Research Nester has released a report titled “Thermoelectric Module Market – Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global thermoelectric module market in terms of market segmentation by type, model, functionality, end-user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global thermoelectric module market is segmented by type into micro modules, thin-film modules and bulk modules, out of which, the bulk modules segment registered the largest market share of 42.43% in the year 2019. Additionally, the segment is anticipated to grow by a CAGR of 7.56% during the forecast period, i.e. 2020-2028 and gain an incremental $ opportunity of USD 14.22 million in the year 2020 as compared to the previous year. On the other hand, the segment is further anticipated to cross a value of USD 527.80 million by the end of 2028.
The global thermoelectric module market is anticipated to achieve a CAGR of 8.41% across the globe over the forecast period 2020-2028. Increasing adoption rate of thermoelectric modules globally, backed by the launch of new eco-friendly products, followed by the innovative technological advancements and developments in the thermoelectric modules are some of the factors anticipated to promote the growth of the global thermoelectric module market. Additionally, factors such as increasing product miniaturization, coupled with the development of several micro devices, such as microcontrollers, microprocessors, microsensors and micro instruments and the increasing research and development activities by the key players for the development of advanced thermoelectric modules are some of the factors anticipated to promote towards the growth of the global thermoelectric module market. The market reached USD 660.80 million in the year 2019 and is expected to garner USD 1334.44 million by the end of 2028. Moreover, the market is anticipated to gain an incremental $ opportunity of USD 38.79 million in the year 2020 as compared to the previous year.
Regionally, the global thermoelectric module market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, the market of Asia Pacific registered the largest market share of 41.26% in the year 2019. Further, the market in the region is anticipated to gain an incremental $ opportunity of USD 17.96 million in the year 2020 as compared to the previous year. Moreover, the market in Asia Pacific is anticipated to grow with the highest CAGR of 9.12% during the forecast period and further reach a market value of USD 584.22 million by the end of 2028.
Increasing Need for Heating and Cooling Processes Across Various End-Users
The semiconductor and electronics industry has grown significantly over the years. As such, it has led to the application of various precise and compact units with relatively large amount of power and enhanced performance. These advanced special materials essentially require cooling for improved performance and smooth operation, which is raising the need for the deployment of thermoelectric module technology. On the other hand, increasing developments observed in the wearable device technology, along with the industrial and automobile and telecommunication sector, has raised the need for modules that can provide better performance and operation. Thermoelectric modules have several advantages over conventional modules. These modules can generate power from microwatts to MW. Increasing demand for such modules from various energy intensive industries is thereby anticipated to act as the major driving factor for the growth of the global thermoelectric module market.
However, concerns for the high investment cost for the manufacturing of thermoelectric modules is anticipated to restrict the growth of the global thermoelectric module market.
This report also provides the existing competitive scenario of some of the key players of the global thermoelectric module market, which includes company profiling of Kryotherm, Crystal Ltd., Komatsu Ltd. (TYO: 6301), Ferrotec (USA) Corporation (TYO: 6890), Guangdong Fuxin Technology Co., Ltd., KYOCERA Corporation (TYO: 6971), Laird Thermal Systems, RMT Ltd., TE Technology, Inc. and TEC Microsystems GmbH. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global thermoelectric module market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.