Research Nester has released a report titled “Thermoelectric Module Market – Global Demand Analysis & Opportunity Outlook 2028″ which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
Backed by the growing semiconductor and electronics industry, the application of various precise and compact units with relatively large amount of power and enhanced performance in electronic products has also observed a significant growth. The need for the deployment of thermoelectric module technology is also gradually increasing backed by the advancement in the special materials, which also require cooling for improved performance. Moreover, factors such as the increasing developments in the industrial and automobile and telecommunication sector along with the wearable device technology, are raising the need for the deployment of thermoelectric modules which are known to provide better performance and operation. Such factors are anticipated to drive the growth of the global thermoelectric module market.
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The global thermoelectric module market is anticipated to achieve a CAGR of 8.41% across the globe over the forecast period 2020-2028. The market is thriving on account of the 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. 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.
The global thermoelectric module market is segmented by type into micro modules, thin-film modules and bulk modules. Among these segments, the bulk modules segment registered the largest market share of 42.43% in the year 2019 and is anticipated to 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 grow by a CAGR of 7.56% during the forecast period and cross a value of USD 527.80 million by the end of 2028.
Geographically, the global thermoelectric module market is segmented by five major regions into North America, Europe, Middle East & Africa, Asia-Pacific and Latin America region, out of which, the market of Asia Pacific registered the largest market share of 41.26% in the year 2019 and is anticipated to gain an incremental $ opportunity of USD 17.96 million in the year 2020 as compared to the previous year. Additionally, the market in the region is further anticipated to reach a market value of USD 584.22 million by the end of 2028 by growing with the highest CAGR of 9.12% during the forecast period.
However, concerns regarding 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 studies existing competitive scenario of some of the key players of the global thermoelectric module market, which includes 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.
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The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Thermoelectric Module Market – Global Demand Analysis & Opportunity Outlook 2028″, analyses the overall thermoelectric module industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global thermoelectric module market in the near future.
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