Thermoelectric Modules Market Expected to Reach $1.3 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Thermoelectric Modules Market By Model (Single Stage, Multi Stage), By Type (Bulk Thermoelectric Modules, Micro Thermoelectric Modules, Thin-Film Thermoelectric Modules), By End-Use Application (Aerospace And Defense, Automotive, Consumer Electronics, Healthcare, Food And Beverage, Energy And Utility, Others): Global Opportunity Analysis And Industry Forecast, 2022-2031".

The thermoelectric modules market was valued at $615.20 million in 2021, and is estimated to reach $1.3 billion by 2031, growing at a CAGR of 8.3% from 2022 to 2031.

A thermoelectric module also called a thermoelectric cooler or Peltier cooler is a semiconductor component that acts as a small heat pump that transfers heat from one end of the device to the other. The thermoelectric elements convert the heat energy from the isotope into electricity. Peltier thermoelectric modules are commonly used for cooling purposes or precision temperature cooling systems, but can also be used for heating purposes. It can also be used as a generator by using exhaust heat or directly generated energy. Thermoelectric modules are used in various business areas such as cabinet cooling, for the preservation of vital components in harsh environments, protection of computer microprocessors and robotics equipment, the preservation of food and beverage containers, chilled water dispensers, small refrigerators, etc. Other application areas include telecommunications, defense, aerospace, photonics, and medical instruments.  

Thermoelectric modules or peltier module modules can be used for direct energy generation as well as heating and cooling. In order to lessen the reliance on fossil fuels, there is a significant need for alternative energy technology. The global energy crisis, rising energy demand, and environmental concerns have all led to a tremendous increase in the market for thermoelectric modules. The booming market for portable coolers is a notable trend now in the marketplace. This benefits thermoelectric module coolers over traditional systems, lowering global warming and cutting expenses for energy.  

Thermoelectric modules have a distinct advantage over other energy harvesting and conservation technologies because they can turn waste heat into useful electrical energy. The adoption of thermoelectric modules is rising in sectors including the automobile, manufacturing, and power generation in an effort to increase overall efficiency and lessen environmental impact. Additionally, the demand for thermoelectric modules in the electronics and telecommunications industries is increasing due to the growing need for dependable and compact cooling solutions. These modules are utilised to precisely regulate the temperature of devices and equipment in these industries. The market for thermoelectric modules is positioned for considerable development as governments and businesses throughout the world place a high priority on sustainability and work to reduce energy waste.

Another significant factor propelling the market for thermoelectric modules is the growing need for portable and off-grid power production solutions. The requirement for power sources in places with little access to conventional grid infrastructure, as well as the growing popularity of remote monitoring and sensor applications, make thermoelectric modules an attractive option for producing energy from accessible heat sources. They provide a dependable and self-sustaining power source and find applications in remote data recording, IoT devices, and autonomous sensor networks. The market for thermoelectric modules is anticipated to expand steadily in the upcoming years as demand for autonomous and energy-independent systems increases.

According to thermoelectric modules market analysis, the bulk thermoelectric module segment was the highest contributor to the market in 2021. The consumer electronics and automotive segments collectively accounted for around 47.1% market share in 2021, with the former constituting around 31.9% thermoelectric modules market share. The outbreak of the COVID-19 pandemic significantly impacted the growth of the thermoelectric module industry.  

The aeronautics industry is also investigating the possibility of using hot gases from aeroplane or helicopter engines as a source of energy. Maritime transport offers interesting prospects for the thermoelectric module due to the presence of a free cold sink (fresh water, sea water). The thermoelectric module can be used to harness some of the heat that is emitted by aircraft jet engines and turbine engines, which is useful for helicopters and aeroplanes. Boeing Research & Technology's preliminary analysis revealed that the thermoelectric module can reduce fuel consumption by at least 0.5%.  

Country-wise, China holds a significant share in the global thermoelectric modules market growth, owing to the presence of prime players. Major organizations and government institutions in the country are intensely putting resources into these global thermoelectric modules these prime sectors have strengthened the growth of the global thermoelectric modules market in the region.  

KEY FINDINGS OF THE STUDY  

• In 2021, the single stage segment accounted for maximum revenue and is projected to grow at a notable CAGR during the forecast period.  

• The bulk thermoelectric modules segment accounted for around 52.3% of the thermoelectric modules market trends in 2021.  

• By end-user application, the consumer electronics segment was the largest segment holding a major share of 31.9 % in the thermoelectric modules industry. 

• Asia-Pacific contributed the major share in the thermoelectric modules market size, accounting for the highest revenue share in 2021.   

The thermoelectric module market key players profiled in the report include II-VI Incorporated, Laird Thermal Systems, TE Technology Inc., TEC Microsystem GmbH, Kryotherm, Ferrotec Corporation, Crystal Ltd., KELK Ltd., Phononic Devices and Guangdong Fuxin Technology. Market players have adopted various strategies, such as product launches, collaborations & partnerships, joint ventures, and acquisitions to expand their foothold in the thermoelectric module market.