Albany, NY -- (SBWIRE) -- 07/07/2016 -- Due to the growing public interest in environmental issues, the significance of thermoelectric power generation, a technology of energy conversion, is being re-realized. This has resulted in the increasing application of thermoelectric modules across industries. According to a report published by Transparency Market Research, the global thermoelectric modules market is projected to surge at a CAGR of 9.5% between 2015 and 2023. The report is titled "Thermoelectric Modules Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023" and is available for sale on the company's website.

Based on in-depth analysis, the report has pegged the global thermoelectric modules market to reach US$829.05 mn by the end of 2023. The market stood at US$364.1 mn in 2014. Thermoelectric modules are capable of converting waste heat into electrical energy. The characteristics of thermoelectric modules have further improved with the advent of the latest technologies. This in turn has significantly boosted the prospects of thermoelectric power generation worldwide.

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A wide range of thermoelectric modules are available in the market. However, standard solutions may not cater to varying consumer needs. Features of a thermoelectric module must be conducive to the related application; hence, customized thermoelectric modules are more likely to yield optimal thermal solutions. Therefore, manufacturers around the world are focusing on producing cost-effective thermoelectric products for catering to evolving consumer needs. The majority of these manufacturers have adopted a flexible production process, which helps them provide quality thermoelectric products.

Based on technology, the global thermoelectric modules market was led by the single-stage thermoelectric modules. The segment accounted for approximately 85% of the market in 2014. However, during the forecast period, the multi-stage thermoelectric modules are expected to report the fastest CAGR of 11.3%. The increasing demand for multi-stage thermoelectric modules in low-temperature applications that require small or medium cool capacity is boosting demand from the segment.

Browse the full Thermoelectric Modules Market Report at http://www.transparencymarketresearch.com/thermoelectric-modules-market.html

On the basis of type of thermoelectric modules, the bulk thermoelectric modules dominated the market in 2014, accounting for a share of 71%. However, the report projects thin film thermoelectric modules to report growth at the fastest pace during the forecast period. The increasing application of thin film thermoelectric modules in consumer electronics

Regionally, Asia Pacific held the largest share in the global thermoelectric modules market in 2014 at 33%. China and Japan have emerged as the most lucrative markets for thermoelectric modules in this region.

To study the competition prevailing in the market, the report also profiles companies such as Tellurex Corporation, Ferrotec Corporation, RMT Ltd., Laird Technologies, Inc., KELK Ltd., TE Technology, Inc., Marlow Industries, Thermion Company, Green TEG AG, EVERREDtronics Ltd., Micropelt GmbH, Kryotherm, Hi-Z Technology, Inc., and Ferrotec Nord Corporation.

The report segments the global thermoelectric modules market as:

Thermoelectric Modules Market Analysis, by Technology

Single-stage
Multi-stage

Thermoelectric Modules Market Analysis, by Type

Bulk Thermoelectric Modules
Micro Thermoelectric Modules
Thin Film Thermoelectric Modules

Bulk Thermoelectric Modules Market Analysis, by Application

Consumer Electronics
Telecommunication
Medicine and Laboratories
Automotive
Defense and Space
Industrial Applications
Energy Harvesting

Micro Thermoelectric Modules Market Analysis, by Application

Lasers and LEDs
Photodiodes and Arrays
Detectors and Sensors
Medicine and Laboratories
Automotive
Energy Harvesting

Thin Film Thermoelectric Modules Market Analysis, by Application

Consumer Electronics
Medicine and Laboratories
Automotive
Detectors and Sensors
Energy Harvesting
Others

Thermoelectric Modules Market by Geography

North America
Europe
Asia-Pacific
Middle East and Africa (MEA)
Latin America

About Transparency Market Research
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.