Growth In Consumer Electronics Sales Will Influence Demand Of Thermoelectric Cooler Market 2032

Business Industry Insights

Introduction

In 2020, the overall sales of the thermoelectric refrigerators witnessed a massive decline due to the Covid-19 crisis as lockdown was implemented and all the factorial units were closed which led the manufacturing companies to face immense losses. Now in 2021, the global manufacturers are giving entire focus on improving their sales and profitability through product innovations and upgrades.

Leading corporations including TE Technology, Inc, Ferrotec Corporation, Beijing Huamao Cooling Equipment Co., Ltd., Phononic, Inc., Adafruit, Tellurex Corporation, Hi Cooltec, Meerstetter Engineering, RMT Ltd., and Kreazone and others are making high investments in the establishment of research institutes in different regions to come up with improvements in their offerings. They are adopting business strategies such as sales contracts, strategic alliances, acquiring technical expertise, product approvals, patents and events, joint ventures, partnership agreements, collaborations, digital marketing, mergers and acquisitions, capacity utilisations, technological advancements etc to lead the global market for thermoelectric refrigerators with largest market share.

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For instance, Panasonic corporation announced the rental services using Vixell, an insulated cooling box, that uses contactless power supply technology to enable high insulation performance. The company will collaborate with the Suzuken Group and fulfill the services.

The services include rentals, reception service, precooling and much more. With the use of thermal insulation, mold and Iot technologies, panasonic has been able to develop refrigerators and enhance safety and reliability. In addition to this, Haier India introduced a new range of magic convertible big bottom mounted refrigerators in March 2021. The unique feature about this new range of refrigerators is that it is enabled by Haier’s Advanced Triple Inverter Technology that also allows more energy savings and reduces noise. In Terms of growth, the North American region is projected to show a high growth rate. Asia Pacific region is projected to be lucrative through 2030 owing to the increasing disposable income and emergence of new players. All the other key regions are driving the market growth and opening various opportunities for manufacturers.

Global Thermoelectric Refrigerator Market: Overview

Thermoelectric refrigerators, the cooling systems that work based on the Peltier effect—creating heat flux between the junctions of two types of materials—have a much smaller coefficient of performance as compared to the conventional compressor-style refrigerators, especially when the cooling capacity is large. Nevertheless, owing to the small size of cooling units, their silent nature, the absence of any moving parts in them or any gases or liquids, and their long life, thermoelectric refrigerators are used in a vast set of applications.

Applications of these refrigerators span areas such as medical, military, consumer goods, telecommunications companies, and industrial. Unlike the conventional heat sinks, thermoelectric refrigerators allow lowering the temperature of the products inside the cooler below ambient temperatures while also permitting stabilizing the temperature of objects that are subject to a wide range of varying ambient conditions. Thus the use of thermoelectric refrigerators is common in applications that require the proper maintenance of a specific temperature, such as biological samples or medicines.

In fact, thermoelectric assemblies are considered to be the only effective thermal management systems for a wide range of medical applications. With a thriving medical research sector, the demand for thermoelectric refrigerators has increased at a promising pace in the past few years and continues to rise at a steady pace globally.

A recent Fact.MR research report offers valuable insights on growth of the global thermoelectric refrigerator market for the period 2018 to 2027. Quantitative data and qualitative information have been provided by the report, which tracks the growth of global thermoelectric refrigerator market in the foreseeable future. The report also provides an array of objective information on the way manufacturers of thermoelectric refrigerator (TER) are developing and implementing novel strategies for capturing untapped opportunities across the global landscape.

Thermoelectric Refrigerators in Medical Science Applications

In the field of medical science, refrigerators are employed to cool specimens or samples for the purpose of preservation. These include refrigeration units to store blood products such as blood plasma, and several other pharmaceutical or medical supplies such as vaccines. Reliability and hygiene are among top considerations while procuring refrigerators for the aforementioned applications.

