A thermoelectric module refers to a circuit comprising thermoelectric materials that directly generate electricity through heat. A thermoelectric module is made up of two dissimilar thermoelectric materials that are joined at their ends, including a p-type (positively charged) and n-type (negatively charged) semiconductors. A direct electric current is expected to flow in the circuit when there is a difference in temperature between the two materials.
The growing use of larger thermoelectric systems for specific applications and waste heat recovery from industrial applications are some of the key opportunities for the major players operating in the market.
High Costs of Thermoelectric Modules to Curb Growth of Market
The growing applications of thermoelectric modules in diverse industries and high competitive benefits of thermoelectric modules over the conventional products are the key factors expected to fuel the growth of the global thermoelectric modules market in the next few years. However, the high cost of thermoelectric modules, when compared to the conventional refrigeration and cooling systems, is the major factor hampering the growth of the market.
In 2014, the global thermoelectric modules market stood at US$364.1 mn and is projected to reach a valuation of US$829.5 mn by the end of 2023. The market is predicted to register a progressive 9.50% CAGR between 2015 and 2023.
Rising Demand in Low-temperature Applications to Drive Multi-stage Thermoelectric Modules Segment
By technology, the global market for thermoelectric modules can be classified into single-stage and multi-stage. In 2014, the single-stage segment led the market, holding an 85% share in the global thermoelectric modules market. On the other hand, the multi-stage segment is anticipated to exhibit a progressive 11.30% CAGR between 2015 and 2023. The growing demand for these modules in several low-temperature applications in which small or medium cooling capacity is obligatory is one of the major factors driving the multi-stage segment in the global thermoelectric modules market.
By type, the global market for thermoelectric modules market can be segmented into thin film, micro, and bulk thermoelectric modules. In 2014, the bulk thermoelectric modules segment led the market, holding a 71% share in the overall market. Nevertheless, the thin film thermoelectric module segment is anticipated to grow rapidly in the next few years, thanks to its growing adoption in diverse applications.
Asia Pacific Market for Thermoelectric Modules to Witness Rapid Growth due to Low Overhead Costs
By geography, the global market for thermoelectric modules can be divided into the Middle East and Africa, Asia Pacific, Latin America, North America, and Europe. In 2014, Asia Pacific led the market, holding a 33% share in the global thermoelectric modules market and is estimated to remain in the leading position in the next few years. Japan and China are considered as the major markets contributing towards the growth of the market in this region. The rapid growth of this region can be attributed to the highly competitive manufacturing costs owing to the low overhead costs and labor and growing demand for thermoelectric modules across diverse applications.
The prominent players operating in the global market for thermoelectric modules include RMT Ltd., KELK Ltd., TE Technology, Inc., Ferrotec Nord Corporation, Marlow Industries, Hi-Z Technology, Inc., Tellurex Corporation, Laird Technologies, Inc., GreenTEG AG, Micropelt GmbH, Thermion Company, Kryotherm, Ferrotec Corporation, and EVERREDtronics Ltd.
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