Peltier Modules Market Report 2024 (Global Edition)

Global Peltier Modules Market Report 2024 Market Size Split by Model (Single Stage, Multi Stage), by Type (Bulk Thermoelectric Modules, Micro Thermoelectric Modules, Thin Film Thermoelectric Modules),...

Peltier Modules Market Report Description

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Peltier Modules Market Insights Video

Competitive Landscape of the Peltier Module Market

Major market players are investing a significant amount of money in research and development to expand their product offerings, which will fuel further market expansion. Additionally, market participants are implementing a variety of strategic initiatives to expand their global presence, including contractual agreements, mergers and acquisitions, increased investments, collaboration with other organizations, and the introduction of new products. Competitors in the Thermoelectric Module industry must provide cost-effective products in order to expand and thrive in a market that is becoming more competitive and affluent.

In May 2022, Phononic has formed a partnership with Google Cloud's two new manufacturing data solutions, Manufacturing Data Engine and Manufacturing Connect. The objective of this partnership is to acquire the analytics and insights necessary to comprehensively optimize Phononic's operations. (Source: https://phononic.com/resources/phononic-partners-with-google-cloud-manufacturing-solution/) In July 2021, Laird Thermal Systems has introduced the OptoTEC OTX/HTX Series of miniature thermoelectric coolers, which have been enhanced to operate in high-temperature environments typically encountered in telecommunications, industrial, autonomous, and photonics applications. (Source: https://lairdthermal.com/thermal-technical-library/press-releases/lts-launches-optotec-otx-htx-miniature-thermoelectric-coolers) In July 2021, Goldman Sachs Asset Management (Goldman Sachs) provided Phononic with a $50 million growth investment, which was led by the Sustainable Investing business. Through this investment, Phononic intends to further develop its chilling and refrigeration product portfolio and platform, as well as its domestic and international high-volume manufacturing capabilities and sales and marketing. (Source: https://phononic.com/resources/phononic-raises-50-million-growth-financing-from-goldman-sachs-asset-management/)

Top Companies Market Share in Peltier Modules Industry: (In no particular order of Rank)

• Ferrotec (Japan)
• Laird Thermal Systems (US)
• II-VI Incorporated (US)
• Kelk (Japan)
• Guangdong Fuxin Technology (China)
• TE Technology (US)
• TEC Microsystems (Germany)
• Crystal (Russia)
• Kryotherm (Russia)
• Phononic (US)
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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Regional Analysis of the Peltier Module Market

Which Region Dominates the Peltier Module Market in 2024?

According to Cognitive Market Research, North America currently dominates the Peltier Modules market, and the region is expected to have significant growth during the projected period. This is due to the region's high market concentration, easy access to experienced technicians, and growing high-end small consumer electronics industry. U.S. government regulations supporting efficient and ecologically friendly technologies are also driving thermoelectric module implementation throughout North America.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR). The automotive, consumer electronics, oil, gas & mining, and industrial sectors utilize thermoelectric modules most in the area. the growing consumer and medical monitoring markets.

The current report Scope analyzes Peltier Modules Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Peltier Modules Market

According to Cognitive Market Research, the global Peltier Module market size was estimated at USD 614.2 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 245.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.4% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Peltier Module market with a market size of USD 193.84 million in 2024 and is anticipated to grow at a CAGR of 10.2% during the projected period. The U.S. market's acceptance of cutting-edge technologies in the telecommunications and healthcare industries.
• The Canada Peltier Module market had a market share of USD 29.48 million in 2024 and is anticipated to grow at a CAGR of 11.2% during the projected period. Canada’s growing need for energy-efficient refrigeration solutions in a variety of industries.
• The Mexico Peltier Module market is anticipated to see growth at a CAGR of 10.9% during the projected period, with a market size of USD 22.36 million in 2024.

Europe Peltier Modules Market

According to Cognitive Market Research, the global Peltier Module market size was estimated at USD 614.2 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 184.26 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.7% from 2024 to 2031.

• The United Kingdom Peltier Module market had a market share of USD 30.96 million in 2024 and is anticipated to grow at a CAGR of 11.5% during the projected period. In the UK, Peltier Module sales see an upswing due to a growing emphasis on energy-efficient technologies in the electronics industry.
• The France Peltier Module market is anticipated to see growth at a CAGR of 9.9% during the projected period, with a market size of USD 16.95 million in 2024.
• According to Cognitive Market Research, the German Peltier Module market size was valued at USD 36.48 million in 2024 and is anticipated to grow at a CAGR of 10.9% during the projected period. In Germany, Peltier Module surged due to the advanced cooling solutions are required by the automotive industry, which has a significant presence.
• The Italy Peltier Module market is anticipated to see growth at a CAGR of 10.1% during the projected period, with a market size of USD 15.85 million in 2024.
• The Russia Peltier Module market is anticipated to see growth at a CAGR of 9.7% during the projected period, with a market size of USD 28.56 million in 2024.
• The Spain Peltier Module market is anticipated to see growth at a CAGR of 9.8% during the projected period with a market size of USD 15.11 million in 2024
• The Luxembourg Peltier Module market is anticipated to see growth at a CAGR of 10.8% during the projected period, with a market size of USD 5.71 million in 2024.
• The Portugal Peltier Module market is anticipated to see growth at a CAGR of 10.5% during the projected period, with a market size of USD 3.87 million in 2024.
• The Greece Peltier Module market is anticipated to see growth at a CAGR of 11.0% during the projected period, with a market size of USD 2.21 million in 2024.
• The Rest of Europe's Peltier Module market is anticipated to see growth at a CAGR of 9.4% during the projected period, with a market size of USD 28.56 million in 2024.

Asia Pacific Peltier Modules Market

According to Cognitive Market Research, the global Peltier Module market size was estimated at USD 614.2 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 141.27 million in 2024 and will grow at a compound annual growth rate (CAGR) of 14.2% from 2024 to 2031.

• According to Cognitive Market Research, the China Peltier Module market size was valued at USD 63.57 million in 2024 and is anticipated to grow at a CAGR of 13.7% during the projected period. Peltier Module surged in China due to rising expenditures in cutting-edge manufacturing technology via increased.
• The Japan Peltier Module market is anticipated to see growth at a CAGR of 12.7% during the projected period, with a market size of USD 19.49 million in 2024.
• The India Peltier Module market had a market share of USD 16.95 million in 2024 and is anticipated to grow at a CAGR of 16.0% during the projected period. India's increasing need for cooling solutions that are both effective and economical in the automotive and electronic sectors.
• The South Korean Peltier Module market is anticipated to see growth at a CAGR of 13.3% during the projected period, with a market size of USD 14.13 million in 2024.
• The Australian Peltier Module market is anticipated to see growth at a CAGR of 13.9% during the projected period, with a market size of USD 7.35 million in 2024.
• The South East Asia Peltier Module market is anticipated to see growth at a CAGR of 15.2% during the projected period, with a market size of USD 9.75 million in 2024.
• The Rest of Asia Pacific Peltier Module market is anticipated to see growth at a CAGR of 14.0% during the projected period, with a market size of USD 10.03 million in 2024.

South America Peltier Modules Market

According to Cognitive Market Research, the global Peltier Module market size was estimated at USD 614.2 Million, out of which the Latin America held the market share of around 5% of the global revenue with a market size of USD 30.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.6% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Peltier Module market size was valued at USD 13.14 million in 2024 and is anticipated to grow at a CAGR of 12.2% during the projected period. Peltier Modules flourished in Brazil due to the automotive industry's greater utilization of sophisticated cooling technologies.
• Argentina's Peltier Module market had a market share of USD 5.16 million in 2024 and is anticipated to grow at a CAGR of 12.5% during the projected period. Argentina's growing need for temperature control solutions that are precise in the food and beverage sector.
• Colombia Peltier Module market is anticipated to see growth at a CAGR of 11.4% during the projected period, with a market size of USD 2.73 million in 2024.
• Peru Peltier Module market is anticipated to see growth at a CAGR of 11.8% during the projected period, with a market size of USD 2.52 million in 2024.
• Chile Peltier Module market is anticipated to see growth at a CAGR of 11.9% during the projected period, with a market size of USD 2.21 million in 2024.
• The Rest of Latin America's Peltier Module market is anticipated to see growth at a CAGR of 10.7% during the projected period, with a market size of USD 4.94 million in 2024.

Middle East and Africa Peltier Modules Market

According to Cognitive Market Research, the global Peltier Module market size was estimated at USD 614.2 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 12.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.9% from 2024 to 2031.

