According to the new market research report "Thermoelectric Modules Market by Technology (Single Stage, and Multi Stage), Type (Bulk Thermoelectric, Micro Thermoelectric, and Thin Film Thermoelectric), Functionality, Offering, End–Use Application, and Region - Global Forecast to 2023", The thermoelectric modules market is expected to grow from USD 527.5 Million in 2017 and is expected to reach USD 890.6 Million by 2023, at a CAGR of 9.12% between 2017 and 2023. The demand for thermoelectric modules is mainly driven by its superior advantages such as precise temperature control, compact geometric size, reliable solid state operations, lower power consumption, rapid temperature cycling, fully reversible switch in polarity, integrated design, and rapid response time.

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Hardware offering expected to lead the thermoelectric modules market

The hardware offering is expected to hold the largest share of the market between 2017 and 2023. This growth is attributed to the increasing usage of various hardware components for thermoelectric modules such as heat sink, heat dissipation component, thermoelectric element, ceramic substrate, electrical interconnect, and heat absorption. Moreover, hardware is expected to account for a larger share of the overall thermoelectric modules market compared with the software and services offering during the forecast period.

Thermoelectric modules market for the deep cooling modules is expected to grow at a higher CAGR between 2017 and 2023

The increasing use of deep cooling modules in the medical and laboratories application such as in vaccine storages, air-conditioning, medical services, food preservation, and cooling of electronic devices is the key reason for the growth of these modules. Moreover, these modules are used in other applications such as air conditioners, IR (radiative) cooling, biomedical, emergency power sources, mini-refrigerators lasers, transitional care units (TCUs), photodiodes, waste heat recovery, chillers, cold plates, wine cabinets, sensors, and remote sensor power.

Asia Pacific held the largest share of the thermoelectric modules market in 2016

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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