The Global Thermoelectric Chiller Market is forecast to reach $920 Million by 2026, growing at CAGR of 8.6% during the forecast period 2021-2026. Rising advancements towards consumer appliances for improving features such as better throughput, energy saving, portability and so on is analyzed to drive the growth of thermoelectric technology especially in IR Detectors and charge-coupled devices. Along with this, increasing demands from automotive sector towards adoption of thermoelectric cooling systems is also poised to fuel the market growth from 2021 to 2026. Moreover, deployment of thermoelectric cooling technology in medical imaging and diagnostic applications as well as food & beverages sector for increasing expiration of the products for longer time will further create significant growth opportunities.
Thermoelectric Chiller Market Segment Analysis – By Type
Rack mounted thermoelectric chiller market is anticipated to have a major growth of 9.9% during the forecast period 2021-2026 owing to its capability of serving demanding applications such as analytical equipment, medical equipment, laser cooling with many others. These thermoelectric chillers are capable of installation within limited space, saving the need for larger floor space. Thus they are witnessing increasing adoption in various industry verticals including medical, industrial, clinical laboratory with others. Usage of rack mounted chillers help in offering better mounting flexibility as they can be easily installed irrespective of any heights of site location as compared to bench top chillers in medical imaging systems and IR Detectors. Additionally, the growing shift towards advanced compact machinery or equipment across industry verticals such as medical, food packaging, telecommunication with many others have been propelling the market demand for rack mountable chillers. Features such as compact size, reduced power consumption, precise temperature control, less noise susceptibility and so on are some major factors analyzed to further drive the market growth in the thermoelectric chillers market over the forecast period.
Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=19108
Report Price: $ 4500 (Single User License)
Thermoelectric Chiller Market Segment Analysis – By End Users
By End users the market is segmented into Transportation, Healthcare, IT & Telecommunication, Military & Defense, Food & Beverages, Electronics, Chemicals, Pharmaceuticals and Others. The transportation sector is witnessing significant growth in the market due to the use of thermoelectric chillers across the industry. The transportation sector is growing at 10.2% CAGR through 2026 in the market as there is requirement of thermoelectric chillers primarily in Electric Vehicles. Various automotive giants such as General Motors has invested heavily to increase their EV and autonomous vehicle production. Similarly Ford has committed to expand its presence in Mexico for manufacturing autonomous cars. Ford has invested more than $170 million to expand its presence in Africa. Moreover several other local smart phone manufacturers such as Mara group are planning to expand their presence in this region especially in Electric Vehicle manufacturing. The Korean government along with an automobile manufacturer Hyundai Motor Group had announced of investing about 41 trillion won in 2019 to boost the developments towards making the auto industry more competitive by implementing advanced equipment such as charge-coupled devices and IR detectors .
Thermoelectric Chiller Market Segment Analysis – By Geography
Asia-Pacific Thermoelectric Chiller market is estimated to witness a major growth of around 10.1% during the forecast period 2021-2026. High investments towards R&D activities along with rising rate of transportation and logistics demand have been fueling the growth of thermoelectric chiller market in this region. Moreover, factors such as increasing demand from food and beverage sectors owing to stringent government norms/regulations towards extending the product life period have been also impacting the need for efficient and portable advanced technology based cooling systems. Major consumer companies such as Godrej Appliances, Haier, Samsung and many others have started shifting their focus towards leveraging thermoelectric technology within their refrigerators. This is further set to propel the growth of thermoelectric refrigeration systems within the Asian countries in the long run. With the surging COVID-19 pandemic in 2021, the Indian Government had announced of inaugurating three testing laboratory facilities for the Indian Council of Medical Research in Kolkata, Noida and Mumbai. This infrastructure development was done as a step towards conducting COVID test of more than 10,000 samples per day to help curb the virus spread. Since the testing samples need to be kept under required temperature conditions to maintain its result accuracy, the need for thermoelectric chillers is also expected to have a significant growth. The need from medical imaging systems and land thermal systems is also set to drive the market.
