The global thermoelectric cooler market size is projected to reach US$ 672.31 Million in 2022 and exhibit growth at a CAGR of 8.7% in the forecast period (2022-2032). As per the report, the global thermoelectric market is expected to be valued at US$ 1548.34 Million in 2032.
Increasing adoption of thermoelectric coolers in medical devices and laboratory instruments is expected to drive growth over the next ten years. Growing demand for more advanced medical devices has further increased the need for thermal management technology, which has led to surging usage of thermoelectric coolers in the medical industry.
Thermoelectric coolers are used as a type of heat sink to manage temperature fluctuations. These fluctuations occur due to the different power requirements from various components inside a medical device such as microprocessors and sensors.
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Medical devices and laboratories need efficient cooling systems with long-term reliability. For this reason, thermoelectric coolers have been increasingly adopted by the medical industry for their ability to provide highly reliable temperature control at low cost.
Moreover, rising use of thermoelectric coolers in consumer electronics such as laptops, tablets, and smartphones is anticipated to push growth in the global market. Thermoelectric coolers will continue to become more prevalent in electronics as they continue to evolve into miniaturized devices. Even though there are different types of cooling technologies available today, thermoelectric coolers offer competitive advantages in terms of power consumption, size, weight, reliability, and price, which make them an attractive option for various companies.
By model, the multi-stage cooler segment is estimated to dominate the global thermoelectric cooler market in the evaluation period. Multi-stage coolers provide improved cooling capabilities than single-stage coolers, while retaining the benefits of solid-state cooling.
They can transfer more heat than single-stage thermoelectric coolers. They are utilized in a wide variety of industries, including telecommunication, consumer goods, healthcare, and automotive.
Regionally, Asia Pacific is expected to account for a sizable revenue share of the global thermoelectric cooler market. Due to low labor costs and rising demand for thermoelectric coolers from the fast-growing semiconductor sector, the cost of production in this region has decreased in the past few years. China and India are anticipated to contribute significantly to the rising demand for thermoelectric coolers in the Asia Pacific region.
- Asia Pacific is predicted to become the largest market for thermoelectric coolers during the forecast period.
- In terms of end-user industry, the automotive category is likely to generate a lion’s share in the thermoelectric cooler market during the evaluation period.
- Based on model, the multi-stage cooler segment is expected to hold the highest share in the thermoelectric cooler market between 2022-2032.
- In Asia Pacific, Japan thermoelectric cooler market is set to remain at the forefront on the back of technological advancements during the anticipated period.
- The market for thermoelectric coolers in North America is projected to create an absolute dollar opportunity during the projected period.
- Growing need for thermoelectric coolers in the automobile industry to cool electrical components and batteries will drive market expansion.
- Rising demand for thermoelectric coolers from the telecommunications industry for usage in data centers and telecom equipment would push the market.
- Increasing demand for thermoelectric coolers in the military and defense industry for usage in portable electronics will drive the market.
- Thermoelectric coolers are not very energy efficient and they need 3 to 5 amps of current 12V to remain cold.
- Thermoelectric coolers are not temperature controlled and this can make them either too cold or too warm, which may hamper sales.
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Key players in the global thermoelectric cooler have adopted various strategies such as new product launches, collaborations, and mergers & acquisitions to offer a wide variety of products and services to customers and increase their market share.
- In July 2021, Phononic bagged a growth investment led by US$ 50 Million from Sachs Asset Management’s sustainable investing company. Phononic seeks to increase investment in its sales and marketing, high-volume production capabilities domestically and abroad, as well as platform and product line for cooling and refrigeration.
- In August 2020, to provide active cooling in high-temperature situations for autonomous systems, machine vision, digital light processors, and optical transceivers, Laird Thermal System introduced its Hi-Temp ETX Series thermoelectric coolers.
Key Companies Profiled by Fact.MR
- Ferrotec Corporation
- Applied Thermoelectric Solutions LLC
- Adcol Electronics
- Beijing Huimao Cooling Co., Ltd.
- AMS Technologies
- Analog Technologies
More Valuable Insights on Thermoelectric Cooler Market
In the latest study, Fact.MR offers a detailed study on the global thermoelectric cooler market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of thermoelectric cooler through detailed segmentation as follows:
- Single Stage
- Special Design
- Standard Design
By End-User Industry:
- Consumer Electronics
- North America
- Latin America
- Asia Pacific
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Key Questions Covered in the Thermoelectric Cooler Market Report
- What is the projected value of the thermoelectric cooler market in 2022?
- At what rate will the global thermoelectric cooler market grow until 2032?
- Which are the factors hampering the growth in the thermoelectric cooler market?
- Which region is expected to lead in the global thermoelectric cooler market during 2022-2032?
- Which are the factors driving the thermoelectric cooler market during the forecast period?
