Thermoelectric Module Market Outlook, Trends, Analysis 2031

 

  • The global thermoelectric module market was valued over US$ 0.5 Bn in 2021
  • It is estimated to grow at a CAGR of 7.9% from 2022 to 2031
  • The global thermoelectric module market is expected to cross value of US$ 1.2 Bn by the end of 2031

Analysts’ Viewpoint on Global Thermoelectric Module Market Scenario

Emphasis on precise temperature control applications for faster operation is boosting the adoption of thermoelectric module due to its various advantages such as highly precise temperature control, heating and cooling with the same module (including temperature cycling), low maintenance, small size, and low weight. Smart devices, miniaturization of devices, portable medical devices, smart wearable devices, autonomous vehicles, IoT ecosystems, and Industry 4.0 are critical technologies contributing to the development of advanced thermoelectric module & thermoelectric Peltier modules. Thus, a rise in the demand for faster temperature sensing & controlling with extended sensitivity in consumer appliances, biomedical devices, and optical elements is estimated to fuel the thermoelectric module market during the forecast period.

thermoelectric module market

Overview of Global Thermoelectric Module Market

Introduction of novel technologies and innovations across automation, precision, and electronics industry verticals are boosting the development of thermoelectric module products, thus creating significant opportunities for manufacturers & suppliers of thermoelectric modules. A thermoelectric module is used in diverse applications in aerospace & defense, automotive, consumer electronics, healthcare, food & beverage, energy & utility, IT & telecommunication, and manufacturing industries due its ability to move the heat through the module from one side to the other by applying a low voltage DC power.

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Increase in Demand for Precise Temperature Control of Medical Devices, and Imaging and Diagnostic Systems

Developments in the healthcare system, such as medical storage chambers, medical diagnostics, and computerized tomography benefit from space-saving thermoelectric cooler modules to avoid temperature fluctuations that may impact the interaction between sample components and adsorbents. Point-of-care testing (POCT), which is an alternative to traditional laboratory testing, utilizes thermoelectric Peltier modules for temperature control of blood samples in case of critical situations in order to achieve reliable test results.

Temperature stability in radiation therapy is crucial, which requires ionized radiation to treat cancer by controlling and eliminating malignant tumors. Thermoelectric modules play a vital role to optimize the radiation beam and prevent damage to healthy tissue through its extended sensitivity. Rapid thermal cycling and precision temperature control in order to speed up DNA amplification are achieved by thermoelectric Peltier module for cooling. Polymerase chain reaction (PCR) system uses thermoelectric module to cool thermal cycle DNA samples to create millions of strands of DNA for analysis. For instance, according to the World Health Organization, there are an estimated of 2 million different kinds of medical devices on the world market, categorized into more than 7,000 generic devices groups in the form of instrument, apparatus, implement, machine, appliance, and implant. These factors are boosting the demand for thermoelectric modules in the healthcare industry.

Surge in Demand from Autonomous Systems of Vehicles for Thermal Management

Thermoelectric Peltier modules cater to thermal challenges in vehicle heads-up displays (HUDs) and infotainment systems by offering enhanced thermal protection of critical electronics to ensure optimized performance. These emerging intelligent autonomous systems have increasing complexity in operations, while decreasing in size and weight, which fuels the heat flux density and thermal challenges in autonomous electronics. The thermoelectric technology helps operate each sensitive device within its temperature range and optimizes its performance.

For instance, according to the Association for Advancing Automation, the U.S. and the European Union have mandated that all automobiles be equipped with basic ADAS functions by 2020. This is a key factor that is projected to drive the market. The demand for ADAS is projected to advance at a CAGR of 19% to cross the value of US$ 67.4 Bn by 2025. These factors are expected to propel the thermoelectric module market.

Regional Outlook of Global Thermoelectric Module Market

In terms of region, the global thermoelectric module market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific is expected to hold a prominent share of the global thermoelectric module market during the forecast period due to increased demand for thermoelectric module from consumer electronics and automotive industries. Thermoelectric cooler modules are extensively utilized in electronic devices, such as wine cabinets, mini-refrigerators, and air conditioners to provide cooling and temperature control in various applications coupled with the advantages of being lightweight, small in size, and containing no moving parts.

Rising urbanization & digitalization; increasing penetration of Internet of Things (IoT); running investment in Industry 4.0 & advanced factory automation; and innovations in consumer appliances, such as microwave oven, washing machine, television, refrigerator, and electric geyser are some of the other significant factors boosting the thermoelectric module market in Asia Pacific.

The thermoelectric module market in North America and Europe is expected to grow at a significant rate during the forecast period due to rise in cooling capacity demands for industrial equipment, such as industrial lasers, liquid chromatography, and semiconductor fabrication with required temperature control ranging from -80°C to +150°C.

Thermoelectric cooler offers high heat pumping capacity and precise temperature control for industrial lasers to conduct various processes such as cutting, welding, micro-machining or drilling. This factor is expected to significantly boost the demand for thermoelectric cooler module & thermoelectric materials in Europe & North America.

The growth of the market is also anticipated to be driven by leading countries such as the U.S., Canada, Italy, Spain, Germany, and France. The thermoelectric module market in Middle East & Africa and South America is anticipated to grow at a steady pace during the forecast period due to impact of several conflicts in Syria and Yemen in the Middle East, low economic diversification, an imperative need to improve education systems and infrastructure, complex political and governance scenarios, and persistently high barriers to economic and social well-being of important sections of society in these regions.

Analysis of Key Players in Global Thermoelectric Module Market

Taking into consideration the electronics and semiconductor industry, the market for the thermoelectric module is consolidated, as a few number of players are catering to the global demand. Key players operating in the global thermoelectric module market include Ferrotec Holding Corporation, Hi-Z Technology Inc., Crystal Ltd, II-VI Marlow Inc., Yamaha Corporation, KELK Ltd, TE Technology Inc., TEC Microsystems GmbH, and Laird Thermal Systems.

In the global thermoelectric module market report, we have discussed individual strategies, followed by company profiles of providers of the thermoelectric module. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global thermoelectric module market.

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