Penetration of international market through mergers, acquisitions, and collaborations is another significant strategy adopted by leading thermoelectric modules manufacturers, looking to expand their global footprints in order to gain competitive advantages. For instance, Laird Technologies recently acquired Nextreme Thermal Solutions, a U.S.-based thin film thermoelectric module producer.

Thermoelectric modules offer a number of advantages over conventional cooling systems. The properties such as compact geometric size, lower power consumption, precise temperature control and cycling, reliable solid state operations, integrated design, fully reversible switch in polarity, and rapid response time of these modules have fueled their popularity significantly. Thermoelectric systems are witnessing a widespread application in the semiconductor, automotive, telecommunications, aerospace, defense, medical and healthcare, and consumer electronics sectors, owing to these properties.

On the flip side, the high cost of these modules, compared to traditional cooling and refrigeration systems, is creating hindrances in their adoption across various industry verticals. Although the continual research to develop highly effective thermoelectric systems at low costs is anticipated to minimalize the impact of this factor in the coming years.

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“The demand for thermoelectric modules is registering a remarkable rise across the world,” finds TMR. Analysts estimate the global opportunity in thermoelectric modules to increase from US$364.1 mn in 2014 to US$829.5 mn by 2023, expanding at a CAGR of 9.50% between 2015 and 2023.

Asia Pacific emerged as the key consumer of these modules in 2014, contributing US$120.0 mn in the overall revenue generated. Throughout the forecast period, the regional market is projected to remain the key contributor; however, these modules will witness the fastest growth rate in North America.