The thermoelectric modules market is expected to grow from USD 593 million in 2021 and is projected to reach USD 872 million by 2026; it is expected to grow at a CAGR of 8.0% during the forecast period. Increasing application of thermoelectric modules in

Code: SE 5771
Publisher: MarketsandMarkets
Publication Date: May, 2021
Technology & Telecommunication / Semiconductor
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Thermoelectric Modules Market with COVID-19 Impact Analysis, By Model (Single Stage, Multi Stage), Type (Bulk, Micro, Thin Film), Functionality (General Purpose, Deep Cooling), End-Use Application, and Region - Global Forecast to 2026 1 INTRODUCTION 29
1.1 STUDY OBJECTIVES 29
1.2 MARKET DEFINITION AND SCOPE 29
1.2.1 INCLUSIONS AND EXCLUSIONS 30
1.3 STUDY SCOPE 31
FIGURE 1 SEGMENTATION OF THERMOELECTRIC MODULES MARKET 31
1.3.1 YEARS CONSIDERED 31
1.4 CURRENCY & PRICING 32
1.5 STAKEHOLDERS 32
1.6 SUMMARY OF CHANGES 32
2 RESEARCH METHODOLOGY 33
2.1 RESEARCH DATA 33
FIGURE 2 THERMOELECTRIC MODULES MARKET: RESEARCH DESIGN 33
2.1.1 SECONDARY AND PRIMARY RESEARCH 35
2.1.1.1 Key industry insights 36
2.1.2 SECONDARY DATA 36
2.1.2.1 List of key secondary sources 36
2.1.2.2 Key data from secondary sources 37
2.1.3 PRIMARY DATA 38
2.1.3.1 Breakdown of primaries 38
2.1.3.2 Key data from primary sources 39
2.2 MARKET SIZE ESTIMATION 39
2.2.1 BOTTOM-UP APPROACH 40
2.2.1.1 Approach to arrive at market size using bottom-up analysis
(demand side) 40
FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 40
FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: (DEMAND SIDE)—DEMAND FOR THERMOELECTRIC MODULES 41
2.2.2 TOP-DOWN APPROACH 41
2.2.2.1 Approach for obtaining market size using top-down analysis
(supply side) 42
FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 42
FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1 (SUPPLY SIDE)— REVENUE GENERATED BY COMPANIES IN THERMOELECTRIC MODULES MARKET 42
FIGURE 7 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 2 (SUPPLY SIDE)—IDENTIFICATION OF REVENUES GENERATED BY COMPANIES FROM THERMOELECTRIC MODULES MARKET 43
2.2.3 MARKET PROJECTIONS 43

2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 44
FIGURE 8 DATA TRIANGULATION 44
2.4 RESEARCH ASSUMPTIONS AND LIMITATIONS 45
2.4.1 ASSUMPTIONS 45
2.4.2 LIMITATIONS 46
2.4.3 RISK ASSESSMENT 47
3 EXECUTIVE SUMMARY 48
TABLE 1 SCENARIOS IN TERMS OF RECOVERY OF GLOBAL ECONOMY 49
3.1 REALISTIC SCENARIO 50
3.2 OPTIMISTIC SCENARIO 50
3.3 PESSIMISTIC SCENARIO 50
FIGURE 9 GROWTH PROJECTIONS OF THERMOELECTRIC MODULES MARKET IN REALISTIC, OPTIMISTIC, AND PESSIMISTIC SCENARIOS 50
FIGURE 10 IMPACT OF COVID-19 ON THERMOELECTRIC MODULES MARKET 51
FIGURE 11 MARKET FOR MULTISTAGE THERMOELECTRIC MODULES EXPECTED TO EXPERIENCE FASTER GROWTH THROUGHOUT FORECAST PERIOD 51
FIGURE 12 MICROTHERMOELECTRIC MODULES MARKET TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 52
FIGURE 13 THERMOELECTRIC MODULES MARKET FOR AUTOMOTIVE APPLICATION TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 52
FIGURE 14 APAC TO ACCOUNT FOR LARGEST SHARE OF THERMOELECTRIC MODULES MARKET IN 2021 53
4 PREMIUM INSIGHTS 55
4.1 ATTRACTIVE OPPORTUNITIES IN THERMOELECTRIC MODULES MARKET 55
FIGURE 15 ADVANTAGES OF SOLID-STATE TECHNOLOGY, COMPACT DESIGN, AND LONG LIFETIME DRIVING GROWTH OF THERMOELECTRIC MODULES MARKET 55
4.2 BULK THERMOELECTRIC MODULES MARKET, BY REGION 55
FIGURE 16 APAC TO WITNESS HIGHEST CAGR IN BULK THERMOELECTRIC MODULES MARKET DURING FORECAST PERIOD 55
4.3 THERMOELECTRIC MODULES MARKET, BY FUNCTIONALITY 56
FIGURE 17 GENERAL-PURPOSE THERMOELECTRIC MODULES TO LEAD MARKET DURING FORECAST PERIOD 56
4.4 THERMOELECTRIC MODULES MARKET IN APAC, BY APPLICATION VS. BY COUNTRY 56
FIGURE 18 CONSUMER ELECTRONICS AND CHINA TO BE LARGEST SHAREHOLDERS OF THERMOELECTRIC MODULES MARKET IN APAC IN 2021 56
