Global Thermoelectric Module Market Size to worth USD 1553.5 Million by 2033: Market Insight Report

Global Thermoelectric Module Market Size to worth USD 1553.5 Million by 2033

According to a research report published by Spherical Insights & Consulting, The Global Thermoelectric Module Market Size is Expected to Grow from USD 537.5 Million in 2023 to USD 1553.5 Million by 2033, at a CAGR of 11.20% during the forecast period 2023-2033. 

Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Thermoelectric Module Market Size, Share, and COVID-19 Impact Analysis, By Model (Single Stage and Multi Stage), By Type (Bulk, Micro, and Thin Film), By End User (Consumer Electronics, Manufacturing & Industrial, IT & Telecom, Automotive, Healthcare, Aerospace & Defense, Oil & Gas, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033. 

The thermoelectric module is a thermal control module that has both warming and cooling effects. The surface temperature can be adjusted and maintained at the desired temperature by running an electric current through the module. Thermoelectric modules improve the thermal insulation of vital components to preserve optimal functioning while addressing heat concerns in infotainment systems and heads-up displays (HUDs) in automobiles. The introduction of passive thermal control systems by medical equipment designers for consistent temperature control is driving the growth of the thermoelectric module market. The simultaneous heating and cooling properties of TEMs lead to their surging demand for several applications which is driving up the market growth. The rising demand for energy-efficient solutions, consumer electronics, and expanding automotive sectors are also responsible for driving the market for thermoelectric module. On the contrary, the high cost of chemical elements like germanium, bismuth, and tellurium used in the thermoelectric cooler module increasing the overall price of thermoelectric cooler module is challenging the market.    

The single stage segment dominated the market with the largest revenue share in 2023.

Based on the model, the thermoelectric module market is classified into single stage and multi stage. Among these, the single stage segment dominated the market with the largest revenue share in 2023. The increasing usage of this thermoelectric module in consumer electronics including smartphone, wearable smart watch, and gaming consoles is driving the market demand.

The bulk segment is anticipated to hold the largest market share through the forecast period.

Based on the type, the thermoelectric module market is classified into bulk, micro, and thin film. Among these, the bulk segment is anticipated to hold the largest market share through the forecast period. Bulk thermoelectric modules have no design constraints compared to micro or thin-film thermoelectric modules and are suitable for widespread usage.

The IT & telecom segment dominated the market with the largest market share in 2023.

Based on the end user, the thermoelectric module market is classified into consumer electronics, manufacturing & industrial, IT & telecom, automotive, healthcare, aerospace & defense, oil & gas, and others. Among these, the IT & telecom segment dominated the market with the largest market share in 2023. In the IT & telecom sector, thermoelectric modules are used to move heat from lasers and heat-generating components, deep cooling of detectors, CCD, and other sensors for improving performance.

Asia Pacific is estimated to hold the largest share of the thermoelectric module market over the forecast period.

Asia Pacific is estimated to hold the largest share of the thermoelectric module market over the forecast period. The growing application of thermoelectric cooler devices in the automotive and healthcare sectors is driving market growth. Further, the business strategies by the regional key companies including collaboration, business expansion, and product development are all contributing to propel the regional market growth for thermoelectric modules.

North America is predicted to grow at the highest CAGR in the thermoelectric module market over the forecast period. The growing need for cooling capacities for industrial applications such as industrial lasers, liquid chromatography, and semiconductor fabrication is driving the market demand. Further, the adoption of modern technology in the automotive industry driving the demand for thermoelectric modules for advanced temperature control systems which is bolstering the market growth.

Company Profiling

Major key players in the global thermoelectric module market include Crystal Ltd., TEC Microsystems GmbH, Ferrotec Corporation, Thermonamic Electronics (Jiangxi) Corp. Ltd., KELK Ltd., KRYOTHERM, Laird Technologies, RMT Ltd., TE Technology Inc., II-VI Incorporated, and Others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In November 2022, TEC Microsystems set up a subsidiary for thermoelectric cooler manufacturing in George. Moving production to Georgia would allow us to continue uninterrupted shipments, keep prices competitive, simplify the import process and reduce import duties for our customers.  

• In February 2022, to improve temperature precision control in PCR devices, Laird Thermal Systems, has developed an elongated series of PowerCycling PCX thermoelectric coolers. Utilizing proprietary processes and a unique module construction, the PCX Elongated Series provides high reliability and a minimal temperature gradient for PCR applications resulting in greater throughput and faster test results.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the thermoelectric module market based on the below-mentioned segments:

Global Thermoelectric Module Market, By Model

• Single Stage
• Multi Stage

Global Thermoelectric Module Market, By Type

• Bulk
• Micro
• Thin Film

Global Thermoelectric Module Market, By End User

• Consumer Electronics
• Manufacturing & Industrial
• IT & Telecom
• Automotive
• Healthcare
• Aerospace & Defense
• Oil & Gas
• Others

Global Thermoelectric Module Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa