THERMOELECTRIC MODULES MARKET ANALYSIS

The global thermoelectric modules market is estimated to account for US$ 1,217 Mn in terms of value by the end of 2030.

A thermoelectric module provides many advantages such as heating and cooling capabilities accurate temperature control these advantages drives the adoption of thermoelectric modules Additionally growing Electric Vehicle market is also driving the growth of Thermoelectric Modules utilization it can be used to control the temperature of the vehicle batteries and stop them from overheating. Manufacturers of thermoelectric modules focus on providing technologically advanced products to customers to ensure better work, greater reliability, and increased precision.

Global Thermoelectric Modules Market: Regional Insights

Asia Pacific has emerged as a global focal point for large investments and business expansion opportunities. The increased demand for waste heat recovery, consumer goods, industrial automation, and healthcare monitoring devices is expected to drive the market growth in the region. Being a hub for global manufacturing industries, China holds a huge market for thermoelectric modules, and it is expected to be the largest market in Asia Pacific region during the forecast period. Japan is one of the leading countries in terms of technological innovations. The country has well-established consumer electronics, healthcare, and automotive sectors, which drives the market. Additionally, the flourishing automotive and telecommunication in South Korea is enabling adoption of thermoelectric modules, thus driving the growth of the market in the region.

Figure 1. Global Thermoelectric Modules Market (%), By Region

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Global Thermoelectric Modules Market - Impact of Coronavirus (Covid-19) Pandemic

Due to Covid-19 pandemic, many industries witnessed significant shift in their business. There is significant impact on thermoelectric modules market, as Chinese automotive industries rapidly closing their business to reduce the spread of COVID-19 pandemic. Further, this trend continued in Europe and North America region, where factories where temporary closed due COVID-19 spread. In pre-crisis time, automotive industry witnessed significant drops in the sale. Thermoelectric modules are typically used in electric vehicles for instant cooling and heating. For instance, According to the Coherent Market Insights analysis, in 2019, China registered 4.2% of drops in automotive sells, which is negatively impacted the Thermoelectric Modules Market

Global Thermoelectric Modules Market Drivers:

High Durability of thermoelectric modules

Thermoelectric modules offer numerous advantages such as compact geometric size, accurate temperature control, rapid temperature cycling, reliable solid-state operations, integrated design, and fully reversible switch in polarity, and rapid response.  Moreover, thermoelectric modules operate noise-free, with highly reliable operation. They have high durability of up to 100,000 hours. Besides, thermoelectric modules do not emit chlorofluorocarbons, and hence are environmentally safe. For instance, in November 2017, European Thermodynamics Limited a thermal management company launched new JUNIOR and CyCLO Pulse width modulator thermoelectric controller electronic PCBs. The ability of thermoelectric modules to cool and heat by simple reversal of current flow is convenient for applications, even where precise temperature control of +/-0.1 degrees Celsius is required. Therefore, these factors are expected to drive growth of the global thermoelectric modules market during the forecast period.

Multiple application of the thermoelectric modules including consumer products, electrical and industrial equipment

Furthermore, thermoelectric modules are being increasingly used in different industries such as laboratory, semiconductor, automotive, consumer electronics, medical, defense, aerospace, and telecommunications. Thermoelectric modules are available in three types, namely micro thermoelectric modules, thin thermoelectric modules, and bulk thermoelectric modules. Micro thermoelectric modules are widely used in lasers and LEDs, automotive, and photodiodes, and arrays. Thin film thermoelectric modules are used in detectors and sensors and consumer electronics applications. Furthermore, single-stage thermoelectric modules are suitable for a wide range of heating and cooling applications that require medium or high pumping capacity. Their key applications include consumer products, electrical and industrial equipment, biomedical instruments, and scientific and laboratory instruments. Thus, these factors are expected to propel the market growth in the near future.

Global Thermoelectric Modules Market Opportunities:

Thermoelectric power generators can convert waste heat energy for conversion into additional electricity

Most of the world’s energy is still supplied by the combustion of fossil fuels, which in turn results in atmospheric pollution. Only a fraction of the released energy by burning fossil fuel is converted into electricity or mechanical energy and most of the energy is released as heat. Thermoelectric power generators can easily and effectively access this large untapped source of waste heat energy for conversion into additional electricity. For instance, researchers at the Fraunhofer Institute a German research Organization and BMW are working on the development of thermoelectric materials, modules, assemblies, and systems to harvest the waste heat in automobiles. This could potentially lead to improved fuel consumption in automobiles.

