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The thermoelectric coolers market size is forecast to increase by USD 336.5 million, at a CAGR of 8.51% between 2023 and 2028. Thermoelectric coolers (TECs) are advanced cooling solutions that convert thermal energy into electrical energy, making them an eco-friendly alternative to conventional cooling systems. Market vendors, such as Panasonic, Qms cooling, and TE Technology, are strategically investing in the development and production of TECs to cater to various industries, including automotive, healthcare, and telecommunications. TECs offer several benefits over conventional cooling systems, including energy efficiency, quiet operation, and compact size. Moreover, TECs are increasingly being developed for new application areas, such as wearable technology and portable electronics, due to their ability to provide cooling without the need for moving parts. This innovation in cooling technology is revolutionizing industries and setting new standards for energy efficiency and sustainability.
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The Peltier effect is central to advancements in thermoelectric cooling and thermoelectric heat pumps, which are increasingly used across various industries. This phenomenon involves a temperature difference across a junction to create either heating or cooling effects. Peltier coolers and heaters leverage this effect for applications in IT and telecommunications, aerospace and defense, and consumer electronics. In healthcare devices and medical devices, they manage temperature for sensitive equipment. Thermoelectric generators are employed for renewable energy solutions, reducing reliance on fossil fuels and lowering CO2 emissions. Battery thermal management systems and space cooling are enhanced by this technology, providing efficient alternatives to traditional cooling methods. Cold water dispensers, food & beverage containers, and portable air or water refrigerators benefit from improved heat flux management. These innovations support environmental safety by offering energy-efficient solutions and addressing water distillation needs.
One of the key factors driving growth in the thermoelectric coolers market is the strategic initiatives of market players. The global thermoelectric coolers market is highly competitive. Vendors in the market adopt strategies such as mergers and acquisitions (M and A), expansion projects, new product launches, and expansion of their production capacity to handle the competition in the market. Vendors invest in developing customized solutions to improve their position in the market. Moreover, the intense competition in the market is expected to compel established vendors to increase their market presence through M and A and strategic alliances. With the increasing demand for thermoelectric modules from end-users, vendors are opting for M and A and strategic alliances to expand their customer base. These strategic initiatives of market vendors enhance their operations and help them increase their geographical presence. Thus, such initiatives will drive the growth of the global thermoelectric coolers market.
Key Market Trends
The growing adoption in EVs and luxury vehicles is a thermoelectric coolers market trend that is expected to have a positive impact in the coming years. The demand for thermoelectric coolers in automotive applications is expected to increase with the rise in focus on the digitization of automobiles. The global automotive industry is shifting toward electric-based propulsion. Automobiles are being equipped with advanced electronic systems and components for various functions. As a result of the shift toward electric-based propulsion, the battery temperature of automobiles needs to be regulated. Thus, thermoelectric modules are being deployed in temperature control systems to regulate the battery temperature in EVs and HEVs. Factors such as the growing adoption of EVs and autonomous vehicles will propel the demand for thermoelectric modules and augment the growth of the market in focus.
Major Market Challenge
The drawbacks associated with thermoelectric coolers will be a major challenge for the thermoelectric coolers market during the forecast period. Thermoelectric coolers have various drawbacks that make them inefficient. For instance, the current flowing through the module can produce a significant amount of heat. This excessive amount of heat gets added to the overall heat generated in the respective application. In large-scale applications, the additional heat needs to be removed by deploying additional fans that can consume a great amount of electricity. These factors can make the use of thermoelectric coolers very expensive and unsuitable for large-scale applications. The application areas of thermoelectric coolers and the conditions in which they are deployed influence their workability and suitability. Thus, the drawbacks of thermoelectric coolers can pose a challenge to vendors as they can hamper the growth of the global thermoelectric coolers market.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Align Sourcing LLC: The company offers thermoelectric coolers such as Standard, Miniature Thermoelectric Modules, High Power Density Modules, Center Hole Modules, and Multistage Modules.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The general purpose segments is estimated to witness significant growth during the forecast period. General-purpose thermoelectric coolers are single-stage modules that are designed for heat pumping capacities. They are designed in a variety of common shapes and sizes that meet medium to low heat pumping capacities. This makes them ideal for a range of precisive temperature control applications. For instance, they can be deployed for applications such as automotive, consumer electronics, healthcare, industrial, telecommunications, mining, aerospace and defense, and oil and gas. However, they have comparatively lower heat pumping capabilities when compared with that of multistage thermoelectric modules.
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The general purpose segments accounted for USD 382.80 million in 2018 and showed a gradual increase during the forecast period. Micro-thermoelectric modules offer several advantages and are ideal for applications where small size is required, when compared with traditional compressor-based refrigeration systems. Micro-thermoelectric modules are lightweight and compact, which has triggered their use in the consumer electronics sector. They are being widely deployed in telecommunications equipment due to their compact size. In consumer electronics, these modules are used for cooling of telecom devices, central processing units, and battery thermal management systems. Thus, the growing adoption of consumer electronics is also expected to aid the sales and demand for general-purpose thermoelectric coolers during the forecast period.
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APAC is estimated to contribute 45% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC leads the global thermoelectric coolers market due to its dominance in the automotive and consumer electronics markets. Countries such as China, Japan, South Korea, and India are among the key countries in the regional market. The region has witnessed the growing adoption of electric vehicles (EVs) in recent years. A rise in consumers' willingness to spend on household appliances and consumer electronics, particularly in emerging economies, such as India and other Southeast Asian countries, including Thailand, Vietnam, and Hong Kong, has supported the growing demand for thermoelectric coolers in APAC.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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Thermoelectric heat pumps and Peltier coolers are transforming traditional heating and cooling systems across various sectors. These thermoelectric coolers and heaters utilize materials like germanium, bismuth, and tellurium to provide efficient thermal management. In automobiles, mini refrigerators and battery thermal management systems benefit from their low weight and intrinsic safety, enhancing performance in electric & luxury vehicles. In air conditioners and robotic equipment, these systems offer advanced solutions compared to traditional systems. They also play a role in thermal power plants and oil generators, contributing to energy efficiency. IoT applications in smart homes, smart offices, and smart devices leverage these technologies for food security and cold chains. Additionally, they are crucial in healthcare technologies, such as MRI and CT scan machines, where bulk, micro, and thin film thermoelectric materials are used. This innovation supports industries including construction, hotel, tourism, and defense, and benefits SMEs and electronic devices across various applications.
Market Scope |
|
Report Coverage |
Details |
Page number |
134 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.51% |
Market growth 2024-2028 |
USD 336.5 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.66 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 45% |
Key countries |
US, China, Germany, Japan, and South Korea |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Align Sourcing LLC, Beijing Huimao Cooling Equipment Co. Ltd., Crystal Ltd., EVERREDtronics, Ferrotec Holdings Corp, Hi Z Technology, HiTech Technologies Inc., II VI Inc., KELK Ltd., Kryotherm, Kyocera Corp., Laird Thermal Systems Inc., Merit Technology Group, P and N Technology Xiamen Co. Ltd., TE Technology Inc., TEC Microsystems GmbH, Thermion Co., Thermonamic Electronics Jiangxi Corp. Ltd., Wellen Technology Co. Ltd., and Xiamen Hicool Electronics Co. Ltd. |
Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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