Published: Jan, 2016

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.

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.


Qualitative Benefits Propel Industrial Application of Thermoelectric Modules

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.

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.

Asia Pacific Remains Leading Consumer, North America to Witness Fastest Growth

“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.

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

By Application

  • Bulk Thermoelectric Modules
    • Consumer Electronics
    • Telecommunication
    • Medicine and Laboratories
    • Automotive
    • Defense and Space
    • Industrial Applications
    • Energy Harvesting
  • Micro Thermoelectric Modules
    • Lasers and LEDs
    • Photodiodes and Arrays
    • Detectors and Sensors
    • Medicine and Laboratories
    • Automotive
    • Energy Harvesting
  • Thin Film Thermoelectric Modules
    • Consumer Electronics
    • Medicine and Laboratories
    • Automotive
    • Detectors and Sensors
    • Energy Harvesting
    • Others

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Middle East and Africa (MEA)
  • Latin America

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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