Problems incurred in transportation of these perishable pharmaceutical components has led to the adoption of portable refrigeration systems, where thermoelectric refrigerators have gained paramount importance. This niche concept of refrigeration enables leveraging waste electricity for efficient cooling, thereby playing a vital role in catering current fossil fuel depletion challenges.

Combination of TER with Other Systems to Attain Better COP

Developments in thermoelectric refrigeration system over the years has made technology a novel and better alternative to conventional refrigeration systems. Several research & development activities have been carried out by researchers worldwide for making enhancements in coefficient of performance (COP) of thermoelectric refrigerators. For example, researchers from the Universidad Pública de Navarra have developed a thermoelectric domestic refrigerator, with its cooling system comprising two equal thermoelectric components.

Each of these components comprise a Peltier module with its cold side connected to two-phase & capillary lift thermosyphon (TPM), and the hot side to two-phase & natural convection thermosyphon (TSV). By leveraging a computational model for simulating and designing this thermoelectric refrigerator, and carrying out experimental optimization phase of thermosyphons, the electric power consumption was reduced.

Moreover, incorporation of the two-phase thermosyphons in thermoelectric refrigerator enabled enhancement of COP by 66%. Such thermoelectric refrigerators can be of high use for consumers in developing countries where cost of electricity are relatively higher.

Development of Smart, Eco-Friendly Refrigerators for Rural Areas

Complications related to the disposal of hydro chlorofluoro carbons (HCFCs) and chlorofluoro carbons (CFCs) have led adoption of conventional energy sources in refrigeration systems, in a bid to reduce environmental degradation. With abundant availability of solar energy, thermoelectricity is being leveraged for generating power for heating and cooling applications. Recently, researchers from SB Jain Institute of Technology, Management and Research (SBJITMR) have demonstrated an innovative, eco-friendly, and smart thermoelectric refrigeration system that is solar-powered.

This Peltier-based solar-powered thermoelectric refrigerator is highly beneficial for consumers in rural areas, where electricity supply remains uncertain. This proposed thermoelectric refrigerator claims greater reliability than other portable refrigerators, and it caters to prime requirements of current world – eco-friendliness and cost-effectiveness. With the provision of temperature range control over the cooling unit, the solar-powered thermoelectric refrigerator can be employed across various applications that include

  • Storage of dairy products that require greater emphasis
  • Coastal areas, wherein marine edibles are transported to the marketplace
  • Medical sector for storing pharmaceutical and blood products

Implication of Thermoelectric Refrigeration Technology for Future of Refrigeration

Thermoelectric refrigeration has sought use in compact fridge units having minimum temperature of 4 degree celcius. However, opportunities exist for technological advancements to pick up pace, for implementation into both supermarket as well as home refrigeration equipment. Numerous benefits asoociated with thermoelectric refrigeration will drive their proliferation in the upcoming years. Some of these benefits include

  • Lesser vibration and noise pollution compared to their compressor-dependent counterparts
  • Lower emission of harmful refrigerants, thereby resulting into reduced carbon footprint
  • More energy-efficient, as these are devoid of pumps or coolers for squeezing refrigerants and converting them into liquid

Refrigerator manufacturers have already commenced integrating thermoelectric cooling technology, also called as solid-state cooling technology, into their products, which deprives the requirement for evaporators and compressors. The next-generation refrigerators are likely to comprise compact thermoelectric semiconductors for active conveyance of heat energy. Solid-state refrigerators that utilize magnets for cooling are being developed, by employing materials such as gadolinium that heat up in a magnetic field. As soon as the magnetic field and heat energy are removed from the system, gadolinoium cools down to lower than its initial temperature, thereby acting as a coolant.

Overall, this research report on thermoelectric refrigerator market will offer readers detailed insights and analysis on the key factors likely to shape this landscape during the assessment period. The competitive landscape included in the report profiles the business and product strategies of some of the leading players, and this can act as a valuable source of information for stakeholders looking to gain competitor insights.

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