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Thermoelectric Cooler Market

Thermoelectric Cooler Market By Model (Single Stage, Multi-Stage), By Design (Special Design, Standard Design) & By End-user Industry (Consumer Electronics, Telecommunications) & By Region (Asia Pacific, Europe) - Global Market Insights 2022 to 2032

Analysis of Thermoelectric Cooler market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Thermoelectric Cooler Market Outlook (2022-2032)

The current valuation of the thermoelectric cooler market globally is US$ 672.31 Million in 2022. This market is anticipated to reach US$ 1548.34 Million by the end of 2032. The global thermoelectric cooler market is projected to grow with a CAGR of 8.7% during the forecast period.

Attributes

Details

Thermoelectric Cooler Market size (2022 A)

US$ 672.31 Million

Base Year for Estimation

2022

Forecast duration for this research

2022-2032

Forecasted Market value (2032 F)

US$ 1548.34 Million

Global Market Growth rate (2022-2032 E)

CAGR of 8.7%

Key Companies Profiled

  • Ferrotec Corporation
  • Applied Thermoelectric Solutions LLC
  • Adcol Electronics
  • Beijing Huimao Cooling Co., Ltd.
  • AMS Technologies
  • Analog Technologies

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Impetus behind the Profitability of Thermoelectric Coolers

The use of thermoelectric coolers in the consumer electronics sector is attributed to advantages such as effectiveness over conventional compressor-based refrigerators. Thermoelectric coolers are compact and lightweight, triggering the usage of this equipment.

The expansion in the consumer electronics sector owing to increasing digitalization and faster adoption of lifestyle alterations aids in growth in the market. The usability of thermoelectric coolers in the telecom field fosters demand for this device.

Great demand is driven by the automotive sector as thermoelectric coolers are applicable in the cooling and heating of vehicle seats. These coolers are efficient enough to provide separate cooling for both front and rear seats as per the need of the lodger. The rising trend of hybrid automobiles and electric vehicles is propelling the need for effective cooling solutions for maintaining stable temperatures in vehicles.

Thermoelectric coolers offer maximum cooling that controls the battery temperature and delivers maximum performance, given any external condition or environment. This is expected to support the sale of thermoelectric coolers in the forecast period.

Improvising the Comfort of a Bedding

Thermoelectric coolers are in trend used for improvising mattress comfort determined to give quality sleep. This effective application raised the demand for thermoelectric coolers in bedding. Manufacturers of bedding solutions are finding cooling gels insufficient after initial usage. This fosters the need for a technological approach to improving mattress quality for greater comfort and active cooling effects.

Initial prototypes have been developed. In the coming future, there would be an increased focus on novel device modeling in order to enhance the design before fabrication, coupled with the development of printed thermoelectric for use in textiles. This segment is likely to fetch a greater market share in thermoelectric cooler product applications.

Thermoelectric Cooler Market

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Historical Growth Performance of Thermoelectric Coolers Market

The recent global pandemic has raised concerns for maintaining, shipping, and storage of vaccines. Thermal electric coolers are anticipated to be in application in deployment as coolers for vaccines. The thermos electric cold chests are used for transporting vaccines to remote areas. Scientific laboratories use thermoelectric coolers for a range of functions, including forensic research and medical research.

The presence of a minimal temperature for several telecommunications operations has also led to an increased demand within the global market for thermoelectric coolers. These coolers are preferred for greater portability and the ability to maintain certain temperatures throughout. These coolers are efficient in the transportation of life-saving vaccines and medicines, especially in rural and remote terrains.

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Cost to be Among the Key Deterrents to Growth of Thermoelectric Cooler Market

Thermoelectric coolers are costlier than that traditional refrigerators. The manufacturing process of thermoelectric coolers is responsible for raising the cooling cost. The materials used in thermoelectric coolers, including tellurium, germanium, and bismuth alloys, are costly due to their high-performance ability, which increases the cost of final products.

