Industry Outlook and Trend Analysis
The global Thermoelectric Modules Market was worth USD 446.32 million in 2014 and is expected to reach approximately USD 994.44 million by 2023, while registering itself at a compound annual growth rate (CAGR) of 9.31% during the forecast period. The development is credited to the expanded demand of thermoelectric modules in numerous applications, for example, telecommunications, industrial, automotive, consumer electronics, and medicinal and research centres. Bio-monitoring and healthcare related devices need thermoelectric modules for different applications, for example, thermal cycling and temperature control.
Technology Outlook and Trend Analysis
On the basis of technology, two kinds of thermoelectric modules are accessible around the world: Single-stage modules and multi-stage modules. Presently, single-stage modules report higher rate of adoption than multi-stage ones. In 2014, the requirement for single-stage modules represented a share of 85% in the general interest for thermoelectric modules.
End User Outlook
At present, the telecommunications sector rules the worldwide market and is foreseen to dominate the market amid the conjecture time frame. This development is ascribed to the wide usage of thermoelectric modules in the telecommunications sector, for example, community antenna television (CATV) lasers, avalanche photodiodes (APD), channel monitors (OCM), pump lasers (EDFA), transmission lasers (DWDM), and photonic integrated circuits (PIC).
Regional Outlook and Trend Analysis
Asia Pacific represented the biggest share of the overall thermoelectric modules market in 2017, trailed by the Americas and Europe. APAC possess the biggest share of the thermoelectric modules market as a maximum number of producers have their production plants in this region. The other factors attributable for this development are low costs of manufacturing due to low overhead costs and inexpensive labour, and rising demand for thermoelectric modules and waste heat recovery, industrial automation, and healthcare monitoring devices, as well as developing industrialization.
The leading players in the market are TEC Microsystems GmbH, RMT Ltd, KELK Ltd, T E Technology Inc, Hi-Z Technology Inc, EVERREDtronics and LG Innotek. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
The Thermoelectric Modules Market is segmented as follows-
By End User:
Aerospace & Defense
Oil, Gas & Mining
Medical & Laboratories
Rest of Europe
Rest of Asia Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?