The North America Thermoelectric Modules Market would witness market growth of 7.2% CAGR during the forecast period (2021-2027). Some of the catalysts for the demand & adoption of Thermoelectric Modules includes their ability to improve the efficiency of the vehicle fuel as well as growing awareness about green energy. Thermoelectric modules offer many benefits including accurate temperature control and cycling, less power consumption, and compact geometric size, which are contributing to the growth of this market.
Moreover, several applications across different industries are increasingly using thermoelectric modules for cooling or heating which is expected to boost the growth of the market in the coming years. Furthermore, the growth of the market would witness bright prospects due to the increasing government initiatives promoting the use of the thermoelectric module in various industries. For example, the US department of energy has recently introduced a program which grants state territories to develop energy-efficient homes that would be helpful for families with low income.
The impact of the COVID-19 pandemic is adverse in various industries across North America. Consumers are nowadays spending more on refrigerators and freezer replacements. It is expected to decrease the demand for thermoelectric modules, especially for consumer electronics. A reduction in disposable personal income made the consumer unwilling to replace old appliances as a result of lower purchasing power in the US and Canada.
The North American automotive market has also seen a sharp decline in 2020 that resulted in fewer sales of vehicles in spite of the introduction of new vehicle models with advanced features by major automobile manufacturers. During the pandemic, many current and potential vehicle buyers of North America are not willing to purchase. The commercial aerospace market has also been adversely affected in the US. It is observed that there is a decline in purchasing of civilian aircraft production in 2020, which in turn, leads to a decreased demand for thermoelectric modules in aerospace applications in the US.
The US market dominated the North America Thermoelectric Modules Services Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $64.7 million by 2027. The Canada market is experiencing a CAGR of 11.6% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 10.7% during (2021 - 2027).
Based on Offering, the market is segmented into Hardware and Services. Based on Type, the market is segmented into Bulk, Micro and Thin-Film. Based on Model, the market is segmented into Single Stage and Multi Stage. Based on Functionality, the market is segmented into General Purpose and Deep Cooling. Based on End User, the market is segmented into Consumer Electronics, Automotive, Industrial, Medical & Laboratories, Manufacturing, Telecommunications and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Thermoelectric Modules Market is Estimated to Reach USD 866 Million by 2027 at a CAGR of 7.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Ferrotec Holdings Corporation, II-VI, Incorporated, Vishay Precision Group, Inc., Phononic, Inc., Z-Max Co., Ltd., Thermion, Inc., Kryotherm, TEC Microsystems GmbH, TE Technology, Inc., and Laird Thermal Systems, Inc.
Scope of the Study
Market Segments Covered in the Report:
By Offering
By Type
By Model
By Functionality
- General Purpose
- Deep Cooling
By End User
- Consumer Electronics
- Automotive
- Industrial
- Medical & Laboratories
- Manufacturing
- Telecommunications
- Others
By Country
- US
- Canada
- Mexico
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- Ferrotec Holdings Corporation
- II-VI, Incorporated
- Vishay Precision Group, Inc.
- Phononic, Inc.
- Z-Max Co., Ltd.
- Thermion, Inc.
- Kryotherm
- TEC Microsystems GmbH
- TE Technology, Inc.
- Laird Thermal Systems, Inc.
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 North America Thermoelectric Modules Market, by Offering
1.4.2 North America Thermoelectric Modules Market, by Type
1.4.3 North America Thermoelectric Modules Market, by Model
1.4.4 North America Thermoelectric Modules Market, by Functionality
1.4.5 North America Thermoelectric Modules Market, by End User
1.4.6 North America Thermoelectric Modules Market, by Country
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.2 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Opportunity
