Thermoelectric Modules Market to grow 9.50% by 2023

  • March 09, 2016
  • Transparency Market Research
  • News

Thermoelectric modules refer to a circuit comprising thermoelectric materials, which directly generate electricity from heat. A thermoelectric module involves two dissimilar thermoelectric materials joined at their ends in either the negatively charged (n-type) form or the positively charged (p-type) form of semiconductors. A direct electric current will run in the circuit when there is a temperature variance among the two materials. On the basis of technology, the global thermoelectric modules market can be segmented into single-stage and multi-stage modules.

According to a research study by Transparency Market Research, in 2014, the global market for thermoelectric modules was valued at US$364.1 mn and is estimated to reach a value of US$829.5 mn by the end of 2023. The market is projected to exhibit a progressive 9.50% CAGR between 2015 and 2023.

The global thermoelectric modules market is anticipated to grow at a fast pace due to several factors such as:

  • Increased use of advanced thermoelectric materials for production of thermoelectric modules

  • Increasing applications of thermoelectric modules in diverse industries

  • Growing adoption of larger thermoelectric modules for several applications

  • Cost-effective and quick customized solutions provided by thermoelectric modules

  • Increasing demand for thermoelectric modules due to waste heat recovery from industrial applications

  • Growing competitive advantage of thermoelectric modules in comparison with conventional products

  • Growing consumer interest and adoption of green energy

  • Emphasis on reducing the number of components outsourced to contract producers

On the flip side, the high costs of thermoelectric modules in comparison with the refrigeration and conventional cooling systems are restraining the market. Bulk thermoelectric modules are one of the most widely used types of thermoelectric modules and find application in diverse industries such as telecommunication, consumer electronics, energy harvesting, defense and space, automotive, and medicine and laboratories.

Asia Pacific to Dominate Global Thermoelectric Modules in Coming Years

 The global market for thermoelectric modules can be divided on the basis of geography into Latin America, North America, Europe, the Middle East and Africa, and Asia Pacific. Among all these regions, in 2014, Asia Pacific accounted for the largest share of 33% in the global thermoelectric modules market. This region is estimated to remain in the leading position in the next few years. The rapid growth of Asia Pacific can be attributed to the performance of the leading markets in the region such as Japan and China. In addition, the low cost of production, owing to the low labor and overhead costs, and growing demand for thermoelectric modules in several applications are some of the factors that are estimated to boost the demand in this region.


The major players operating in the global thermoelectric modules market include Hi-Z Technology, Inc., Tellurex Corporation, Merit Technology Group, Green TEG AG, Kryotherm, Z-MAX Co., TE Technology, Ferrotec Corporation, RMT Ltd., KELK Ltd., Marlow Industries, Xiamen Hicool Electronics Co., Ltd., Laird Technologies, Inc., Ferrotec Nord Corporation, Thermion Company, Alphabet Energy, Inc., Micropelt GmbH, Align Sourcing LLC, and EVERREDtronics Ltd.


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