4.5 THERMOELECTRIC MODULES MARKET, BY COUNTRY 57
FIGURE 19 US IS EXPECTED TO HOLD LARGEST SHARE OF THERMOELECTRIC MODULES MARKET IN 2021 57
5 MARKET OVERVIEW 58
5.1 INTRODUCTION 58
5.2 MARKET DYNAMICS 59
FIGURE 20 IMPACT OF DRIVERS AND OPPORTUNITIES ON THERMOELECTRIC MODULES MARKET 59
FIGURE 21 IMPACT OF RESTRAINTS AND CHALLENGES ON THERMOELECTRIC
MODULES MARKET 60
5.2.1 DRIVERS 61
5.2.1.1 Benefits of TEMs over conventional systems 61
5.2.1.2 Simultaneous heating and cooling properties of TEMs driving demand for several applications 61
5.2.1.3 Growth of electric and luxury vehicles increasing demand for TEMs 61
FIGURE 22 GLOBAL ELECTRIC VEHICLE MARKET 62
5.2.2 RESTRAINTS 62
5.2.2.1 Inherent disadvantages and design complexities 62
5.2.2.2 High costs compared to traditional heating/cooling systems 62
5.2.3 OPPORTUNITIES 63
5.2.3.1 Development of TEMs for new application areas 63
5.2.3.2 Thermoelectric coolers for storage and transport of
COVID-19 vaccines 63
5.2.4 CHALLENGES 64
5.2.4.1 Reliability and strength of TEMs 64
5.2.4.2 Decline in demand in automotive industry—impact of COVID-19 64
FIGURE 23 GLOBAL VEHICLE PRODUCTION DATA FOR Q1, Q2, AND Q3 IN 2019 AND 2020 64
5.3 TARIFFS AND REGULATIONS 65
5.3.1 TARIFFS RELATED TO THERMOELECTRIC MODULES 65
5.3.2 REGULATIONS 65
5.3.2.1 EUROPE 65
5.3.2.1.1 RoHS 65
5.3.2.2 US 65
5.3.2.2.1 Telcordia GR-468 65
5.3.2.2.2 ITAR 66
5.3.3 GLOBAL 66
5.3.3.1 Space qualifications 66
5.4 CASE STUDIES 66
5.4.1 LAIRD THERMAL SYSTEMS UTILIZED THERMOELECTRICS FOR COOLING OPTICAL SENSORS 66
5.4.2 LAIRD THERMAL SYSTEMS UTILIZED THERMOELECTRICS FOR VISION SYSTEMS 66
5.4.3 LAIRD THERMAL SYSTEMS UTILIZED THERMOELECTRICS FOR PRESERVING MEDICAL REAGENTS 67
5.4.4 II-VI MARLOW SHOWCASED THERMOELECTRICS FOR THERMAL CYCLING 67
5.4.5 II-VI MARLOW SHOWCASED THERMOELECTRICS FOR ENERGY HARVESTING 67
5.4.6 CRYSTAL DEVELOPED PROTOTYPE FOR LABORATORY RESEARCH EQUIPMENT 67
5.4.7 MAHLE TESTING THERMOELECTRICS IN AUTOMOTIVE APPLICATIONS 67
5.4.8 PHONONIC LEVERAGED THERMOELECTRICS TO DEVELOP CPU COOLER 67
5.4.9 PHONONIC PROVIDED SOLID-STATE REFRIGERATION SOLUTIONS USING THERMOELECTRICS 67
5.4.10 PHONONIC OFFERED THERMOELECTRIC FREEZERS TO CONVENIENCE STORES 68
5.5 AVERAGE SELLING PRICE ANALYSIS 68
FIGURE 24 AVERAGE SELLING PRICE FORECAST OF THERMOELECTRIC MODULES (2020–2026) 68
TABLE 2 AVERAGE SELLING PRICE OF THERMOELECTRIC MODULES,
2020–2026 (USD) 68
6 INDUSTRY TRENDS 69
6.1 INTRODUCTION 69
6.2 VALUE CHAIN ANALYSIS 69
FIGURE 25 VALUE CHAIN ANALYSIS OF THERMOELECTRIC MODULES MARKET:
R&D AND MANUFACTURING PHASES CONTRIBUTE MAXIMUM VALUE 69
6.3 ECOSYSTEM/MARKET MAP 71
FIGURE 26 THERMOELECTRIC MODULES MARKET ECOSYSTEM 71
6.3.1 THERMOELECTRIC MODULE OEMS 71
6.3.2 SUPPLIERS 72
6.3.3 DISTRIBUTORS 72
6.4 TECHNOLOGY ANALYSIS 72
6.4.1 KEY TECHNOLOGIES 72
6.4.1.1 Thermoelectric generators 72
6.4.1.2 Thermoelectric heat pumps 72
6.4.2 ADJACENT TECHNOLOGY 73
6.4.2.1 Traditional heat pumps 73
6.5 TECHNOLOGY TRENDS 73
6.5.1 NEW MATERIALS USED IN MANUFACTURING THERMOELECTRIC MODULES 73
6.5.2 MINIATURIZATION OF THERMOELECTRIC MODULES 73
6.6 PATENT ANALYSIS 74
FIGURE 27 PATENT PUBLICATION TRENDS FOR THERMOELECTRIC
MODULES IN LAST 5 YEARS 78
6.7 TRADE DATA 78
6.7.1 TRADE DATA 78
FIGURE 28 IMPORTS DATA FOR HS CODE 1418, BY COUNTRY, 2016–2019 79
TABLE 3 IMPORTS DATA FOR HS CODE 1418, BY COUNTRY,
2016–2019 (USD BILLION) 79
FIGURE 29 EXPORTS DATA FOR HS CODE 1418, BY COUNTRY, 2016–2019 80
TABLE 4 EXPORTS DATA FOR HS CODE 1418, BY COUNTRY,
2016–2019 (USD MILLION) 80
6.8 PORTER’S FIVE FORCES MODEL 81
TABLE 5 THERMOELECTRIC MODULES MARKET: PORTER’S FIVE FORCES ANALYSIS 81
6.8.1 DEGREE OF COMPETITION 81
6.8.2 BARGAINING POWER OF SUPPLIERS 81
6.8.3 BARGAINING POWER OF BUYERS 81
6.8.4 THREAT FROM SUBSTITUTES 81
6.8.5 THREAT OF NEW ENTRANTS 82
6.9 THERMOELECTRIC MODULES MARKET: SUPPLY CHAIN 82
