Thermoelectric Refrigerator Market
Thermoelectric Refrigerator Market By Model (Single-stage, Multi-stage), By End-use Industry (Healthcare, Pharmaceuticals, Telecommunications, Automotive, Consumer Electronics, Residential), & By Region - Global Forecast 2022 to 2032
Analysis of Thermoelectric Refrigerator market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Thermoelectric Refrigerator Market Outlook (2022 to 2032)
The global thermoelectric refrigerator market is set to enjoy a valuation of US$ 651.3 million in 2022 and further expand at a CAGR of 5.3% to reach US$ 1.09 billion by the end of 2032.
Domestic refrigerators and portable refrigerators are the two main types of thermoelectric refrigeration equipment. The availability of electrical power is the main distinction between these two.
The market for thermoelectric refrigeration systems is growing mostly due to the rising popularity of luxury and electric vehicles. In recent years, the usage of electric vehicles has increased globally, which has also driven the demand for thermoelectric refrigerators.
| Report Attributes | Details |
|---|---|
| Thermoelectric Refrigerator Market Size (2022E) | US$ 651.3 Million |
| Forecasted Market Value (2032F) | US$ 1.09 Billion |
| Global Market Growth Rate (2022 to 2032) | 5.3% CAGR |
| North America Market Share (2022) | 23.2% |
| Europe Market Share (2022) | 20.1% |
| Market Share of Top 3 Countries | 34.3% |
| Key Companies Profiled | Crystal Ltd; II-VI Incorporated; TEC Microsystems GmbH; ThermoElectric Cooling America Corporation; Xiamen Hicool Electronics Co., Ltd.; Merit Technology Group; Thermion Company; Z-MAX Co. Ltd |
Don't Need a Global Report?
save 40%! on Country & Region specific reports
Thermoelectric Refrigerator Sales Analysis (2017 to 2021) Vs. Market Outlook (2022 to 2032)
When compared to traditional compressor-style refrigerators, thermoelectric refrigerators, which use the Peltier technique to create a heat flux between the junctions of two different materials, perform substantially better.
This is especially true when the cooling capacity is high. Thermoelectric refrigerators are employed in a wide range of applications due to the compact size of cooling units, their quiet operation, the lack of any moving parts, gases, or liquids, and their extended lifespan.
Sales of thermoelectric refrigerators are anticipated to increase as a result of high demand from numerous applications, including medical, automotive, residential, commercial, healthcare, and more.
Global consumption of thermoelectric refrigerators is set to increase at a CAGR of 5.3% to reach US$ 1.09 billion by 2032.
What Market Dynamics are Boosting Revenue Growth of Thermoelectric Refrigerator Producers?
“Technological Developments & High Investments on R&D Driving Thermoelectric Refrigerator Sales”
Technology has become a cutting-edge replacement for traditional refrigeration systems thanks to advancements in thermoelectric refrigeration systems throughout the years.
Researchers from all around the world have engaged in several R&D projects to improve the coefficient of performance (COP) of thermoelectric refrigerators.
- For instance, scientists from the Universidad Pblica de Navarra have created a household refrigerator that uses two equal thermoelectric components for cooling.
Each of these parts is a Peltier module, with the hot side connected to a two-phase thermosyphon and a thermosyphon with natural convection on the cold side (TPM) (TSV). The electric power consumption was decreased by using a computational model to simulate and develop this thermoelectric refrigerator and by doing an experimental thermosyphon optimization phase.
Additionally, adding two-phase thermosyphons to thermoelectric refrigerators allowed for a 66% increase in COP. Customers in developing nations, where the cost of electricity is relatively higher, may find these thermoelectric refrigerators to be quite useful.
More Insights, Lesser Cost (-50% off)
Insights on import/export production,
pricing analysis, and more – Only @ Fact.MR
What Can Benefit New Entrants in Expanding their Market Share?
“Developments in Design & Manufacturing Likely to Accelerate Revenue Generation of New Market Players”
Compact refrigerators with a minimum temperature of 4 degrees Celsius are based on thermoelectric refrigeration technology. However, there is potential for technology development to accelerate and be integrated into refrigerators for both, homes and supermarkets.
The thermoelectric refrigeration trend will be fuelled over the coming years by several advantages, such as:
- Compared to its equivalents that depend on compressors, they produce less vibration and noise pollution.
- Reduced emission of hazardous refrigerants will lower carbon footprint.
- Being free of pumps or coolers that compress refrigerants and turn them into liquid makes them more energy-efficient.
Which Regional Markets are Profitable for Thermoelectric Refrigerator Manufacturers?
