Thermoelectric Modules Market Growth Boosted by Increased Construction Activities 2020

The global thermoelectric modules market predicts a CAGR of close to 10% during the period 2017-2021. The report segments the global thermoelectric modules market by application (commercial and government) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges. 

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Here are some key findings of the global thermoelectric modules market, according to Technavio hardware and semiconductor researchers: 

• Increased construction activities: a major market driver 
• The commercial segment dominated the global thermoelectric modules market in 2016, accounting for more than 71% of the share in terms of revenue 
• In 2016, APAC accounted for the largest share of the market, with close to 35% share 
• Ferrotec, KELK, Laird, and II-VI Marlow are the leading players in the market 
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Increased construction activities: a major market driver 

Increased construction activities are one of the major factors driving global thermoelectric modules market. Development in the construction industry plays a significant role in boosting the global thermoelectric modules market. New construction in the residential, commercial, and industrial sectors have increased the demand for heating, ventilation, and air conditioning (HVAC) systems that are integrated with thermoelectric modules. This improves building efficiencies, thereby generating high revenue for the market. Innovations in building design and increased focus on energy efficiency for buildings have created an opportunity for thermoelectric module manufacturers to increase their market foothold. 

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APAC: largest thermoelectric modules market 

The thermoelectric modules market in APAC is expected to grow at a CAGR of more than 10% during the forecast period. IR thermography in the region is driven by increased demand for IR thermal cameras for manufacturing facilities, failure detection analysis of electronic parts, crystal growth techniques, quality control, and process control and facilities management from countries such as China, Japan, South Korea, India, and Singapore. These IR cameras are integrated with thermoelectric modules. Hence, with the increasing demand for IR cameras, the market for thermoelectric modules will also grow.