6.10 YC-YCC SHIFT 83
FIGURE 30 YC-YCC SHIFT FOR THERMOELECTRIC MODULES MARKET 83
7 THERMOELECTRIC MODULES MARKET, BY MODEL 84
7.1 INTRODUCTION 85
FIGURE 31 MULTISTAGE THERMOELECTRIC MODULES TO REGISTER HIGHER CAGR DURING FORECAST PERIOD 85
TABLE 6 THERMOELECTRIC MODULES MARKET, BY MODEL,
2017–2020 (USD MILLION) 85
TABLE 7 THERMOELECTRIC MODULES MARKET, BY MODEL,
2021–2026 (USD MILLION) 85
7.2 SINGLE STAGE 86
7.2.1 SINGLE-STAGE THERMOELECTRIC MODULES HAVE ONLY ONE STAGE OR LAYER TO ACHIEVE STANDARD TEMPERATURE DIFFERENCES 86
7.3 MULTI STAGE 86
7.3.1 MULTISTAGE THERMOELECTRIC MODULES HAVE HIGH-TEMPERATURE DIFFERENTIALS BETWEEN MODULE’S HOT AND COLD SIDE 86
8 THERMOELECTRIC MODULES MARKET, BY TYPE 87
8.1 INTRODUCTION 88
FIGURE 32 MICRO THERMOELECTRIC MODULES TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 88
TABLE 8 THERMOELECTRIC MODULES MARKET, BY TYPE, 2017–2020 (USD MILLION) 88
TABLE 9 THERMOELECTRIC MODULES MARKET, BY TYPE, 2021–2026 (USD MILLION) 88
TABLE 10 THERMOELECTRIC MODULES MARKET IN TERMS OF VOLUME, BY TYPE, 2020–2026 (MILLION UNITS) 89
8.2 BULK THERMOELECTRIC MODULES 89
8.2.1 THEY HAVE HIGHER POWER OUTPUT AND VOLTAGE COMPARED TO OTHER MODULES 89
TABLE 11 THERMOELECTRIC MODULES MARKET FOR BULK TYPE, BY REGION,
2017–2020 (USD MILLION) 90
TABLE 12 THERMOELECTRIC MODULES MARKET FOR BULK TYPE, BY REGION,
2021–2026 (USD MILLION) 90
8.3 MICRO THERMOELECTRIC MODULES 90
8.3.1 THEY HELP IN DECREASING ENERGY CONSUMPTION OF ELECTRIC DEVICES INCLUDING WEARABLES AND WIRELESS SENSORS 90
TABLE 13 THERMOELECTRIC MODULES MARKET FOR MICRO TYPE, BY REGION,
2017–2020 (USD MILLION) 91
TABLE 14 THERMOELECTRIC MODULES MARKET FOR MICRO TYPE, BY REGION,
2021–2026 (USD MILLION) 91
8.4 THIN-FILM THERMOELECTRIC MODULES 91
8.4.1 THEY PRODUCE MAXIMUM HEAT FLUX AS THEY ARE THINNER THAN BULK THERMOELECTRIC MODULES 91
TABLE 15 THERMOELECTRIC MODULES MARKET FOR THIN-FILM TYPE, BY REGION, 2017–2020 (USD MILLION) 92
TABLE 16 THERMOELECTRIC MODULES MARKET FOR THIN-FILM TYPE, BY REGION, 2021–2026 (USD MILLION) 92
8.5 IMPACT OF COVID-19 ON DIFFERENT TYPES OF THERMOELECTRIC MODULES 92
8.5.1 MOST IMPACTED TYPE 92
8.5.2 LEAST IMPACTED TYPE 93
9 THERMOELECTRIC MODULES MARKET, BY FUNCTIONALITY 94
9.1 INTRODUCTION 95
FIGURE 33 GENERAL-PURPOSE THERMOELECTRIC MODULES TO LEAD MARKET DURING FORECAST PERIOD 95
TABLE 17 THERMOELECTRIC MODULES MARKET, BY FUNCTIONALITY,
2017–2020 (USD MILLION) 95
TABLE 18 THERMOELECTRIC MODULES MARKET, BY FUNCTIONALITY,
2021–2026 (USD MILLION) 95
9.2 GENERAL PURPOSE 96
9.2.1 GENERAL-PURPOSE MODULES ARE USED IN BIOMEDICAL, LABORATORY AND SCIENTIFIC INSTRUMENTS, CONSUMER PRODUCTS, AND INDUSTRIAL EQUIPMENT 96
TABLE 19 GENERAL-PURPOSE THERMOELECTRIC MODULES MARKET,
BY END-USE APPLICATION, 2017–2020 (USD MILLION) 96
TABLE 20 GENERAL-PURPOSE THERMOELECTRIC MODULES MARKET,
BY END-USE APPLICATION, 2021–2026 (USD MILLION) 97
9.3 DEEP COOLING 97
9.3.1 DEEP-COOLING MODULES ARE AVAILABLE IN DIFFERENT FORM FACTORS SUCH AS SINGLE STAGE AND MULTI STAGE 97
TABLE 21 DEEP COOLING THERMOELECTRIC MODULES MARKET, BY END-USE APPLICATION, 2017–2020 (USD MILLION) 97
TABLE 22 DEEP COOLING THERMOELECTRIC MODULES MARKET, BY END-USE APPLICATION, 2021–2026 (USD MILLION) 98
10 THERMOELECTRIC MODULES MARKET, BY END-USE APPLICATION 99
10.1 INTRODUCTION 100
FIGURE 34 AUTOMOTIVE MARKET TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 100
TABLE 23 THERMOELECTRIC MODULES MARKET, BY END-USE APPLICATION,
2017–2020 (USD MILLION) 100
TABLE 24 THERMOELECTRIC MODULES MARKET, END-USE APPLICATION,
2021–2026 (USD MILLION) 101
10.2 CONSUMER ELECTRONICS 103
10.2.1 CONSUMER ELECTRONICS HELD LARGEST SHARE OF THERMOELECTRIC MODULES MARKET IN 2020 103
TABLE 25 THERMOELECTRIC MODULES MARKET FOR CONSUMER ELECTRONICS,
BY FUNCTIONALITY, 2017–2020 (USD MILLION) 103