• The GCC Countries Peltier Module market is anticipated to see growth at a CAGR of 12.7% during the projected period, with a market size of USD 5.26 million in 2024. Peltier Module sales flourish due to an increasing demand for sophisticated cooling solutions in the telecommunications and electronics industries.
• The Egypt Peltier Module market is anticipated to see growth at a CAGR of 12.2% during the projected period, with a market size of USD 1.29 million in 2024.
• The South Africa Peltier Module market is anticipated to see growth at a CAGR of 12.9% during the projected period, with a market size of USD 1.94 million in 2024. Peltier Module sales flourished in South Africa due to increasing utilization of energy-efficient technologies in the industrial sector.
• The Turkey Peltier Module market is anticipated to see growth at a CAGR of 11.4% during the projected period, with a market size of USD 1.06 million in 2024.
• The Nigeria Peltier Module market is anticipated to see growth at a CAGR of 11.0% during the projected period, with a market size of USD 1.29 million in 2024.
• The Rest of the MEA Peltier Module market is anticipated to see growth at a CAGR of 10.9% during the projected period, with a market size of USD 1.45 million in 2024.

Peltier Modules Market Analysis

Peltier Module Market Model Segment Analysis

According to Cognitive Market Research, Single Stage Peltier Modules are likely to dominate the Peltier Module Market over the forecast period, due to the expanding use of single-stage thermoelectric cooler technology in smartphones, smart watches, and gaming consoles. Modern healthcare equipment like MRI and CT scan devices employ single-stage thermoelectric coolers.

The Multi Stage is the fastest-growing segment in the Peltier Module Market. Automobile and energy generating industries are using multistage TEM more. Because thermoelectric generators are extensively employed to generate renewable energy, the industry is growing.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Peltier Modules Industry. Request a Free Sample PDF!

Peltier Module Market Type Segment Analysis

According to Cognitive Market Research, the Bulk Thermoelectric Modules segment holds the largest share of the market. Bulk thermoelectric systems are straightforward to build and adapt to meet client technical requirements due to the rising need for bulk modules in healthcare and automotive. These systems may be employed in any electrical circuit, increasing demand. This tendency will continue throughout the forecast.

In the Peltier Module Market, the Thin Film Thermoelectric Modules sector has been expanding at a rapid pace. Their high efficiency and small size make them perfect for sophisticated electronics, medical gadgets, and wearable technologies, driving their fast rise. Thin film modules outperform micro thermoelectric modules in temperature management and energy conversion.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Peltier Modules Functionality Segment Analysis

Peltier Module Market Functionality Segment Analysis

According to Cognitive Market Research, The General-Purpose segment holds the largest market share. General-purpose Peltier modules dominate because they are used in consumer electronics, automotive, and small-scale cooling systems. Their flexibility and affordability make them attractive across sectors.

In the Peltier Module market, the rapidly growing sector is the Deep Cooling category. Advanced electronics, medical gadgets, and industrial applications necessitate high-performance cooling systems, driving this increase. Applications needing precise temperature control and effective heat dissipation benefit from deep cooling Peltier modules' thermal management.

• General Purpose
• Deep Cooling

Peltier Modules End-Use Application Segment Analysis

Peltier Module Market End-Use Application Segment Analysis

According to Cognitive Market Research, the Automotive segment dominates the market. Thermoelectric modules cool laser diodes in head-up displays, cup holders, glove boxes, sensory equipment like LIDAR in autonomous cars, and laser lamps. Thus, the market for thermoelectric modules for automotive applications is predicted to develop quickest during the forecast period because to the increase in automobiles with convenience features and the enormous potential for growth of electric and driverless vehicles.

Medical & Laboratories is projected to be the fastest-growing segment in the Peltier Module market. Medical gadgets and lab equipment need precise temperature regulation, driving this fast rise. DNA amplification, blood analyzers, and other diagnostic equipment need precise and dependable cooling and heating solutions, which Peltier modules deliver.

• Consumer Electronics
• Industrial
• Telecommunications
• Automotive
• Medical & Laboratories
• Aerospace & Defense
• Oil & Gas and Mining

Peltier Modules Offering Segment Analysis

Peltier Module Market Offering Segment Analysis

According to Cognitive Market Research, the Hardware segment dominates the market. Peltier modules are used in consumer electronics, automotive, medical, and industrial applications, explaining their dominance. The hardware segment leads the market due to its wide variety of applications and Peltier module technological developments.

Services segment is projected to be the fastest-growing segment in the Peltier Module market. Demand for Peltier module installation, maintenance, and customization across sectors is driving this increase. Peltier technology for precise temperature control is becoming increasingly popular, requiring specialist services to assure system performance and lifespan.

• Hardware
• Services

Author's Detail

Kalyani Raje

Senior Research Analyst at Cognitive Market Research

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An optimistic Senior Research Analyst with years of experience in competitive assessment and business consulting. A seasoned professional and subject-matter expert (SME) in the Automobile and transportation vertical.

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