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Thermoelectric Modules Market Growth Boosted by Increased Construction Activities | Technavio

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by December 26, 2017 General

The latest market research report by Technavio
on the global
thermoelectric modules market
predicts a CAGR of close to 10%
during the period 2017-2021.

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http://www.businesswire.com/news/home/20171226005118/en/

Technavio has published a new market research report on the global thermoelectric modules market fro ...

Technavio has published a new market research report on the global thermoelectric modules market from 2017-2021. (Graphic: Business Wire)

The report segments the global thermoelectric modules market by
application (commercial and government) and by geography (the Americas,
EMEA, and APAC). It provides a detailed illustration of the major
factors influencing the market, including drivers, opportunities,
trends, and industry-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 modules
    market 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
    close to 35% share
  • Ferrotec, KELK, Laird, and II-VI Marlow are the leading players in the
    market

This report is available at a USD 1,000 discount for a limited time
only:
View
market snapshot before purchasing

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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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a free sample report

Technavio’s sample reports are free of charge and contain multiple
sections of the report including the market size and forecast, drivers,
challenges, trends, and more.

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.

Get a sample copy of the global
thermoelectric modules market
report free of cost

Access Technavio’s continuously growingembedded
systems
research library and find expert analysis on hundreds of
markets.

About Technavio

Technaviois a leading global technology research and advisory company. Their
research and analysis focuses on emerging market trends and provides
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develop effective strategies to optimize their market positions.

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