Albany, NY, March 04, 2016 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research The global thermoelectric modules market was worth US$364.1 mn in 2014 and is expected to reach US$829.5 mn by 2023, at a CAGR of 9.5% from 2015 to 2023. Asia Pacific was the largest market for thermoelectric modules in 2014. Growth in this region is expected to be driven by low manufacturing cost and high demand for thermoelectric modules across various applications.
A large number of standard thermoelectric modules are available in the market. However, manufacturers of thermoelectric modules are fully aware that a standard solution would not always meet customers’ needs. Since many attributes need to be ascertained for each application, often a customized thermoelectric module would yield a more optimal thermal solution. Consequently, manufacturers focus on producing quick and cost-effective thermoelectric products and solutions catering to customer requirements. A flexible production process adopted by manufacturers help them provide better thermoelectric products and solutions that cater to varying customer needs. For instance, Laird Technologies, Inc. offers strong engineering services with a worldwide presence that supports thermal modeling, onsite concept generation, rapid prototyping, and thermal design for customized solutions.
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Thermoelectric modules can be used for applications that require heat removal ranging from milli-watts to several thousand watts. They permit stabilizing the temperature of an object above ambient temperatures and lowering it below ambient temperature. Moreover, the effect of a thermoelectric cooler is different from that of a heat sink because the former performs active cooling while the latter provides only passive cooling. This makes thermoelectric modules preferable over other conventional systems such as compressor systems and traditional refrigerant-based systems. Due to these advantages, the demand for thermoelectric modules is expected to remain strong during the forecast period.
On the basis of technology, the global thermoelectric modules market is segmented into single-stage and multi-stage segments. In 2014, single-stage thermoelectric modules were the most preferred, and accounted for around 85% of the overall thermoelectric modules market. However, multi-stage thermoelectric modules are expected to expand at a CAGR of 11.3% from 2015 to 2023. The most significant factor driving the market for multi-stage thermoelectric modules is the increasing demand for these modules in low-temperature applications where medium or small cooling capacity is required. The key applications of multi-stage thermoelectric modules include CCD arrays, analytical instruments, electro-optics, and IR detectors.
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The global thermoelectric modules market is segmented based on applications of bulk, micro and thin film thermoelectric modules. Key applications of bulk thermoelectric modules include telecommunications, medical, aerospace, and industrial applications. Bulk thermoelectric modules, being the most common type of thermoelectric modules, dominated the global thermoelectric modules market in 2014. However, with the growing adoption of thin film thermoelectric modules across different applications, this segment is expected to witness the highest growth during the forecast period. Key applications of thin film thermoelectric modules include consumer electronics, medical and laboratories, automotive, detectors and sensors and energy harvesting. Among different applications of thin film thermoelectric modules, in 2014, detectors and sensors accounted for around 37% share, in terms of revenue, of the global thin film thermoelectric module market.
Geographically, Asia Pacific is the largest market for thermoelectric modules globally and it is expected to maintain its dominant position throughout the forecast period. In 2014, Asia Pacific accounted for around 33% of the overall thermoelectric modules market. China and Japan are among the major markets for thermoelectric modules in this region. Growth of thermoelectric modules market in Asia Pacific is mainly supported by low manufacturing costs due to low labor and overhead costs and high demand for these modules across various application areas.
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Source:Transparency Market Research