Augmenting Vehicle Electrification: Top Thermoelectric Module Manufacturers Takes the Lead in the Market

The rising demand for renewable energy is anticipated to boost the adoption of thermoelectric modules in the energy sector over the ensuing years. Thermoelectric technology helps the generation of electricity through the direct conversion of heat into electricity and can be considered as a cost-effective and eco-friendly solution of energy generation.

The modules find extensive application in safeguarding electronic equipment, cold water dispensers, food & beverage containers, and robotic equipment, among other sectors. Considering the automotive end-use sector, thermoelectric module companies are investing in the expansion of their product offerings that align with the trend of vehicle electrification. Electric vehicles depict a high demand for high-performance traction motors, wide bandgap semiconductors, charging rates, and battery capacity. This is slated to generate lucrative growth opportunities over the coming years.

According to Fortune Business Insights, the thermoelectric module market size stood at USD 502.0 million in 2022. The market is anticipated to surge from USD 539.3 million in 2023 to USD 1,195.7 million by 2030, exhibiting a CAGR of 12.0% over the analysis period. Top thermoelectric module manufacturers are focused on adopting a range of strategies to expand their presence in the global market. These comprise acquisitions, partnerships, and the launch of new products.

The top 10 players in the thermoelectric module sector and the key steps adopted by them have been enlisted below:

1) Coherent Corp:

In August 2023, the silicon carbide semiconductor business of Coherent Corp secured USD 1 billion in investments from Mitsubishi Electric and Denso. Back in March 2023, Faraday and Coherent entered a partnership to scale superconducting tape manufacturing. The move was aimed at supporting transition toward green energy and enabling the large scale deployment of nuclear fusion reactors.

2) Crystal Ltd:

In August 2023, Crystal Ltd., announced the launch of advanced thermoelectric Air to Air solution, expanding its product portfolio. The solution offers maximum cooling at 125W at a 0 K temperature difference. In March 2023, the company hit the headlines for developing a new unique thermoelectric module material. The solution can replace existing ceramic materials, enabling higher thermal conductivity and enhancing the rate of cooling.

3) CUI Devices:

In March 2023, under a VARS (Value Added Resellers) program, CUI Devices and Elinter Group entered a partnership. The move would help expand the companies’ market reach through a comprehensive line of thermal management products. Furthermore, in June 2023, CUI Devices inked a distribution agreement with RS Components. The deal would enable RS to increase its market presence through its extensive product portfolio, comprising interconnect, audio, thermal management, and others.

4) Ferrotec Corporation: 

In August 2022, Ferrotec Holdings Corporation, which is one of the top thermoelectric module manufacturers established a new unit at Kedah in Malaysia. The move emphasized on positioning the company as a leader in the area of semiconductor material manufacturing. Back in September 2018, Ferrotec rolled out a tailor-made custom thermoelectric module technology for cooling and heating applications in the automotive sector.

5) European Thermodynamics Ltd.: 

In July 2023, European Thermodynamics Limited, unveiled a new adaptive miniature TEM (Thermoelectric Module). The solution would help enhance the cooling rate in optoelectronics and laser components.

6) Kyocera International, Inc.:

In July 2020, Kyocera International announced the rollout of its new thermoelectric module. Designed for medical devices and scientific instruments, the product has been claimed to be compact and reliable.

7) Laird Thermal Systems Inc.:

In August 2020, Laird Thermal Systems announced the launch of Hi-Temp ETX, a series of thermoelectric coolers. The solutions offer active cooling for a range of applications, including optical transceivers, autonomous systems, machine vision, and digital light processors. Furthermore, in July 2021, Laird launched OptoTEC OTX/HTX, a series of miniature thermoelectric coolers. The solutions are designed for high-temperature environments found in autonomous, photonics, telecom, and industrial applications.

8) Phononic: 

In February 2023, Phononic launched ACT (Actively Cooled Tote) 2000, a thermoelectric cooler. With its portable and lighter design and a 33% reduction in weight, the cooler allows effective cooling at a set point of -18^oC. In May 2022, the company entered a partnership with two new manufacturing data solutions offered by Google Cloud. These included Manufacturing Data Engine and Manufacturing Connect. The move was aimed at securing analytics and insights required for the complete optimization of Phononic’s operations.

9) RMT Ltd.:

In October 2022, RMT Ltd., introduced multipurpose thermoelectric modules, expanding their product portfolio. The solutions provide a higher rate of absorption for critical applications. Back in October 2020, Ferrotec acquired 78.96% stake in RMT Ltd. The company also shared its status regarding its acquisition of the remaining 21.04% stake.

10) TEC Microsystems GmbH: 

In November 2022, TEC Microsystems set up a subsidiary for thermoelectric cooler manufacturing in Georgia. The move would provide a competitive pricing advantage and help streamline interrupted shipments and the supply chain. Furthermore, in March 2023, TEC received the Telcordia GR-468 standard accreditation for their 1MA10 TEC Aluminum thermoelectric coolers.

Asia Pacific to Emerge as a Key Revenue Region over the Coming Years

Considering the regional landscape, the Asia Pacific market is touted to emerge as the fastest growing region in the future. The regional oil and gas and utility sectors depict a soaring adoption of thermoelectric modules, which is set to favor industry expansion. Besides, Asia Pacific is home to some of the top thermoelectric module manufacturers considering their presence in Taiwan, Japan, and China. Other countries such as Singapore, Japan, and South Korea record a high emergence of electronic makers and SMEs.

The Europe market is poised to grow considering the presence of a substantial number of manufacturing facilities and R&D units. Germany records a high usage of connected security owing to the considerable development of IT and telecom and electric automotive manufacturing industries in the country.

In the Years to Come: Consumer Electronics Industry to Emerge as a Key End-User

The forthcoming years are anticipated to record a soaring demand for single stage thermoelectric modules in the consumer electronics industry. Some of the key application areas comprise gaming consoles, wearable smartwatches, and smartphones, among others. The modules also find application in oil and gas, aerospace and defense, healthcare, and automotive sectors.