Thermoelectric Module Global Market Report 2025| Business Growth, Development Factors, Future Trends till 2029

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The Business Research Company’s Thermoelectric Module Global Market Report 2025 – Market Size, Trends, And Forecast 2025-2034

LONDON, GREATER LONDON, UNITED KINGDOM, October 7, 2025 /EINPresswire.com/ -- How Much Is The Thermoelectric Module Market Worth?
The market size for thermoelectric modules has experienced rapid expansion in recent years. The worth is projected to surge from $0.70 billion in 2024 to $0.78 billion in 2025, indicating a compound annual growth rate (CAGR) of 11.7%. The growth during the historic period is the result of several factors such as the growing use of wearable medical devices, increased demand for miniaturized thermal management systems, the proliferating need for mobile refrigeration units, a boost in renewable energy applications, and rising technological adoption in consumer electronics.

The market for thermoelectric modules is predicted to experience a significant upturn in the coming years, ballooning to a value of $1.20 billion by 2029, reflecting a compound annual growth rate (CAGR) of 11.3%. Factors propelling this growth during the forecast period encompass a heightened demand for precision cooling in electronics, intensified utilization of thermoelectric modules in automotive applications, a progressive shift towards electric vehicles, increasing preference for solid-state refrigeration, and a burgeoning need for off-grid power generation. Looking forward, key market trends involve advancements in energy harvesting technology, the emergence of advanced miniaturized module designs, innovation in solid-state cooling technology, the introduction of thermoelectric modules in wearable devices, and progress in automotive thermal management systems.

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What Are The Factors Driving The Thermoelectric Module Market?
The expansion of the electric vehicle market is predicted to propel the rise in the thermoelectric module market. An electric vehicle (EV) is powered either wholly or partly by one or several electric motors that utilize energy stored in rechargeable batteries, rather than relying exclusively on internal combustion engines. The popularity of electric vehicles is increasing due to rising environmental worries, as these vehicles provide a greener substitute to traditional vehicles powered by fossil fuels, curbing greenhouse gas emissions and air pollution. The thermoelectric module boosts the efficiency of electric vehicles by transforming the battery and motor's waste heat into practical electrical energy, thereby enhancing the overall energy management and extending the driving range. For instance, reported by the US Energy Information Administration in January 2024, the combined sales of hybrid, plug-in hybrid, and battery electric vehicles made up 16.3% of total U.S. light-duty vehicle sales in 2023, a rise from 12.9% in 2022. As a result, the thriving electric vehicle market is leading to the expansion of the thermoelectric module market.

Who Are The Major Players In The Thermoelectric Module Market?
Major players in the Thermoelectric Module Global Market Report 2025 include:
• Komatsu Ltd.
• Kyocera Corporation
• Coherent Corp
• Ferrotec Holdings Corporation
• Laird Technologies Inc.
• Crystal Ltd.
• Phononic Inc.
• Adafruit Industries LLC.
• Kryotherm Oy Ab
• Te Technology Inc.

What Are The Top Trends In The Thermoelectric Module Industry?
Leading companies in the thermoelectric module market are prioritizing the creation of innovative solutions like thermoelectric cooling systems in order to improve thermal control and dependability across a variety of uses. Thermoelectric cooling devices are sophisticated systems that use semiconductor materials for precise temperature regulation, resulting in superior thermal performance and reliability for uses such as laser stability, sensor cooling, and medical storage. For example, Coherent Corp., a US manufacturing corporation, debuted the CT-Series thermoelectric coolers in January 2025, which are fashioned to render prime and economical thermal control. These coolers attain remarkable temperature differentials of over 70°C at 27°C and up to 80°C at 50°C, guaranteeing accurate thermal regulation. Crafted for dependability and longevity, they are capable of withstanding up to 100,000 thermal cycles, which makes them ideal for rigorous applications while still maintaining compatibility with existing systems.

Which Segment Accounted For The Largest Thermoelectric Module Market Share?
The thermoelectric module market covered in this report is segmented
1) By Type: Bulk Thermoelectric Modules, Micro Thermoelectric Modules, Thin Film Thermoelectric Modules
2) By Material: Bismuth Telluride, Lead Telluride, Silicon-Germanium, Half-Heusler Alloys
3) By Functionality: Single-Stage, Multi-Stage
4) By End-Use Application: Energy And Utility, Aerospace And Defense, Automotive, Consumer Electronics, Healthcare, Food And Beverage, Other End-User Applications

Subsegments:
1) By Bulk Thermoelectric Modules: Standard Bulk Modules, High-Temperature Bulk Modules
2) By Micro Thermoelectric Modules: Low-Power Micro Modules, High-Efficiency Micro Modules
3) By Thin Film Thermoelectric Modules: Flexible Thin Film Modules, Rigid Thin Film Modules

View the full thermoelectric module market report:
https://www.thebusinessresearchcompany.com/report/thermoelectric-module-global-market-report

What Are The Regional Trends In The Thermoelectric Module Market?
In the 2025 Thermoelectric Module Global Market Report, Asia-Pacific led as the most dominating region in the previous year, 2024, and is also anticipated to be the fastest expanding region within the forecast period. The report encompasses a comprehensive geographical analysis, which includes regions like Asia-Pacific, Western Europe, Eastern Europe, North America, South America, as well as the Middle East and Africa.

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