Thermoelectric Modules Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 7.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Thermoelectric Modules Market Analysis
The micro thermoelectric modules market is expected to record a CAGR greater than 7% during the forecast period 2022-2027. The COVID-19 pandemic had a mixed impact on the market. Healthcare devices were needed for the treatment of COVID-19 patients, which aided in the growth of the market, whereas the shutdown of manufacturing facilities and difficulties in the sourcing of raw materials due to the disruption of shipping hampered the growth of the market. Factors such as the increasing use of electric vehicles that employ micro thermoelectric modules and the deployment of 5G technology that will use micro-thermoelectric modules in the communication towers are likely to drive the market over the forecast period. However, the inefficient performance of micro thermoelectric modules coupled with the presence of alternative technologies may restrain the market.
The automotive segment is likely to witness significant growth during the forecast period.
Lately, mRNA vaccine technology has seen major improvements due to various technologies, such as CRISPR, leading to widespread commercial production. Furthermore, it indicates a shift toward such kinds of vaccines in the future. However, mRNA vaccines are stored strictly under cold temperatures to prevent their deterioration, which will present significant opportunities to micro thermoelectric module players involved in the market.
The Asia-Pacific region is likely to be the fastest-growing market during the forecast period owing to its significant manufacturing capacity and rising demand.
Thermoelectric Modules Market Trends
This section covers the major market trends shaping the Thermoelectric Modules Market according to our research experts:
Automotive Segment to Witness Significant Growth
The automotive sector is growing globally and undergoing a significant shift toward electric-based propulsion. Furthermore, manufacturers are introducing new features in the vehicles, such as ventilated seats, multiple zone climate control, better air conditioning, and better engine temperature control.
In 2020, globally, around 78 million motor vehicle units were produced compared to 92 million units in the preceding year. This decline was expected to be temporary and did not reflect the true growth of the market since it was impacted by the COVID-19 pandemic. As mentioned above, these automotive vehicles employ micro thermoelectric modules to control the temperature efficiently.
As part of the shift toward electric-based propulsion, battery temperature is required to be regulated for efficient operations. As per a forecast, the number of electric vehicles in 2025 is expected to be around 54 million units compared to 12 million units in 2021. This is likely to drive the micro thermoelectric module market, in turn, during the forecast period.
In November 2021, Tesla Inc. announced plans to invest up to CNY 1.2 billion (USD 187.91 million) to expand production capacity at its Shanghai factory. Tesla's Shanghai factory was designed to make up to 500,000 cars a year and currently has the capacity to produce Model 3 and Model Y vehicles at a rate of 450,000 total units a year.
In August 2021, Toyota announced its new BEV series, Toyota bZ, and established a full line-up of electrified vehicles. A concept version of the first model in the series was unveiled at Auto Shanghai, and 15 BEVs are expected to be introduced globally by 2025.
Thus, owing to the abovementioned factors and in line with the growth of the automotive sector, the thermoelectric market is also expected to grow.
Asia-Pacific to be the Fastest-growing Region
The Asia-Pacific region is home to the largest chunk of the world's population and countries with the highest economic growth rates. The countries in the region are witnessing the increasing adoption of electric vehicles, developing cold chains for food security and other applications, and advancements in healthcare technologies and equipment, such as organ transportation and preservation systems.
The government of China is encouraging people to adopt electric vehicles. The country has already made plans to phase out diesel fuel, which runs the current generation of commercial vehicles, such as trucks. The country is planning to ban diesel and petrol vehicles completely by 2040. China is a key player in the global electric bus market, and it is anticipated to sustain its dominance during the forecast period. In May 2020, more than 420,000 electric buses were in use in China, which amounted to about 99% of the global fleet. The keen focus on electrification of public transit with prevalent subsidies and national regulations is a major factor contributing to the high market share held by China in the global electric bus market.
India, as of 2020, had 8,200 cold storage facilities, of which 75% are suitable only for single commodities, mainly potatoes. The number of cold storage facilities is likely to rise significantly due to the surge in online grocery, processed foods, and pharmaceutical sales. These new use cases will result in multiple smaller cold-storage facilities in the cities to ensure efficient last-mile delivery.
