Global Thermoelectric Modules Market By Offering (Hardware and Services), By Type (Bulk, Micro and Thin-Film), By Model (Single Stage and Multi Stage), By Functionality (General Purpose and Deep Cooling), By End User (Consumer Electronics, Automotive, Industrial, Medical & Laboratories, Manufacturing, Telecommunications and Others), By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027
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Get in-depth analysis of the COVID-19 impact on the Thermoelectric Modules Market
Market Report Description
The Global Thermoelectric Modules Market size is expected to reach $866 Million by 2027, rising at a market growth of 7.3% CAGR during the forecast period. Some of the other names of thermoelectric modules are Peltier cooler or thermoelectric cooler. It is a semiconductor-based electronic element. The thermoelectric module acts as a small heat pump that circulates heat from one side to another side of the device. In thermoelectric modules, heat pumps are attached in them that can obtain water from the air through the structured circuit engineering in the device works on the principle of the Peltier Effect. Thermoelectric modules are mostly used to produce electricity with the help of temperature variance between the two sides of the module.
The main applications of thermoelectric modules include heat pumping, power generation, and temperature stabilization. While in notable applications, thermoelectric modules are installed to give variant temperatures, includes a switch in opposition to modify from warming to cooling. This process is used to attain a rapid cyclic temperature called thermal cycling. In addition to it, these cyclic thermoelectric modules are also used to reduce the surface area primarily affected by the expansion and contraction of the ceramic substrates.
Semiconductor industries are growing very rapidly across the world. It is due to the rising adoption of semiconductors in several other sectors including automobiles and electronics. The demand for thermoelectric modules is also likely to grow during the forecast period. For example, the present rank of IBD's Electronics-Semiconductor Manufacturing group is 36 in total 197 industry groups, according to Investor's Business Daily. The group comprises 32 semiconductor companies. Thermoelectric generators are solid-state semiconductor devices that convert heat flow and several; temperature differences into useful DC sources of power.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic, which is considered as a fatal respiratory disease has also affected the thermoelectric modules market. The COVID-19 pandemic would ensure variant degree of impact on different types of thermoelectric modules. So, the COVID-19 pandemic has adversely impacted the thermoelectric coolers market. It is mainly due to the dip in aerospace, industrial, and automotive applications. Consumer electronics have witnessed a decline in revenue initially but are likely to recover from 2021 onward. Telecommunications and medical segments also experienced a slight decline due to complete lockdown since remote communications, medicine/vaccine storage and transport and pharmaceutical research have assumed the place of crucial activities during the pandemic.
Based on Offering, the market is segmented into Hardware and Services. The Hardware market dominated the Global Thermoelectric Modules Market by Offering 2020, growing at a CAGR of 6.4 % during the forecast period. The Services market is expected to witness a CAGR of 9.3% during (2021 - 2027).
Based on Type, the market is segmented into Bulk, Micro and Thin-Film. Micro thermoelectric modules are showing the highest growth owing to applications in telecommunications and automotive. The high adoption of 5G communication is the main driving factor that necessitates micro thermoelectric modules. The micro thermoelectric modules are used in automotive for cooling several sensors and improve driving aid. Therefore, the market for micro thermoelectric modules would witness fastest growth rate during the forecast period.
Based on Model, the market is segmented into Single Stage and Multi Stage. There are many benefits of the single-stage module such as it covers a broad range of commercial, consumer, and industrial needs. As it is available in different shapes and sizes which make them capable of pumping heat at different levels. Designs of single-stage thermoelectric modules are less complicated in comparison to multistage modules.
Based on Functionality, the market is segmented into General Purpose and Deep Cooling. Thermoelectric modules provide in-depth cooling due to the superior material efficiency which allows components to operate at low temperatures that leads to higher effectiveness. Wine cabinets, mini-refrigerators, and air conditioners are often employed across different industries in the North American region.
End User Outlook
Based on End User, the market is segmented into Consumer Electronics, Automotive, Industrial, Medical & Laboratories, Manufacturing, Telecommunications and Others. Thermoelectric modules used in consumer electronics garnered the maximum share of the thermoelectric modules market and the segment would exhibit the similar trend even during the forecast period. Makers in Consumer electronics market must consistently innovate and enhance designs to create smaller, thinner, lighter, and more reliable products that cater to the increasing customer demands.
|Market size value in 2020||USD 495.1 Million|
|Market size forecast in 2027||USD 866 Million|
|Historical Period||2017 to 2019|
|Forecast Period||2021 to 2027|
|Revenue Growth Rate||CAGR of 7.3% from 2021 to 2027|
|Number of Pages||278|
|Number of Tables||540|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling|
|Segments covered||Offering, Type, Model, Functionality, End User, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. With a growing number of industries across the North American region, the demand for a device that can regulate cooling and temperature where conventional cooling systems are not viable is constantly increasing. Many global companies and tech giants have their HQs in this region. Consumer applications are highly deploying thermoelectric modules to offer cooling and temperature control. There are infinite benefits of installing thermoelectric modules such as they have small size and lightweight, capability to cool below room temperature, and no moving components.
