Albany, NY -- (SBWIRE) -- 02/14/2019 -- Thermoelectric modules have been witnessing an immense rise in their demand since the last few years. The benefits offered by these modules, such as compact geometric size, precise temperature control and cycling, lower power consumption, and rapid response time, have boosted their popularity, increasing their adoption in a number of industries. The automotive, semiconductor, medical, laboratory, telecommunications, defense, aerospace, and consumer electronics sectors are widely employing these modules in various applications.

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On the other hand, the high cost associated with these modules, when compared to traditional cooling and refrigeration systems, is limiting their applications to some extent. However, continual research aimed at developing low-cost yet highly efficient thermoelectric systems is projected to minimize the impact of this factor over the next few years.

On the whole, the opportunity in thermoelectric modules looks increasing considerably. In 2014, it stood at US$364.1 mn. Rising at a CAGR of 9.50% during the period from 2015 to 2023, this opportunity is estimated to worth US$829.5 mn by the end of 2023.

Across the world, Asia Pacific, Latin America, Europe, North America, and the Middle East and Africa are considered as the main regional markets for thermoelectric modules. Among these, Asia Pacific has emerged as the key contributor to the overall revenue generated in this market, globally.

The presence of prominent thermoelectric modules manufacturers boosted this region to reach an opportunity worth US$120 mn in 2014. Supported by a high demand for these modules in Japan, South Korea, India, and various Southeast Asian nation, this opportunity is likely to rise at a CAGR of 9.60% between 2015 and 2023 and reach US$275.4 mn by 2023.

Analysts project Asia Pacific to remain leading over the next few years. However, North America is anticipated to present the most attractive opportunities for growth in the near future on account of the rising demand for these modules across a number of applications. Between 2015 and 2023, North America will register the fastest CAGR of 9.70%, estimates TMR.

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Shifting Preference to Augment Demand for Multi-stage Thermoelectric Modules

On the basis of technology, two types of thermoelectric modules are available worldwide: Single-stage modules and multi-stage modules. Currently, single-stage modules report higher adoption than multi-stage ones. In 2014, the demand for single-stage modules accounted for a share of 85% in the overall demand for thermoelectric modules. However, the market is likely to witness a shift in preference very soon due to the rising demand for these modules in low-temperature applications.