Thermoelectric Chiller Market Drivers
Growing adoption in automotive industry
The rising adoption towards thermoelectric cooling technology in automotive industry has been acting as a major driver for the significant growth of thermoelectric chiller market. Applications such as cooling or heating systems are considered as one of the major requirements within automobiles, in order to offer comfort for the vehicle users. Since thermal chillers provide benefits such as efficient cooling with customization, vehicle seats in the front and rear end can be cooled individually as per the occupant preferences. Thermoelectric chillers have been gaining popularity within the automotive sector owing to its capability of offering silent mode operation as well as withstanding high vibration and temperature conditions, as compared to conventional chillers. Additionally, growing shift towards hybrid electric vehicles is further set to boost the demand for cooling solutions for the batteries which are capable of stabilizing temperatures in running vehicles effectively unlike the compressor ones. Moreover, digital light processing technology used across automotive headlight systems creates the need for cooling solutions which can support comparatively better operating temperature conditions. Thermoelectric chillers act as an efficient cooling solution offering reliable construction coupled with longer lifespan and compact size, thus meeting the tight space constraints particularly for automotive headlights. Furthermore, usage of thermoelectric chillers eliminates the coating build ups on lens surface overtime, thus causing a positive impact on its adoptability for automotive systems.
Rising demands towards consumer appliances
Rising demands towards various consumer appliances is analyzed to be one of the major driving factors of thermoelectric chillers market. Consumer home appliances such as vehicle refrigerators, home refrigerators and many others are some of the high demanded products and witness a major growth every year. Owing to such demands in the consumer markets, there is a shift towards upgrading these systems in order to enhance cooling efficiency standards alongside maintaining low power consumption and compact sizes. Usage of conventional chillers also has a negative impact on the environment due to usage of harmful refrigerants, which is further set to boost the adoption towards thermoelectric based home appliances or land thermal systems. Combining the benefits of improved cooling effect within less time intervals with portability is further set to fuel the dominance of thermoelectric technology based refrigerators or chillers in the long run. In 2020, Godrej Appliances had announced of launching an eco-friendly portable refrigerator named Qube with 30 litres capacity. This refrigerator acts as an ideal cooling solution for storing beverages, medicines and others with 0.5 unit consumption. Additionally, this product works on a thermoelectric chip, thus eliminating the requirements for compressor or refrigerants, serving as a better alternative in the consumer market. Such advancements are expected to propel more demands for consumer appliances deploying thermoelectric technology over the forecast period.
Download Sample Report @ https://www.industryarc.com/pdfdownload.php?id=19108
Thermoelectric Chiller Market Challenges
Designing as well as maintenance and repair of complex thermoelectric modules incur high costs at times, which act as a major challenge affecting the growth of thermoelectric chiller market. Since the thermoelectric chillers need to combine low power consumption, lightweight designs along with portability, there is requirement of skilled workers regarding product development, raising the additional costs. Moreover, the system performance based on thermoelectric cooling is also affected as the coefficient of performance (COP) is comparatively lower than conventional ones, which increases the operating costs in the long run. In addition to this, thermoelectric cooling solutions can get damaged or cause inefficient operation at times especially in land thermal systems and medical imaging systems, which further adds to higher investments for maintenance, repair or refurbishing of internal components from time to time. Such factors add to the high overall costs for such chillers, thus restrains its market growth.
Thermoelectric Chiller Market Landscape
Partnerships and acquisitions along with product launches are the key strategies of the players in the Thermoelectric Chiller Market. The major key players in the Thermoelectric Chiller Market include AMS Technologies AG, Laird Thermal Systems, TE Technology, Thermion, Komatsu, Beijing Huimao Cooling Equipment Co. Ltd, Ferrotec Corporation, TEC Microsystems, Phononic Inc. and II-VI Incorporated.
In August 2020, Laid Thermal Systems had announced the development of a thermoelectric module, HiTemp ETX Series which support high temperature range across optoelectronic applications. The robust construction of such thermoelectric coolers is capable of withstanding temperatures upto 150 degree Celsius, thus delivering active cooling for autonomous systems, digital light processors, machine vision and many others. Moreover, these coolers have been assembled using advanced thermoelectric materials which can help in boosting cooling capacity by 10 percent, compared with traditional thermoelectric coolers.
In June 2020, TEC Microsystems had introduced a new range of thermoelectric coolers named 1MA10 series, replacing ceramics with aluminum plates. These models have combined the advantages of classic bulk thermoelectric cooling technology along with advanced high density pellets placement. According to the company, these coolers were developed in order to serve applications which need long-term temperature cycling.
Rack mounted thermoelectric chillers segment is expected to have fast growth during the forecast period 2021-2026 owing to its high mounting flexibility and less power consumption requirements, thus gaining popularity in applications usch as medical imaging systems and land thermal systems.
APAC is expected to have a major share during the forecast period in the thermoelectric chiller market due to high investments from major end use customers particularly for medical and consumer goods using thermoelectric technology.
A. Semiconductor Coolers Market
B. Thermoelectric Generator Market
For more Electronics Market reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to email@example.com to discuss more about our consulting services.