2.2.3 Market Restraint:
2.2.4 Challenge:
Chapter 3. North America Thermoelectric Modules Market by Offering
3.1 North America Thermoelectric Modules Hardware Market by Country
3.2 North America Thermoelectric Modules Services Market by Country
Chapter 4. North America Thermoelectric Modules Market by Type
4.1 North America Bulk Thermoelectric Modules Market by Country
4.2 North America Micro Thermoelectric Modules Market by Country
4.3 North America Thin-Film Thermoelectric Modules Market by Country
Chapter 5. North America Thermoelectric Modules Market by Model
5.1 North America Single Stage Thermoelectric Modules Market by Country
5.2 North America Multi Stage Thermoelectric Modules Market by Country
Chapter 6. North America Thermoelectric Modules Market by Functionality
6.1 North America General Purpose Thermoelectric Modules Market by Country
6.2 North America Deep Cooling Thermoelectric Modules Market by Country
Chapter 7. North America Thermoelectric Modules Market by End User
7.1 North America Consumer Electronics Thermoelectric Modules Market by Country
7.2 North America Automotive Thermoelectric Modules Market by Country
7.3 North America Industrial Thermoelectric Modules Market by Country
7.4 North America Medical & Laboratories Thermoelectric Modules Market by Country
7.5 North America Manufacturing Thermoelectric Modules Market by Country
7.6 North America Telecommunications Thermoelectric Modules Market by Country
7.7 North America Others Thermoelectric Modules Market by Country
Chapter 8. North America Thermoelectric Modules Market by Country
8.1 US Thermoelectric Modules Market
8.1.1 US Thermoelectric Modules Market by Offering
8.1.2 US Thermoelectric Modules Market by Type
8.1.3 US Thermoelectric Modules Market by Model
8.1.4 US Thermoelectric Modules Market by Functionality
8.1.5 US Thermoelectric Modules Market by End User
8.2 Canada Thermoelectric Modules Market
8.2.1 Canada Thermoelectric Modules Market by Offering
8.2.2 Canada Thermoelectric Modules Market by Type
8.2.3 Canada Thermoelectric Modules Market by Model
8.2.4 Canada Thermoelectric Modules Market by Functionality
8.2.5 Canada Thermoelectric Modules Market by End User
8.3 Mexico Thermoelectric Modules Market
8.3.1 Mexico Thermoelectric Modules Market by Offering
8.3.2 Mexico Thermoelectric Modules Market by Type
8.3.3 Mexico Thermoelectric Modules Market by Model
8.3.4 Mexico Thermoelectric Modules Market by Functionality
8.3.5 Mexico Thermoelectric Modules Market by End User
8.4 Rest of North America Thermoelectric Modules Market
8.4.1 Rest of North America Thermoelectric Modules Market by Offering
8.4.2 Rest of North America Thermoelectric Modules Market by Type
8.4.3 Rest of North America Thermoelectric Modules Market by Model
8.4.4 Rest of North America Thermoelectric Modules Market by Functionality
8.4.5 Rest of North America Thermoelectric Modules Market by End User
Chapter 9. Company Profiles
9.1 Ferrotec Holdings Corporation
9.1.1 Company Overview
9.1.2 Financial Analysis
9.1.3 Recent strategies and developments:
9.1.3.1 Acquisition and Mergers:
9.1.3.2 Product Launches and Product Expansions:
9.2 II-VI, Incorporated
9.2.1 Company Overview
9.2.2 Financial Analysis
9.2.3 Segmental and Regional Analysis
9.2.4 Research & Development Expense
9.2.5 Recent strategies and developments:
9.2.5.1 Product Launches and Product Expansions:
9.3 Vishay Precision Group, Inc.
9.3.1 Company Overview
9.3.2 Financial Analysis
9.3.3 Segmental and Regional Analysis
9.3.4 Research & Development Expense
9.4 Phononic, Inc.
9.4.1 Company Overview
9.4.2 Recent strategies and developments:
9.4.2.1 Partnerships, Collaborations, and Agreements:
9.5 Z-Max Co., Ltd.
9.5.1 Company Overview
9.6 Thermion, Inc.
9.6.1 Company Overview
9.7 Kryotherm
9.7.1 Company Overview
9.8 TEC Microsystems GmbH
9.8.1 Company Overview
9.8.2 Recent strategies and developments:
9.8.2.1 Product Launches and Product Expansions:
9.9 TE Technology, Inc.
9.9.1 Company Overview
9.10. Laird Thermal Systems, Inc.
9.10.1 Company Overview
9.10.2 Recent strategies and developments:
9.10.2.1 Product Launches and Product Expansions:
TABLE 1 North America Thermoelectric Modules Market, 2017 - 2020, USD Million
TABLE 2 North America Thermoelectric Modules Market, 2021 - 2027, USD Million
TABLE 3 North America Thermoelectric Modules Market by Offering, 2017 - 2020, USD Million
TABLE 4 North America Thermoelectric Modules Market by Offering, 2021 - 2027, USD Million
