Thermoelectric coolers Market Scope and overview, Growth Opportunity, Developments and Regional Forecast to 2022-2030

The thermoelectric coolers market size was calculated at ~$567 million in 2020 and is forecast to grow at a CAGR of 8.5% during the forecast period from 2021 to 2027

New York, United States -The thermoelectric coolers market size was calculated at ~$567 million in 2020 and is forecast to grow at a CAGR of 8.5% during the forecast period from 2021 to 2027.

Thermoelectric cooling is a Peltier effect-based phenomenon used to generate a thermal flux at the interface of two varied materials. A Peltier cooler heater, also named thermoelectric heat pump, is a heat pump that carries out the process of transferring heat from one end to another.

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Factors Affecting

The rising technologies and growth of luxury and automatic vehicles are driving the growth of the thermoelectric coolers market. The trend of adopting electric vehicles is giving rise to various opportunities worldwide. Electric cars and other automobiles contain air conditioners and mini-refrigerators. These machines have pre-installed thermoelectric coolers in them. Moreover, thermoelectric coolers are also used in the machines to make them highly reliable, reduce the size, and lower the weight of the machine without compromising safety. The stability and feeble vibrations properties of thermoelectric coolers are a few of the major reasons for the thermoelectric coolers’ market growth.

Due to the high price of thermoelectric coolers compared with other traditional heating and cooling methods, the market growth of thermoelectric coolers is restricted.

COVID-19 Analysis

Covid-19 outbreak halted the progress of the thermoelectric coolers market. Out of all the industries, construction, tourism, manufacturing, and hospitality faced major concerns during the lockdown. Manufacturing activities were partially or completely shut down in various countries, owing to the lockdown imposed by the government. Due to the unavailability of the manufacturing work team and material, the Thermoelectric coolers market also faced a rapid deceleration in the growth.

However, the government has started lifting restrictions on regular manufacturing and services, which may benefit the thermoelectric coolers market to recover from the loss by the end of 2021.

Regional Analysis

Asia-Pacific held dominance in 2020 while LAMEA is anticipated to grow steeply during the forecast period.

Due to its large-scale manufacturing industries, China’s automotive industry is expected to expand the growth of the thermoelectric cooler industry within the region.

The luxury vehicles in China are equipped with heated or     cooled seats, cooled glove boxes, and mini freezers in the vehicle, which may boost the growth of the thermoelectric market.

Asia Pacific      region is anticipated to recover quickly from the pandemic loss, with most of the countries resuming manufacturing by the end of 2020. Various automobile suppliers in the Asia-Pacific countries have re-begun production to recover the loss of disruptions held during the pandemic.

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Key Market Segments

By Model

  • Single Stage
  • Multi-Stage

By Design

  • Special Design
  • Standard Design

By Application

  • Consumer Electronics
  • Telecommunications
  • Automotive
  • Others

By Region

North America

The U.S.


Western Europe

The UK
Rest of Western Europe

Eastern Europe

Rest of Eastern Europe

Asia Pacific

Australia & New Zealand
Rest of Asia Pacific

Middle East & Africa (MEA)

Saudi Arabia
South Africa
Rest of MEA

South America

Rest of South America

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Key Players 

  • Crystal Ltd.
  • Ferrotec Corporation
  • II-VI Incorporated
  • Kryotherm Industries
  • Merit Technology Group
  • TE Technology, Inc.
  • Thermion Company
  • Thermodynamic Electronics (Jiangxi) Corp., Ltd.
  • Xiamen Hicool Electronics Co., Ltd.
  • Z-MAX Co. Ltd
  • Other Prominent Players

Recent Developments

  • TEC Microsystems (Germany) in 2021 launched updates for the new 1MA10 Series thermoelectric modules, setting up better dimensions for point-of-care (POC),lab-on-chip (LOC) medical diagnostic applications, and PCR cycling (DNA cyclers)
  • Ferrotec (US) declared the investment in RMT (Russia) in October 2020. RMT (Russia) is a manufacturing company of micro-thermoelectric modules. The extension of micro-thermoelectric modules will help Ferrotec to boost the company’s growth.
  • Laird Thermal Systems (US) launched Hi-Temp ETX Series thermoelectric coolers in August 2020. The series was set up to activate a cooling environment in high-temperature conditions which was extremely beneficial for digital light processors, autonomous systems, machine vision, and optical transceivers.

What are the key findings of the report?

•This report provides comprehensive information on factors expected to influence the market growth and market share in the future.
•The report offers the current state of the market and future prospects for various geographical regions.
•This report provides both qualitative and quantitative information about the competitive landscape of the market.

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