC).
The deep cooling modules are estimated to hold the largest share, and grow at a higher CAGR between 2017 and 2023. This growth is attributed to the increasing use of deep cooling modules in various applications such as infrared (IR) detectors, charged couple discharge (CCD) arrays, electro-optics industrial cooling, temperature control, water coolers (chillers), and cold chambers for climatic tests of radio electronic components.
The market for the software and services offering is expected to grow at a higher rate between 2017 and 2023. The increasing adoption of the software and services offering is due to the emergence of various companies offering simulation, designing and engineering, and testing and compliance software and services in the market. For instance, Laird (UK) offers AZTEC thermoelectric module simulation software. Moreover, some software help in providing solutions to thermoelectric module cooling assembly design issues. For instance, TECCad software offered by RMT Ltd. (Russia) aids in addressing and resolving thermoelectric modules assembly design issues.
In 2017, Asia Pacific (APAC) accounted for the largest share of the overall thermoelectric modules market, followed by the Americas and Europe. APAC holds the largest share of the thermoelectric modules market because a maximum number of manufacturers have their headquarters in this region. The other factors attributing to this growth are low manufacturing costs because of low overhead costs and cheap labor, and increasing demand for thermoelectric modules (across diverse applications) and waste heat recovery, industrial automation, and healthcare monitoring devices, as well as growing industrialization. Moreover, with the use of thermoelectric modules, higher efficiency levels and energy harvesting can be achieved in APAC.
On the other hand, the fastest growth of the thermoelectric modules market in the Americas is attributed to the presence of top manufacturers and extensive use of thermoelectric modules in end-use applications, such as automotive, telecommunications, and medical and laboratories, in this region. Moreover, the automotive and medical and laboratories applications are expected to lead the market. Furthermore, bio-monitoring and healthcare-related devices, which require thermoelectric modules for various applications, such as thermal cycling and temperature control, are expected to increase the demand for thermoelectric modules in the Americas.
Customizing thermoelectric modules to meet customers’ needs is a major challenge for the companies in the market. The major vendors in the thermoelectric modules market include Ferrotec (Japan), Laird (UK), II-VI Marlow (US), Crystal Ltd. (Russia), RMT Ltd (Russia), KELK Ltd. (Japan), TE Technology (US), TEC Microsystems (Germany), Kryotherm (Russia), Thermion Company (Ukraine), Thermonamic Electronics (Jiangxi, China), EVERREDtronics (China), Micropelt (Germany), Hi-Z Technology (US), Hui Mao (China), Hicooltec Electronic (China), Z-Max (Japan), Merit Technology Group (China), LG Innotek (South Korea), Align Sourcing (US), AMS Technologies (Germany), European Thermodynamics (UK), CUI Inc. (US), Wellen Technology (China), and Advanced Thermoelectric (US). These players adopted various strategies such as product developments, mergers, partnerships, collaborations, and expansions to cater to the needs of their customers.
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Table of Contents
1 Introduction (Page No. - 15)
1.1 Objectives of the Study
1.2 Market Definition
1.3 Scope of the Study
1.3.1 Markets Covered
1.3.2 Geographic Scope
1.3.3 Years Considered for the Study
1.4 Currency
1.5 Package Size
1.6 Limitations
1.7 Stakeholders
2 Research Methodology (Page No. - 19)
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 Key Data From Primary Sources
2.1.2.2 Breakdown of Primaries
2.1.2.3 Key Industry Insights
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.2 Top-Down Approach
2.3 Market Breakdown & Data Triangulation
2.4 Research Assumptions
3 Executive Summary (Page No. - 27)
4 Premium Insights (Page No. - 33)
4.1 Attractive Opportunities for the Thermoelectric Modules Market
4.2 Market, By Offering
4.3 Market in APAC, By Country & Type
4.4 Geographic Snapshot of Thermoelectric Modules Market
5 Market Overview (Page No. - 36)
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Precise Temperature Control and Superior Benefits of Thermoelectric Modules
5.2.1.2 Dual Properties (Simultaneous Heating and Cooling) of Thermoelectric Modules
5.2.1.3 Improved Vehicle Fuel Efficiency Using Thermoelectric Modules
5.2.1.4 Increasing Awareness of Green Energy
5.2.1.5 Rising Awareness By Various Governments
5.2.2 Restraints
5.2.2.1 Low Energy Conversion Efficiency Rate of Single-Stage Thermoelectric Modules
5.2.2.2 High Cost as Compared to Conventional Cooling and Refrigeration Systems
5.2.3 Opportunities
5.2.3.1 Increasing Applications of Thermoelectric Modules in Various Industries Such as Automotive and Medical & Laboratories
5.2.3.2 A Wearable Thermoelectric Generator
5.2.4 Challenges
5.2.4.1 Standard Solution Would Not Always Meet Customers’ Needs
5.3 Value Chain Analysis
5.3.1 Research and Development
5.3.2 Raw Material/Component Providers
5.3.3 Manufacturing and Assembly
5.3.4 Marketing and Sales
5.3.5 End Users
5.4 Key Trends: Thermoelectric Modules Market
6 Thermoelectric Modules Market, By Technology (Page No. - 44)
6.1 Introduction
6.2 Single Stage
6.3 Multi Stage
7 Thermoelectric Modules Market, By Type (Page No. - 48)
7.1 Introduction
7.2 Bulk Thermoelectric
7.3 Micro Thermoelectric
7.4 Thin Film Thermoelectric
8 Thermoelectric Modules Market, By Functionality (Page No. - 53)
8.1 Introduction
8.2 Deep Cooling Modules
8.3 General Purpose Modules
8.3.1 Temperature Stabilization
8.3.2 Power Generation
8.3.3 Others
9 Thermoelectric Modules Market, By End-Use Application (Page No. - 58)
9.1 Introduction
9.2 Automotive
9.3 Consumer Electronics
9.4 Aerospace & Defense
9.5 Medical & Laboratories
9.6 Telecommunications
9.7 Industrial
9.8 Oil, Gas, & Mining
10 Thermoelectric Modules Market, By Offering (Page No. - 67)
10.1 Introduction
10.2 Hardware
10.3 Software & Services
10.3.1 Design and Engineering
10.3.2 Testing and Compliance
11 Geographic Analysis (Page No. - 72)
11.1 Introduction
11.2 Americas
11.2.1 North America
11.2.1.1 US
11.2.1.2 Canada
11.2.2 Latin America
11.3 Europe
11.3.1 UK
11.3.2 Germany
11.3.3 France
11.3.4 Italy
11.3.5 Rest of Europe
11.4 APAC
11.4.1 China
11.4.2 Japan
11.4.3 South Korea
11.4.4 Rest of APAC
11.5 RoW
11.5.1 Middle East
11.5.2 Africa
12 Competitive Landscape (Page No. - 101)
12.1 Introduction
12.2 Market Ranking Analysis, 2016
12.3 Competitive Scenario
13 Company Profiles (Page No. - 105)
13.1 Key Players
(Business Overview, Products Offered & Services Strategies, Key Insights, Recent Developments)*
13.1.1 Ferrotec
13.1.2 Laird
13.1.3 II-VI Marlow
13.1.4 TE Technology
13.1.5 TEC Microsystems
13.1.6 Crystal Ltd.
13.1.7 Kryotherm
13.1.8 RMT Ltd
13.1.9 Thermion Company
13.1.10 Thermonamic Electronics
13.1.11 Kelk Ltd.
13.2 Startup Ecosystem
13.2.1 Z-Max
13.2.2 Alphabet Energy
13.2.3 O-Flexx Technologies
13.2.4 Phononic
13.2.5 P&N Technology
13.3 Other Important Players
13.3.1 Everredtronics
13.3.2 Micropelt
13.3.3 Hi-Z Technology
13.3.4 HUI MAO
13.3.5 Hicooltec Electronic
13.3.6 Merit Technology Group
13.3.7 LG Innotek
13.3.8 Align Sourcing
13.3.9 AMS Technologies
13.3.10 Inheco Industrial Heating & Cooling
13.3.11 CUI Inc.
13.3.12 Wellen Technology
13.3.13 Advanced Thermoelectric
*Details on Business Overview, Products Offered & Services Strategies, Key Insights, Recent Developments, Might Not Be Captured in Case of Unlisted Companies.
