; Thermoelectric module market size, share, forecast

Thermoelectric Module Market

Thermoelectric Module Market Size, Share, and Analysis, By Model (Single Stage, Multi Stage), By Type (Bulk, Micro and Thin Film), By End User (Manufacturing, Industrial, Consumer Electronics, IT and Telecom, Automotive, Healthcare and Others) and By Region (North America, Europe, Asia-Pacific, And Rest of the World) And Regional Forecast 2024-2034

Published on: Jan-2024
Report Code: FG INEQ 01827
No. of Pages: 170-350
Report Format: PDF

Thermoelectric Module Market is anticipated to grow at a CAGR of 9.8% in the forecast period (2024-2034), with the market size valued at USD 0.7 billion in 2023 and projected to reach USD 1.97 billion by 2034.

Product Overview

Thermoelectric modules usually consist of P-type and N-type of semiconductor materials, which help in generating power when pushed in for a particular temperature. Thermoelectric market is driven by the demand for energy-efficient solutions in industries such as automotive, healthcare, aerospace and electronics. Thermoelectric modules are used effectively in applications such as power generation, waste heat recovery and temperature regulation. Key market players in the industry contribute towards the advancement and improving of module efficiency. Certain challenges such as high initial costs are usually faced by the market, but ongoing research and development with increasing industrial opportunities is contributing towards the market growth.

Market Highlights

Thermoelectric Module Market is expected to exhibit a CAGR of 9.8% during the forecast period, 2024-2034

Thermoelectric Module Market is anticipated to reach USD 1.97 billion, growing at a CAGR of 9.8% during the forecast period owing to the energy efficient solutions in the industries and transformation role modules play in converting waste heat in power. Thermoelectric Modules are generally categorised into Single and Multi- models, which are used either in bulk, micro or thin films. Bulk type thermoelectric modules carry on the highest market share due to their diverse use in the medical devices and cooling systems. Thermoelectric modules are being used heavily in industrial applications such as Manufacturing, Industrial, Consumer Electronics, IT and Telecom, Automotive, Healthcare and Others. Thermoelectric are being used heavily in the industries due to their efficient ability to save waste energy and deploy it for better use by converting them into electricity or energy. With increased focus on renewables thermoelectric modules are coming in handy for saving excessive energy and heat loss by these sources. Overall, the growth of Thermoelectric Module Market is deemed to be positive with the increasing shift of industries and market towards cleaner energy.

Source: Fatpos Global

Thermoelectric Module Market Segmentation

Bulk module will hold the majority share in the market due to its wide use

By Type, Thermoelectric Module Market is segmented into Bulk, Micro and Thin-film modules. Currently, Bulk modules dominate the market with nearly capturing 70% of the total market share. One of the major reasons being its widespread use among different applications like medical devices, cooling systems and temperature controls. Bulk modules generally provide an all-round performance with better efficiency and reliability. Micro and thin modules may offer better flexibility; bulk modules facilitate overall better performance. Bulk module is rather cheaper as compared to other alternatives due to its sleek designs and better production process. Due to being in the market for longer periods than other modules, existing infrastructure in the buildings reduces the requirements for additional investments. While micro and thin modules come in with better technological availability and higher efficiency, they have higher costs added to them, limitations in certain performances. In the vast majority of applications, bulk modules out par in terms of versatility, performance and costs.

Single Stage thermoelectric models dominates the thermoelectric market

By Models, Thermoelectric Module Market are segmented into single stage and multi stage model, single stage model dominating the market. Single stage models prominence comes from its low manufacturing costs that are involved which deems to make them pretty inexpensive. Single stage though lower in comparison to multi stage, but provides substantial efficiency at cheap costs. Manufacturers produce single-stage modules, which leads to greater availability and easier procurement. They are simpler to install and use due to their lower costs.

Market Dynamics

Growth Drivers

Increasing focus on efficient energy solution will fuel the market growth

Various electronic gadgets and equipment such as laptops, smartphones and LEDs produce significant heat, which impacts their performance. Thermoelectric modules (TEMs) aids these issues by acting as heat pumps, with the use of Peltier effect it helps in cooling the components with minimum energy consumption. This directly helps in increasing the devices lifespan, leading to longer use, improved battery performance with better energy savings. TEMs can expand beyond electronics by providing necessary facilities like targeted cooling which can cool server rooms and equipment, it also aids effectively in the industrial process by capturing the waste heat produced in the manufacturing process. In greenhouses they help in managing the temperature of certain hotspots.

Growing focus towards renewable energy will shape the future market

The prominent initiatives by the major governments and economies to shift towards renewables have been imminent with sources like solar and geothermal. But as clean energy is produced by these sources, excessive heat is also produced by them, here when TEMs come in use. Thermoelectric Modules can be integrated with solar panels and can efficiently convert waste heat into electricity, while it can use heat from geothermal plants to generate more electricity, maximizing allocation.  Portable TEMs can provide electricity to remote locations, while combine solar panels or wind turbines will create self-sufficient systems that generate power and temperature control. These effective measures with the help of TEMs can help in saving both energy and help in achieving greenhouse goals. While Growing demand in renewable space increase the improved efficiency and affordability of TEMs, opening to larger markets.


