Global Thermoelectric Modules Market to Expand at 9.60% CAGR Till 2022 Due to High Demand from Asia Pacific

Albany, NY -- (SBWire) -- 11/27/2015 --Transparency Market Research (TMR) has announced the addition of a new report, titled "Thermoelectric Modules Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022". According to this report, the global thermoelectric modules market will expand at a CAGR of 9.60% during the forecasting horizon from 2015 to 2022. In 2014, the global thermoelectric modules market was estimated at US$364.1 mn.

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The global thermoelectric modules market is driven by the highly competitive advantages of thermoelectric modules over traditional products and the rising application of thermoelectric modules in several industries as a result of the same. Nevertheless, the global thermoelectric modules market will be constrained by the high cost of thermoelectric modules as compared to the cost of conventional cooling and refrigeration systems.In addition to this, the global thermoelectric modules market's dynamics will be shaped by other key trends as well. These include focus on decreasing the number of components outsourced to contract manufacturers, rising interest in green energy, growing use of advanced thermoelectric materials for making thermoelectric modules, and growing demand for quick and cost-effective customized solutions.

Technology-wise, the global thermoelectric modules market is divided into multi-stage and single-stage. In 2014, the single-stage thermoelectric modules segment held a share of 85% in the global thermoelectric modules market. On the other hand, the segment of multi-stage thermoelectric modules will witness a notable CAGR of 11.5% during the forecast period. Factors such as the rising demand for these modules in low-temperature applications are driving their demand. Some of the key applications of multi-stage thermoelectric modules are CCD arrays, electro-optics, analytical instruments, and IR detectors.

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By type, the global thermoelectric modules market is segmented into thin film thermoelectric modules, micro thermoelectric modules, and bulk thermoelectric modules. In 2014, the segment of bulk thermoelectric modules held the dominant share in terms of revenue, accounting for around 71% in the global thermoelectric modules market. Nonetheless, it is the micro thermoelectric module segment that is projected to witness the fastest growth in terms of revenue in the global thermoelectric modules market during the forecast period.

Geography-wise, the global thermoelectric modules market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific is the leading regional sector in the global thermoelectric modules market and is projected to continue its dominance during the forecast period. Japan and China are the major markets for thermoelectric modules in Asia Pacific. Factors such as the low manufacturing cost due to cheap labor and overhead costs and elevated demand for modules in several application sectors in Asia Pacific is driving this regional market in the global thermoelectric modules market.

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Players in the global thermoelectric modules market will benefit from the opportunity offered by waste heat recovery from industrial applications. In addition to this, the growing use of larger thermoelectric systems for specific applications will also provide a good growth opportunity to players operating in the global thermoelectric modules market. Some of the key players operating in the global thermoelectric modules market are RMT, Tellurex, KELK, Marlow, Lair Technologies, Crystal, Toshiba Materials, and Perpetua Power Source Technologies.

Key Segments of the Global Thermoelectric Modules Market

Thermoelectric Modules Market Analysis, by Technology
Single-stage
Multi-stage

Thermoelectric Modules Market Analysis, by Type
Bulk Thermoelectric Modules
Micro Thermoelectric Modules
Thin Film Thermoelectric Modules

Bulk Thermoelectric Modules Market Analysis, by Application
Consumer Electronics
Telecommunication
Medicine and Laboratories
Automotive
Defense and Space
Industrial Applications
Energy Harvesting

Micro Thermoelectric Modules Market Analysis, by Application
Lasers and LEDs
Photodiodes and Arrays
Detectors and Sensors
Medicine and Laboratories
Automotive
Energy Harvesting

Thin Film Thermoelectric Modules Market Analysis, by Application
Consumer Electronics
Medicine and Laboratories
Automotive
Detectors and Sensors
Energy Harvesting
Others

In addition, the report provides cross sectional analysis of the thermoelectric modules market with respect to following geographical segments:

North America
U.S.
Rest of North America

Europe
UK
Italy
Germany
Russia
Rest of Europe

Asia-Pacific
Japan
China
India
Australia
Rest of Asia Pacific

Middle East and Africa (MEA)
Israel
UAE
Saudi Arabia
Qatar
South Africa
Rest of MEA

Latin America
Brazil
Rest of Latin America

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