Thermoelectric Modules Market

Thermoelectric Modules Market - Qualitative Benefits Propel Industrial Application of
Thermoelectric Modules
The global thermoelectric modules market for demonstrates a high degree of
consolidation with only a few players, namely, Marlow Industries, Ferrotec Corp.,
KELK Ltd., and Laird Technologies Inc., acquiring the lead, finds TMR in a study. To
sustain the intensifying competition, key companies are increasingly focusing on
innovations as well as advancements of thermoelectric systems existent in their
portfolios.
Penetration of international market through mergers, acquisitions, and collaborations
is another significant strategy adopted by leading thermoelectric modules
manufacturers, looking to expand their global footprints in order to gain competitive
advantages. For instance, Laird Technologies recently acquired Nextreme Thermal
Solutions, a U.S.-based thin film thermoelectric module producer.
Going forward, the competition between these companies is likely to intensify due to
the introduction of a number of advanced as well as cost-efficient thermoelectric
systems in the near future. Manufacturers will require shifting their focus on
scalability and configurability of thermoelectric modules to cater to a wide range of
industrial applications in order to strengthen their positions. Advancements in their
in-house production capabilities, leading to a low-cost production of thermoelectric
assemblies and other thermoelectric devices, will also benefit these manufacturers in
the long run.
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Qualitative Benefits Propel Industrial Application of Thermoelectric Modules
Thermoelectric modules offer a number of advantages over conventional cooling
systems. The properties such as compact geometric size, lower power consumption,
precise temperature control and cycling, reliable solid state operations, integrated
design, fully reversible switch in polarity, and rapid response time of these modules
have fueled their popularity significantly. Thermoelectric systems are witnessing a
widespread application in the semiconductor, automotive, telecommunications,
aerospace, defense, medical and healthcare, and consumer electronics sectors, owing
to these properties.
On the flip side, the high cost of these modules, compared to traditional cooling and
refrigeration systems, is creating hindrances in their adoption across various industry
verticals. Although the continual research to develop highly effective thermoelectric
systems at low costs is anticipated to minimalize the impact of this factor in the
coming years.
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Asia Pacific Remains Leading Consumer, North America to Witness Fastest Growth
“The demand for thermoelectric modules is registering a remarkable rise across the
world,” finds TMR. Analysts estimate the global opportunity in thermoelectric
modules to increase from US$364.1 mn in 2014 to US$829.5 mn by 2023, expanding
at a CAGR of 9.50% between 2015 and 2023.
Asia Pacific emerged as the key consumer of these modules in 2014, contributing
US$120.0 mn in the overall revenue generated. Throughout the forecast period, the
regional market is projected to remain the key contributor; however, these modules
will witness the fastest growth rate in North America.
Bulk modules witness the most prominent demand among all thermoelectric modules
in 2014 and is anticipated to remain leading over the forecast period. Other modules,
micro and thin films, are also expected to report healthy growth in the coming years.
Bulk modules find key application in consumer electronics, micro modules are mostly
applied in lasers and LEDs, and detectors and sensors are the prime application areas
for thin film modules.

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