The thermoelectric modules market size is projected to reach USD 1,023 million by 2024 from an estimation of USD 668 million in 2019, at a CAGR of 8.9%. Benefits of thermoelectric modules over conventional systems, simultaneous heating & cooling of thermoelectric modules catering to the demand in several applications, growth of electric vehicle market and focus of governments as well as product & service providers on using renewable energy sources is expected to drive the thermoelectric modules industry growth. Furthermore, underlying opportunities in this space include the development of thermoelectric modules for new application arena and the concept of turning body heat into electricity.

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Based on end-use application, consumer electronics to hold the largest market share of thermoelectric modules market
Thermoelectric modules are used widely in the consumer electronics application, including portable food/beverage containers, chilled water dispensers, beer/wine cabinets, small refrigerators, air conditioners, and others. These applications require thermoelectric modules to provide cooling and temperature control as traditional cooling systems are not feasible.

Growth in the application arena of consumer electronics is expected to increase the demand for thermoelectric modules. For instance, due to environmental concerns related to bottled water, point-of-use dispensers have emerged as a boon for commercial, as well as residential spaces. Therefore, to achieve the demand for suitable temperature effect, the market growth of thermoelectric modules will surge in the coming years. Companies such as Ferrotec (US), LAIRD (UK), and II-VI Marlow (US) offer thermoelectric modules for the consumer electronics application.

Bulk thermoelectric modules expected to be the largest shareholder of thermoelectric modules in coming years
Bulk thermoelectric modules held the largest market share of the thermoelectric modules market in 2018 owing to their benefits, such as the highest power output and voltage compared with micro and thin-film thermoelectric modules. Moreover, these modules are the most commonly used types of thermoelectric modules for various end-use applications such as telecommunications, medical & laboratories, aerospace & defense, consumer electronics, and industrial. In addition, these modules can instantly warm or cool an object by producing a temperature differential through the induction of an electric current. Further, they can provide a power output from milliwatts to multiple kilowatts. Key manufacturers of bulk these modules are Ferrotec (US), LAIRD (UK), RMT ltd. (Russia), and TEC Microsystems (Germany).

Asia Pacific thermoelectric modules market expected to grow at highest CAGR during the forecast period

Asia Pacific accounted for the largest share of the thermoelectric modules market in 2018. It is the fastest-developing region for most of the applications such as automotive, consumer electronics, oil, gas & mining, and industrial.

The market in APAC has been segmented into China, Japan, South Korea, and the Rest of APAC. The region has emerged as a global focal point for significant investments and business expansion opportunities. The geography represents the fastest-growing thermoelectric modules market worldwide during the forecast period due to the increasing demand for waste heat recovery, consumer goods, industrial automation, and healthcare monitoring devices.

Ferrotec (USA) Corporation (Ferrotec, US), Laird Thermal Systems (LAIRD, UK), II-VI Marlow (Marlow, US), TE Technology, Inc. (TE Technology, US), TEC Microsystems GmbH (TEC Microsystems, Germany), Crystal Ltd (Crystal, Russia), Kryotherm (Kryotherm, Russia), RMT Ltd. (RMT, Russia), Thermion Company (Thermion Company, Ukraine), Thermonamic Electronics (Jiangxi) Corp., Ltd. (Thermonamic Electronics, China), KELK Ltd (KELK, Japan), and Guangdong Fuxin Technology Co., Ltd. (Fuxin Technology, China) are a few significant players in the thermoelectric modules market.

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