TABLE 26 THERMOELECTRIC MODULES MARKET FOR CONSUMER ELECTRONICS,
BY FUNCTIONALITY, 2021–2026 (USD MILLION) 103
TABLE 27 THERMOELECTRIC MODULES MARKET FOR CONSUMER ELECTRONICS,
BY REGION, 2017–2020 (USD MILLION) 104
TABLE 28 THERMOELECTRIC MODULES MARKET FOR CONSUMER ELECTRONICS,
BY REGION, 2021–2026 (USD MILLION) 104
TABLE 29 THERMOELECTRIC MODULES MARKET FOR CONSUMER ELECTRONICS IN NORTH AMERICA, BY COUNTRY, 2017–2020 (USD MILLION) 104
TABLE 30 THERMOELECTRIC MODULES MARKET FOR CONSUMER ELECTRONICS IN NORTH AMERICA, BY COUNTRY, 2021–2026 (USD MILLION) 105
TABLE 31 THERMOELECTRIC MODULES MARKET FOR CONSUMER ELECTRONICS IN EUROPE, BY COUNTRY, 2017–2020 (USD MILLION) 105
TABLE 32 THERMOELECTRIC MODULES MARKET FOR CONSUMER ELECTRONICS IN EUROPE, BY COUNTRY, 2021–2026 (USD MILLION) 105
TABLE 33 THERMOELECTRIC MODULES MARKET FOR CONSUMER ELECTRONICS IN APAC, BY COUNTRY, 2017–2020 (USD MILLION) 106
TABLE 34 THERMOELECTRIC MODULES MARKET FOR CONSUMER ELECTRONICS IN APAC, BY COUNTRY, 2021–2026 (USD MILLION) 106
TABLE 35 THERMOELECTRIC MODULES MARKET FOR CONSUMER ELECTRONICS IN ROW, BY REGION, 2017–2020 (USD MILLION) 106
TABLE 36 THERMOELECTRIC MODULES MARKET FOR CONSUMER ELECTRONICS IN ROW, BY REGION, 2021–2026 (USD MILLION) 107
10.3 INDUSTRIAL 107
10.3.1 USE OF THERMOELECTRIC MODULES IN FOOD & BEVERAGES INDUSTRY DRIVING GROWTH OF OVERALL MARKET 107
FIGURE 35 GENERAL-PURPOSE MODULES MARKET FOR INDUSTRIAL APPLICATIONS TO EXPERIENCE LARGER SHARE DURING FORECAST PERIOD 107
TABLE 37 THERMOELECTRIC MODULES MARKET FOR INDUSTRIAL, BY FUNCTIONALITY, 2017–2020 (USD MILLION) 108
TABLE 38 THERMOELECTRIC MODULES MARKET FOR INDUSTRIAL, BY FUNCTIONALITY, 2021–2026 (USD MILLION) 108
TABLE 39 THERMOELECTRIC MODULES MARKET FOR INDUSTRIAL, BY REGION,
2017–2020 (USD MILLION) 108
TABLE 40 THERMOELECTRIC MODULES MARKET FOR INDUSTRIAL, BY REGION,
2021–2026 (USD MILLION) 109
TABLE 41 THERMOELECTRIC MODULES MARKET FOR INDUSTRIAL IN NORTH AMERICA, BY COUNTRY, 2017–2020 (USD MILLION) 109
TABLE 42 THERMOELECTRIC MODULES MARKET FOR INDUSTRIAL IN NORTH AMERICA, BY COUNTRY, 2021–2026 (USD MILLION) 109
TABLE 43 THERMOELECTRIC MODULES MARKET FOR INDUSTRIAL IN EUROPE,
BY COUNTRY, 2017–2020 (USD MILLION) 110
TABLE 44 THERMOELECTRIC MODULES MARKET FOR INDUSTRIAL IN EUROPE,
BY COUNTRY, 2021–2026 (USD MILLION) 110
TABLE 45 THERMOELECTRIC MODULES MARKET FOR INDUSTRIAL IN APAC,
BY COUNTRY, 2017–2020 (USD MILLION) 110
TABLE 46 THERMOELECTRIC MODULES MARKET FOR INDUSTRIAL IN APAC,
BY COUNTRY, 2021–2026 (USD MILLION) 111
TABLE 47 THERMOELECTRIC MODULES MARKET FOR INDUSTRIAL IN ROW, BY REGION, 2017–2020 (USD THOUSAND) 111
TABLE 48 THERMOELECTRIC MODULES MARKET FOR INDUSTRIAL IN ROW, BY REGION, 2021–2026 (USD THOUSAND) 111

10.4 TELECOMMUNICATIONS 112
10.4.1 APAC TO CONTINUE TO ACCOUNT FOR LARGEST MARKET SIZE FOR TELECOMMUNICATIONS DURING FORECAST PERIOD 112
TABLE 49 THERMOELECTRIC MODULES MARKET FOR TELECOMMUNICATIONS,
BY FUNCTIONALITY, 2017–2020 (USD MILLION) 112
TABLE 50 THERMOELECTRIC MODULES MARKET FOR TELECOMMUNICATIONS,
BY FUNCTIONALITY, 2021–2026 (USD MILLION) 112
TABLE 51 THERMOELECTRIC MODULES MARKET FOR TELECOMMUNICATIONS,
BY REGION, 2017–2020 (USD MILLION) 113
TABLE 52 THERMOELECTRIC MODULES MARKET FOR TELECOMMUNICATIONS,
BY REGION, 2021–2026 (USD MILLION) 113
TABLE 53 THERMOELECTRIC MODULES MARKET FOR TELECOMMUNICATIONS IN NORTH AMERICA, BY COUNTRY, 2017–2020 (USD MILLION) 113
TABLE 54 THERMOELECTRIC MODULES MARKET FOR TELECOMMUNICATIONS IN NORTH AMERICA, BY COUNTRY, 2021–2026 (USD MILLION) 114
TABLE 55 THERMOELECTRIC MODULES MARKET FOR TELECOMMUNICATIONS IN EUROPE, BY COUNTRY, 2017–2020 (USD MILLION) 114
TABLE 56 THERMOELECTRIC MODULES MARKET FOR TELECOMMUNICATIONS IN EUROPE, BY COUNTRY, 2021–2026 (USD MILLION) 114
TABLE 57 THERMOELECTRIC MODULES MARKET FOR TELECOMMUNICATIONS IN APAC, BY COUNTRY, 2017–2020 (USD MILLION) 115