“Sizable Metropolitan Population & Rising Awareness of Smart Electric Products in North America”
As the population in nations such as the United States and Canada possess more disposable income, North America is anticipated to account for a sizeable portion of the market.
Moreover, the region would adopt smart electrical equipment more widely due to factors such as a sizable metropolitan population base and an increase in nuclear households. Currently, North America is expected to account for 23.2% of the global market share.
Due to the launch of cutting-edge refrigeration products by well-known companies in the region, the Europe market is predicted to expand more quickly. That would draw attention to and persuade customers to buy smart refrigerators. In 2022, Europe is likely to hold 20.1% of the global market share.
The Asia Pacific market is expanding steadily due to its substantial population and household size. Strong demand for smart appliances to replace older models, increased disposable income, urbanization, and rising number of households are other important drivers for market expansion in Asia Pacific.
Major markets in the Asia Pacific for thermoelectric refrigerators are China and India. China is likely to account for 13.4% of the global market share in 2022.
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
How is Demand for Thermoelectric Refrigerators Evolving in Medical Science Applications?
“High Demand for Thermoelectric Refrigerators to Transport Perishable Pharmaceutical Components & Preserve Samples or Specimens”
Refrigerators are used in the medical sciences to cool samples or specimens to preserve them. These consist of various pharmaceutical or medical goods like vaccinations as well as refrigeration equipment for blood products like blood plasma.
When buying refrigerators for the aforementioned uses, dependability, and hygiene are among the top priorities. Due to issues with the transportation of these perishable pharmaceutical components, portable refrigeration solutions have been adopted, with thermoelectric refrigerators taking centre stage.
This novel idea in refrigeration makes it possible to use leftover electricity for effective cooling, which is crucial in addressing the present problems associated with the depletion of fossil fuels.
Competitive Landscape
Leading businesses are investing a lot in the creation of research institutes across several locations to develop improvements to their products.
To dominate the global market for thermoelectric refrigerators and hold a larger market share, they are implementing business strategies like sales contracts, alliances, acquiring technical know-how, product approvals, patents and events, partnerships, joint ventures, collaborations, digital marketing, acquisitions and mergers, capacity utilization, and technological advancements.
- In March 2021, Haier India unveiled a new series of magic convertible huge bottom-mounted refrigerators. This new collection of refrigerators has a special quality made possible by Haier's Advanced Triple Inverter Technology, which also permits greater energy savings and lower noise.
- Panasonic Corporation recently announced the availability of rental services for the Vixell, an insulated cooling box with outstanding insulation performance that leverages contactless power supply technology.
Key Segments Covered in Thermoelectric Refrigerator Industry Research
-
By Model :
- Single-stage Thermoelectric Refrigerators
- Multi-stage Thermoelectric Refrigerators
-
By End-use Industry :
- Healthcare
- Pharmaceuticals
- Telecommunications
- Automotive
- Consumer Electronics
- Residential
-
By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
Table of Content
- 1. Executive Summary
- 2. Market Overview
- 3. Key Market Trends
- 4. Key Success Factors
- 5. Market Background
- 6. Global Market Volume (Units) Analysis (2017 to 2021) and Forecast (2022 to 2032)
- 7. Global Market - Pricing Analysis
- 8. Global Market Value Analysis (2017 to 2021) and Forecast (2022 to 2032)
- 9. Global Market Analysis (2017 to 2021) and Forecast (2022 to 2032), by Model
- 9.1. Single-stage Thermoelectric Refrigerators
- 9.2. Multi-stage Thermoelectric Refrigerators
- 10. Global Market Analysis (2017 to 2021) and Forecast (2022 to 2032), by End-use Industry
- 10.1. Healthcare
- 10.2. Pharmaceuticals
- 10.3. Telecommunications
- 10.4. Automotive
- 10.5. Consumer Electronics
- 10.6. Residential
- 11. Global Market Analysis (2017 to 2021) and Forecast (2022 to 2032), by Region
- 11.1. North America
- 11.2. Latin America
- 11.3. Europe
- 11.4. East Asia
- 11.5. South Asia
- 11.6. Oceania
- 11.7. Middle East and Africa (MEA)
- 12. North America Market Analysis (2017 to 2021) and Forecast (2022 to 2032)
- 13. Latin America Market Analysis (2017 to 2021) and Forecast (2022 to 2032)
- 14. Europe Market Analysis (2017 to 2021) and Forecast (2022 to 2032)
- 15. South Asia Market Analysis (2017 to 2021) and Forecast (2022 to 2032)
- 16. East Asia Market Analysis (2017 to 2021) and Forecast (2022 to 2032)
- 17. Oceania Market Analysis (2017 to 2021) and Forecast (2022 to 2032)
- 18. Middle East and Africa Market Analysis (2017 to 2021) and Forecast (2022 to 2032)
- 19. Key and Emerging Countries Market Analysis (2017 to 2021) and Forecast (2022 to 2032)
- 20. Market Structure Analysis
- 21. Competition Analysis
- 21.1. Crystal Ltd
- 21.2. II-VI Incorporated
- 21.3. TEC Microsystems GmbH
- 21.4. ThermoElectric Cooling America Corporation
- 21.5. Xiamen Hicool Electronics Co., Ltd.