- What is the expected market value of the thermoelectric cooler market during the forecast period?
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Belgian Commitment to Partnership Supports a New Frontier of Europe-US Space Research
BRUSSELS, Dec. 10, 2023 /PRNewswire/ — Belgian Prime Minister Alexander De Croo has travelled to Houston, United States, to meet Raphaël Liégeois, the Belgian career astronaut selected as part of the European Space Agency (ESA) astronaut class of 2022. De Croo’s visit coincides with the ESA cohort’s familiarisation trip to NASA’s Johnson Space Centre, which is the precursor to a further two years of training, delivered in Houston, to prepare the astronauts for their respective missions on the International Space Station. The visit signals a new phase of the long-standing collaboration between Europe and the United States on space research and exemplifies Belgium’s commitment to partnerships in facing global challenges.
Belgium’s expertise in aerospace, and in science more generally, is internationally recognised – in terms of both training and industry. Belgium is a founding member of the ESA and its fifth-largest funder. The country’s support of the ESA shows its commitment to shaping the development of Europe’s space capability and ensuring that investment in space continues to deliver benefits to the citizens of Europe and the world.
“For Belgians, the sky isn’t the limit, the universe is,” said De Croo. “Today, we are very proud to see Raphaël take this important step in his career as an astronaut. He will be an important role model for many generations of STEM students to come. Space research and innovation hold particular importance for Belgium; they are powerful economic drivers which foster the growth of high-tech industries and create jobs – as evidenced by the number of Belgian companies on the cutting edge of aeronautics.”
The 17 members of the ESA astronaut class of 2022 were selected from a pool of over 23,000 applicants. The process, designed to bring together the finest scientific minds that Europe has to offer, took place over a period lasting 18 months.
The selection of Raphaël Liégeois is testament to Belgium’s focus on embracing openness, driven by innovation, partnerships, and diversity, to create solutions that drive progress for all.
Located in the heart of Europe, Belgium is one of the most open economies in the world, counting 11.5 million people with a reputation for innovation, hard work, partnership, and multilingualism. Strategically located between Germany, the Netherlands, France, and Luxembourg, and only a stone’s throw from the UK, it lies at the centre of the richest and most densely populated area in Europe. A member of the European Union, Belgium enjoys full access to the world’s most advanced single market and customs zone which ensures extensive frictionless trade.
Belgium boasts a highly developed transport infrastructure, including the second largest seaport in Europe (Antwerp). Belgium is home to world-leading research and innovation facilities, multinational corporations, and artisanal businesses supported by the investor-centric approach of public services.
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Savory & Partners: Digital Nomad Visas Sparking a Migration Boom
DUBAI, UAE, Dec. 9, 2023 /PRNewswire/ — The simplicity and lax requirements of digital nomad visas have made them easily accessible, and countries like Portugal and Spain, which have excellent infrastructure, great internet connection, and an outstanding standard of living, draw in more digital nomads by the day, according to experts at Dubai-headquartered citizenship and residency by investment advisors Savory and Partners.
A recent research quoted by the company estimates that there are 16.9 million digital nomads roaming the globe. This is a whopping 162% increase from 2019, just four years earlier.
As soon as Portugal introduced its digital nomad visa in October of 2022, the applications started pouring in. While the government hasn’t announced the number of applications it has received, Portugal’s Labour Minister did announce that the country approved 550 applications within the first six months.
Two months after launching its visa in September of 2021, Greece received 2,918 applications, approving an astonishing 1,693 applicants. The government is yet to release any new statistics, but going off that outstanding start it is safe to assume it is still garnering massive attention.
Germany also boasts impressive numbers, having issued a total of 3,638 visas in just one year since the introduction of its visa in 2018.
According to Residency Malta, the government branch responsible for the digital nomad visa, it has issued 1,041 visas to date, with an average approval rate of 78%.
Croatia, one of the first countries to introduce a pure digital nomad visa in early 2021 as a response to the rise in remote workers, has approved 680 applications, while 672 are still pending approval.
Not just Europe
“It’s not just Europe but even Barbados’ digital nomad visa, dubbed the Welcome Stamp, has been doing outstandingly well, receiving a total of 3,511 applications between 2020 and 2022”, a digital nomad specialist at Savory & Partners reports.
While digital nomads typically use visa-free access or visas to stay in countries for a few months at a time before moving on to the next, digital nomad visas provide a sense of comfort and stability that aligns perfectly with their lifestyle, giving them ample time to enjoy the country they are in before moving on to the next.
The rapid growth in application numbers and the surging demand for digital nomad visas isn’t surprising. They are extremely simple to apply to, have fast processing times ranging from a few days to a couple of months, and they do not require any business establishment or investment.
