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The major players such as Ferrotec, Laird, II-VI Marlow, TE Technology, TEC Microsystems, Crystal Ltd., Kryotherm, RMT Ltd, Thermion Company, Thermonamic Electronics and Kelk Ltd.
Thermoelectric Modules Market projected to grow from USD 693 million in 2022 to USD 1,054 million by 2031 Growth Rate (CAGR) of 8.8% from 2022 to 2031. Kenneth Research recently added a report on Thermoelectric Modules Market Market which provides a detailed insight into the market scenario on the basis of the market size, market volume annual growth rate of the market over the forecast period, i.e., 2022-2031.
TEMs use the Peltier effect to create a temperature difference by transferring heat between 2 electrical junctions. These modules are mainly used in cooling devices, but they also find application in heating devices. Thermoelectric coolers are capable of cooling or heating a system based on the polarity of the DC power applied. Therefore, the simultaneous heating and cooling ability of TEMs is utilized to produce hot and cold water for different functions. For instance, it can produce hot water for a bath while delivering cold water for air cooling.
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In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country's goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
The Final Report will cover the impact analysis of COVID-19 on this industry:
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According to Verified Market Research, The Global Thermoelectric Modules Market was valued at USD 524.3 million in 2017 and is projected to reach USD 1.07 billion by 2025, growing at a CAGR of 8.46% from 2018 to 2025.
What is a Thermoelectric Module?
A thermoelectric modules, also called as a Peltier cooler or thermoelectric cooler, is a semiconductor-based electronic component. The thermoelectric modules functions as a small heat pump that moves heat from one side of a device to the other. Thermoelectric modules are also used to generate electricity by taking advantage of the temperature difference between the two sides of the module.
Global Thermoelectric Modules Market Outlook
In the report, the market outlook section mainly encompasses fundamental dynamics of the market which include drivers, restraints, opportunities and challenges faced by the industry. Drivers and Restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.
Factors such as the ability to improve vehicle fuel efficiency using thermoelectric modules as well as the increase in awareness concerning green energy are driving the growth of the Thermoelectric Modules market. Factors such as its high cost in comparison to conventional cooling as well as the low energy conversion efficiency rate in some thermoelectric modules are restraining the overall Thermoelectric Modules market growth.
Verified Market Research narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements which interests the client. The“Global Thermoelectric Modules Market” is mainly bifurcated into sub-segments which can provide a classified data regarding latest trends in the market.
Global Thermoelectric Modules Market Competitive Landscape
The“Global Thermoelectric Modules Market” study report will provide a valuable insight with an emphasis on global market including some of the major players such as Ferrotec, Laird, II-VI Marlow, TE Technology, TEC Microsystems, Crystal Ltd., Kryotherm, RMT Ltd, Thermion Company, Thermonamic Electronics and Kelk Ltd. Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above mentioned players globally.
Global Thermoelectric Modules Market , By Technology
• Single Stage
• Multi Stage
Global Thermoelectric Modules Market , By Type
• Bulk Thermoelectric
• Micro Thermoelectric
• Thin Film Thermoelectric
Global Thermoelectric Modules Market , By Functionality
• Deep Cooling Modules
• General Purpose Modules
Global Thermoelectric Modules Market , By End-Use Application
• Automotive
• Consumer Electronics
• Aerospace & Defense
• Medical & Laboratories
• Telecommunications
• Industrial
• Oil, Gas, & Mining
Global Thermoelectric Modules Market Geographic Scope
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o UK
o France
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Rest of Asia Pacific
• Latin America
o Brazil
• Rest of the World
RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our sales team.
Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
• The current as well as future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes an in-depth analysis of the market of various perspectives through Porter's five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post sales analyst support
The Final Report will cover the impact analysis of COVID-19 on this industry:
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