- 21.6. Merit Technology Group
- 21.7. Thermion Company
- 21.8. Z-MAX Co. Ltd
- 22. Assumptions and Acronyms Used
- 23. Research Methodology
Don't Need a Global Report?
save 40%! on Country & Region specific reports
List Of Table
Table 01: Global Market Volume (‘000 Units) Analysis and Opportunity Assessment 2017 to 2032, By Model
Table 02: Global Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2032, By Model
Table 03: Global Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2032, By End-use Industry
Table 04: Global Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2032, By Region
Table 05: North America Market Value (US$ Mn) Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
Table 06: North America Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2032, By Model
Table 07: North America Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2032, By End-use Industry
Table 08: Latin America Market Value (US$ Mn) Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
Table 09: Latin America Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2032, By Model
Table 10: Latin America Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2032, By End-use Industry
Table 11: Europe Market Value (US$ Mn) Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
Table 12: Europe Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2032, By Model
Table 13: Europe Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2032, By End-use Industry
Table 14: South Asia Market Value (US$ Mn) Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
Table 15: South Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2032, By Model
Table 16: South Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2032, By End-use Industry
Table 17: East Asia Market Value (US$ Mn) Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
Table 18: East Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2032, By Model
Table 19: East Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2032, By End-use Industry
Table 20: Oceania Market Value (US$ Mn) Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
Table 21: Oceania Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2032, By Model
Table 22: Oceania Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2032, By End-use Industry
Table 23: Middle East and Africa Market Value (US$ Mn) Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
Table 24: Middle East and Africa Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2032, By Model
Table 25: Middle East and Africa Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2032, By End-use Industry
More Insights, Lesser Cost (-50% off)
Insights on import/export production,
pricing analysis, and more – Only @ Fact.MR
List Of Figures
Figure 01: Global Market Volume (in 000' Units) Analysis, 2017 to 2021
Figure 02: Global Market Volume Forecast (in 000' Units), 2022 to 2032
Figure 03: Pricing Analysis (US$) Per Model, By Region, 2021
Figure 04: Pricing Analysis (US$) Per Model, By Region, 2021
Figure 05: Global Market Value Analysis (US$ Mn), 2017 to 2021
Figure 06: Global Market Value Forecast (US$ Mn), 2022 to 2032
Figure 07: Global Market Absolute $ Opportunity, 2022 to 2032
Figure 08: Global Market Share Analysis (%), By Model, 2022 to 2032
Figure 09: Global Market Y-o-Y Analysis (%), By Model, 2022 to 2032
Figure 10: Global Market Attractiveness Analysis by Model, 2022 to 2032
Figure 11: Global Market Share Analysis (%), By End-use Industry, 2022 to 2032
Figure 12: Global Market Y-o-Y Analysis (%), By End-use Industry, 2022 to 2032
Figure 13: Global Market Attractiveness Analysis by End-use Industry, 2022 to 2032
Figure 14: Global Market Share Analysis (%), By Region, 2022 to 2032
Figure 15: Global Market Y-o-Y Analysis (%), By Region, 2022 to 2032
Figure 16: Global Market Attractiveness Analysis by Region, 2022 to 2032
Figure 17: North America Market Value Share, By Model, 2022 (E)
Figure 18: North America Market Value Share, By End-use Industry, 2022 (E)
Figure 19: North America Market Value Share, By Country, 2022 (E)
Figure 20: North America Market Value Analysis (US$ Mn), 2017 to 2021
