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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This report covers the thermoelectric modules market based on technology, type, functionality, end-use application, offering, and region. Currently, the telecommunications application dominates the global market and is expected to be a lead the market during the forecast period. This growth is attributed to the wide deployment of thermoelectric modules in the telecommunications applications such as optical channel monitors (OCM), community antenna television (CATV) lasers, transmission lasers (DWDM), avalanche photodiodes (APD), pump lasers (EDFA), and photonic integrated circuits (PIC).

The deep cooling modules are estimated to hold the largest share, and grow at a higher CAGR between 2017 and 2023. This growth is attributed to the increasing use of deep cooling modules in various applications such as infrared (IR) detectors, charged couple discharge (CCD) arrays, electro-optics industrial cooling, temperature control, water coolers (chillers), and cold chambers for climatic tests of radio electronic components.

The market for the software and services offering is expected to grow at a higher rate between 2017 and 2023. The increasing adoption of the software and services offering is due to the emergence of various companies offering simulation, designing and engineering, and testing and compliance software and services in the market. For instance, Laird (UK) offers AZTEC thermoelectric module simulation software. Moreover, some software help in providing solutions to thermoelectric module cooling assembly design issues. For instance, TECCad software offered by RMT Ltd. (Russia) aids in addressing and resolving thermoelectric modules assembly design issues.

In 2017, Asia Pacific (APAC) accounted for the largest share of the overall thermoelectric modules market, followed by the Americas and Europe. APAC holds the largest share of the thermoelectric modules market because 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.

On the other hand, the fastest growth of the thermoelectric modules market in the Americas is attributed to the presence of top manufacturers and extensive use of thermoelectric modules in end-use applications, such as automotive, telecommunications, and medical and laboratories, in this region. Moreover, the automotive and medical and laboratories applications are expected to lead the thermoelectric modules market. Furthermore, bio-monitoring and healthcare-related devices, which require thermoelectric modules for various applications, such as thermal cycling and temperature control, are expected to increase the demand for thermoelectric modules in the Americas.

Customizing thermoelectric modules to meet customers’ needs is a major challenge for the companies in the market. The major vendors in the thermoelectric modules market include Ferrotec (Japan), Laird (UK), II-VI Marlow (US), Crystal Ltd. (Russia), RMT Ltd (Russia), KELK Ltd. (Japan), TE Technology (US), TEC Microsystems (Germany), Kryotherm (Russia), Thermion Company (Ukraine), Thermonamic Electronics (Jiangxi, China), EVERREDtronics (China), Micropelt (Germany), Hi-Z Technology (US), Hui Mao (China), Hicooltec Electronic (China), Z-Max (Japan), Merit Technology Group (China), LG Innotek (South Korea), Align Sourcing (US), AMS Technologies (Germany), European Thermodynamics (UK), CUI Inc. (US), Wellen Technology (China), and Advanced Thermoelectric (US). These players adopted various strategies such as product developments, mergers, partnerships, collaborations, and expansions to cater to the needs of their customers.

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