Peltier Device Market Size, Share, Growth, and Industry Analysis, By Type (Multi-Stage, Single-Stage), By Application (Automobile, Military, Consumer electronics, Healthcare, Industrial, Others) and Regional Forecast to 2031

Updated On: 29 April 2024

PELTIER DEVICE MARKET REPORT OVERVIEW

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The global peltier device market size was USD 552.95 million in 2022, and the market is projected to touch USD 973.91 million by 2031, exhibiting a CAGR of 6.49% during the forecast period.

A Peltier device, also known as a thermoelectric cooler (TEC), is a type of solid-state device that can be used either as a heater or a cooler. It relies on the Peltier effect, which is the phenomenon where an electric current is passed through two different conductors (usually semiconductor materials), and heat is absorbed at one junction (cooling it) and released at the other junction (heating it).

The market for peltier devices has been growing, driven by their energy-efficient and reliable cooling capabilities. Some key applications include electronic cooling, medical equipment, automotive climate control, food and beverage industry, and scientific research. Peltier devices find use in both consumer and industrial products. The demand for these devices is also driven by the need for efficient cooling solutions in various industries. As electronic devices become more powerful and compact, managing heat dissipation becomes crucial, and Peltier devices offer a solid-state cooling solution.

COVID-19 Impact: Market Growth Restrained by Pandemic due to Supply Chain Disruptions

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The pandemic has disrupted global supply chains, affecting the production and distribution of various electronic components. Peltier devices, being electronic components, could have faced challenges in terms of raw material shortages, manufacturing delays, and transportation issues. The demand for electronic components may have experienced fluctuations during the pandemic. Industries heavily impacted by lockdowns, such as automotive and consumer electronics, may have seen reduced demand for peltier devices. On the other hand, sectors like healthcare or biotechnology that use Peltier devices in applications like temperature control for lab equipment may have seen increased demand.  With a shift to remote work, there may have been changes in the demand for certain types of electronic devices. For example, if there was an increased need for home office equipment, it could have influenced the demand for peltier devices used in cooling systems for computers or other electronic devices.

LATEST TRENDS

"Increasing Demand for Cooling Solutions to Drive Market Growth"

The demand for peltier devices has been driven by the need for efficient cooling solutions in various industries. As electronic devices become more powerful and compact, managing heat dissipation becomes crucial, and Peltier devices offer a solid-state cooling solution. These devices find applications in automotive systems for cooling and temperature control. The automotive industry's focus on electric vehicles and advanced driver-assistance systems (ADAS) has contributed to the growth of peltier devices. Peltier devices are widely used in medical equipment and laboratory settings for precise temperature control. The growth in these sectors has positively impacted the market. Ongoing research and development activities have led to advancements in Peltier device technology, making them more efficient and reliable. These improvements contribute to the adoption of Peltier devices in various industries.

PELTIER DEVICE MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into multi-stage, single-stage.

In a single-stage peltier device, there is only one pair of n-type and p-type semiconductor materials connected electrically in series. Multi-stage peltier devices, also known as cascaded or multi-junction devices, consist of multiple pairs of n-type and p-type semiconductor materials connected in series.

• By Application

Based on application the global market can be categorized into automobile, military, consumer electronics, healthcare, industrial, others.

Peltier devices are used in automobile for seat climate control, providing both heating and cooling options for car seats. These devices find applications in military equipment for cooling sensitive electronic components. Peltier devices are employed in electronic gadgets like portable coolers, mini-fridges, and wine coolers. These are used in medical devices such as temperature-controlled containers for transporting organs, vaccines, or medications. These devices are also used in industrial settings for cooling or heating specific components. Peltier devices are also used for cooling electronic components in telecommunication equipment.

DRIVING FACTORS

"Growing Demand in Consumer Electronics to Boost the Market"

One of the key driving factors in the peltier device market growth is the growing demand in consumer electronics. Peltier devices find applications in consumer electronics, such as portable coolers, beverage coolers, and even smartphone accessories. The demand for energy-efficient cooling solutions in these devices contributes to the growth of the market. Peltier devices are used in medical and laboratory equipment for temperature control and regulation. This includes applications like PCR machines, sample storage, and temperature-sensitive equipment in the healthcare and life sciences sectors. Peltier devices are employed in automotive applications for climate control in seats, cup holders, and small refrigeration units within vehicles. As the automotive industry focuses on energy efficiency and advanced features, the demand for Peltier devices may increase. 

"Technological Advancements to Expand the Market"

Ongoing advancements in peltier technology, such as improved efficiency and reliability, can drive market growth. Research and development efforts to enhance the performance and reduce the cost of Peltier devices contribute to their adoption in various industries. These devices are used in space and aerospace applications where traditional cooling methods may be challenging. Their compact size, lightweight nature, and ability to operate in various orientations make them suitable for certain aerospace applications. With the growing trend of miniaturization and the increasing use of Internet of Things (IoT) devices, there might be a demand for smaller and more efficient Peltier devices to regulate temperature in compact spaces.

RESTRAINING FACTOR

"High Cost to Impede Market Growth"

Peltier devices can be relatively expensive compared to other cooling or heating solutions. High manufacturing costs and materials can hinder their widespread adoption, especially in cost-sensitive markets. While these devices are efficient in certain applications, they may not be as energy-efficient as other cooling or heating methods in some cases. Improvements in efficiency are crucial for broader market acceptance.

PELTIER DEVICE MARKET REGIONAL INSIGHTS

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"North America to Dominate in the Market due to Presence of a Large Consumer Base"

North America has emerged as the most dominant region in the global peltier device market share due to several factors. This region has a robust electronics and semiconductor industry, contributing to the demand for peltier devices. The healthcare and automotive sectors also play a role in the market's growth. The growing industrialization and technological advancements in this region further contribute to market growth.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The peltier device market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of wardrobe options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features in peltier device, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• Beijing Huimao Cooling Equipment Co., Ltd. (China)
• Ferrotec (Japan)
• TE Technology (U.S.)
• II-VI Incorporated (U.S.)
• Phononic, Inc. (U.S.)
• RMT Ltd. (Russia)
• Kryotherm (Russia)                         

INDUSTRIAL DEVELOPMENT

July 2021: Laird Thermal Systems will introduce the improved OptoTEC OTX/HTX Series of small thermoelectric coolers in July 2021, which are targeted for high-temperature situations prevalent in telecom, industrial, autonomous, and photonics applications. The OptoTEC OTX/HTX Series, which uses next-generation thermoelectric materials, provides a 10% increase in cooling capacity, a bigger temperature difference, and higher efficiency than ordinary thermoelectric coolers.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.