Furthermore, APAC is growing significantly in the organ preservation space. The surging incidence rate of various organ failures in the region and increasing healthcare expenditure is expected to boost the market's growth. Moreover, due to the economic upturn in the region, the demand for advanced treatments has witnessed a surge. These organ preservation systems employ micro thermoelectric modules to regulate the temperature, which is critical for organ life, and, in turn, is likely to aid the growth of the micro thermoelectric modules market.
Thus, owing to the abovementioned factors, the Asia-Pacific region is likely to be the fastest-growing regional market during the forecast period.
Thermoelectric Modules Industry Overview
The micro thermoelectric modules market is partially fragmented. Some of the major players involved in the market are CUI Devices, Thermonamic Electronics (Jiangxi) Corp. Ltd, TEC Microsystems, KELK Ltd, and Guangdong Fuxin Technology Co. Ltd.
Thermoelectric Modules Market Leaders
CUI Devices
TEC Microsystems
KELK Ltd.
Thermonamic Electronics (Jiangxi) Corp., Ltd.
Guangdong Fuxin Technology Co., Ltd.
*Disclaimer: Major Players sorted in no particular order
Thermoelectric Modules Market News
In January 2021, TEC Microsystems upgraded the 1MA 10 Series lineup of micro thermoelectric modules with dimensions optimal for PCR cycling, point-of-care, and lab-on-chip medical diagnostic applications.
In October 2020, Ferrotec announced the acquisition of RMT, a manufacturer of micro thermoelectric modules. This will strengthen its product lineup and help expand Ferrotec in more regions globally.
Thermoelectric Modules Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Demand and Forecast, in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Market Dynamics
4.4.1 Drivers
4.4.2 Restraints
4.5 Supply Chain Analysis
4.6 Porter's Five Forces Analysis
4.6.1 Bargaining Power of Suppliers
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Threat of New Entrants
4.6.4 Threat of Substitute Products and Services
4.6.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Stage
5.1.1 Single Stage
5.1.2 Multi Stage
5.2 Functionality
5.2.1 General Purpose
5.2.2 Deep Cooling
5.3 End Use Aplication
5.3.1 Aerospace and Defense
5.3.2 Automotive
5.3.3 Consumer Electronics
5.3.4 Heathcare
5.3.5 Food and Beverages
5.3.6 Energy and Utility
5.3.7 Referigerant and Chillers
5.3.8 Other End Use Applications
5.4 Geography
5.4.1 North America
5.4.2 Europe
5.4.3 Asia-Pacific
5.4.4 South America
5.4.5 Middle-East
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 CUI Devices
6.3.2 AMS Technologies
6.3.3 KELK Ltd
6.3.4 Guangdong Fuxin Technology Co. Ltd
6.3.5 TE Technology Inc.
6.3.6 Thermonamic Electronics (Jiangxi) Corp. Ltd
6.3.7 Wellen Technology Co. Ltd
6.3.8 TEC Microsystems
6.3.9 Merit Technology Group
6.3.10 HiTECH Technologies Inc.
- *List Not Exhaustive
7. MARKET OPPORUNITIES AND FUTURE TRENDS
Thermoelectric Modules Industry Segmentation
The micro thermoelectric modules market report includes:
| Stage | |
| Single Stage | |
| Multi Stage |
| Functionality | |
| General Purpose | |
| Deep Cooling |
| End Use Aplication | |
| Aerospace and Defense | |
| Automotive | |
| Consumer Electronics | |
| Heathcare | |
| Food and Beverages | |
| Energy and Utility | |
| Referigerant and Chillers | |
| Other End Use Applications |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East |
Thermoelectric Modules Market Research FAQs
What is the current Micro Thermoelectric Modules Market size?
The Micro Thermoelectric Modules Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)
Who are the key players in Micro Thermoelectric Modules Market?
CUI Devices, TEC Microsystems, KELK Ltd., Thermonamic Electronics (Jiangxi) Corp., Ltd. and Guangdong Fuxin Technology Co., Ltd. are the major companies operating in the Micro Thermoelectric Modules Market.
Which is the fastest growing region in Micro Thermoelectric Modules Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Micro Thermoelectric Modules Market?
In 2024, the North America accounts for the largest market share in Micro Thermoelectric Modules Market.
What years does this Micro Thermoelectric Modules Market cover?
The report covers the Micro Thermoelectric Modules Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Micro Thermoelectric Modules Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Micro Thermoelectric Modules Industry Report
Statistics for the 2024 Micro Thermoelectric Modules market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Micro Thermoelectric Modules analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
