Global Thermoelectric Modules Market Is Expected to Reach $1.3 Billion by 2031: Says AMR

Thermoelectric modules simultaneous heating and cooling capabilities are catering the need for a variety of applications, surge in demand for luxury vehicles and rise in demand for precise temperature control of medical devices, imaging, and diagnostic systems drive the growth of the global thermoelectric modules market. By model, the single stage segment held the major share in 2021. By region, on the other hand, Asia-Pacific would cite the fastest CAGR by 2031.

Portland, OR, Feb. 01, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global thermoelectric modules market was estimated at $615.2 million in 2021, and is expected to hit $1.3 billion by 2031, registering a CAGR of 8.34% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market. 

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Covid-19 Scenario 

• Several restrictions on construction activities during the pandemic impacted the global thermoelectric modules market negatively.  

• The funds allocated by the governments for the construction of thermoelectric modules were held back as the funds were majorly being used in medical facilities when needed. However, the market has now got back on track. 

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The global thermoelectric modules market is analyzed across providers, model, type, end-use application, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report 

By model, the single stage segment held the largest share in 2021, garnering nearly half of the global thermoelectric modules market revenue, and is projected to maintain its dominance by 2031. In addition, single stage segment, would showcase the fastest CAGR of 8.78% during the forecast period. 

By type, the bulk thermoelectric module segment contributed to the largest global thermoelectric modules share in 2021 and is projected to rule the roost by 2031. Simultaneously, the bulk thermoelectric module segment is projected to display the fastest CAGR of 9.05% throughout the forecast period. 

By end-use application, the consumer electronics segment accounted for the highest share in 2021, generating nearly three-fourths of the global thermoelectric modules market revenue. The food and beverage segment, simultaneously, would portray the fastest CAGR of 8.73% during the forecast period. 

By region, the market across Asia-Pacific held the major share in 2021. Additionally, Asia-Pacific would showcase the fastest CAGR of 9.19% from 2022 to 2031 

The key market players analyzed in the global thermoelectric modules market report include II-VI Incorporated, Laird Thermal Systems, TE Technology Inc., TEC Microsystem GmbH, Kryotherm, Ferrotec Corporation, Crystal Ltd., KELK Ltd., Phononic Devices, Guangdong Fuxin Technology. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players. 

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Key Benefits for Stakeholders 

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the Thermoelectric modules market analysis from 2021 to 2031 to identify the prevailing Thermoelectric modules market opportunities. 
  • The market research is offered along with information related to key drivers, restraints, and opportunities. 
  • Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network. 
  • In-depth analysis of the Thermoelectric modules market segmentation assists to determine the prevailing market opportunities. 
  • Major countries in each region are mapped according to their revenue contribution to the global market. 
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players. 
  • The report includes the analysis of the regional as well as global Thermoelectric modules market trends, key players, market segments, application areas, and market growth strategies. 

Key Market Segments 


  • Single Stage 
  • Multi Stage 


  • Bulk Thermoelectric Modules 
  • Micro Thermoelectric Modules 
  • Thin-Film Thermoelectric Modules 

End-Use Application 

  • Others 
  • Aerospace and Defense 
  • Automotive 
  • Consumer Electronics 
  • Healthcare 
  • Food and Beverage 
  • Energy and Utility 

By Region 

  • North America  (U.S., Canada, Mexico) 
  • Europe  (UK, Germany, France, Rest of Europe) 
  • Asia-Pacific  (China, Japan, India, South Korea, Rest of Asia-Pacific) 
  • LAMEA  (Latin America, Middle East, Africa) 

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About Us 

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. 

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. 


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