TABLE 58 THERMOELECTRIC MODULES MARKET FOR TELECOMMUNICATIONS IN APAC, BY COUNTRY, 2021–2026 (USD MILLION) 115
TABLE 59 THERMOELECTRIC MODULES MARKET FOR TELECOMMUNICATIONS IN ROW, BY REGION, 2017–2020 (USD THOUSAND) 115
TABLE 60 THERMOELECTRIC MODULES MARKET FOR TELECOMMUNICATIONS IN ROW, BY REGION, 2021–2026 (USD THOUSAND) 116
10.5 AUTOMOTIVE 116
10.5.1 MARKET FOR AUTOMOTIVE APPLICATION EXPECTED TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 116
TABLE 61 THERMOELECTRIC MODULES MARKET FOR AUTOMOTIVE, BY FUNCTIONALITY, 2017–2020 (USD MILLION) 116
TABLE 62 THERMOELECTRIC MODULES MARKET FOR AUTOMOTIVE, BY FUNCTIONALITY, 2021–2026 (USD MILLION) 117
FIGURE 36 THERMOELECTRIC MODULES MARKET FOR AUTOMOTIVE IN APAC TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 117
TABLE 63 THERMOELECTRIC MODULES MARKET FOR AUTOMOTIVE, BY REGION,
2017–2020 (USD MILLION) 117
TABLE 64 THERMOELECTRIC MODULES MARKET FOR AUTOMOTIVE, BY REGION,
2021–2026 (USD MILLION) 118
TABLE 65 THERMOELECTRIC MODULES MARKET FOR AUTOMOTIVE IN NORTH AMERICA, BY COUNTRY, 2017–2020 (USD MILLION) 118
TABLE 66 THERMOELECTRIC MODULES MARKET FOR AUTOMOTIVE IN NORTH AMERICA, BY COUNTRY, 2021–2026 (USD MILLION) 118
TABLE 67 THERMOELECTRIC MODULES MARKET FOR AUTOMOTIVE IN EUROPE,
BY COUNTRY, 2017–2020 (USD MILLION) 119
TABLE 68 THERMOELECTRIC MODULES MARKET FOR AUTOMOTIVE IN EUROPE,
BY COUNTRY, 2021–2026 (USD MILLION) 119
TABLE 69 THERMOELECTRIC MODULES MARKET FOR AUTOMOTIVE IN APAC,
BY COUNTRY, 2017–2020 (USD MILLION) 119
TABLE 70 THERMOELECTRIC MODULES MARKET FOR AUTOMOTIVE IN APAC,
BY COUNTRY, 2021–2026 (USD MILLION) 120
TABLE 71 THERMOELECTRIC MODULES MARKET FOR AUTOMOTIVE IN ROW,
BY REGION, 2017–2020 (USD THOUSAND) 120
TABLE 72 THERMOELECTRIC MODULES MARKET FOR AUTOMOTIVE IN ROW,
BY REGION, 2021–2026 (USD THOUSAND) 120
10.6 MEDICAL & LABORATORIES 121
10.6.1 NEED FOR TEMPERATURE STABILIZATION BOOSTING DEMAND FOR THERMOELECTRIC MODULES IN MEDICAL & LABORATORIES APPLICATION 121
TABLE 73 THERMOELECTRIC MODULES MARKET FOR MEDICAL & LABORATORIES,
BY FUNCTIONALITY, 2017–2020 (USD MILLION) 121
TABLE 74 THERMOELECTRIC MODULES MARKET FOR MEDICAL & LABORATORIES,
BY FUNCTIONALITY, 2021–2026 (USD MILLION) 121
TABLE 75 THERMOELECTRIC MODULES MARKET FOR MEDICAL & LABORATORIES,
BY REGION, 2017–2020 (USD MILLION) 122
TABLE 76 THERMOELECTRIC MODULES MARKET FOR MEDICAL & LABORATORIES,
BY REGION, 2021–2026 (USD MILLION) 122
TABLE 77 THERMOELECTRIC MODULES MARKET FOR MEDICAL & LABORATORIES IN NORTH AMERICA, BY COUNTRY, 2017–2020 (USD MILLION) 122
TABLE 78 THERMOELECTRIC MODULES MARKET FOR MEDICAL & LABORATORIES IN NORTH AMERICA, BY COUNTRY, 2021–2026 (USD MILLION) 123
TABLE 79 THERMOELECTRIC MODULES MARKET FOR MEDICAL & LABORATORIES IN EUROPE, BY COUNTRY, 2017–2020 (USD MILLION) 123
TABLE 80 THERMOELECTRIC MODULES MARKET FOR MEDICAL & LABORATORIES IN EUROPE, BY COUNTRY, 2021–2026 (USD MILLION) 123
TABLE 81 THERMOELECTRIC MODULES MARKET FOR MEDICAL & LABORATORIES IN APAC, BY COUNTRY, 2017–2020 (USD MILLION) 124
TABLE 82 THERMOELECTRIC MODULES MARKET FOR MEDICAL & LABORATORIES IN APAC, BY COUNTRY, 2021–2026 (USD MILLION) 124
TABLE 83 THERMOELECTRIC MODULES MARKET FOR MEDICAL & LABORATORIES IN ROW, BY REGION, 2017–2020 (USD THOUSAND) 124
TABLE 84 THERMOELECTRIC MODULES MARKET FOR MEDICAL & LABORATORIES IN ROW, BY REGION, 2021–2026 (USD THOUSAND) 125
10.7 AEROSPACE & DEFENSE 125
10.7.1 MARLOW AND RMT ARE AMONG KEY COMPANIES CATERING TO AEROSPACE & DEFENSE APPLICATION 125
TABLE 85 THERMOELECTRIC MODULES MARKET FOR AEROSPACE & DEFENSE,
BY FUNCTIONALITY, 2017–2020 (USD MILLION) 125
TABLE 86 THERMOELECTRIC MODULES MARKET FOR AEROSPACE & DEFENSE,
BY FUNCTIONALITY, 2021–2026 (USD MILLION) 126
FIGURE 37 THERMOELECTRIC MODULES MARKET FOR AEROSPACE & DEFENSE IN NORTH AMERICA TO HOLD LARGEST SHARE DURING FORECAST PERIOD 126
