Thermoelectric Coolers Market 2030 Increasing Demands for technological Innovation At a CAGR of 8.7%

Growth of electric and luxury vehicles is one of the most important driving factors for the thermoelectric coolers market growth. Electric and luxurious cars have air conditioners and automobile mini refrigerators installed in them that have thermoelectric coolers in them. In addition, stability and low vibrations of thermoelectric coolers allows installation of thermoelectric coolers in several products. This, in turn, drives the thermoelectric coolers market.

The thermoelectric coolers market size was valued at $0.6 billion in 2020, and is expected to reach $1.3 billion by 2030, registering a CAGR of 8.7% from 2021 to 2030.

Thermoelectric cooling is based on the Peltier effect. The effect creates a temperature difference by transferring heat between two electrical junctions. These thermoelectric coolers are manufactured in standard designs or specially designed as per requirement of customers.

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Segments Covered:

By END-USER INDUSTRY
Consumer Electronics
Telecommunications
Automotive
Others

By Region
NORTH AMERICA (U.S., Canada, Mexico)
EUROPE (Germany, France, UK, Spain, Rest of Europe)
ASIA-PACIFIC (China, Japan, South Korea, Taiwan, India, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)

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Coefficient of performance of thermoelectric coolers is very low and to match the output given by traditional heating and cooling systems, a very high-powered thermoelectric cooler has to be used, which increases cost of thermoelectric coolers. Furthermore, the outbreak of COVID-19 has led to halt in logistic and manufacturing activities across the globe, which, in turn, has led to interruption of supply chain, thereby hindering growth of the thermoelectric coolers market. However, this situation is expected to improve as governments have started relaxing norms around the world for resuming business activities.

Top Players:

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.

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