Free Valuable Insights: Global Thermoelectric Modules Market size to reach USD 866 Million by 2027
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Ferrotec Holdings Corporation, II-VI, Incorporated, Vishay Precision Group, Inc., Phononic, Inc., Z-Max Co., Ltd., Thermion, Inc., Kryotherm, TEC Microsystems GmbH, TE Technology, Inc., and Laird Thermal Systems, Inc.
Recent Strategies Deployed in Thermoelectric Modules Market
- Dec-2020: Ferrotec Corporation, the US subsidiary of Ferrotec Holdings acquired MeiVac, a multi-faceted supplier of standard and speciality vacuum processing systems and components. This acquisition integrated MeiVac’s deposition process and engineering expertise with Ferrotec's technology portfolio and its strong global position, the company aimed to have strategic and synergistic importance by this acquisition.
- Dec-2020: Phononic came into partnership with Fabrinet, a leading provider of advanced optical packaging and precision optical, electro-mechanical and electronic manufacturing services. The partnership aimed to enable Phononic to expand high-volume manufacturing offerings beyond its prevailing Durham, NC, factory with Fabrinet’s state-of-the-art manufacturing facilities in Thailand.
- Oct-2020: Ferrotec took over RMT, a manufacturer of micro-thermoelectric modules. In this acquisition, the addition of micro-thermoelectric modules from RMT would assist the company to strengthen its product portfolio and achieve more growth.
- Aug-2020: Laird Thermal Systems introduced a thermoelectric module series. It is rated for high temperature in growing optoelectronic applications. The HiTemp ETX Series thermoelectric cooler is a strong construction, which enables it to remain in temperatures up to 150?C, exceeding most outdoor applications.
- Jun-2020: TEC Microsystems unveiled the new 1MA10 Series of thermoelectric coolers. These coolers have bare metal, aluminum plates instead of ceramics.
- Apr-2020: Laird Thermal Systems unveiled a new generation of high-performance thermoelectric coolers. This cooler provides a 10% boost in heat pumping capacity, more temperature differential and greater efficiency than any other standard thermoelectric coolers. This latest UltraTEC UTX Series thermoelectric cooler provides a heat pumping capacity of up to 296 Watts with the highest temperature differential (Delta T) of 72°C
- Feb-2020: II?VI Incorporated launched its multi-wavelength laser module product line for life sciences. These modules can be custom-configured with up to four wavelengths in the visible that includes green (520/532 nm), blue (405/450/465/488 nm), or red (640/660 nm). In addition, they are fully integrated with an ARM microcontroller to allow software configuration & remote monitoring. They are compact and customizable and provide the highest-quality performance and reliability.
- Sep-2018: Ferrotec introduced Customized Thermoelectric Module Technology for Cooling and Heating Applications in Automobiles. This launch expanded Ferrotec's TEM business into the automobile industry. The specified applications of Ferrotec-TEM technology involves cooling & heating of batteries in electric & hybrid automobiles. Ferrotec's high-performance thermoelectric modules are conventionally designed gadgets providing highly responsive temperature control under 0.1 degree Celsius.
- Jan-2017: II-VI Photop Group of II-VI Incorporated released a complete line of optical filters for fluorescence and Raman spectroscopy. This product line for fluorescence spectroscopy included excitation & emission filters and also dichroic beam splitters.
Scope of the Study
Market Segments Covered in the Report:
- Single Stage
- Multi Stage
- General Purpose
- Deep Cooling
By End User
- Consumer Electronics
- Medical & Laboratories
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Ferrotec Holdings Corporation
- II-VI, Incorporated
- Vishay Precision Group, Inc.
- Phononic, Inc.
- Z-Max Co., Ltd.
- Thermion, Inc.
- TEC Microsystems GmbH
- TE Technology, Inc.
- Laird Thermal Systems, Inc.
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Thermoelectric Modules Market Related Reports:
How valuable will the thermoelectric modules market be in the future?
The global thermoelectric modules market size is expected to reach $866 Million by 2027.
What are the key driving factors and challenges in the thermoelectric modules market?
Growing applications of thermoelectric modules in different industries are driving the market in coming years, however, advantage of TEMs over conventional systems have limited the growth of the market.
What are the major top companies in the competitive landscape?
Ferrotec Holdings Corporation, II-VI, Incorporated, Vishay Precision Group, Inc., Phononic, Inc., Z-Max Co., Ltd., Thermion, Inc., Kryotherm, TEC Microsystems GmbH, TE Technology, Inc., and Laird Thermal Systems, Inc.
At what CAGR is the thermoelectric modules market estimate to grow in the forecast period?
The expected CAGR of the thermoelectric modules market is 7.3% from 2021 to 2027.
What has been the impact of COVID-19 on the global thermoelectric modules market?
Telecommunications and medical segments also experienced a slight decline due to complete lockdown since remote communications, medicine/vaccine storage and transport and pharmaceutical research have assumed the place of crucial activities during the pandemic.
Which segment shows maximum share of the thermoelectric modules market in 2020?
Bulk thermoelectric modules obtained the maximum share of the thermoelectric modules market in 2020.