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Thermoelectric Cooler Market to Surpass US$ 1548.34 Million by 2032 as Trend for Miniaturized Electronic Devices Gains Traction

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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.

Key Takeaways:

  • 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 PacificJapan 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.

Growth Drivers:

  • 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.

Restraints:

  • 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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Competitive Landscape:

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.

For instance,

  • 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:

By Model:

  • Single Stage
  • Multi-Stage

By Design:

  • Special Design
  • Standard Design

By End-User Industry:

  • Consumer Electronics
  • Telecommunications
  • Automotive
  • Others

By Region:

  • North America
  • Latin America
  • Asia Pacific
  • Europe
  • MEA

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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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Isothermal Forging Market: The isothermal forging market is likely to grow at 5.5% CAGR during 2022-2032, reaching US$ 14.6 Billion by 2032. Steady increase in terms of sales of various automobiles and growing investments in infrastructure projects are likely to drive the demand for isothermal forging.

Laser Processing Market: The global laser processing market is projected to be valued at US$ 33 Billion by the end of 2032 and showcase considerable growth at a CAGR of 7.5% in the forecast period from 2022 to 2032. Increasing use of laser processing technology in the packaging, aerospace & defense, telecommunications, medical, and architecture for heat treatments, punching, scribing, and cutting is estimated to augment the market.

Cryogenic Equipment Market Report: The global sales of cryogenic equipment have reached US$ 13.6 billion in 2022. Increasing investments in the space industry, rising demand for LNG, and growing demand for energy and power are prime drivers for the market.

Artificial Intelligence

Unlock an Exclusive Olympic Experience: Celebrating Live4Well’s Sold-Out Genesis NFT

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HONG KONG, May 25, 2024 /PRNewswire/ — The buzz surrounding Live4Well’s successful Genesis NFT membership launch on May 23 has captivated both traditional and web3 communities. Combining the power of AI technology and decentralized physical infrastructure (DePin) concept, Live4Well has infused new life into the NFT market. The overwhelming response to their first NFT sales, showcases the project’s immense potential. Renowned web3 community leaders from Azuki, Bored Ape, Pudgy Penguins, WELL3, etc have joined forces with Live4Well, propelling the Genesis NFT membership collection to its resounding success.

Live4Well aims to transform the wellness industry by creating a reward-based infrastructure that connects global fitness data, enhances their AI database, and drives the development of sports and wellness. Backed by a multi-billion family office, which recently invested $20 million in Live4Well, the project has gained support in both web3 and traditional spaces. The team believes that every drop of sweat and effort toward better health should be rewarded, fostering motivation and integrating exercise into daily lives for enhanced well-being.
Live4Well’s announcement of an Olympic-themed raffle for Genesis NFT holders reflects their commitment to connecting wellness between Web2 and Web3 platforms. This testament to Live4Well’s demand and innovative vision solidifies their position as a promising leader in the industry. Their integration of the Olympic signifies their determination to inspire a global audience, leveraging blockchain technology to create an immersive ecosystem that revolutionizes how individuals engage with fitness on a daily basis for better health. Live4Well’s dedication to bridging the gap between traditional practices and the digital landscape sets them apart as pioneers in promoting well-being on a global scale.
What is Genesis NFT membership?
The Genesis NFT unlocks a multitude of benefits for holders, including the opportunity to cash out their sportive income and access a range of exclusive physical products and services. In addition to future airdrops and angel round whitelist privileges, Genesis holders will receive VIP tailor-made product packs from an innovative German sportswear company, elevating their exercise performance to new heights. With over 400 million sweat points farmed by their users, they are eager to redeem through the Genesis NFT membership. These enticing incentives explain why there was a widespread eagerness to participate in this thrilling event.
Unlike typical projects that raise funds before launching products or services, Live4Well has already released its AI-powered app, amassing over 250,000 users as a community base actively engaging in daily exercise. This early success has fostered a promising community within the wellness industry, as users trust Live4Well’s roadmap and collaborative ventures. The growing traction from both ordinary individuals and web3 enthusiasts has intensified the demand for redeeming and cashing out sweat points, the project’s exercise-based rewards. Obtaining the Genesis NFT membership is now seen as an essential step for accessing the highest tier of benefits and cashing out sportive income.
What’s next for Live4Well?
Following the Genesis sales, Live4Well’s team will shift their focus to the upcoming token generation event (TGE) and a series of farming events. They also have exciting plans for partnerships and other collaborations in the global wellness and fitness industries. If you missed the initial launch, be sure to stay updated on Live4Well’s journey and join this extraordinary revolution.
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Overseas Expansion Strategy of K-OTT Introduced in France, KOCCA holds the ‘2024 Korea-France Content Forum’

