Thermoelectric Modules Market – Qualitative Benefits Propel Industrial Application of Thermoelectric Modules

The global thermoelectric modules market for demonstrates a high degree of consolidation with only a few players, namely, Marlow Industries, Ferrotec Corp., KELK Ltd., and Laird Technologies Inc., acquiring the lead, finds TMR in a study. To sustain the intensifying competition, key companies are increasingly focusing on innovations as well as advancements of thermoelectric systems existent in their portfolios.Penetration of international market through mergers, acquisitions, and collaborations is another significant strategy adopted by leading thermoelectric modules manufacturers, looking to expand their global footprints in order to gain competitive advantages. For instance, Laird Technologies recently acquired Nextreme Thermal Solutions, a U.S.-based thin film thermoelectric module producer.

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Going forward, the competition between these companies is likely to intensify due to the introduction of a number of advanced as well as cost-efficient thermoelectric systems in the near future. Manufacturers will require shifting their focus on scalability and configurability of thermoelectric modules to cater to a wide range of industrial applications in order to strengthen their positions. Advancements in their in-house production capabilities, leading to a low-cost production of thermoelectric assemblies and other thermoelectric devices, will also benefit these manufacturers in the long run.

Thermoelectric modules offer a number of advantages over conventional cooling systems. The properties such as compact geometric size, lower power consumption, precise temperature control and cycling, reliable solid state operations, integrated design, fully reversible switch in polarity, and rapid response time of these modules have fueled their popularity significantly. Thermoelectric systems are witnessing a widespread application in the semiconductor, automotive, telecommunications, aerospace, defense, medical and healthcare, and consumer electronics sectors, owing to these properties.

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On the flip side, the high cost of these modules, compared to traditional cooling and refrigeration systems, is creating hindrances in their adoption across various industry verticals. Although the continual research to develop highly effective thermoelectric systems at low costs is anticipated to minimalize the impact of this factor in the coming years.The demand for thermoelectric modules is registering a remarkable rise across the world,” finds TMR. Analysts estimate the global opportunity in thermoelectric modules to increase from US$364.1 mn in 2014 to US$829.5 mn by 2023, expanding at a CAGR of 9.50% between 2015 and 2023.