Quadintel published a new report on the Thermoelectric Modules Market. The research report consists of thorough information about demand, growth, opportunities, challenges, and restraints. In addition, it delivers an in-depth analysis of the structure and possibility of global and regional industries.
Global Thermoelectric Modules Market is valued approximately USD $$ million in 2021and is anticipated to grow with a healthy growth rate of more than $% over the forecast period 2022-2030.
The thermoelectric module is also known as a Peltier module that is a semiconductor-based electronic device that functions like a small heat pump. This module is used to transfers heat from one side of the device to the other. Additionally, these modules can instantly cool and warm an object by creating temperature variances.
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The rising benefits of TEMs over conventional systems, increasing demand for electric and luxury vehicles, coupled with the growing trend of automation in industrial, commercial, and residential sectors are primary factors that are bolstering the market demand across the globe. For instance, electric car sales reached an account of 3 million in 2020, more than 40% from 2019. Moreover, for 2030, the Net Zero Emissions by 2050 Scenario projects 300 million electric cars on the road and recorded with above 60% of new car sales, in comparison of only 4.6% in 2020. Consequentially, increasing use for an electric vehicle is surging the demand for thermoelectric modules, thus, in turn, augments the market growth. However, high costs compared to traditional heating/cooling systems and inherent disadvantages and design complexities impede the growth of the market over the forecast period of 2022-2028. Also, the development of TEMs for new application areas and rising demand for thermoelectric coolers for storage and transport is anticipated to act as a catalyzing factor for the market demand during the forecast period.
The key regions considered for the global Thermoelectric Modules Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading region across the world in terms of market share owing to surging demand for HVAC devices and commercial refrigeration, along with the introduction of novel technologies. Whereas, Asia-Pacific is anticipated to exhibit the highest CAGR over the forecast period 2022-2028. Factors such as rising investments in new vehicle technologies like electric vehicles, LiDAR, and autonomous vehicles, as well as penetration of the 5G technology, would create lucrative growth prospects for the Thermoelectric Modules Market across the Asia-Pacific region.
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Major market players included in this report are:
Guangdong Fuxin Technology Co. Ltd.
INHECO Industrial Heating & Cooling GmbH
Thermonamic Electronics (Jiangxi) Corp., Ltd.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Oil & Gas and Mining
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Furthermore, years considered for the study are as follows:
Target Audience of the Global Thermoelectric Modules Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
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The global market is forecast to witness a rapid growth, owing to increasing demand for technological advancements from end-users. Moreover, increasing investments in research and development activities, launches, partnerships, and other strategic initiatives will benefit the market. Furthermore, the growing focus of authorities towards increasing urbanization and industrialization is forecast to drive the market growth.
What is the key information extracted from the report?
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