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– The ‘Korea-France Content Forum’ held to establish the Foundation for K-OTT’s oversea expansion
PARIS, May 24, 2024 /PRNewswire/ — The Ministry of Culture, Sports and Tourism (Minister Yu In-chon) and the Korea Creative Content Agency (President, Jo Hyun-rae, hereafter KOCCA) held the ‘2024 Korea-France Content Forum’ on May 24th during the Korea Expo in Paris, France.

The ‘2024 Korea-France Content Forum’ featured a keynote session (K-OTT’s Strategies in Global market) presenting K-OTT’s strategies for international expansion and a roundtable session (Strategies in the Era of Streaming) discussing the growth of OTT platforms and collaborative approaches with production companies.
The forum featured participation from various industry leaders including Kun hee Park (CEO, Wavve Americas), Sangjin Lee (Head of content IP Business, LG U+), Seung ae Sohn (Executive Director, Showbox), Ji ae Sohn (Ambassador for Cultural Cooperation), Moonju Kim (General Director, France Business Center, KOCCA), Isabelle Degeorges (President, Gaumont Television France) which produced the French Netflix original series, participated.
Strategy announcement by Wavve Americas (KOCAWA), the first K-OTT’s launched in Europe
During the Keynote Session, Park Kun Hee – CEO of Wavve Americas, the first domestic OTT Platform to launch services in Europe, Took the stage to discuss the international expansion strategy of KOCOWA, which started offering services in 39 countries including Europe since April of this year. Following this, Lee Sangjin, Head of Content IP Business of LG U+, presented the expansion strategy of LG U+ Mobile TV, encompassing diverse original content.
During the round-table session, participants shared thoughts and solutions regarding the survival strategies of local OTT platforms and production companies amidst the rapid waves of change brought about by the emergence of global OTT platforms.
In particular, through this forum, we were able to observe the proactive implementation of IP protection policies by local production companies in France, aimed at sustainable content creation. Isabelle Degeorges, CEO of Gaumont Television France, noted, “With the introduction of the European Audiovisual Media Services Directive (AVMSD), platforms and production companies can share IPs three years after supplying the content.” Kim Moon-joo, Director of the Korea Creative Content Agency’s France Business Center, participated as a panelist, introducing policies aimed at enhancing the competitiveness of K-OTT and fostering collaboration with production companies.
Park Kun Hee, CEO of Wavve Americas, who participated in the event, stated, “It was a meaningful opportunity to introduce our platform locally in Europe in line with KOCOWA’s expansion into the region”. Additionally, Kyoungbon Koo, Director Broadcasting & Video Content Division at KOCCA commented, “It was a meaningful occasion to not only introduce K-OTT’s strategies to Europe but also to exchange ideas on collaboration between Korea and France. We will continue to focus on activating various forms of collaboration with major international partners in the future”.
KOCCA supports the overseas expansion of excellent domestic OTT content and platforms through the newly established Local OTT Specialized Support Program this year. This initiative aims to enhance the competitiveness of domestic OTT platforms and content by adapting to the changing industrial environment.
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IoT Node and Gateway Market worth $604.7 billion by 2029 – Exclusive Report by MarketsandMarkets™

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CHICAGO, May 24, 2024 /PRNewswire/ — The IoT Node and Gateway market is projected to grow from USD 424.6 billion in 2024 and is estimated to reach USD 604.7 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.3% from 2024 to 2029 according to a new report by MarketsandMarkets™. The growth of the IoT Node and Gateway market is driven by the Provision of increased IP address space through IPv6, Emergence of 5G technology, and Increasing need for data centers.