Apart from production cost, the infrastructure and capital cost needed in this industry is high, which acts as a deterrent for manufacturers willing to opt for new techniques and investments. Thermal cycling applications tend to be less reliable in terms of higher temperatures. Alongside, vendors also face difficulties in maintaining test conditions.

Preference for Multistage Thermoelectric Coolers to Remain High

Multistage thermoelectric coolers are largely demanded due to their super cooling abilities. These coolers dominate in terms of market demand over other variants, such as a single stage. These multistage coolers are used in telecommunication, medicine, and the industrial sector leading to rising demand.

Based on the end-user industries, thermoelectric coolers are used in the automotive, medical, and consumer electronics sectors. The automotive sector is expected to create major growth in thermoelectric coolers in the forecast duration. There is a higher demand for vehicles with the latest and most luxurious features that generate application scope for thermoelectric coolers.

The domain of submarines is massive, and the use of thermoelectric coolers in this field is a testimony to the affluence of the global market for thermoelectric coolers. Furthermore, cooling within railroad cars is also done by installing thermoelectric coolers in its system. Besides this, the field of semiconductor manufacturing also deploys thermoelectric coolers in order to maintain the required temperature.

Wine cabinets, tissue preparation and storage, restaurant portion dispensers, parametric amplifiers, and stir coolers are some other areas wherein the use of thermoelectric coolers is indispensable.

Asia Pacific Remains the Goldilocks Region for Growth

Asia Pacific region is expected to become the largest market for thermoelectric coolers in the forecast duration. This growth is projected on the basis of the expansion of consumer goods, industrial automation, and the healthcare sector. Countries like India and China are expected to emerge as major markets for thermoelectric coolers due to high population demands.

Japan is projected to lead in terms of technological solutions owing to the rising technical invention in the country. Moreover, the flourishing automotive sector in the region is projecting the potential for rising thermoelectric cooler market revenue.

The market for thermoelectric coolers in North America has attracted commendable demand over the past decade. This increased regional demand owes to the prominence of key sub-domains such as thermal cycling, night vision aids, and osmometers in the US and Canada.

Recent Developments in the Thermoelectric Cooler Market

The thermoelectric coolers industry is highly competitive as there is low scope for product differentiation. The market companies compete based on flexibility, design, and functionality criteria of products to maintain market position. These players are focusing on cost optimization to ensure economies of scale. The research opted for material properties, and finding cheaper alternatives is expected to increase the thermoelectric cooler vendor’s revenue in the forecast period.

The big market players are focusing on the niche applications of thermoelectric coolers, such as automotive parts, medical usage, and consumer electronics, in the recent past. However, there is an emerging opportunity for vendors of thermoelectric coolers in multistage applications and novel usage areas. Rising customs duty is likely to offer an edge to local vendors over imports. Considering the progress in the technological landscape, thermoelectric coolers manufacturers should focus on portability and innovation to maintain a competitive advantage.

  • In April 2021, The Ferrotec company collaborated with metamaterial for the development of technological solutions. NanoWeb® is a revolutionary transparent conductive film made of an invisible (sub-micron) metal mesh that can be fabricated onto any soft or rigid surface.
  • AMS technologies invented an electrocaloric(EC) solid-state cooling module with thermal diodes(EKDM), these technology is based on electric diodes that align themselves in the electric field. Using the law of thermodynamics this resultant heat is dissipated in the heat sink causing the material to cool again.

Key Market Segments

  • By Model :

    • Single Stage
    • Multi-Stage
  • By Design :

    • Special Design
    • Standard Design
  • By End-User Industry :

    • Consumer Electronics
    • Telecommunications
    • Automotive
    • Others
  • By Region :

    • North America
    • Latin America
    • Asia Pacific
    • Europe
    • MEA

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The current valuation of the thermoelectric cooler market globally is USD 672.31 Million in 2022.

This market is anticipated to reach USD 1548.34 Million with a CAGR of 8.7% by end of 2032.

The key market players in thermoelectric coolers are- • Ferrotec Corporation, • Applied Thermoelectric Solutions LLC, • Adcol Electronics

Asia Pacific region is expected to become a major market for thermoelectric coolers.

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