ALBANY, New York, October 25, 2018
ALBANY, New York, October 25, 2018 /PRNewswire/ --
The global thermoelectric modules market depicts the presence of a highly consolidated vendor landscape, says Transparency Market Research on the basis of a newly published report. Such consolidation mainly exists due a handful of players holding maximum shares in this market. Companies such as Marlow Industries, Ferrotec Corp., KELK Ltd., and Laird Technologies Inc., are a few of these players that comprise maximum shares in the global thermoelectric modules market. Most companies are targeting on bringing forth extensive innovations to the table, coupled with incorporating recent requirements to increase work efficiency. The players are also focusing on participating in key mergers & acquisitions, collaborations, and partnerships, in order to sustain their presence in the market. With the number of players entering the market expected to increase steadily, the competition is anticipated to highly intensify in the near future.
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As per expert analysts, the global thermoelectric modules market is predicted to grow at a splendid CAGR of 9.50% during the forecast period ranging from 2015 to 2023. The market had registered revenue worth US$364.1 mn in 2014, which is further expected to increase up to US$829.5 mn by the end of 2023. Geography-wise, the global thermoelectric modules market is spread across Europe, North America, Asia Pacific, the Middle East and Africa, and Latin America. Of these, Asia Pacific came out as a winning segment and contributed to revenue worth US$120.0 mn. Moreover, this growth is still expected to continue in future, as several renowned companies are getting established in the market. North America too is expected to witness a spectacular growth in this market with rapid industrialization and urbanization happening this region.
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Presence of Numerous Advantages Makes Companies Prefer Thermoelectric Modules
Thanks to the various advantages offered by thermoelectric modules over other conventionally-used cooling systems, the former type of technology is being used on a large-scale basis, thereby driving the associated market's growth. Some of the key advantages leading towards their high preference are ability to completely deploy reversible switch in polarity, compact geometric size, lower power consumption, reliable solid state operations, integrated design, precise temperature control and cycling, and rapid response time. Moreover, an extensive use of these modules in a plethora of applications such as automotive, telecommunications, aerospace, defense, medical and healthcare, and consumer electronics sectors, too is making the market progress at a brisk pace. This is mainly due to the fact that all these sectors are witnessing rampant developments, consequently demanding use of enhanced cooling systems.
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High Costs of Modules Dampens Growth Mainly in Developing Regions
However, high costs of these modules as compared to the traditionally used ones is greatly hindering the market's progress. This is mainly owing to the scenario entails such costs translating into expense end products and services. Such costs could discourage those having less disposable income from buying the products or availing the services, mainly in developing regions. In addition, these modules might not exist in terms of their availability in remote and underdeveloped regions. This shortage could prove to be a key geographical obstacle blocking the path of progress in the global thermoelectric modules market. Nonetheless, many players are soon expected to regulate costs of module production as well as expand their geographical extent. This could certainly offset most restraints affecting the global thermoelectric modules market.
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The information presented in this review is based on a Transparency Market Research report, titled, "Thermoelectric Modules Market (Technology - Single-stage, Multi-stage, Type - Bulk Thermoelectric Modules, Micro Thermoelectric Modules, Thin Film Thermoelectric Modules By Application - Bulk Thermoelectric Modules, Micro Thermoelectric Modules, Thin Film Thermoelectric Modules) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023."
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The global Thermoelectric Modules Market is segmented as follows:
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