The thermoelectric modules market size has the potential to grow by USD 370 million during 2020-2024, and the market’s growth momentum will accelerate during the forecast period because of the steady increase in year-over-year growth.

The globalthermoelectric modules market predicts a CAGR ofclose to 10% during the period 2017-2021. report segments the global thermoelectricmodules market by application (commercial and government) and by geography (theAmericas, EMEA, and APAC). It provides a detailed illustration of the majorfactors influencing the market, including drivers, opportunities, trends, andindustry-specific challenges.

Here are some key findings of the global thermoelectric modules market,according to Technavio hardware and semiconductor researchers:

·        Increased construction activities: a major market driver

·        The commercial segment dominated the global thermoelectric modulesmarket in 2016, accounting for more than 71% of the share in terms of revenue

·        In 2016, APAC accounted for the largest share of the market, with closeto 35% share

·        Ferrotec, KELK, Laird, and II-VI Marlow are the leading players in themarket

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Increased construction activities: a major market driver

Increased construction activities are one of the major factors drivingglobal thermoelectric modules market. Development in theconstruction industry plays a significant role in boosting the globalthermoelectric modules market. New construction in the residential, commercial,and industrial sectors have increased the demand for heating,ventilation, and air conditioning (HVAC) systems that are integratedwith thermoelectric modules. This improves building efficiencies, therebygenerating high revenue for the market. Innovations in building design andincreased focus on energy efficiency for buildings have created an opportunityfor thermoelectric module manufacturers to increase their market foothold.

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APAC: largest thermoelectric modules market

The thermoelectric modules market in APAC is expected to grow at a CAGRof more than 10% during the forecast period. IR thermography inthe region is driven by increased demand for IR thermal cameras formanufacturing facilities, failure detection analysis of electronic parts,crystal growth techniques, quality control, and process control and facilitiesmanagement from countries such as China, Japan, South Korea, India, andSingapore. These IR cameras are integrated with thermoelectric modules. Hence,with the increasing demand for IR cameras, the market for thermoelectricmodules will also grow.

Competitive vendor landscape

The global thermoelectric modules marketis highly fragmented with the presence of many large global vendors. The marketis highly competitive with the players competing to gain larger market shares.The global thermoelectric modules market has a high potential for growthbecause of the increase in applications in devices across many sectors. Rapidadvances in technology, intense competition, and the changing dynamics of themarket are the key factors for the intense competition among vendors. With theincreasing competition, the market will also see consolidation.