TABLE 87 THERMOELECTRIC MODULES MARKET FOR AEROSPACE & DEFENSE,
BY REGION, 2017–2020 (USD MILLION) 126
TABLE 88 THERMOELECTRIC MODULES MARKET FOR AEROSPACE & DEFENSE,
BY REGION, 2021–2026 (USD MILLION) 127
TABLE 89 THERMOELECTRIC MODULES MARKET FOR AEROSPACE & DEFENSE IN NORTH AMERICA, BY COUNTRY, 2017–2020 (USD THOUSAND) 127
TABLE 90 THERMOELECTRIC MODULES MARKET FOR AEROSPACE & DEFENSE IN NORTH AMERICA, BY COUNTRY, 2021–2026 (USD THOUSAND) 127
TABLE 91 THERMOELECTRIC MODULES MARKET FOR AEROSPACE & DEFENSE IN EUROPE, BY COUNTRY, 2017–2020 (USD THOUSAND) 128
TABLE 92 THERMOELECTRIC MODULES MARKET FOR AEROSPACE & DEFENSE IN EUROPE, BY COUNTRY, 2021–2026 (USD THOUSAND) 128
TABLE 93 THERMOELECTRIC MODULES MARKET FOR AEROSPACE & DEFENSE IN APAC, BY COUNTRY, 2017–2020 (USD THOUSAND) 128
TABLE 94 THERMOELECTRIC MODULES MARKET FOR AEROSPACE & DEFENSE IN APAC, BY COUNTRY, 2021–2026 (USD THOUSAND) 129
TABLE 95 THERMOELECTRIC MODULES MARKET FOR AEROSPACE & DEFENSE IN ROW, BY REGION, 2017–2020 (USD THOUSAND) 129
TABLE 96 THERMOELECTRIC MODULES MARKET FOR AEROSPACE & DEFENSE IN ROW, BY REGION, 2021–2026 (USD THOUSAND) 129
10.8 OIL & GAS AND MINING 130
10.8.1 THERMOELECTRIC MODULES ARE USED IN GAS ANALYZERS, METERING EQUIPMENT, AND REMOTE TELEMETRY UNITS IN OIL, GAS & MINING APPLICATIONS 130
TABLE 97 THERMOELECTRIC MODULES MARKET FOR OIL & GAS AND MINING,
BY FUNCTIONALITY, 2017–2020 (USD MILLION) 130
TABLE 98 THERMOELECTRIC MODULES MARKET FOR OIL & GAS AND MINING,
BY FUNCTIONALITY, 2021–2026 (USD MILLION) 130
TABLE 99 THERMOELECTRIC MODULES MARKET FOR OIL & GAS AND MINING,
BY REGION, 2017–2020 (USD THOUSAND) 131
TABLE 100 THERMOELECTRIC MODULES MARKET FOR OIL & GAS AND MINING,
BY REGION, 2021–2026 (USD THOUSAND) 131
TABLE 101 THERMOELECTRIC MODULES MARKET FOR OIL & GAS AND MINING IN
NORTH AMERICA, BY COUNTRY, 2017–2020 (USD THOUSAND) 131
TABLE 102 THERMOELECTRIC MODULES MARKET FOR OIL & GAS AND MINING IN
NORTH AMERICA, BY COUNTRY, 2021–2026 (USD THOUSAND) 132
TABLE 103 THERMOELECTRIC MODULES MARKET FOR OIL & GAS AND MINING IN EUROPE, BY COUNTRY, 2017–2020 (USD THOUSAND) 132
TABLE 104 THERMOELECTRIC MODULES MARKET FOR OIL & GAS AND MINING IN EUROPE, BY COUNTRY, 2021–2026 (USD THOUSAND) 132
TABLE 105 THERMOELECTRIC MODULES MARKET FOR OIL & GAS AND MINING IN APAC, BY COUNTRY, 2017–2020 (USD THOUSAND) 133
TABLE 106 THERMOELECTRIC MODULES MARKET FOR OIL & GAS AND MINING IN APAC, BY COUNTRY, 2021–2026 (USD THOUSAND) 133
TABLE 107 THERMOELECTRIC MODULES MARKET FOR OIL & GAS AND MINING IN ROW, BY REGION, 2017–2020 (USD THOUSAND) 133
TABLE 108 THERMOELECTRIC MODULES MARKET FOR OIL & GAS AND MINING IN ROW, BY REGION, 2021–2026 (USD THOUSAND) 134
10.9 IMPACT OF COVID-19 ON DIFFERENT APPLICATION AREAS OF THERMOELECTRIC MODULES 134
10.9.1 MOST IMPACTED APPLICATION 134
10.9.2 LEAST IMPACTED APPLICATION 134
11 THERMOELECTRIC MODULES MARKET, BY OFFERING 135
11.1 INTRODUCTION 136
FIGURE 38 HARDWARE COMPONENT TO HOLD LARGER SHARE OF MARKET THROUGHOUT FORECAST PERIOD 136
TABLE 109 THERMOELECTRIC MODULES MARKET, BY OFFERING,
2017–2020 (USD MILLION) 136
TABLE 110 THERMOELECTRIC MODULES MARKET, BY OFFERING,
2021–2026 (USD MILLION) 136
11.2 HARDWARE 137
11.2.1 HARDWARE OF THERMOELECTRIC MODULES INCLUDE VARIOUS ELEMENTS AND COMPONENTS THAT WORK AS A UNIT 137
11.3 SERVICES 137
11.3.1 SERVICES INCLUDE PROTOTYPING, DESIGNING, ENGINEERING, TESTING, AND COMPLIANCE 137
12 GEOGRAPHIC ANALYSIS OF THERMOELECTRIC MODULES MARKET 138
12.1 INTRODUCTION 139
FIGURE 39 THERMOELECTRIC MODULES MARKET IN APAC TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 139
TABLE 111 THERMOELECTRIC MODULES MARKET, BY REGION,
2017–2020 (USD MILLION) 139
TABLE 112 THERMOELECTRIC MODULES MARKET, BY REGION,
2021–2026 (USD MILLION) 140
TABLE 113 THERMOELECTRIC MODULES MARKET, IN TERMS OF VOLUME, BY REGION, 2020–2026 (MILLION UNITS) 140
