Thermoelectric Modules Market Growth Boosted by Increased Construction Activities | Technavio
The latest market research report by Technavio on the global thermoelectric modules marketpredicts a CAGR of close to 10% during the period 2017-2021.
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Increased construction activities: a major market driver
Increased construction activities are one of the major factors driving global thermoelectric modules market. Development in the construction industry plays a significant role in boosting the global thermoelectric 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 integrated with thermoelectric modules. This improves building efficiencies, thereby generating high revenue for the market. Innovations in building design and increased focus on energy efficiency for buildings have created an opportunity for 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 CAGR of more than 10% during the forecast period. IR thermography in the region is driven by increased demand for IR thermal cameras for manufacturing facilities, failure detection analysis of electronic parts, crystal growth techniques, quality control, and process control and facilities management from countries such as China, Japan, South Korea, India, and Singapore. These IR cameras are integrated with thermoelectric modules. Hence, with the increasing demand for IR cameras, the market for thermoelectric modules will also grow.
According to Sunil Kumar Singh, a lead analyst at Technavio for research on embedded systems, “In APAC, the market is primarily driven by countries such as Japan, China, South Korea, and few countries from Southeast Asia. IoT devices will find many uses in smart homes. Many smart homes are in the construction phase in Japan, China, and South Korea. Therefore, smart thermostats and smart home appliances may find a ready market in these constructions. APAC is expected to dominate the IoT devices market, including smart ACs and smart thermostats during the forecast period. This will drive the adoption of thermoelectric modules for these smart devices.”
Competitive vendor landscape
The global thermoelectric modules market is highly fragmented with the presence of many large global vendors. The market is highly competitive with the players competing to gain larger market shares. The global thermoelectric modules market has a high potential for growth because of the increase in applications in devices across many sectors. Rapid advances in technology, intense competition, and the changing dynamics of the market are the key factors for the intense competition among vendors. With the increasing competition, the market will also see consolidation.
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