TABLE 5 North America Thermoelectric Modules Hardware Market by Country, 2017 - 2020, USD Million
TABLE 6 North America Thermoelectric Modules Hardware Market by Country, 2021 - 2027, USD Million
TABLE 7 North America Thermoelectric Modules Services Market by Country, 2017 - 2020, USD Million
TABLE 8 North America Thermoelectric Modules Services Market by Country, 2021 - 2027, USD Million
TABLE 9 North America Thermoelectric Modules Market by Type, 2017 - 2020, USD Million
TABLE 10 North America Thermoelectric Modules Market by Type, 2021 - 2027, USD Million
TABLE 11 North America Bulk Thermoelectric Modules Market by Country, 2017 - 2020, USD Million
TABLE 12 North America Bulk Thermoelectric Modules Market by Country, 2021 - 2027, USD Million
TABLE 13 North America Micro Thermoelectric Modules Market by Country, 2017 - 2020, USD Million
TABLE 14 North America Micro Thermoelectric Modules Market by Country, 2021 - 2027, USD Million
TABLE 15 North America Thin-Film Thermoelectric Modules Market by Country, 2017 - 2020, USD Million
TABLE 16 North America Thin-Film Thermoelectric Modules Market by Country, 2021 - 2027, USD Million
TABLE 17 North America Thermoelectric Modules Market by Model, 2017 - 2020, USD Million
TABLE 18 North America Thermoelectric Modules Market by Model, 2021 - 2027, USD Million
TABLE 19 North America Single Stage Thermoelectric Modules Market by Country, 2017 - 2020, USD Million
TABLE 20 North America Single Stage Thermoelectric Modules Market by Country, 2021 - 2027, USD Million
TABLE 21 North America Multi Stage Thermoelectric Modules Market by Country, 2017 - 2020, USD Million
TABLE 22 North America Multi Stage Thermoelectric Modules Market by Country, 2021 - 2027, USD Million
TABLE 23 North America Thermoelectric Modules Market by Functionality, 2017 - 2020, USD Million
TABLE 24 North America Thermoelectric Modules Market by Functionality, 2021 - 2027, USD Million
TABLE 25 North America General Purpose Thermoelectric Modules Market by Country, 2017 - 2020, USD Million
TABLE 26 North America General Purpose Thermoelectric Modules Market by Country, 2021 - 2027, USD Million
TABLE 27 North America Deep Cooling Thermoelectric Modules Market by Country, 2017 - 2020, USD Million
TABLE 28 North America Deep Cooling Thermoelectric Modules Market by Country, 2021 - 2027, USD Million
TABLE 29 North America Thermoelectric Modules Market by End User, 2017 - 2020, USD Million
TABLE 30 North America Thermoelectric Modules Market by End User, 2021 - 2027, USD Million
TABLE 31 North America Consumer Electronics Thermoelectric Modules Market by Country, 2017 - 2020, USD Million
TABLE 32 North America Consumer Electronics Thermoelectric Modules Market by Country, 2021 - 2027, USD Million
TABLE 33 North America Automotive Thermoelectric Modules Market by Country, 2017 - 2020, USD Million
TABLE 34 North America Automotive Thermoelectric Modules Market by Country, 2021 - 2027, USD Million
TABLE 35 North America Industrial Thermoelectric Modules Market by Country, 2017 - 2020, USD Million
TABLE 36 North America Industrial Thermoelectric Modules Market by Country, 2021 - 2027, USD Million
TABLE 37 North America Medical & Laboratories Thermoelectric Modules Market by Country, 2017 - 2020, USD Million
TABLE 38 North America Medical & Laboratories Thermoelectric Modules Market by Country, 2021 - 2027, USD Million
TABLE 39 North America Manufacturing Thermoelectric Modules Market by Country, 2017 - 2020, USD Million
TABLE 40 North America Manufacturing Thermoelectric Modules Market by Country, 2021 - 2027, USD Million
TABLE 41 North America Telecommunications Thermoelectric Modules Market by Country, 2017 - 2020, USD Million
TABLE 42 North America Telecommunications Thermoelectric Modules Market by Country, 2021 - 2027, USD Million
TABLE 43 North America Others Thermoelectric Modules Market by Country, 2017 - 2020, USD Million
TABLE 44 North America Others Thermoelectric Modules Market by Country, 2021 - 2027, USD Million
TABLE 45 North America Thermoelectric Modules Market by Country, 2017 - 2020, USD Million
TABLE 46 North America Thermoelectric Modules Market by Country, 2021 - 2027, USD Million
TABLE 47 US Thermoelectric Modules Market, 2017 - 2020, USD Million
TABLE 48 US Thermoelectric Modules Market, 2021 - 2027, USD Million
TABLE 49 US Thermoelectric Modules Market by Offering, 2017 - 2020, USD Million