Systems with a 200 Watt to 400 Watt capacity range are becoming more common in various industries

Furthermore, large thermoelectric systems are have been built for special applications such as railroad cars, cooling within submarines, and in semiconductor manufacturing. Presently, a preference for larger thermoelectric systems has been observed in the market. The cost of a complete thermoelectric system used for temperature control, cooling, and power generation is lower, due to the presence of less expensive power supplies and the superior performance of thermoelectric systems. Thermoelectric systems with a 200 Watt to 400 Watt capacity range are becoming more common in various industries.

Global Thermoelectric Modules Market Trends:

Use of oxide thermoelectric materials is preferred in the market for high temperature applications due to its superior thermal stability

The most commonly used material for the manufacturing of thermoelectric coolers is bismuth telluride (Be2Te3). This is because of its relatively high figure of merit. However, the performance track record of this material is still relatively poor and better-performing materials are currently used in the manufacturing of thermoelectric modules. The alternatives to Be2Te¬3¬¬ include antimony telluride (Sb2Te3), lead telluride (PbTe), and silicon–germanium. Some of these materials perform exceptionally well in high-temperature applications. For instance, oxide thermoelectric materials are preferred in high-temperature applications due to their superior thermal stability.

Customized manufacturing solutions are being adapted by key players

There are a number of standard thermoelectric modules available in the market. Since manufacturers are aware of the fact that standard products would not always meet their customers’ requirements, hence customized solutions would yield a more optimal thermal solutions. Furthermore, a flexible manufacturing process adopted by key players help them provide better thermoelectric products in the near future.

Global Thermoelectric Modules Market Restraints:

High capital cost as compared to conventional systems is expected to hamper the global thermoelectric modules market growth over the forecast period.

The basic price of a thermoelectric module as around US$ 3,000, which is significantly higher than conventional systems. As a result of this, small and medium-sized companies are hesitant towards procuring these advanced devices. Besides, thermoelectric modules require frequent repair and maintenance operations, which incurs an additional cost. Hence, these factors are expected to hamper the market growth over the forecast period.

Designing and manufacturing thermoelectric modules require complex planning and design. It also requires a robust infrastructure and skilled personnel to operate the machinery. Such complexities are challenging to handle and can only be done by trained professionals. Hence, these factors are expected to restrain growth of the global thermoelectric modules market during the forecast period.

Figure 2. Global Thermoelectric Modules Market (%), By Segments

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Global Thermoelectric Modules Market Segmentation:

The Thermoelectric Modules market report is segmented into Technology, Type and Application.

Based on Technology, the market is segmented into Single Stage Thermoelectric Modules, Multi Stage Thermoelectric Modules. Out of which, Single Stage Thermoelectric Modules is expected to dominate the global market over the forecast period.

Based on Type, the market is segmented into Bulk Thermoelectric Modules, Micro Thermoelectric Modules,Thin Film Thermoelectric Modules. Out of which, Micro Thermoelectric Modules is expected to dominate the global market over the forecast period.

Based on Application, the market is segmented into Consumer Electronics, Telecommunication, Medical and Laboratories, Automotive, Defense and Space, Industrial Applications, Energy Harvesting, Others. Out of which, Consumer Electronics is expected to dominate the global market over the forecast period.

Global Thermoelectric Modules Market: Key Developments.

In May 2022, Phononic a heat and cooling system providers partnered with Google Cloud’s two new manufacturing data solutions: Manufacturing Data Engine and Manufacturing Connect.  The partnership is aimed at achieving the analytics and insights needed to fully optimize Phononic’s operations.

In July 2021, Laird Thermal Systems designers and manufactures of thermal management products and custom solutionslaunched enhanced OptoTEC OTX/HTX Series of miniature thermoelectric coolers designed for high-temperature environments found in telecom, industrial, autonomous and photonics applications.

In July 2021, Phononic secured growth investment led by $50 million from the Sustainable Investing business within Goldman Sachs Asset Management (Goldman Sachs). Phononic aims to expand its sales and marketing, domestic and international high-volume manufacturing capabilities, and expand its cooling and refrigeration product portfolio and platform through this investment.

In August 2020, Laird Thermal Systems  launched its Hi-Temp ETX Series thermoelectric coolers to deliver active cooling in high-temperature environments for autonomous systems, machine vision, digital light processors, and optical transceivers.

Global Thermoelectric Modules Market: Key Companies Insights

The global Thermoelectric Modules market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R&D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis.

Key companies operating in the global thermoelectric modules market are Ferrotec Corporation, Crystal Ltd., RMT Ltd., TE Technology, Inc., Laird Technologies, Inc., Gentherm Inc., Tellurex Corporation, Thermion Company, Marlow Industries, and KELK Ltd.

*Definition: A thermoelectric module is a solid-state heat pump, which operates on the Peltier effect. Thermoelectric modules can instantly cool or warm an object by producing temperature differentials. Manufacturers of thermoelectric modules focus on providing technologically advanced products to customers to ensure better work, greater reliability, and increased precision.