September 12, 2023 04:31 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Sept. 12, 2023 (GLOBE NEWSWIRE) -- The global Thermoelectric Module Market Size was valued at USD 502.0 million in 2022 and is projected to reach USD 1,195.7 million by 2030, exhibiting a CAGR of 12.0% during the forecast period. Fortune Business Insights presents this information in their report titled Global Thermoelectric Module Market Forecast, 2023–2030. TEC Cooled CCD Camera
Thermoelectric Module (TEM) is a semiconductor electronic component that works as a small cooler to transfer heat from one side to another. TEM is mainly used for safe electronic equipment, such as robotic equipment, cold water dispensers, computer processors, and food & beverage containers, in case of hot and harsh environments.
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/thermoelectric-module-market-100590
TEC Microsystems established its subsidiary in Georgia to provide seamless and uninterrupted shipment of thermoelectric coolers in the country.
Discover the Leading Players Featured in the Report:
“Companies leading the Thermoelectric Module Market Are Trilinear Technologies (U.S.), Synopsys, Inc. (U.S.), Lattice Semiconductor (U.S.), Advanced Micro Devices, Inc. (Israel), Microchip Technology, Inc. (U.S.), Intel Corporation (U.S.), Logic Fruit Technologies (India), Rambus (U.S.), Aten International Co. Ltd. (Taiwan), Analogix Semiconductor, Inc. (U.S.), Parretto B.V. (Netherlands), T2M GmbH”
https://www.fortunebusinessinsights.com/industry-reports/thermoelectric-module-market-100590
Surging Need for Renewable Energy Generation Technology to Propel Market Growth
The increasing demand for renewable energy is anticipated to uplift the thermoelectric module market share. Conventional energy generation sources, such as oil generators and thermal power plants, are expensive; hence, they won’t be affordable in future. It also creates huge pollution, causing global warming and ozone layer depletion. Therefore, the need for eco-friendly and cost-effective methods for energy generation is increasing. Thus, the thermoelectric module market growth is anticipated to witness a rise during the forecast period.
The number of processes in the manufacture of thermoelectric or thermoelectric cooler modules is very high and the operational cost of this process is huge, which increase the cost of the final product, thereby restricting market growth.
Asia Pacific to Dominate the Market owing to Increasing Demand for Thermoelectric Coolers
The Asia Pacific market is expected to dominate globally. The rising demand and use of thermoelectric cooler devices in the automotive and healthcare sectors is propelling the market growth in the region. Due to the availability of top competitors in Taiwan, China, and Japan, the market is estimated to grow during the projected period.
In North America, the U.S. market is anticipated to witness significant growth during the projected period. It is due to the adoption of modern technology in the automotive industry and manufacturing sectors in the U.S. and Canada.
Quick Buy - Thermoelectric Module Market Research Report:
https://www.fortunebusinessinsights.com/checkout-page/100590
TE Technology Holds the Highest Market Share due to Huge Manufacturing Units
Among the key companies, TE Technology leads the market share as it generates the highest revenue worldwide. Moreover, TEC Microsystems GmbH, Crystal Ltd., Ferrotec Corporation, KYROTHERM, KELK Ltd., RMT Ltd., Thermonamic Electronics (Jiangxi) Corp. Ltd., II-VI Incorporated, and others have increased their thermoelectric module production capacity in various countries, contributing to the market growth.
How big is the Thermoelectric Module Market?
Thermoelectric Module Market size was USD 502 million in 2022
How fast is the Thermoelectric Module Market growing?
The Thermoelectric Module Market will exhibit a CAGR of 12% during the forecast period, 2023-2030
Semiconductor Market: Size, Trends, Growth 2029
Semiconductor Glass Market: Size, Share, Trends, Forecast 2030
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Thermoelectric Cooling Air Conditioner Fortune Business Insights™ Pvt. Ltd.