Thermoelectric Modules Market by Type (Generators, Coolers), Module (General-purpose, Deep Cooling, Thermal Cycling, Others), Stage (Single-stage, Multi-stage), Sector (Consumer Electronics, Automotive, Others) & Geography - Global Forecast to 2030

The Thermoelectric Modules Market is projected to reach $1.46 billion by 2030, at a CAGR of 10.6% during the forecast period of 2023–2030. In terms of volume, the thermoelectric modules market is projected to reach 12,62,61,159.9 units by 2030, at a CAGR of 11.4% from 2023 to 2030. The growth of the thermoelectric modules market is driven by factors such as the growing use of thermoelectric modules in electronic devices and the rising adoption of electric & luxury vehicles. However, the high manufacturing costs of thermoelectric modules compared to traditional heating/cooling systems restrain the growth of this market.

Click here to: Get Free Sample Pages of this Report

Key Findings in the Thermoelectric Modules Market Study:

In 2023, the Thermoelectric Coolers Segment Dominated the Thermoelectric Modules Market

Based on type, the global thermoelectric modules market is segmented into thermoelectric generators and thermoelectric coolers. In terms of value, in 2023, the thermoelectric coolers segment accounted for the larger share of 61.4% of the global thermoelectric modules market. In terms of volume, the thermoelectric coolers segment is projected to reach 6,91,75,365 units by 2030, at a CAGR of 10.7% during the forecast period.

Cooling devices currently account for nearly 20% of the total electricity consumed in buildings worldwide. Considering the rising demand for space cooling in the residential sector, global energy use for space cooling is projected to increase from 2,020 terawatt hours (TWh) in 2016 to 6,200 TWh in 2050. The global demand for space cooling and the energy needed to provide it will continue to grow for decades. The high electricity consumption for space cooling leads to substantial CO2 emissions associated with fossil fuels for power generation. Among all the alternatives for replacing traditional cooling technologies, thermoelectric cooling (TE) is the most promising option as it provides a pathway for personalized cooling. A thermoelectric cooler (TEC) is a solid-state heat pump based on the Peltier effect that transfers heat from one side of the device to the other. Some benefits of using thermoelectric cooling in electronic devices include the following:

• No chlorofluorocarbons or refrigerant emissions
• Low maintenance
• Long life 
• Compatible with extreme environments or remote locations
• Capable of cooling far below ambient temperatures
• Performance independent of orientation

Thermoelectric coolers offer a myriad of benefits when traditional cooling methods are unsuited. Additionally, thermoelectric coolers are environmentally safer than other cooling units in the market. The commercial application of thermoelectric coolers has widely increased, including portable air/water refrigerators, electronic cooling, thermal management systems in medical devices, and water distillation. TECs have gained huge attention in the consumer market due to their reliable, lightweight, and noiseless operation.

FIGURE 1 THERMOELECTRIC COOLERS MARKET, 2020-2030(USD MILLION)

Asia-Pacific: Largest Regional Market

Based on geography, the thermoelectric modules market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In terms of value, in 2023, Asia-Pacific accounted for the largest share of 48.8% of the global thermoelectric modules market. In terms of volume, the Asia-Pacific region is projected to reach 7,39,78,564 units by 2030, at a CAGR of 11.8% during the forecast period.

FIGURE 2 GLOBAL THERMOELECTRIC MODULES MARKET SHARE, BY REGION, 2023

The Asia-Pacific region has some of the strongest economies in the world. These countries have been leading technological changes globally for over two decades, promoting and developing novel technological ideas. Countries such as Japan and Taiwan are among the biggest hubs for developing and producing technical goods, consumer electronics, and parts. Over the last decade, the increasing demand for smart devices, smart homes, and smart offices has significantly boosted the consumer electronics market. This demand is expected to continue to grow further, supporting market growth in the region.

Asia-Pacific is also the fastest-growing regional market for thermoelectric modules. The countries in APAC are witnessing increased adoption of electric vehicles, developing cold chains for food security and other applications, and making advancements in healthcare technologies and equipment. Therefore, the demand for thermoelectric modules is increasing across various industries, including automotive, consumer electronics, medical, semiconductor, and defense, in the APAC region.

Key questions answered in the report: