The thermoelectric coolers market size was valued at $569.0 million in 2020, and is expected to reach $1,321.1 million by 2030, registering a CAGR of 8.7% from 2021 to 2030. Thermoelectric cooling is based on the Peltier effect to create a heat flux at the junction of two different types of materials. Peltier cooler, heater, or thermoelectric heat pump is a solid-state active heat pump, which transfers heat from one side of the device to other, with consumption of electrical energy, depending on direction of the current. The effect creates a temperature difference by transferring heat between two electrical junctions.
The major factor that propels growth of the thermoelectric coolers market is growth of electric and luxury vehicles. There has been a rise in adoption of electric vehicles around the globe in past few years. These cars have air conditioners and automobile mini refrigerators installed in them that have thermoelectric coolers in them. In addition, commercially available thermoelectric coolers are used in applications where design criteria of cooling system include factors such as high reliability, low weight, small size, intrinsic safety for hazardous electrical environments, and accurate temperature control. Thus, stability and low vibrations of thermoelectric coolers help to drive the thermoelectric coolers market.
However, thermoelectric coolers are higher in cost compared to traditional heating and cooling systems, which acts as a restraint to the market. Furthermore, during the outbreak of the COVID-19 pandemic, construction, manufacturing, hotel, and tourism industries were majorly affected. Manufacturing activities were halted or restricted. Offices and industries were closed. This led to decline in manufacturing of thermoelectric coolers as well as their demand in the market, which restrains the thermoelectric coolers market growth. Conversely, industries are gradually resuming their regular manufacturing and services. This is expected to lead to re-initiation of thermoelectric coolers companies at their full-scale capacities, which is expected to help the thermoelectric coolers market to recover by the end of 2021.
On the contrary, development of thermoelectric coolers for new application areas further boosts the thermoelectric coolers market during the forecast period.
By Design
Special design segment is projected to grow at a significant 9.7% CAGR
On the basis of model, in 2020, the single stage segment dominated the thermoelectric coolers market, in terms of revenue and is expected to witness growth at the highest CAGR during the forecast period. In 2020, the standard design segment dominated the thermoelectric coolers market, whereas the special design segment is expected to witness growth at the highest CAGR in the future. By end-user industry, the consumer electronics segment led the market in 2020, in terms of revenue; however, the automotive segment is anticipated to register highest CAGR during the forecast period. Region wise, Asia-Pacific garnered the highest revenue in 2020; however, LAMEA is anticipated to register highest CAGR during the forecast period.The thermoelectric coolers market is segmented into model, design, end-user industry and region.
By Model
Multi stage segment is expected to grow at a significant rate during the forecast period.
By model, the market is segregated into single-stage and multi-stage. On the basis of design, it is divided into special design and standard design. End-user industry covered in the study includes consumer electronics, telecommunications, automotive, and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Spain, and rest of Europe), Asia-Pacific (China, Japan, South Korea, Taiwan, India, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
By Region
Asia-Pacific holds a dominant position in 2020 and LAMEA is expected to grow at a highest rate during the forecast period.
Competition analysis
The major players profiled in the thermoelectric coolers market include Crystal Ltd., Ferrotec Corporation, II-VI Incorporated, Kryotherm Industries, Merit Technology Group, TE Technology, Inc., Thermion Company, Thermonamic Electronics (Jiangxi) Corp., Ltd., Xiamen Hicool Electronics Co.,Ltd. and Z-MAX Co. Ltd. Major players in the market have adopted product launch and acquisition as their key developmental strategy to offer better products and services to customers in the thermoelectric coolers market.
Key Benefits For Stakeholders
- The report provides an extensive analysis of the current trends, future estimations, and dynamics of the thermoelectric coolers market.
- In-depth thermoelectric coolers market analysis is conducted by estimations for the key segments between 2021 and 2030.
- Extensive analysis of the market is conducted by following key product positioning and monitoring of top competitors within the market framework.
- A comprehensive analysis of four major regions is provided to determine the prevailing opportunities.
- The thermoelectric coolers market forecast analysis from 2021 to 2030 is included in the report.
- The key market players operating in the market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the thermoelectric coolers industry.
Thermoelectric Coolers Market Report Highlights
| Aspects | Details |
 By Model |
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 By Design |
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 By END-USER INDUSTRY |
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 By Region |
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 Key Market Players | II-VI Incorporated, Z-MAX Co. Ltd, Ferrotec Corporation, Xiamen Hicool Electronics Co., Ltd., Merit Technology Group, Thermion Company, Crystal Ltd., TE Technology, Inc., Kryotherm Industries, Thermonamic Electronics (Jiangxi) Corp., Ltd. |
Analyst Review
The thermoelectric coolers market was valued at $569.0 million in 2020, and is expected to reach $1,321.1 million by 2030, registering a CAGR of 8.7% from 2021 to 2030. Growth of electric and luxury vehicles has led to increase in demand for thermoelectric coolers in air conditioners and mini refrigerators that are installed in cars. In addition, stability and low vibration of thermoelectric coolers drive the thermoelectric coolers market.
However, high costs compared to traditional heating and cooling systems act as a major restraint for the market. On the contrary, development of thermoelectric coolers for new application areas is expected to create opportunities for growth of the thermoelectric coolers market during the forecast period.
Major companies in the market have adopted strategies such as product launch and acquisition to offer better services to customers in the thermoelectric coolers market.
The thermoelectric coolers market was valued at $569.0 million in 2020, and is expected to reach $1,321.1 million by 2030, registering a CAGR of 8.7% from 2021 to 2030.
The forecast period considered for the global thermoelectric coolers market is 2021 to 2030, wherein, 2020 is the base year, 2021 is the estimated year, and 2030 is the forecast year.
To get latest version of global thermoelectric coolers market report can be obtained on demand from the website.
The base year considered in the global thermoelectric coolers market report is 2020.
The top companies holding the market share in the global thermoelectric coolers market report include Crystal Ltd., Ferrotec Corporation, II-VI Incorporated, Kryotherm Industries, Merit Technology Group, TE Technology, Inc., Thermion Company, Thermonamic Electronics (Jiangxi) Corp., Ltd., Xiamen Hicool Electronics Co.,Ltd. and Z-MAX Co. Ltd.
How can I get statistical data of top market players of global thermoelectric coolers market?
By model, the single stage segment dominated the global thermoelectric coolers market, in terms of revenue and is expected to maintain this trend during the forecast period.
By end-user industry, the consumer electronics segment is the highest share holder of global thermoelectric coolers market
The report contains an exclusive company profile section, where leading 10 companies in the market are profiled. These profiles typically cover company overview, geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.
The market value of the global thermoelectric coolers market is $624.8 million in 2021.
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