The thermoelectric modules market is expected to grow
from USD 471.0 Million in 2016 to USD 890.6 Million by 2023, at a CAGR
of 9.12% during the forecast period. This report provides the market
size and future growth potential of the thermoelectric modules market
across different segments such as technology, type, functionality,
end-use application, offering, and geography. The study identifies and
analyzes the market dynamics such as drivers, restraints, opportunities,
and industry-specific challenges in the thermoelectric modules market.
Moreover, this report profiles the key players operating in the
thermoelectric modules market. Precise temperature control and superior
benefits of thermoelectric modules, improved fuel efficiency in vehicles
using thermoelectric modules, and increasing awareness of green energy
is expected to propel the growth of the thermoelectric modules market.
The base year considered for the study is 2016, and the market size
forecast is provided for the period between 2017 and 2023.
Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
To estimate the size of the thermoelectric modules
market, we have considered the top players in the market and their
market share. This study involves an extensive use of secondary sources
such as annual and financial reports of top players, presentations,
press releases, journals, paid databases, and interviews with industry
experts. The research methodology is explained below:
- Analyzing the overall size of the individual markets through the percentage split with the help of primary and secondary research
- Analyzing the various market segments and subsegments
- Analyzing the supply and demand sides of the thermoelectric modules market ecosystem
- Analyzing the market trends in various regions and countries, supported by ongoing research and development in these regions
- Finalizing the overall market sizes by triangulation method with supply-side data, which include product developments, supply chain, and estimated sales
Hardware offering expected to lead the thermoelectric modules market
The hardware offering is expected to hold the largest
share of the market between 2017 and 2023. This growth is attributed to
the increasing usage of various hardware components for thermoelectric
modules such as heat sink, heat dissipation component, thermoelectric
element, ceramic substrate, electrical interconnect, and heat
absorption. Moreover, hardware is expected to account for a larger share
of the overall thermoelectric modules market compared with the software
and services offering during the forecast period.
Thermoelectric modules market for the deep cooling modules is expected to grow at a higher CAGR between 2017 and 2023
The increasing use of deep cooling modules in the
medical and laboratories application such as in vaccine storages,
air-conditioning, medical services, food preservation, and cooling of
electronic devices is the key reason for the growth of these modules.
Moreover, these modules are used in other applications such as air
conditioners, IR (radiative) cooling, biomedical, emergency power
sources, mini-refrigerators lasers, transitional care units (TCUs),
photodiodes, waste heat recovery, chillers, cold plates, wine cabinets,
sensors, and remote sensor power.
Asia Pacific held the largest share of the thermoelectric modules market in 2016
Asia Pacific (APAC) held the largest share of the
market in 2016. The largest share of APAC is attributed to the fact that
a maximum number of manufacturers have their headquarters in this
region. The other factors attributing to this growth are low
manufacturing costs because of low overhead costs and cheap labor, and
increasing demand for thermoelectric modules (across diverse
applications) and waste heat recovery, industrial automation, and
healthcare monitoring devices, as well as growing industrialization.
Moreover, with the use of thermoelectric modules, higher efficiency
levels and energy harvesting can be achieved in APAC.
Some of the major players in the thermoelectric
modules market are Ferrotec (Japan), Laird (UK), II-VI Marlow (US),
Crystal Ltd. (Russia), and RMT Ltd (Russia).
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Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
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