14 Appendix (Page No. - 148)
14.1 Insights of Industry Experts
14.2 Discussion Guide
14.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
14.4 Introducing RT: Real-Time Market Intelligence
14.5 Available Customizations
14.6 Related Reports
14.7 Author Details
List of Tables (62 Tables)
Table 1 Global Investment in Thermoelectric Technology in 2012 Snapshot
Table 2 Thermoelectric Modules Market, By Technology, 2014–2023 (USD Million)
Table 3 Market, By Technology, 2014—2023 (Million Units)
Table 4 Single Stage Market, By Region, 2014–2023 (USD Million)
Table 5 Multi Stage Market, By Region, 2014–2023 (USD Million)
Table 6 Bulk Market, By Region, 2014–2023 (USD Million)
Table 7 Micro Market, By Region, 2014–2023 (USD Million)
Table 8 Thin Film Market, By Region, 2014–2023 (USD Million)
Table 9 Market, By Functionality, 2014–2023 (USD Million)
Table 10 Deep Cooling Thermoelectric Modules Market, By Region 2014–2023 (USD Million)
Table 11 General Purpose Thermoelectric Modules Market, By Region 2014–2023 (USD Million)
Table 12 Market, By End-Use Application, 2014–2023 (USD Million)
Table 13 Market for Automotive, By Region, 2014–2023 (USD Million)
Table 14 Market for Consumer Electronics, By Region, 2014–2023 (USD Million)
Table 15 Market for Aerospace & Defense, By Region, 2014–2023 (USD Million)
Table 16 Market for Medical & Laboratories, By Region, 2014–2023 (USD Million)
Table 17 Market for Telecommunications, By Region, 2014–2023 (USD Million)
Table 18 Market for Industrial, By Region, 2014–2023 (USD Million)
Table 19 Market for Oil, Gas, and Mining, By Region, 2014–2023 (USD Million)
Table 20 Market, By Offering, 2014–2023 (USD Million)
Table 21 Market for Hardware, By Region, 2014–2023 (USD Million)
Table 22 Market for Software & Services, By Region, 2014–2023 (USD Million)
Table 23 Market, By Region, 2014–2023 (USD Million)
Table 24 Market in Americas, By Technology, 2014–2023 (USD Million)
Table 25 Market, in Americas, By Type, 2014–2023 (USD Million)
Table 26 Market in Americas, By Functionality, 2014–2023 (USD Million)
Table 27 Market in Americas, By End-Use Application, 2014–2023 (USD Million)
Table 28 Market in Americas, By Offering, 2014–2023 (USD Million)
Table 29 Market in Americas, By Region, 2014–2023 (USD Million)
Table 30 Market in North America, By Country, 2014–2023 (USD Million)
Table 31 Market in North America, By Technology, 2014–2023 (USD Million)
Table 32 Market in Latin America, By Technology, 2014–2023 (USD Million)
Table 33 Market in Europe, By Technology, 2014–2023 (USD Million)
Table 34 Thermoelectric Modules Market in Europe, By Type, 2014–2023 (USD Million)
Table 35 Market in Europe, By Functionality, 2014–2023 (USD Million)
Table 36 Market in Europe, By End-Use Application, 2014–2023 (USD Million)
Table 37 Market in Europe, By Offering, 2014–2023 (USD Million)
Table 38 Market in Europe, By Country, 2014–2023 (USD Million)
Table 39 Market in Uk, By Technology, 2014–2023 (USD Million)
Table 40 Thermoelectric Modules Market in Germany, By Technology, 2014–2023 (USD Million)
Table 41 Market in France, By Technology, 2014–2023 (USD Million)
Table 42 Market in Italy, By Technology, 2014–2023 (USD Million)
Table 43 Market in Rest of Europe, By Technology, 2014–2023 (USD Million)
Table 44 Market in APAC, By Technology, 2014–2023 (USD Million)
Table 45 Thermoelectric Modules Market in APAC, By Type, 2014–2023 (USD Million)
Table 46 Market in APAC, By Functionality, 2014–2023 (USD Million)
Table 47 Market in APAC, By End-Use Application, 2014–2023 (USD Million)
Table 48 Market in APAC, By Offering, 2014–2023 (USD Million)
Table 49 Market in APAC, By Country, 2014–2023 (USD Million)
