Thermoelectric Modules Market Review, Analysis and Forecast 2026

The Thermoelectric Modules Market is projected to grow from USD 593 million in 2021 to USD 872 million by 2026; it is expected to grow at a CAGR of 8.0% from 2021 to 2026. TEMs have many advantages over conventional systems. Compared to vapor-compression cooling systems, TEMs are more compact, require less maintenance, have lower levels of vibration and noise, and have a more precise control over the temperature. TEMs have been received favorably for the automotive application. These modules are now being increasingly being utilized to control car seat temperatures in vehicles equipped with heated/cooled seats. As the telecom industry shifts toward adopting advanced communication technologies such as 5G and related wireless protocols, opportunities for the deployment of TEMs increase. TEMs for telecommunications equipment require high thermal accuracy, very small package size, and low power dissipation tolerance.

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Although the Thermoelectric Module Market is growing at a nominal pace, the market is somewhat fragmented but competitive. Key strategies adopted by top players to enhance their product portfolios, increase their market share and expand their presence in the market mainly include new product launches and deals. For instance, in August 2020, Laird Thermal Systems (US) launched its Hi-Temp ETX Series thermoelectric coolers to deliver active cooling in high-temperature environments for autonomous systems, machine vision, digital light processors, and optical transceivers. In May 2016, TEC Microsystems (Germany) introduced a new range of ultra-small multistage thermoelectric coolers having 8 times smaller volume dimensions. In October 2020, Ferrotec (US) announced the acquisition of RMT (Russia), a manufacturer of micro-thermoelectric modules. The addition of micro-thermoelectric modules from RMT will help the company strengthen its product line up and achieve further growth.

Ferrotec (US) is a subsidiary of Ferrotec Holdings Corporation (Japan), which is publicly traded on the JASDAQ (6890). The company engages in designing and manufacturing components and assembly solutions for precision processes. It operates through three business segments, which include Semiconductor and Other Equipment Related, Electronic Device, and Others. Thermoelectric modules are offered under the Electronic Device segment. Ferrotec manufactures an extensive range of thermoelectric modules in various sizes, shapes, and Imax levels. These thermoelectric modules are used across application areas such as climate control seats of automobiles, cooling chillers, air conditioners, a variety of consumer electronic products, along with optical communications and biotechnology. Ferrotec acquired RMT (Russia), a manufacturer of micro-thermoelectric modules that are deployed in a variety of applications.

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Ferrotec has operations in several countries, which include the US, Canada, Mexico, Israel, Singapore, Thailand, India, the Philippines, Vietnam, Australia, and Malaysia. The company also caters to several countries across Europe, South America, and Africa. A few of its major subsidiaries outside the Americas are Ferrotec Europe GmbH (Germany), Ferrotec Corporation Singapore Pte. Ltd (Singapore), and Silram, LTD (Israel).

Laird Thermal Systems (US) designs, develops, and manufactures thermal management solutions including thermoelectric modules, assemblies, liquid cooling systems, temperature controllers, and custom solutions. In December 2018, the company was acquired by Advent International (US), a firm focused on international buyouts, growth, and strategic restructuring. The company is fully operational, an independent business owned by Advent International. It offers a broad range of thermoelectric coolers with different cooling capacities, temperature differentials, form factors, finishing options, and thermal cycling capabilities. The company serves major equipment manufacturers for thermoelectric modules, which include medical, analytical, industrial, telecom, transportation, and consumer markets. Laird Thermal Systems has various facilities across the world, including Germany, the Czech Republic, Sweden, China, and the US. A few of the company’s subsidiaries include Laird Thermal Systems GmbH–Rosenheim, Germany, Laird Thermal Systems–Liberec, Czech Republic, Laird Thermal Systems–Gothenburg, Sweden, and Laird Thermal Systems–Shenzhen, China.

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