A thermoelectric module, also called as thermoelectric cooler or Peltier cooler, is a semiconductor-based electronic device that functions as a small heat pump and transfers heat from one side of the device to the other. Thermoelectric modules can instantly cool or warm an object by producing temperature differentials. Thermoelectric modules consist of semiconductor elements that are heavily doped with electric carriers. These elements are arranged into arrays that are thermally connected in parallel and electrically connected in series. The global thermoelectric module market is anticipated to reach value of US$ 1,713.9 Mn by 2027 from US$ 575.9 Mn in 2018, expanding at a CAGR of 11.7% during the forecast period.
The global thermoelectric module market has been broadly segmented based on technology, material, type, application, end-use industry, and region. Based on technology, the market has been segmented into single stage and multi stage. Based on material, the market has been classified into bismuth telluride (Bi2Te3), lead telluride (PbTe), silicon germanium (SiGe), and others. Furthermore, in terms of type, the market has been divided into bulk (standard) TEM, micro TEM, and thin-film TEM. In terms of application, the market has been categorized into analytical instrumentation, automotive electronics & safety systems, refrigeration & cryogenics, thermal cycling, detectors, and others. In terms of end-use industry, the market has been segregated intro aerospace & defense, automotive, consumer electronics, healthcare, food & beverages, energy & utility, and others. In terms of region, the global thermoelectric module market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The single stage segment holds a major share of the global thermoelectric module market and it is expected continue its dominance throughout the forecast period. Advantages offered by thermoelectric modules over conventional products are anticipated to drive the global thermoelectric module market during the forecast period. However, the market faces challenges in terms of higher costs of thermoelectric modules than conventional cooling and refrigeration systems. However, increasing demand for use of large-sized thermoelectric systems for certain specific applications is expected to provide significant opportunities to the thermoelectric module market in the near future.
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Considering rapid growth of the market, several players are investing in the global thermoelectric module market. For instance, in 2018, Crystal Ltd. developed 11 new types of high-quality thermoelectric modules to attain high cooling capacity at a lower electric power consumed.
Some of the prominent players operating in the global thermoelectric module market and profiled in the study are Crystal Ltd., Ferrotec Corporation, GENTHERM, II-VI Marlow Incorporated, KELK Ltd., KRYOTHERM, Laird Technologies, RMT Ltd., TE Technology, Inc., TEC Microsystems GmbH, Thermion Company, Thermonamic Electronics (Jiangxi) Corp. Ltd., and TOSHIBA MATERIALS CO., LTD.
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