Thermoelectric Refrigerator Market

Thermoelectric Refrigerator Market Outlook (2022-2032)

The global thermoelectric refrigerator market is set to enjoy a valuation of US$ 651.3 million in 2022 and further expand at a CAGR of 5.3% to reach US$ 1.09 billion by the end of 2032.

Domestic refrigerators and portable refrigerators are the two main types of thermoelectric refrigeration equipment. The availability of electrical power is the main distinction between these two.

The market for thermoelectric refrigeration systems is growing mostly due to the rising popularity of luxury and electric vehicles. In recent years, the usage of electric vehicles has increased globally, which has also driven the demand for thermoelectric refrigerators.

Report Attributes	Details
Thermoelectric Refrigerator Market Size (2022E)	US$ 651.3 Million
Forecasted Market Value (2032F)	US$ 1.09 Billion
Global Market Growth Rate (2022-2032)	5.3% CAGR
North America Market Share (2022)	23.2%
Europe Market Share (2022)	20.1%
Market Share of Top 3 Countries	34.3%
Key Companies Profiled	Crystal Ltd II-VI Incorporated TEC Microsystems GmbH ThermoElectric Cooling America Corporation Xiamen Hicool Electronics Co., Ltd. Merit Technology Group Thermion Company Z-MAX Co. Ltd

Thermoelectric Refrigerator Sales Analysis (2017-2021) Vs. Market Outlook (2022-2032)

When compared to traditional compressor-style refrigerators, thermoelectric refrigerators, which use the Peltier technique to create a heat flux between the junctions of two different materials, perform substantially better.

This is especially true when the cooling capacity is high. Thermoelectric refrigerators are employed in a wide range of applications due to the compact size of cooling units, their quiet operation, the lack of any moving parts, gases, or liquids, and their extended lifespan.

Sales of thermoelectric refrigerators are anticipated to increase as a result of high demand from numerous applications, including medical, automotive, residential, commercial, healthcare, and more.

Global consumption of thermoelectric refrigerators is set to increase at a CAGR of 5.3% to reach US$ 1.09 billion by 2032.

What Market Dynamics are Boosting Revenue Growth of Thermoelectric Refrigerator Producers?

“Technological Developments & High Investments on R&D Driving Thermoelectric Refrigerator Sales”

Technology has become a cutting-edge replacement for traditional refrigeration systems thanks to advancements in thermoelectric refrigeration systems throughout the years.

Researchers from all around the world have engaged in several R&D projects to improve the coefficient of performance (COP) of thermoelectric refrigerators.

• For instance, scientists from the Universidad Pblica de Navarra have created a household refrigerator that uses two equal thermoelectric components for cooling.

Each of these parts is a Peltier module, with the hot side connected to a two-phase thermosyphon and a thermosyphon with natural convection on the cold side (TPM) (TSV). The electric power consumption was decreased by using a computational model to simulate and develop this thermoelectric refrigerator and by doing an experimental thermosyphon optimization phase.

Additionally, adding two-phase thermosyphons to thermoelectric refrigerators allowed for a 66% increase in COP. Customers in developing nations, where the cost of electricity is relatively higher, may find these thermoelectric refrigerators to be quite useful.

What Can Benefit New Entrants in Expanding their Market Share?

“Developments in Design & Manufacturing Likely to Accelerate Revenue Generation of New Market Players”

Compact refrigerators with a minimum temperature of 4 degrees Celsius are based on thermoelectric refrigeration technology. However, there is potential for technology development to accelerate and be integrated into refrigerators for both, homes and supermarkets.

The thermoelectric refrigeration trend will be fuelled over the coming years by several advantages, such as:

• Compared to its equivalents that depend on compressors, they produce less vibration and noise pollution.
• Reduced emission of hazardous refrigerants will lower carbon footprint.
• Being free of pumps or coolers that compress refrigerants and turn them into liquid makes them more energy-efficient.

Which Regional Markets are Profitable for Thermoelectric Refrigerator Manufacturers?

“Sizable Metropolitan Population & Rising Awareness of Smart Electric Products in North America”

As the population in nations such as the United States and Canada possess more disposable income, North America is anticipated to account for a sizeable portion of the market.

Moreover, the region would adopt smart electrical equipment more widely due to factors such as a sizable metropolitan population base and an increase in nuclear households. Currently, North America is expected to account for 23.2% of the global market share.

Due to the launch of cutting-edge refrigeration products by well-known companies in the region, the Europe market is predicted to expand more quickly. That would draw attention to and persuade customers to buy smart refrigerators. In 2022, Europe is likely to hold 20.1% of the global market share.

The Asia Pacific market is expanding steadily due to its substantial population and household size. Strong demand for smart appliances to replace older models, increased disposable income, urbanization, and rising number of households are other important drivers for market expansion in Asia Pacific.

Major markets in the Asia Pacific for thermoelectric refrigerators are China and India. China is likely to account for 13.4% of the global market share in 2022.

How is Demand for Thermoelectric Refrigerators Evolving in Medical Science Applications?

“High Demand for Thermoelectric Refrigerators to Transport Perishable Pharmaceutical Components & Preserve Samples or Specimens”

Refrigerators are used in the medical sciences to cool samples or specimens to preserve them. These consist of various pharmaceutical or medical goods like vaccinations as well as refrigeration equipment for blood products like blood plasma.

When buying refrigerators for the aforementioned uses, dependability, and hygiene are among the top priorities. Due to issues with the transportation of these perishable pharmaceutical components, portable refrigeration solutions have been adopted, with thermoelectric refrigerators taking centre stage.

This novel idea in refrigeration makes it possible to use leftover electricity for effective cooling, which is crucial in addressing the present problems associated with the depletion of fossil fuels.

Competitive Landscape

Leading businesses are investing a lot in the creation of research institutes across several locations to develop improvements to their products.

To dominate the global market for thermoelectric refrigerators and hold a larger market share, they are implementing business strategies like sales contracts, alliances, acquiring technical know-how, product approvals, patents and events, partnerships, joint ventures, collaborations, digital marketing, acquisitions and mergers, capacity utilization, and technological advancements.

• In March 2021, Haier India unveiled a new series of magic convertible huge bottom-mounted refrigerators. This new collection of refrigerators has a special quality made possible by Haier's Advanced Triple Inverter Technology, which also permits greater energy savings and lower noise.
• Panasonic Corporation recently announced the availability of rental services for the Vixell, an insulated cooling box with outstanding insulation performance that leverages contactless power supply technology.

Key Segments Covered in Thermoelectric Refrigerator Industry Research

• Thermoelectric Refrigerator Market by Model :

  • Single-stage Thermoelectric Refrigerators
  • Multi-stage Thermoelectric Refrigerators

• Thermoelectric Refrigerator Market by End-use Industry :

  • Healthcare
  • Pharmaceuticals
  • Telecommunications
  • Automotive
  • Consumer Electronics
  • Residential

• Thermoelectric Refrigerator Market by Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA