Thermoelectric Modules Market is set to enter growth phase with a high CAGR of 8.24% over the forecast period between 2019 and 2025. Increasing demand for thermoelectric modules in the food and beverage industry, rising need for heating and cooling purposes across various applications, and growth in electric vehicles are among major factors driving the thermoelectric modules market growth.
Rise in usage of renewable energy resources along with development activities of thermoelectric modules is boosting the market Thermoelectric Modules market size. Accordingly, key manufacturers in the industry are focus on developing thermoelectric modules that enhance efficiency and reduce the price of Thermoelectric Modules for solar power and other energy systems.
Micro Thermoelectric Modules, Thin-Film Thermoelectric Modules, and Bulk Thermoelectric Modules are amid the market trending types. Bulk thermoelectric modules are set to hold macro market share driven by advantages of high voltage and power outputs compared to micro and thin-film thermoelectric modules.
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In addition, multistage thermoelectric modules are set to grow at a faster pace driven by strong demand from applications such as electro-optics, IR detectors, material testing solutions, among others, hence key OEMs are investing to offer high-capacity and compact multi-stage thermoelectric modules. For instance, TEC Microsystems introduced a new range of ultra-small multistage thermoelectric coolers having eight times smaller volume dimensions.
Besides, complexities in designing thermoelectric modules and heat transfer management in network devices, the high costs compared to conventional systems are challenging the thermoelectric modules market growth.
Amid key functionality segments, the deep cooling module is set to emerge with strong market growth
Increase in heating and cooling activities for various applications, growth of electric vehicles (EVs), and consumer preferences shifting from conventional systems to thermoelectric modules are driving thermoelectric market size, by functionality segments.
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Deep cooling modules segment is set to account for major market share driven by consumers demands for maximum heating capacity applications across various end-user sectors. In view of this, key companies are innovating to meet the requirements of high-temperature applications. For instance, in 2019, LAIRD expanded its Peltier thermoelectric module product family with the HiTemp ET Series.
Emergence of key end-user is set to open huge thermoelectric modules market growth opportunities
Consumer electronics segment is forecast to emerge with high CAGR among the various end-user applications including automotive, aerospace & defence, industrial, medical & laboratories, oil, gas & mining, and telecommunications, during 2019-2025. The factors such as rise in living standards, growth in food and beverage industry are attributed to demand for thermoelectric modules across consumer electronics segment growth. Key vendors are supporting the market growth by offering innovative products on a large scale, for example, in 2018, LG Innotek launched mass production of thermoelectric module for table refrigerator called “LG Objet”.
In addition, rise in environmental concerns related to bottled water along with the emergence of alternative of point-of-use dispensers is set to emerge as a market driver across commercial and residential segments.
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Asia Pacific region peers as a major contributor of thermoelectric modules market growth during the forecast period
Asia Pacific regioni is forecast to appear as a global focal point for significant investments and business expansion opportunities in thermoelectric modules market characterized by strong demand from emerging end-user industries.
Accordingly, the thermoelectric modules market growth is driven by increasing demand for waste heat recovery, consumer goods, industrial automation, and healthcare monitoring devices.
Expansion of product lines and customized offering are amidst key market growth trends adopted by promising thermoelectric modules market players
Key companies are investing in expansion of product lines to support the demand for green and low power consuming goods. For instance, in 2018, Crystal Ltd. developed 11 types of high-quality thermoelectric modules to attain high cooling capacity at lower electric power consumption.
In addition, thermoelectric modules market OEMs are offering customized products to meet the needs of costumers across the automotive industry. For example, in 2018, Ferrotec launched customized thermoelectric module technology for cooling and heating applications in automobiles. Additionally, in the year 2017 LG Innotek launched Thermoelectric Module for Home appliance and Automotive.
Further, emergence of various companies offering simulation, designing & engineering, testing and compliance software and services in the market are the major driving factors for the growth of thermoelectric modules market in the offering segment.
Key manufacturers participating in thermoelectric modules market include TE Technology, Laird, Ferrotec, TEC Microsystems, II-VI Marlow, Kryotherm, Crystal Ltd, Thermion Company, RMT Ltd, and Thermonamic Electronics, among others.
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