Figure 21: North America Market Value Forecast (US$ Mn), 2022 to 2032
Figure 22: North America Market Attractiveness Analysis by Model, 2022 to 2032
Figure 23: North America Market Attractiveness Analysis by End-use Industry, 2022 to 2032
Figure 24: North America Market Attractiveness Analysis by Country, 2022 to 2032
Figure 25: Latin America Market Value Share, By Model, 2022 (E)
Figure 26: Latin America Market Value Share, By End-use Industry, 2022 (E)
Figure 27: Latin America Market Value Share, By Country, 2022 (E)
Figure 28: Latin America Market Value Analysis (US$ Mn), 2017 to 2021
Figure 29: Latin America Market Value Forecast (US$ Mn), 2022 to 2032
Figure 30: Latin America Market Attractiveness Analysis by Model, 2022 to 2032
Figure 31: Latin America Market Attractiveness Analysis by End-use Industry, 2022 to 2032
Figure 32: Latin America Market Attractiveness Analysis by Country, 2022 to 2032
Figure 33: Europe Market Value Share, By Model, 2022 (E)
Figure 34: Europe Market Value Share, By End-use Industry, 2022 (E)
Figure 35: Europe Market Value Share, By Country, 2022 (E)
Figure 36: Europe Market Value Analysis (US$ Mn), 2017 to 2021
Figure 37: Europe Market Value Forecast (US$ Mn), 2022 to 2032
Figure 38: Europe Market Attractiveness Analysis by Model, 2022 to 2032
Figure 39: Europe Market Attractiveness Analysis by End-use Industry, 2022 to 2032
Figure 40: Europe Market Attractiveness Analysis by Country, 2022 to 2032
Figure 41: South Asia Market Value Share, By Model, 2022 (E)
Figure 42: South Asia Market Value Share, By End-use Industry, 2022 (E)
Figure 43: South Asia Market Value Share, By Country, 2022 (E)
Figure 44: South Asia Market Value Analysis (US$ Mn), 2017 to 2021
Figure 45: South Asia Market Value Forecast (US$ Mn), 2022 to 2032
Figure 46: South Asia Market Attractiveness Analysis by Model, 2022 to 2032
Figure 47: South Asia Market Attractiveness Analysis by End-use Industry, 2022 to 2032
Figure 48: South Asia Market Attractiveness Analysis by Country, 2022 to 2032
Figure 49: East Asia Market Value Share, By Model, 2022 (E)
Figure 50: East Asia Market Value Share, By End-use Industry, 2022 (E)
Figure 51: East Asia Market Value Share, By Country, 2022 (E)
Figure 52: East Asia Market Value Analysis (US$ Mn), 2017 to 2021
Figure 53: East Asia Market Value Forecast (US$ Mn), 2022 to 2032
Figure 54: East Asia Market Attractiveness Analysis by Model, 2022 to 2032
Figure 55: East Asia Market Attractiveness Analysis by End-use Industry, 2022 to 2032
Figure 56: East Asia Market Attractiveness Analysis by Country, 2022 to 2032
Figure 57: Oceania Market Value Share, By Model, 2022 (E)
Figure 58: Oceania Market Value Share, By End-use Industry, 2022 (E)
Figure 59: Oceania Market Value Share, By Country, 2022 (E)
Figure 60: Oceania Market Value Analysis (US$ Mn), 2017 to 2021
Figure 61: Oceania Market Value Forecast (US$ Mn), 2022 to 2032
Figure 62: Oceania Market Attractiveness Analysis by Model, 2022 to 2032
Figure 63: Oceania Market Attractiveness Analysis by End-use Industry, 2022 to 2032
Figure 64: Oceania Market Attractiveness Analysis by Country, 2022 to 2032
Figure 65: Middle East and Africa Market Value Share, By Model, 2022 (E)
Figure 66: Middle East and Africa Market Value Share, By End-use Industry, 2022 (E)
Figure 67: Middle East and Africa Market Value Share, By Country, 2022 (E)
Figure 68: Middle East and Africa Market Value Analysis (US$ Mn), 2017 to 2021
Figure 69: Middle East and Africa Market Value Forecast (US$ Mn), 2022 to 2032
Figure 70: Middle East and Africa Market Attractiveness Analysis by Model, 2022 to 2032
Figure 71: Middle East and Africa Market Attractiveness Analysis by End-use Industry, 2022 to 2032
Figure 72: Middle East and Africa Market Attractiveness Analysis by Country, 2022 to 2032
Figure 73: U. S. Market Value Analysis (US$ Mn), 2022 & 2032
Figure 74: U. S. Market Value Share, By Model, 2022 (E)
Figure 75: U. S. Market Value Share, By End-use Industry, 2022 (E)
Figure 76: Canada Market Value Analysis (US$ Mn), 2022 & 2032
Figure 77: Canada Market Value Share, By Model, 2022 (E)
Figure 78: Canada Market Value Share, By End-use Industry, 2022 (E)