Higher cost of thermoelectric compared to traditional methods

Higher costs still remain one of the laying restraint in the thermoelectric module, and across various industries. Materials used in TEMs, like bismuth telluride and lead telluride are expensive with new research and development of new, efficient affordable materials is going but will slow progress. High costs involve complex fabrication process and doping with interconnects.  While the limited demand as compared to common electric components, make TEMs high in costs as being low in produce. Higher costs in the market makes it easier for cost-effective appliances, while the wider adoption still remains a main issue in Thermoelectric module market.

Recent Developments

  • In 2023, Ferrotec Corporation announced the launch of its new high performance FTμ series of thermoelectric modules, which offers a 20% cooling capacity. The company also partnered with Mitsubishi Electric to develop new thermoelectric modules for automotive.
  • In 2023, Laird Thermal System acquired Alphacool, a German corporation that manufactures heat sinks and water cooling system. The company also unveiled its CPX4 series of thermoelectric coolers, which are specially designed for high performance.
  • In 2023, Gentherm announced the expansion of its NanoVAC production facility to Michigan in order to produce modules for the industry. While the company also partnered with Valeo to develop new thermoelectric climate control system.
  • In 2023, Crystal Ltd. Launched new CryoCube series thermoelectric coolers, which offer better high cooling capacity with low consumption. While, it announced its partnership with the University of Cambridge to develop new thermoelectric materials.
  • In 2023, RMT launched new Micro-Cool series of thermoelectric coolers, which are designed especially for small electronic devices. While, the company announced its partnership with Bosch to develop thermoelectric modules for power tools.

Thermoelectric Module Market

Key Players:

  • Ferrotec Corporation
  • Laird Thermal Systems
  • II-VI Marlow
  • Gentherm
  • Crystal Ltd.
  • RMT Ltd.
  • KELK Ltd.
  • Thermo Fisher Scientific
  • EVERREDtronics Ltd.
  • Alphabet Energy (Laird Performance Materials)
  • Tellurex Corporation
  • TEGpro
  • Analog Devices, Inc.
  • Romny Scientific, Inc.
  • Align Sourcing
  • Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Thermoelectric Module Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and AfricaAsia-Pacific region dominated the thermoelectric module market with largest market share, as the region is the manufacturing hub for low cost production in countries like China and Vietnam. Major Players in the market such as Ferrotec and Cnano Technology belongs to this region. Some Asian governments in China and Japan are actively promoting energy efficient clean technologies Emerging economies in the South Asian and Southeast Asian countries are experiencing rapid growth in consumer electronics and healthcare sectors.

Source: Fatpos Global

Impact of Covid-19 on Thermoelectric Module Market

Covid-19 pandemic had a diverse impact on the Thermoelectric Module Market. Initial lockdown disruptions impacted the module which impacted the Chinese and Taiwanese Market, which consists of the largest manufacturers in the thermoelectric industry. Sectors that are heavily reliant on thermoelectric modules like automotive and consumer electronics, experienced slowdown due to consecutive lockdowns and economic hardships which impacted the module sales. The pandemic created a lot of uncertainties leading to investments all over the industry leading to the delay in projects requiring thermoelectric modules. While the market has some negatives it also followed with some positives such as the increased demand for healthcare and medical devices, which augmented the need for medical equipment. The focus on energy efficient and heat recovery technologies pushed governments and businesses towards more sustainable solutions. Overall, the Covid-19 pandemic presented both temporary problems and long term opportunities for the thermoelectric module market. 

Thermoelectric Module Market is further segmented by region into:

  • North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
  • Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
  • Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
  • Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
  • Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Thermoelectric Module Market Scope and Segments:



Study Period


Base Year


Forecast Period


Historical Period


Growth Rate

CAGR of 9.8% from 2024-2034


Value (USD Billion)


Main Segments List

By Model

  • Single Stage
  • Multi Stage

By Type

  •  Bulk
  •  Micro
  •  Thin Film

By End User

  • Manufacturing
  •  Industrial
  •  Consumer Electronics
  •  IT and Telecom
  •  Automotive
  •  Healthcare
  •  Others

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Frequently Asked Questions (FAQ):

Thermoelectric Module Market size was values at USD 0.7 billion in 2023 and is projected to reach the value of USD 1.97 billion in 2034, exhibiting a CAGR of 9.8% during the forecast period.

Thermoelectric modules usually consist if P-type and N-type of semiconductor materials, which help in generating power when pushed in for a particular temperature. Thermoelectric market is driven by the demand for energy-efficient solutions in industries such as automotive, healthcare, aerospace and electronics.

The Single Stage and Bulk segment accounted for the largest Thermoelectric Module Market share.

Key players in the Thermoelectric Module Market include Ferrotec Corporation, Laird Thermal Systems, II-VI Marlow, Gentherm, Crystal Ltd., RMT Ltd., KELK Ltd., Thermo Fisher Scientific, EVERREDtronics Ltd., Alphabet Energy (Laird Performance Materials), Tellurex Corporation, TEGpro, Analog Devices, Inc., Romny Scientific, Inc., Align Sourcing and Other Prominent Players.

The thermoelectric market is influenced by a rising demand for energy efficiency in industries, motivating increased adoption of thermoelectric modules for waste heat recovery.

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