Thermoelectric Refrigerator Market is segmented by Type (Single Stage Module, Multiple Modules, Others (Micromodules, Etc.)), By Application (Consumer Electronics, Communication, Medical Experiment, Car, Industrial, Aerospace Defense, Other), By End-User Industry (Medical, Military,Consumer Goods Telecommunications, Industrial, Residential, Others) and By Geography.
The global Thermoelectric Refrigerator Market is projected to reach a market size value of USD 1,321.1 million by 2028, at a CAGR of 8.7% from USD 569 million in 2020.
Thermoelectric refrigeration is an innovative refrigeration technology having a high efficiency and performance but with low power consumption. This cooling technology operates based on the Peltier effect that allows temperature difference by conveying heat between electrical junctions. The cooling occurs when the electrical current flows through these junctions, thus, converting heat.
The growth of this market is mainly attributed to factors such as, growing application of thermoelectric refrigeration in the medical, industrial, commercial, and automotive, even in the military industries, increasing demand for thermoelectric refrigeration, adoption of business strategies by major key players, growing investments towards development of thermoelectric refrigerators, major key players’ constant changing of leadership to assure that they provide optimal business decisions beneficial to their companies and the market, growing demand for luxury and electric vehicles, high demand for coolers that can offer accurate temperature control. However, a hindrance to the growth of this market is the cost of having thermoelectric refrigerators because these devices are not inexpensive compared to the traditional heating and cooling systems.
The Impact of COVID-19 on the Thermoelectric Refrigerator Market
Majority of the industries will have to adapt to the changes that will be imposed upon them by their governments and adopt strategic ways to elevate their game in the market. Containing the widespread of the virus is a difficult challenge to all of the countries because many sectors will have to compromise and deal with the effects in the most advantageous way possible. A solid pull back on the growth of the Thermoelectric Refrigerator market is the disruption of supply chain since manufacturing and distribution of key players or companies are being limited, if not, controlled by governments through imposing lock downs and halting travels across borders.
The real challenge lies in the disruption in raw materials supply because it is negatively affecting manufacturers since travel, transport of raw materials, and non-essential trade has been put off in many countries. This in turn affected production, causing fewer volume of product sales. Suppliers of raw materials in making equipment and parts for thermoelectric refrigerator have also experienced repercussion because imports and exports in almost all countries have been restricted. The lock downs have caused a delay in the operations and facility shutdowns became a real challenge that these key players needed to face. Some raw materials needed for the production can only actually be acquired through importing and suppliers in turn, were having a hard time exporting these supplies due to border restrictions and hold up.
Positively, the market on thermoelectric refrigerators are slowly resuming their operations and major key players have began strategic plans to boost their sales and and have their facilities full operational. The market may have experienced a significant slowing down due to the adverse effects of the pandemic, but the thermoelectric refrigerator key players have taken such opportunity to showcase application of thermoelectric coolers especially with regard to preservation of vaccines that needed a specific designed temperature to maintain its viability.
Key Findings in the Thermoelectric Refrigerator Market
In terms of type, the single stage segment leads the market having the largest revenue and is projected to grow at the highest CAGR during the forecast period. The standard design segment on the other hand, dominated the market in 2020 while the special design segment is projected to have the highest CAGR by 2028.
In terms of end user, the consumer electronics market projected to have the highest share in terms of revenue in 2020. Consequently, during the forecast period, the automotive segment is expected to witness the highest CAGR.
Regional Market Analysis
In terms of regional segmentation, Asia Pacific dominates the market in 2020 having the overall highest revenue share in the market. On the other hand, regions such as Latin America, Middle East along with Africa is expected to have the highest CAGR during the forecast period of 2021-2028.
Based on an extensive assessment, these major key players on the thermoelectric refrigeration market have a competitive landscape and utilizing key strategic developments to lead the industry over the past years until now. These companies are, Ferrotec, II-VI Marlow, KELK Ltd., Laird Thermal Systems, Z-MAX, RMT Ltd., Guangdong Fuxin Technology, Thermion Company, Crystal Ltd, CUI Devices, Kryotherm Industries, Phononic, Merit Technology Group, TE Technology, KJLP electronics co., ltd, Thermonamic Electronics, Thermo Scientific, Haier, Siemens, Panasonic, TE Technology and Komatsu among others.
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2021 – 2028)
• Data breakdown for every market segment (2021 – 2028)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Type Analysis (Revenue, USD Million, 2021 - 2028)
• Single Stage Module
• Multiple Modules
• Others (Micromodules, Etc.)
Design (Revenue, USD Million, 2021 - 2028)
• Special Design
• Standard Design
Application Analysis (Revenue, USD Million, 2021 - 2028)
• Consumer Electronics
• Medical Experiment
• Aerospace Defense
End users Analysis (Revenue, USD Million, 2021 - 2028)
• Consumer Goods
Region Analysis (Revenue, USD Million, 2020 – 2028)
• United States
• United Kingdom
• South Korea
• Saudi Arabia
• Rest of World
• United States Thermoelectric Refrigerator Industry Research Report
• Europe Thermoelectric Refrigerator Industry Research Report
• Asia Pacific Thermoelectric Refrigerator Industry Research Report
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