12.2 NORTH AMERICA 141
FIGURE 40 SNAPSHOT: THERMOELECTRIC MODULES MARKET IN NORTH AMERICA 141
TABLE 114 THERMOELECTRIC MODULES MARKET IN NORTH AMERICA, BY END-USE APPLICATION, 2017–2020 (USD MILLION) 142
TABLE 115 THERMOELECTRIC MODULES MARKET IN NORTH AMERICA, BY END-USE APPLICATION, 2020–2026 (USD MILLION) 142
TABLE 116 THERMOELECTRIC MODULES MARKET IN NORTH AMERICA, BY TYPE,
2017–2020 (USD MILLION) 142
TABLE 117 THERMOELECTRIC MODULES MARKET IN NORTH AMERICA, BY TYPE,
2021–2026 (USD MILLION) 143
TABLE 118 THERMOELECTRIC MODULES MARKET IN NORTH AMERICA, BY COUNTRY, 2017–2020 (USD MILLION) 143
TABLE 119 THERMOELECTRIC MODULES MARKET IN NORTH AMERICA, BY COUNTRY, 2021–2026 (USD MILLION) 143
12.2.1 US 144
12.2.1.1 Industrial clusters in US are using thermoelectric modules to improve efficiency and provide clean energy 144
12.2.2 CANADA 144
12.2.2.1 Industrial and automotive applications are driving growth of thermoelectric modules market in Canada 144

12.2.3 MEXICO 144
12.2.3.1 Growing automotive and industry applications driving growth of thermoelectric modules 144
12.3 EUROPE 145
FIGURE 41 SNAPSHOT: THERMOELECTRIC MODULES MARKET IN EUROPE 145
TABLE 120 THERMOELECTRIC MODULES MARKET IN EUROPE, BY END-USE APPLICATION, 2017–2020 (USD MILLION) 146
TABLE 121 THERMOELECTRIC MODULES MARKET IN EUROPE, BY END-USE APPLICATION, 2021–2026 (USD MILLION) 146
TABLE 122 THERMOELECTRIC MODULES MARKET IN EUROPE, BY TYPE,
2017–2020 (USD MILLION) 146
TABLE 123 THERMOELECTRIC MODULES MARKET IN EUROPE, BY TYPE,
2021–2026 (USD MILLION) 147
TABLE 124 THERMOELECTRIC MODULES MARKET IN EUROPE, BY COUNTRY,
2017–2020 (USD MILLION) 147
TABLE 125 THERMOELECTRIC MODULES MARKET IN EUROPE, BY COUNTRY,
2021–2026 (USD MILLION) 147
12.3.1 GERMANY 148
12.3.1.1 Germany is expected to hold largest share of thermoelectric modules market in Europe 148
12.3.2 UK 148
12.3.2.1 Growing industrial and automotive sectors to drive market
growth in UK 148
12.3.3 FRANCE 148
12.3.3.1 Government incentives to reduce emissions to boost
market growth in France 148
12.3.4 ITALY 148
12.3.4.1 Luxury and high-performance automotive manufacturers to drive market in Italy 148
12.3.5 REST OF EUROPE 149
12.4 ASIA PACIFIC 149
FIGURE 42 SNAPSHOT: THERMOELECTRIC MODULES MARKET IN APAC 149
TABLE 126 THERMOELECTRIC MODULES MARKET IN APAC, BY END-USE APPLICATION, 2017–2020 (USD MILLION) 150
TABLE 127 THERMOELECTRIC MODULES MARKET IN APAC, BY END-USE APPLICATION, 2021–2026 (USD MILLION) 150
TABLE 128 THERMOELECTRIC MODULES MARKET IN APAC, BY TYPE,
2017–2020 (USD MILLION) 150
TABLE 129 THERMOELECTRIC MODULES MARKET IN APAC, BY TYPE,
2021–2026 (USD MILLION) 151
TABLE 130 THERMOELECTRIC MODULES MARKET IN APAC, BY COUNTRY,
2017–2020 (USD MILLION) 151
TABLE 131 THERMOELECTRIC MODULES MARKET IN APAC, BY COUNTRY,
2021–2026 (USD MILLION) 151
12.4.1 CHINA 152
12.4.1.1 China to continue to hold largest share of thermoelectric modules market in APAC during forecast period 152
12.4.2 JAPAN 152
12.4.2.1 Consumer electronics market driving growth of thermoelectric modules in Japan 152
12.4.3 SOUTH KOREA 152
12.4.3.1 Thermoelectric modules market in South Korea is dominated by telecommunications and automotive applications 152
12.4.4 REST OF APAC 152
12.5 ROW 153
TABLE 132 THERMOELECTRIC MODULES MARKET IN ROW, BY END-USE APPLICATION, 2017–2020 (USD MILLION) 153
TABLE 133 THERMOELECTRIC MODULES MARKET IN ROW, BY END-USE APPLICATION, 2021–2026 (USD MILLION) 153
TABLE 134 THERMOELECTRIC MODULES MARKET IN ROW, BY TYPE,
2017–2020 (USD MILLION) 154
TABLE 135 THERMOELECTRIC MODULES MARKET IN ROW, BY TYPE,
2021–2026 (USD MILLION) 154
TABLE 136 THERMOELECTRIC MODULES MARKET IN ROW, BY REGION,
2017–2019 (USD MILLION) 154
TABLE 137 THERMOELECTRIC MODULES MARKET IN ROW, BY REGION,
2021–2026 (USD MILLION) 154
12.5.1 SOUTH AMERICA 155