TABLE 50 US Thermoelectric Modules Market by Offering, 2021 - 2027, USD Million
TABLE 51 US Thermoelectric Modules Market by Type, 2017 - 2020, USD Million
TABLE 52 US Thermoelectric Modules Market by Type, 2021 - 2027, USD Million
TABLE 53 US Thermoelectric Modules Market by Model, 2017 - 2020, USD Million
TABLE 54 US Thermoelectric Modules Market by Model, 2021 - 2027, USD Million
TABLE 55 US Thermoelectric Modules Market by Functionality, 2017 - 2020, USD Million
TABLE 56 US Thermoelectric Modules Market by Functionality, 2021 - 2027, USD Million
TABLE 57 US Thermoelectric Modules Market by End User, 2017 - 2020, USD Million
TABLE 58 US Thermoelectric Modules Market by End User, 2021 - 2027, USD Million
TABLE 59 Canada Thermoelectric Modules Market, 2017 - 2020, USD Million
TABLE 60 Canada Thermoelectric Modules Market, 2021 - 2027, USD Million
TABLE 61 Canada Thermoelectric Modules Market by Offering, 2017 - 2020, USD Million
TABLE 62 Canada Thermoelectric Modules Market by Offering, 2021 - 2027, USD Million
TABLE 63 Canada Thermoelectric Modules Market by Type, 2017 - 2020, USD Million
TABLE 64 Canada Thermoelectric Modules Market by Type, 2021 - 2027, USD Million
TABLE 65 Canada Thermoelectric Modules Market by Model, 2017 - 2020, USD Million
TABLE 66 Canada Thermoelectric Modules Market by Model, 2021 - 2027, USD Million
TABLE 67 Canada Thermoelectric Modules Market by Functionality, 2017 - 2020, USD Million
TABLE 68 Canada Thermoelectric Modules Market by Functionality, 2021 - 2027, USD Million
TABLE 69 Canada Thermoelectric Modules Market by End User, 2017 - 2020, USD Million
TABLE 70 Canada Thermoelectric Modules Market by End User, 2021 - 2027, USD Million
TABLE 71 Mexico Thermoelectric Modules Market, 2017 - 2020, USD Million
TABLE 72 Mexico Thermoelectric Modules Market, 2021 - 2027, USD Million
TABLE 73 Mexico Thermoelectric Modules Market by Offering, 2017 - 2020, USD Million
TABLE 74 Mexico Thermoelectric Modules Market by Offering, 2021 - 2027, USD Million
TABLE 75 Mexico Thermoelectric Modules Market by Type, 2017 - 2020, USD Million
TABLE 76 Mexico Thermoelectric Modules Market by Type, 2021 - 2027, USD Million
TABLE 77 Mexico Thermoelectric Modules Market by Model, 2017 - 2020, USD Million
TABLE 78 Mexico Thermoelectric Modules Market by Model, 2021 - 2027, USD Million
TABLE 79 Mexico Thermoelectric Modules Market by Functionality, 2017 - 2020, USD Million
TABLE 80 Mexico Thermoelectric Modules Market by Functionality, 2021 - 2027, USD Million
TABLE 81 Mexico Thermoelectric Modules Market by End User, 2017 - 2020, USD Million
TABLE 82 Mexico Thermoelectric Modules Market by End User, 2021 - 2027, USD Million
TABLE 83 Rest of North America Thermoelectric Modules Market, 2017 - 2020, USD Million
TABLE 84 Rest of North America Thermoelectric Modules Market, 2021 - 2027, USD Million
TABLE 85 Rest of North America Thermoelectric Modules Market by Offering, 2017 - 2020, USD Million
TABLE 86 Rest of North America Thermoelectric Modules Market by Offering, 2021 - 2027, USD Million
TABLE 87 Rest of North America Thermoelectric Modules Market by Type, 2017 - 2020, USD Million
TABLE 88 Rest of North America Thermoelectric Modules Market by Type, 2021 - 2027, USD Million
TABLE 89 Rest of North America Thermoelectric Modules Market by Model, 2017 - 2020, USD Million
TABLE 90 Rest of North America Thermoelectric Modules Market by Model, 2021 - 2027, USD Million
TABLE 91 Rest of North America Thermoelectric Modules Market by Functionality, 2017 - 2020, USD Million
TABLE 92 Rest of North America Thermoelectric Modules Market by Functionality, 2021 - 2027, USD Million
TABLE 93 Rest of North America Thermoelectric Modules Market by End User, 2017 - 2020, USD Million
TABLE 94 Rest of North America Thermoelectric Modules Market by End User, 2021 - 2027, USD Million
TABLE 95 key information – Ferrotec Holdings Corporation
TABLE 96 key information – II-VI, Incorporated
TABLE 97 key information – Vishay Precision Group, Inc.
TABLE 98 key information – Phononic, Inc.
TABLE 99 key information – Z-Max Co., Ltd.
TABLE 100 key information - Thermion, Inc.
TABLE 101 key information - Kryotherm
TABLE 102 key information - TEC Microsystems GmbH
TABLE 103 key information - TE Technology, Inc.
TABLE 104 key information - Laird Thermal Systems, Inc.
List of Figures
FIG 1 Methodology for the research
FIG 2 Recent strategies and developments: Ferrotec Holdings Corporation