Thermoelectric Modules Market Size, Share, Industry Trends and Forecast to 2030

Market Size & CAGR of Thermoelectric Modules Market in 2021

The global thermoelectric modules market had a market size of USD 471.5 million in 2021. The market is expected to grow at a CAGR of 7.2% from 2021 to 2028. With this growth rate, the market is anticipated to reach USD 723.6 million by 2028.

COVID-19 Impact on the Thermoelectric Modules Market

The COVID-19 pandemic significantly impacted the thermoelectric modules market in 2020 and 2021. The global supply chain disruptions, lockdowns, and restrictions led to a slowdown in manufacturing and sales of thermoelectric modules. However, as industries are gradually recovering from the impact of the pandemic, the thermoelectric modules market is expected to witness steady growth in the coming years.

Thermoelectric Modules Dynamics

The thermoelectric modules market is driven by the increasing demand for energy-efficient solutions in various industries such as automotive, healthcare, consumer electronics, and telecommunications. The rising focus on sustainable energy sources and the need for temperature control in electronic devices further propel the growth of the thermoelectric modules market. Technological advancements in thermoelectric materials and designs are also contributing to the market dynamics.

Segments and Related Analysis

By Type

The thermoelectric modules market can be segmented into single-stage and multi-stage modules. Single-stage modules are more commonly used in applications where temperature differentials are relatively low, while multi-stage modules are preferred for high-temperature differentials.

By Material

The market can also be segmented based on the material used in thermoelectric modules, such as bismuth telluride, lead telluride, and silicon germanium. Bismuth telluride is the most widely used material due to its high thermoelectric performance.

By Region Analysis

North America

North America is a significant market for thermoelectric modules, driven by the presence of key manufacturers and the growing adoption of energy-efficient technologies in the region. The United States leads the market in North America.

Europe

Europe is also a key region for the thermoelectric modules market, with countries like Germany, the UK, and France playing a vital role in the market growth. The emphasis on reducing carbon emissions and increasing energy efficiency in Europe boosts the demand for thermoelectric modules.

Asia Pacific

The Asia Pacific region is witnessing significant growth in the thermoelectric modules market due to rapid industrialization, urbanization, and technological advancements. Countries like China, Japan, and South Korea are major contributors to the market growth in this region.

Key Market Players and Competitive Landscape

Some of the key players in the thermoelectric modules market include Laird Thermal Systems, Ferrotec Corporation, KELK Ltd., RMT Ltd., and Tellurex Corporation. These companies are focusing on research and development, strategic partnerships, and product innovations to gain a competitive edge in the market.

Recent Happenings in the Thermoelectric Modules Market

In recent developments, Laird Thermal Systems introduced a new series of high-performance thermoelectric modules for automotive applications. These modules offer enhanced temperature control and energy efficiency, catering to the growing demand for thermal management solutions in the automotive sector.