According to MarketsandMarkets’ forecast, the thermoelectric modules market, in terms of value, is expected to grow from USD 527.5 Million in 2017 to USD 890.6 Million by 2023, at a CAGR of 9.12% between 2017 and 2023. The growth is attributed to the increased demand of thermoelectric modules in many applications such as automotive, telecommunications, consumer electronics, industrial, and medical and laboratories. Bio-monitoring and healthcare-related devices require thermoelectric modules for various applications such as thermal cycling and temperature control.

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To estimate the size of the thermoelectric modules market, we have considered the top players in the market and their market share. This study involves an extensive use of secondary sources such as annual and financial reports of top players, presentations, press releases, journals, paid databases, and interviews with industry experts. The research methodology is explained below:

Analyzing the overall size of the individual markets through the percentage split with the help of primary and secondary research
Analyzing the various market segments and subsegments
Analyzing the supply and demand sides of the thermoelectric modules market ecosystem
Analyzing the market trends in various regions and countries, supported by ongoing research and development in these regions
Finalizing the overall market sizes by triangulation method with supply-side data, which include product developments, supply chain, and estimated sales

Asia Pacific (APAC) held the largest share of the market in 2016. The largest share of APAC is attributed to the fact that a maximum number of manufacturers have their headquarters in this region. The other factors attributing to this growth are low manufacturing costs because of low overhead costs and cheap labor, and increasing demand for thermoelectric modules (across diverse applications) and waste heat recovery, industrial automation, and healthcare monitoring devices, as well as growing industrialization. Moreover, with the use of thermoelectric modules, higher efficiency levels and energy harvesting can be achieved in APAC.

Some of the major players in the thermoelectric modules market are Ferrotec (Japan), Laird (UK), II-VI Marlow (US), Crystal Ltd. (Russia), and RMT Ltd (Russia).

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