The thermoelectric modules market is expected to grow from USD 471.0 Million in 2016 to USD 890.6 Million by 2023, at a CAGR of 9.12% during the forecast period. This report provides the market size and future growth potential of the thermoelectric modules market across different segments such as technology, type, functionality, end-use application, offering, and geography. The study identifies and analyzes the market dynamics such as drivers, restraints, opportunities, and industry-specific challenges in the thermoelectric modules market. Moreover, this report profiles the key players operating in the thermoelectric modules market. Precise temperature control and superior benefits of thermoelectric modules, improved fuel efficiency in vehicles using thermoelectric modules, and increasing awareness of green energy is expected to propel the growth of the thermoelectric modules market. The base year considered for the study is 2016, and the market size forecast is provided for the period between 2017 and 2023.

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

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.

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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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