The global thermoelectric cooler market size is projected to reach US$ 672.31 Million in 2022 and exhibit growth at a CAGR of 8.7% in the forecast period (2022-2032). As per the report, the global thermoelectric market is expected to be valued at US$ 1548.34 Million in 2032.
Increasing adoption of thermoelectric coolers in medical devices and laboratory instruments is expected to drive growth over the next ten years. Growing demand for more advanced medical devices has further increased the need for thermal management technology, which has led to surging usage of thermoelectric coolers in the medical industry.
Thermoelectric coolers are used as a type of heat sink to manage temperature fluctuations. These fluctuations occur due to the different power requirements from various components inside a medical device such as microprocessors and sensors.
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Medical devices and laboratories need efficient cooling systems with long-term reliability. For this reason, thermoelectric coolers have been increasingly adopted by the medical industry for their ability to provide highly reliable temperature control at low cost.
Moreover, rising use of thermoelectric coolers in consumer electronics such as laptops, tablets, and smartphones is anticipated to push growth in the global market. Thermoelectric coolers will continue to become more prevalent in electronics as they continue to evolve into miniaturized devices. Even though there are different types of cooling technologies available today, thermoelectric coolers offer competitive advantages in terms of power consumption, size, weight, reliability, and price, which make them an attractive option for various companies.
By model, the multi-stage cooler segment is estimated to dominate the global thermoelectric cooler market in the evaluation period. Multi-stage coolers provide improved cooling capabilities than single-stage coolers, while retaining the benefits of solid-state cooling.
They can transfer more heat than single-stage thermoelectric coolers. They are utilized in a wide variety of industries, including telecommunication, consumer goods, healthcare, and automotive.
Regionally, Asia Pacific is expected to account for a sizable revenue share of the global thermoelectric cooler market. Due to low labor costs and rising demand for thermoelectric coolers from the fast-growing semiconductor sector, the cost of production in this region has decreased in the past few years. China and India are anticipated to contribute significantly to the rising demand for thermoelectric coolers in the Asia Pacific region.
Key Takeaways:
- Asia Pacific is predicted to become the largest market for thermoelectric coolers during the forecast period.
- In terms of end-user industry, the automotive category is likely to generate a lion’s share in the thermoelectric cooler market during the evaluation period.
- Based on model, the multi-stage cooler segment is expected to hold the highest share in the thermoelectric cooler market between 2022-2032.
- In Asia Pacific, Japan thermoelectric cooler market is set to remain at the forefront on the back of technological advancements during the anticipated period.
- The market for thermoelectric coolers in North America is projected to create an absolute dollar opportunity during the projected period.
Growth Drivers:
- Growing need for thermoelectric coolers in the automobile industry to cool electrical components and batteries will drive market expansion.
- Rising demand for thermoelectric coolers from the telecommunications industry for usage in data centers and telecom equipment would push the market.
- Increasing demand for thermoelectric coolers in the military and defense industry for usage in portable electronics will drive the market.
Restraints:
- Thermoelectric coolers are not very energy efficient and they need 3 to 5 amps of current 12V to remain cold.
- Thermoelectric coolers are not temperature controlled and this can make them either too cold or too warm, which may hamper sales.
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Competitive Landscape:
Key players in the global thermoelectric cooler have adopted various strategies such as new product launches, collaborations, and mergers & acquisitions to offer a wide variety of products and services to customers and increase their market share.
For instance,
- In July 2021, Phononic bagged a growth investment led by US$ 50 Million from Sachs Asset Management’s sustainable investing company. Phononic seeks to increase investment in its sales and marketing, high-volume production capabilities domestically and abroad, as well as platform and product line for cooling and refrigeration.
- In August 2020, to provide active cooling in high-temperature situations for autonomous systems, machine vision, digital light processors, and optical transceivers, Laird Thermal System introduced its Hi-Temp ETX Series thermoelectric coolers.
Key Companies Profiled by Fact.MR
- Ferrotec Corporation
- Applied Thermoelectric Solutions LLC
- Adcol Electronics
- Beijing Huimao Cooling Co., Ltd.
- AMS Technologies
- Analog Technologies
More Valuable Insights on Thermoelectric Cooler Market
In the latest study, Fact.MR offers a detailed study on the global thermoelectric cooler market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of thermoelectric cooler through detailed segmentation as follows:
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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Key Questions Covered in the Thermoelectric Cooler Market Report
- What is the projected value of the thermoelectric cooler market in 2022?
- At what rate will the global thermoelectric cooler market grow until 2032?
- Which are the factors hampering the growth in the thermoelectric cooler market?
- Which region is expected to lead in the global thermoelectric cooler market during 2022-2032?
- Which are the factors driving the thermoelectric cooler market during the forecast period?
- What is the expected market value of the thermoelectric cooler market during the forecast period?
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