Global Thermoelectric Module Market - Snapshot
A thermoelectric module, also called as thermoelectric cooler or Peltier cooler, is a semiconductor-based electronic device that functions as a small heat pump and transfers heat from one side of the device to the other. Thermoelectric modules can instantly cool or warm an object by producing temperature differentials. Thermoelectric modules consist of semiconductor elements that are heavily doped with electric carriers. These elements are arranged into arrays that are thermally connected in parallel and electrically connected in series. The global thermoelectric module market is anticipated to reach value of US$ 1,713.9 Mn by 2027 from US$ 575.9 Mn in 2018, expanding at a CAGR of 11.7% during the forecast period.
The global thermoelectric module market has been broadly segmented based on technology, material, type, application, end-use industry, and region. Based on technology, the market has been segmented into single stage and multi stage. Based on material, the market has been classified into bismuth telluride (Bi2Te3), lead telluride (PbTe), silicon germanium (SiGe), and others. Furthermore, in terms of type, the market has been divided into bulk (standard) TEM, micro TEM, and thin-film TEM. In terms of application, the market has been categorized into analytical instrumentation, automotive electronics & safety systems, refrigeration & cryogenics, thermal cycling, detectors, and others. In terms of end-use industry, the market has been segregated intro aerospace & defense, automotive, consumer electronics, healthcare, food & beverages, energy & utility, and others. In terms of region, the global thermoelectric module market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The single stage segment holds a major share of the global thermoelectric module market and it is expected continue its dominance throughout the forecast period. Advantages offered by thermoelectric modules over conventional products are anticipated to drive the global thermoelectric module market during the forecast period. However, the market faces challenges in terms of higher costs of thermoelectric modules than conventional cooling and refrigeration systems. However, increasing demand for use of large-sized thermoelectric systems for certain specific applications is expected to provide significant opportunities to the thermoelectric module market in the near future.
Considering rapid growth of the market, several players are investing in the global thermoelectric module market. For instance, in 2018, Crystal Ltd. developed 11 new types of high-quality thermoelectric modules to attain high cooling capacity at a lower electric power consumed.
Some of the prominent players operating in the global thermoelectric module market and profiled in the study are Crystal Ltd., Ferrotec Corporation, GENTHERM, II-VI Marlow Incorporated, KELK Ltd., KRYOTHERM, Laird Technologies, RMT Ltd., TE Technology, Inc., TEC Microsystems GmbH, Thermion Company, Thermonamic Electronics (Jiangxi) Corp. Ltd., and TOSHIBA MATERIALS CO., LTD.
Global Thermoelectric Module Market: Overview
This comprehensive report by Transparency Market Research analyzes and forecasts the thermoelectric module market at the global and regional levels. The report provides analysis of the market for the period from 2017 to 2027, wherein 2018 is the base year and 2019–2027 is the forecast period. An in-depth and unbiased market assessment has been made to provide readers with comprehensive and accurate analysis. The report emphasizes all major trends anticipated to be witnessed in the global thermoelectric module market from 2019 to 2027. It also focuses on market drivers, restraining factors, and opportunities for the global thermoelectric module market. The study provides a complete perspective on growth of the thermoelectric module market, in terms of value (US$ Mn) and volume (thousand units), across various geographies including North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The report includes detailed value chain analysis, which provides an extensive view of the global thermoelectric module market. Porter’s five forces analysis has also been included to help understand the competition scenario of the market. The study incorporates market attractiveness analysis, wherein technology, material, type, application, and end-use industry segments have been benchmarked based on their market size, growth rate, and attractiveness. The report also includes attractiveness analysis of the market in every region in order to help understand the competition scenario of the market.
The market overview chapter of the report explains market trends and dynamics that include drivers, restraining factors, and the current and future opportunities for the global thermoelectric module market. Market outlook analysis has also been provided in the report. Additionally, the report offers analysis of different business strategies adopted by leading players operating in the global thermoelectric module market. The market introduction chapter helps in getting an idea of different trends prevalent in the global thermoelectric module market.
Global Thermoelectric Module Market: Scope of Report
The thermoelectric module market in North America has been divided into the U.S., Canada, and Rest of North America. Furthermore, the market in Europe has been segmented into Germany, the U.K., France, and Rest of Europe. The market in Asia Pacific has been classified into China, India, Japan, and Rest of Asia Pacific. Middle East & Africa comprises GCC, South Africa, and Rest of Middle East & Africa. Similarly, South America includes Brazil and Rest of South America. The report provides all strategic information required to understand the global thermoelectric module market along with insights into the market segments mentioned above.
Global Thermoelectric Module Market: Research Methodology
The research methodology is a perfect combination of primary research and secondary research. Secondary research sources include annual reports, company websites, SEC filings, investor presentations, national government documents, internal and external proprietary databases, statistical databases, relevant patent and regulatory databases, market reports, government publications, World Bank database, and market-specific white papers. Primary research involves telephonic interviews, e-mail interactions, and face-to-face interviews for detailed and unbiased reviews of the thermoelectric module market across geographies. Primary interviews are usually conducted on an ongoing basis with market experts and participants in order to obtain the latest market insights and validate the existing data and analysis. Primary interviews offer new information on important factors such as market trends, market size, competition landscape, and growth trends. These factors help validate and strengthen secondary research findings. Moreover, the data collected from secondary and primary research is discussed and examined by TMR’s expert panel.
Global Thermoelectric Module Market: Competition Dynamics
The research study includes profiles of leading companies operating in the global thermoelectric module market. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments. Parameters such as investments and R&D activities by major players have been tracked. Some of the key players operating in the global thermoelectric module market are Crystal Ltd., Ferrotec Corporation, GENTHERM, II-VI Marlow Incorporated, KELK Ltd., KRYOTHERM, Laird Technologies, RMT Ltd., TE Technology, Inc., TEC Microsystems GmbH, Thermion Company, Thermonamic Electronics (Jiangxi) Corp., Ltd., and TOSHIBA MATERIALS CO., LTD.
The global thermoelectric module market has been segmented as follows:
Global Thermoelectric Module Market, by Technology
- Single Stage
- Multi Stage
Global Thermoelectric Module Market, by Material
- Bismuth Telluride (Bi2Te3)
- Lead Telluride (PbTe)
- Silicon Germanium (SiGe)
- Others (Including BiSb and PbSnTe)
Global Thermoelectric Module Market, by Type
- Bulk (Standard) TEM
- Micro TEM
- Thin-film TEM
Global Thermoelectric Module Market, by Application
- Analytical Instrumentation
- Automotive Electronics & Safety Systems
- Refrigeration & Cryogenics
- Thermal Cycling
Global Thermoelectric Module Market, by End-use Industry
- Aerospace & Defense
- Consumer Electronics
- Food & Beverages
- Energy & Utility
- Others (Including Telecommunication, Photonics, and Manufacturing)
Global Thermoelectric Module Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America