Thermoelectric Coolers Market Size, Share, and Industry Analysis, By Type (Single Stage and Multi Stage), By Design (Special Design and Standard Design), By Temperature Range (Low Temperature, Mid Temperature, and High Temperature), By End User (Consumer Electronics, Manufacturing and Industrial, IT and Telecom, Automotive, Healthcare, Aerospace & Defense, Oil & Gas, and Others), and Regional Forecast, 2024-2032

A thermoelectric cooler refers specifically to a device that uses thermoelectric modules for cooling purposes. It is often synonymous with a Peltier cooler. In practical terms, a thermoelectric cooler typically consists of one or more thermoelectric modules sandwiched between heat sinks. When an electric current is applied to the modules, they transfer heat from one side (the cold side) to the other side (the hot side), resulting in cooling on the cold side. Thermoelectric coolers are commonly used in various applications, such as electronic device cooling, beverage coolers, portable refrigerators, and other small-scale cooling systems. The multitasking machine tools market is likely to continue evolving with advancements in technology, including the integration of artificial intelligence, machine learning, and further automation.

The rising demand from electric, energy and power, consumer electronics, and automotive sectors is enhancing the demand for thermoelectric coolers for cooling seats, cup holders, and small components. These coolers are enough to provide separate cooling units for both the rear and front seats to keep cool. The rising adoption of thermoelectric coolers from luxury and electric vehicles fuels the market growth. Additionally, growth in medical and consumer electronics sectors, which subsequently escalate the demand for Peltier coolers, driving the market growth. For instance, according to a NITI Ayog report based in India, the Indian medical sector market has grown by a CAGR of 15% in the last 3 years (2019-2022). All such factors drive the market growth.  

The COVID-19 pandemic had a mixed impact on the thermoelectric cooler market. It experienced disruptions in the supply chain due to factory closures, transportation restrictions, and a shortage of raw materials during lockdowns in different regions. This impacted production capabilities and timelines. Furthermore, it halted manufacturing facilities and reduced consumer spending on automotive and consumer electronic systems, which restricted the market in the first quarter of 2020.

The COVID-19 pandemic resulted in a rising demand for Peltier coolers in healthcare devices and a soaring demand for thermoelectric coolers for medical applications such as the transportation of vaccines and syringes. However, the sectors such as healthcare and IT & telecommunication were working in good conditions. Such factors provide lucrative opportunities for market growth during the COVID-19 pandemic.

Key Insights

The report covers the following key insights:

• Micro Macro Economic Indicators


• Drivers, Restraints, Trends, and Opportunities


• Business Strategies Adopted by Key Players


• Impact of COVID-19 on the Thermoelectric Coolers Market


• Consolidated SWOT Analysis of Key Players

Segmentation

Analysis by Type

Based on type, the global thermoelectric cooler market is segmented into single stage and multi stage.

A single-stage thermoelectric cooler consists of one thermoelectric module. It is simple in design  compared to a multi-stage thermoelectric cooler. It is compact in size and also cost-effective as compared to other modules. It found applications in consumer electronics, automotive, wearable devices, and gaming devices.

However, a multi-stage thermoelectric cooler has two modules: one module provides cooling and the other provides hot capacity. This type of cooler offers higher temperature capacity than single-stage thermoelectric coolers. All such factors drive the market growth.

Regional Analysis

The global thermoelectric cooler market is divided into five regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Asia Pacific is projected to lead the thermoelectric cooler market. It is attributed to factors such as the rising usage of thermoelectric coolers from the healthcare, automotive, and consumer electronics sectors. The rising disposable income of the population in economies such as India, Japan, and China, among others, which, in turn, raises spending on these products, which subsequently drives market growth.

North America is expected to grow potentially owing to the increasing demand from IT & telecom, automotive, and consumer electronics sectors to fuel the growth of the market. Thermoelectric coolers are utilized in the automotive sector for cooling seats, cup holders, and small compartments. The automotive industry's focus on comfort and convenience features has driven the adoption of thermoelectric cooling solutions. Such factors drive the market growth in North America.

The Europe market is projected to grow steadily owing to the rising demand for automotive and telecommunication sectors, which fuels the market growth. Moreover, Germany and Italy are famous for the automotive industries. Such factors fuel the market growth.

The Middle East & Africa and South America markets are anticipated to grow moderately owing to the rising utilization of thermoelectric cooler for electronic devices. Furthermore, the rising investment in IT and telecommunication sector, subsequently creates the demand for thermoelectric cooler, driving the market growth.

By region, the distribution of the thermoelectric cooler market is as follows:

• North America – 18%


• Europe – 21%


• Asia Pacific –52%


• Middle East & Africa – 6%


• South America -3%

Key Players Covered

Major players in the market include Ferrotec Corporation, Applied Thermoelectric Solutions LLC, Adcol Electronics, Beijing Huimao Cooling Co. Ltd, AMS Technologies, Analog Technologies, II-VI Incorporated, Kryotherm Industries, Merit Technology Group, and Xiamen Hicool Electronics Co. Ltd.  

Key Industry Developments

• December 2022: Cooler Master introduced a new thermoelectric AIO CPU cooler. The product was manufactured in collaboration with Intel Company. It is 2^nd Generation machine which have low noise level and having 360mm radiator. It is used in the automotive and IT sector for improving cooling performance and reducing CPU heat.


• April 2020: Laird Thermal Systems introduced UltraTec UTX series of thermoelectric coolers. The equipment comprises new generation machines which offer 10% boost in heat pumping capacity. Furthermore, the machines have a high heat capacity of 296 KW and a maximum temperature working capacity of 72⁰ C.