Figure 79: Mexico Market Value Analysis (US$ Mn), 2022 & 2032
Figure 80: Mexico Market Value Share, By Model, 2022 (E)
Figure 81: Mexico Market Value Share, By End-use Industry, 2022 (E)
Figure 82: Brazil Market Value Analysis (US$ Mn), 2022 & 2032
Figure 83: Brazil Market Value Share, By Model, 2022 (E)
Figure 84: Brazil Market Value Share, By End-use Industry, 2022 (E)
Figure 85: U. K. Market Value Analysis (US$ Mn), 2022 & 2032
Figure 86: U. K. Market Value Share, By Model, 2022 (E)
Figure 87: U. K. Market Value Share, By End-use Industry, 2022 (E)
Figure 88: Germany Market Value Analysis (US$ Mn), 2022 & 2032
Figure 89: Germany Market Value Share, By Model, 2022 (E)
Figure 90: Germany Market Value Share, By End-use Industry, 2022 (E)
Figure 91: France Market Value Analysis (US$ Mn), 2022 & 2032
Figure 92: France Market Value Share, By Model, 2022 (E)
Figure 93: France Market Value Share, By End-use Industry, 2022 (E)
Figure 94: Italy Market Value Analysis (US$ Mn), 2022 & 2032
Figure 95: Italy Market Value Share, By Model, 2022 (E)
Figure 96: Italy Market Value Share, By End-use Industry, 2022 (E)
Figure 97: Spain Market Value Analysis (US$ Mn), 2022 & 2032
Figure 98: Spain Market Value Share, By Model, 2022 (E)
Figure 99: Spain Market Value Share, By End-use Industry, 2022 (E)
Figure 100: Russia Market Value Analysis (US$ Mn), 2022 & 2032
Figure 101: Russia Market Value Share, By Model, 2022 (E)
Figure 102: Russia Market Value Share, By End-use Industry, 2022 (E)
Figure 103: China Market Value Analysis (US$ Mn), 2022 & 2032
Figure 104: China Market Value Share, By Model, 2022 (E)
Figure 105: China Market Value Share, By End-use Industry, 2022 (E)
Figure 106: Japan Market Value Analysis (US$ Mn), 2022 & 2032
Figure 107: Japan Market Value Share, By Model, 2022 (E)
Figure 108: Japan Market Value Share, By End-use Industry, 2022 (E)
Figure 109: South Korea Market Value Analysis (US$ Mn), 2022 & 2032
Figure 110: South Korea Market Value Share, By Model, 2022 (E)
Figure 111: South Korea Market Value Share, By End-use Industry, 2022 (E)
Figure 112: India Market Value Analysis (US$ Mn), 2022 & 2032
Figure 113: India Market Value Share, By Model, 2022 (E)
Figure 114: India Market Value Share, By End-use Industry, 2022 (E)
Figure 115: ASEAN Market Value Analysis (US$ Mn), 2022 & 2032
Figure 116: ASEAN Market Value Share, By Model, 2022 (E)
Figure 117: ASEAN Market Value Share, By End-use Industry, 2022 (E)
Figure 118: Australia Market Value Analysis (US$ Mn), 2022 & 2032
Figure 119: Australia Market Value Share, By Model, 2022 (E)
Figure 120: Australia Market Value Share, By End-use Industry, 2022 (E)
Figure 121: New Zealand Market Value Analysis (US$ Mn), 2022 & 2032
Figure 122: New Zealand Market Value Share, By Model, 2022 (E)
Figure 123: New Zealand Market Value Share, By End-use Industry, 2022 (E)
Figure 124: GCC Countries Market Value Analysis (US$ Mn), 2022 & 2032
Figure 125: GCC Countries Market Value Share, By Model, 2022 (E)
Figure 126: GCC Countries Market Value Share, By End-use Industry, 2022 (E)
Figure 127: Turkey Market Value Analysis (US$ Mn), 2022 & 2032
Figure 128: Turkey Market Value Share, By Model, 2022 (E)
Figure 129: Turkey Market Value Share, By End-use Industry, 2022 (E)
Figure 130: South Africa Market Value Analysis (US$ Mn), 2022 & 2032
Figure 131: South Africa Market Value Share, By Model, 2022 (E)
Figure 132: South Africa Market Value Share, By End-use Industry, 2022 (E)
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
- FAQs -
What is the current value of the global thermoelectric refrigerator market?
The global thermoelectric refrigerator market is valued at US$ 651.3 million.
What market share is held by North America?
North America is likely to hold 23.2% of the global market share.
Which industry accounts for high consumption of thermoelectric refrigerators?
High demand for thermoelectric refrigerators comes from the healthcare industry.
What is the estimated growth rate of the market?
Sales of thermoelectric refrigerators are slated to increase at 7.6% CAGR.
Thermoelectric Refrigerator Market