12.5.1.1 South America to hold larger share of thermoelectric module market in RoW 155
12.5.2 MIDDLE EAST AND AFRICA 155
12.5.2.1 Presence of oil & gas industry to drive adoption of thermoelectric modules in Middle East 155
12.6 IMPACT OF COVID-19 ON THERMOELECTRIC MODULES MARKET IN
DIFFERENT REGIONS 155
13 COMPETITIVE LANDSCAPE 156
13.1 OVERVIEW 156
13.2 KEY PLAYER STRATEGIES/MARKET EVALUATION FRAMEWORK 156
TABLE 138 OVERVIEW OF STRATEGIES DEPLOYED BY KEY THERMOELECTRIC
MODULE MANUFACTURERS 156
13.2.1 PRODUCT PORTFOLIO 156
13.2.2 REGIONAL FOCUS 157
13.2.3 MANUFACTURING FOOTPRINT 157
13.2.4 ORGANIC/INORGANIC GROWTH STRATEGIES 157
13.3 MARKET SHARE ANALYSIS: THERMOELECTRIC MODULES MARKET, 2020 157
TABLE 139 DEGREE OF COMPETITION, 2020 157
13.4 FIVE-YEAR COMPANY REVENUE ANALYSIS 158
FIGURE 43 FIVE-YEAR REVENUE ANALYSIS OF TOP FIVE PLAYERS IN T
HERMOELECTRIC MODULES MARKET 158
13.5 COMPANY EVALUATION QUADRANT 159
13.5.1 STAR 159
13.5.2 EMERGING LEADER 159
13.5.3 PERVASIVE 159
13.5.4 PARTICIPANT 159
FIGURE 44 THERMOELECTRIC MODULES MARKET: COMPANY
EVALUATION QUADRANT, 2020 160
13.5.5 COMPANY FOOTPRINT 161
TABLE 140 OVERALL COMPANY FOOTPRINT 161
TABLE 141 FOOTPRINT OF DIFFERENT COMPANIES FOR VARIOUS PRODUCTS 162
TABLE 142 FOOTPRINT OF DIFFERENT COMPANIES FOR VARIOUS VERTICALS 163
TABLE 143 FOOTPRINT OF DIFFERENT COMPANIES FOR VARIOUS REGIONS 165
13.6 START-UP/SME EVALUATION MATRIX 166
TABLE 144 LIST OF START-UP COMPANIES IN THERMOELECTRIC MODULES MARKET 166
13.6.1 PROGRESSIVE COMPANIES 167
13.6.2 RESPONSIVE COMPANIES 167
13.6.3 DYNAMIC COMPANIES 167
13.6.4 STARTING BLOCKS 167
FIGURE 45 THERMOELECTRIC MODULES MARKET, STARTUP/SME
EVALUATION MATRIX, 2020 168
13.7 COMPETITIVE SCENARIO 169
13.7.1 PRODUCT LAUNCHES 169
TABLE 145 PRODUCT LAUNCHES, 2018–2020 169
13.7.2 DEALS 169
TABLE 146 DEALS, 2018–2020 169
13.7.3 EXPANSIONS 170
TABLE 147 EXPANSIONS, 2018–2020 170
14 COMPANY PROFILES 171
(Business Overview, Products Offered, Recent Developments, COVID-19-related developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))*
14.1 KEY PLAYERS 171
14.1.1 FERROTEC 171
TABLE 148 FERROTEC: BUSINESS OVERVIEW 171
FIGURE 46 FERROTEC: COMPANY SNAPSHOT 172
14.1.2 LAIRD THERMAL SYSTEMS 175
TABLE 149 LAIRD THERMAL SYSTEMS: BUSINESS OVERVIEW 175
14.1.3 II-VI INCORPORATED 178
TABLE 150 II-VI INCORPORATED: BUSINESS OVERVIEW 178
FIGURE 47 II-VI INCORPORATED: COMPANY SNAPSHOT 179
14.1.4 KELK 181
TABLE 151 KELK: BUSINESS OVERVIEW 181
14.1.5 GUANGDONG FUXIN TECHNOLOGY 183
TABLE 152 GUANGDONG FUXIN TECHNOLOGY: BUSINESS OVERVIEW 183
14.1.6 TE TECHNOLOGY 185
TABLE 153 TE TECHNOLOGY: BUSINESS OVERVIEW 185
14.1.7 TEC MICROSYSTEMS 187
TABLE 154 TEC MICROSYSTEMS: BUSINESS OVERVIEW 187
14.1.8 CRYSTAL 189
TABLE 155 CRYSTAL: BUSINESS OVERVIEW 189
14.1.9 KRYOTHERM 191
TABLE 156 KRYOTHERM: BUSINESS OVERVIEW 191
14.1.10 THERMOIN COMPANY 192
TABLE 157 THERMOIN COMPANY: BUSINESS OVERVIEW 192
14.1.11 Z-MAX 193
TABLE 158 Z-MAX: BUSINESS OVERVIEW 193
14.1.12 PHONONIC 194
TABLE 159 PHONONIC: BUSINESS OVERVIEW 194
14.2 OTHER KEY PLAYERS 196
14.2.1 ALIGN SOURCING 196
14.2.2 EVERREDTRONICS 197
14.2.3 HITECH TECHNOLOGIES 198
14.2.4 HI-Z TECHNOLOGY 198
14.2.5 HUI MAO 199
14.2.6 INHECO INDUSTRIAL HEATING & COOLING 199
14.2.7 KJLP (SHENZHEN) ELECTRONICS 200
14.2.8 KYOCERA CORPORATION 201
14.2.9 MERIT TECHNOLOGY GROUP 201
14.2.10 P&N TECHNOLOGY 202
14.2.11 THERMONAMIC ELECTRONICS 202
14.2.12 WELLEN TECHNOLOGY 203
14.2.13 XIAMEN HICOOL ELECTRONICS 203
*Details on Business Overview, Products Offered, Recent Developments, COVID-19-related developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies.
15 APPENDIX 204
15.1 DISCUSSION GUIDE 204
15.2 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 208
15.3 AVAILABLE CUSTOMIZATIONS 210
15.4 RELATED REPORTS 210
15.5 AUTHOR DETAILS 211

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