Portugal’s digital nomad visa, for example, only requires applicants to prove a monthly income of €3,040 per month, while Spain’s visa has a lower threshold of just €2,160 per month.
Savory & Partners is an accredited agent for multiple governments where citizenship by investment is offered. The company has coverage in over 20 jurisdictions, including Europe and was the first firm to obtain all five authorised agent licenses for the governments of the Caribbean Islands. It has processed second passports for over 4,000 citizens with a 100 per cent success rate.
With a presence in 3 continents and 7 countries and more than 60 experts worldwide, the company’s multinational staff comprises advisors who guide clients in English, Arabic, Farsi, French, Spanish and Hindi.
To know more about Savory & Partners, visit www.savoryandpartners.com.
For more information, please send an email to [email protected] can also call +971 04 430 1717 or send a WhatsApp message to +971 54 440 2955.
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Robotic Lawn Mower Market to Reach $2.4 Billion, by 2032 at 10.9% CAGR: Allied Market Research
The increasing demand for smart appliances for garden maintenance by global consumers, along with the development of IOT enabled features is fueling the growth of the robotic lawn mower market.
WILMINGTON, Del., Dec. 8, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Robotic Lawn Mower Market by Range (Low-Range Robotic Lawn Mower, Medium-Range Robotic Lawn Mower, and High-Range Robotic Lawn Mower), End User (Residential User and Commercial User), and Distribution Channel (Retail and Online): Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global robotic lawn mower market size was valued at $838.5 million in 2022, and is projected to reach $2.4 billion by 2032, growing at a CAGR of 10.9% from 2023 to 2032.
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Prime determinants of growth
The robotic lawn mower market is driven by factors such as increase in demand for automation, rise in advancements for technology, and increase in popularity of online platforms. However, the rise in regular maintenance and repair costs restricts market growth. Moreover, the increase in demand for rental robotic lawn mowers offers new opportunities in the coming years.
Report coverage & details:
Market Size in 2022
Market Size in 2032
No. of Pages in Report
Range, End User, Distribution Channel, and Region
Increase in demand for automation
Rise in advancements for technology
Reduction in the labor costs
Increase in demand for rental robotic lawn mowers
Growth in the adoption of internet of things
Declining Cost of Batteries/Fuel Cells
Less adoption in developing markets
Regular maintenance and repair costs
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The medium range robotic lawn mower segment to maintain its leadership status throughout the forecast period
Based on range, the medium range robotic lawn mower segment dominated the market in 2022 accounting for more than half of the market share and is expected to dominate the market during the forecast period. This segment is projected to manifest the highest CAGR of 10.4% from 2023 to 2032, owing to the increase in residential and commercial spaces such as buildings, corporate spaces, sports centers, and public parks, which has fueled the requirement for medium range robotic lawn mowers.
The residential segment to maintain its leadership status throughout the forecast period
Based on end user, the residential segment dominated the market in 2022 accounting for less than three-fourths of the market share and is expected to dominate the market during the forecast period. This segment is projected to manifest the highest CAGR of 10.7% from 2023 to 2032, owing to the increase in the demand for low and medium range robotic lawn mowers in the residential sector due to the increased requirement for lawn care and maintenance.
The retail segment to maintain its lead position during the forecast period
On the basis of the distribution channel, the retail segment dominated the market in 2022 accounting for less than half of the market share and is expected to maintain its dominance during the forecast period. The increased demand for ecologically friendly and sustainable robotic lawn mowers, which is being driven by the rising awareness of environmental challenges, is one of the main factors boosting retail sales.
Europe to maintain its dominance by 2032
Based on region, Europe held the highest market share in terms of revenue in 2022, accounting for less than two-fifths of the market share and is expected to maintain its dominance during the forecast period. The growing popularity in artificial intelligence for performing day-to-day activities with higher efficiency is among the primary factors driving the Europe robotic lawn mower market.
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Leading Market Players: –
Robert Bosch GmbHHusqvarna ABHonda Motor Co., Ltd.Zucchetti Centro Sistemi S.p.A.Stiga C S.a.r.l.Andreas Holding AG & Co. KGPositec Tool CorporationWiper S.R.L.Suzhou Cleva Electric Appliance Co., Ltd.Stanley Black & Decker, Inc.The report provides a detailed analysis of these key players in the robotic lawn mower market. These players have adopted different strategies such as acquisition, partnerships, and new product launches to increase their market share and maintain dominant shares in the market. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa1209 Orange Street,Corporation Trust Center,Wilmington, New Castle,Delaware 19801 USA.USA/Canada (Toll Free):+1-800-792-5285UK: +44-845-528-1300Hong Kong: +852-301-84916India (Pune): +91-20-66346060Fax: [email protected]: www.alliedmarketresearch.comAllied Market Research Blog:https://blog.alliedmarketresearch.com/consumer-goods
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