Table 50 Market in China, By Technology, 2014–2023 (USD Million)
Table 51 Market in Japan, By Technology, 2014–2023 (USD Million)
Table 52 Market in South Korea, By Technology, 2014–2023 (USD Million)
Table 53 Market in Rest of APAC, By Technology, 2014–2023 (USD Million)
Table 54 Market in RoW, By Technology, 2014–2023 (USD Million)
Table 55 Market in RoW, By Type, 2014–2023 (USD Million)
Table 56 Market in RoW, By Functionality, 2014–2023 (USD Thousand)
Table 57 Market in RoW, By End-Use Application, 2014–2023 (USD Thousand)
Table 58 Market in RoW, By Offering, 2014–2023 (USD Million)
Table 59 Market in RoW, By Region, 2014–2023 (USD Million)
Table 60 Market in Middle East, By Technology, 2014–2023 (USD Million)
Table 61 Thermoelectric Modules Market in Africa, By Technology, 2014–2023 (USD Million)
Table 62 Ranking of Top 5 Players in Thermoelectric Modules Market, 2016
List of Figures (33 Figures)
Figure 1 Thermoelectric Modules Market Segmentation
Figure 2 Thermoelectric Modules 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
Figure 6 Single-Stage Technology Held the Largest Market Size During the Forecast Period
Figure 7 Thin Film Thermoelectric Modules Type Expected to Grow at the Highest Rate During Forecast Period 2017-2023
Figure 8 Automotive End-Use Application is Expected Grow at the Highest Rate During Forecast Period
Figure 9 Deep Cooling Modules Expected to Hold the Largest Market Share During the Forecast Period
Figure 10 Software and Services to Be the Fastest-Growing Segment in the Tehrmoelectric Modules Market During the Forecast Period
Figure 11 APAC is Expected to Hold Largest Share of Thermoelectric Modules Market in 2017
Figure 12 Rising Need of Vehicle Fuel Efficient Solution in the Automotive Applications Drive the Growth of Thermoelectric Modules Market During the Forecast Period
Figure 13 Hardware Offering Holds the Larger Share of the Thermoelectric Modules Market in 2017
Figure 14 China Holds the Largest Share of the Thermoelectric Modules Market in APAC in 2017
Figure 15 China Held Largest Share of Thermoelectric Modules Market in 2016
Figure 16 Thermoelectric Modules Market: Value Chain Analysis
Figure 17 Multi Stage Technology to Grow at Faster Rate During Forecast Period
Figure 18 Thin Film Thermoelectric Modules Expected to Grow at Highest CAGR During Forecast Period
Figure 19 Deep Cooling Modules to Grow at Higher CAGR During Forecast Period
Figure 20 Telecommunications Expected to Hold Largest Share During Forecast Period
Figure 21 Software & Services to Be Fastest-Growing Offering in Thermoelectric Modules Market During Forecast Period
Figure 22 Geographic Snapshot: Thermoelectric Modules Market in Americas Expected to Grow at Highest CAGR Between 2017 and 2023
Figure 23 Americas: Thermoelectric Modules Market Snapshot
Figure 24 US Expected to Hold Larger Share of Thermoelectric Modules Market in North America During Forecast Period
Figure 25 Europe: Thermoelectric Modules Market Snapshot
Figure 26 Automotive Expected to Grow at Highest CAGR in Thermoelectric Modules Market in Europe During Forecast Period
Figure 27 APAC: Thermoelectric Modules Market Snapshot
Figure 28 China Expected to Hold Largest Share of Thermoelectric Modules Market in APAC During Forecast Period
Figure 29 Key Developments in Thermoelectric Modules Market Between 2014-2016
Figure 30 Market Evaluation Framework: Product Launches Fueled Growth and Innovation Between 2014 and 2016
Figure 31 Ferrotec: Company Snapshot
Figure 32 Laird: Company Snapshot
Figure 33 II-VI Marlow: Company Snapshot
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