According to Transparency Market Research, the global thermoelectric modules market is predicted to grow at a CAGR of 9.5% during the forecast period from 2015 to 2023. They say the market had registered revenue worth $364.1 Million in 2014, which is further expected to increase up to $829.5 Million by the end of 2023. Geography-wise, the global thermoelectric modules market is spread across Europe, North America, Asia Pacific, the Middle East and Africa, and Latin America. Of these, Asia Pacific came out as a winning segment and contributed to revenue worth $120 Million. Growth is expected to continue in future, as several renowned companies are getting established in the market. North America too is expected to witness a spectacular growth in this market with rapid industrialization and urbanization happening this region.
- Presence of Numerous Advantages Makes Companies Prefer Thermoelectric Modules
- High Costs of Modules Dampens Growth Mainly in Developing Regions
- Thanks to the various advantages offered by thermoelectric modules over other conventionally-used cooling systems, the former type of technology is being used on a large-scale basis, thereby driving the associated market's growth.
- With the number of players entering the market expected to increase steadily, the competition is anticipated to highly intensify soon.
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Transparency Market Research