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Browse in-depth TOC on “IoT Node and Gateway Market”
410 – Tables70 – Figures390 – Pages
IoT Node and Gateway Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 424.6 billion
Estimated Value by 2029
$ 604.7 billion
Growth Rate
Poised to grow at a CAGR of 7.3%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Hardware, End-use Application and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Requirement for wireless spectrum and licensed spectrum
Key Market Opportunities
Accelerated IoT adoption in healthcare sector
Key Market Drivers
Rising use of wireless smart sensors and networks
By Hardware, the Logic Devices are projected to grow at a high CAGR of IoT Node and Gateway market during the forecast period.
Logic devices can adapt to changing requirements even after deployment. As new features or functionalities are needed, the logic within the device can be reprogrammed to accommodate these changes, extending the useful life of the product and reducing the need for hardware revisions. The integration of FPGA technology into IoT devices further enhances these advantages. The integration of FPGAs into IoT nodes and gateways empowers manufacturers to develop highly optimized, customizable, and scalable solutions that meet the diverse needs of IoT applications. Tesla’s Full Self-Driving (FSD) computer utilizes FPGAs to handle complex neural network computations for autonomous driving algorithms. This allows them to potentially improve their FSD capabilities through software updates that reconfigure the logic within the FPGAs.
BFSI segment in IoT Node and Gateway Market is projected to grow at a highest CAGR during the forecast period.
BFSI sector can use IoT technology to provide more convenient solutions for customers. IoT can be used to perform data collection in real time and for instant communication between devices. For instance, it can facilitate cashless payments using an RFID scanner to identify products in the shopping cart and mobile wallet. The adoption of mobile point of sale (mPOS) systems and kiosks is fundamentally reshaping the landscape of the BFSI market. mPOS facilitates transactions anytime, anywhere, benefiting unbanked populations and enabling temporary service points for events. Kiosks offer convenient banking functionalities, reducing wait times and freeing up staff for complex inquiries. These technologies drive cost savings by requiring less investment and automating routine tasks, allowing resources to be reallocated strategically. They provide rich data for personalized services, fraud detection, and operational optimization. mPOS systems and kiosks promote financial inclusion by extending services to remote areas, fostering economic activity and well-being.
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North America accounts for the largest share in IoT Node and Gateway Industry.
The North American IoT market is poised to grow, driven by government efforts to transition cities into smart urban centers. The growing need for sophisticated IoT solutions, fueled by the widespread availability of high-speed data, will further propel market expansion in this region. Furthermore, North America’s dynamic IoT node and gateway ecosystem features established players like Intel Corporation (US), Texas Instruments Incorporated (US), Dell (US), and Cisco Systems (US), driving competition, innovation, and affordability. Increasing research and development at industry levels is broadening the application areas of IoT in various industries, such as retail, consumer electronics, automotive and transportation, and healthcare, especially in the US. The increased demand for effective solutions and focus on early, accurate, and fast diagnosis of diseases has led to huge investments in technological developments in the healthcare sector.
Key Players
Key companies operating in the IoT Node and Gateway companies are Intel Corporation (US), Qualcomm Technologies, Inc. (US), Texas Instruments Incorporated (US), STMicroelectronics (Switzerland), Microchip Technology Inc. (US), Huawei Technologies Co., Ltd. (China), NXP Semiconductors N.V. (Netherlands), Cisco Systems, Inc. (US), Hewlett Packard Enterprise Development LP (US), TE Connectivity Ltd (Switzerland), Advantech Co., Ltd. (Taiwan), Dell Technologies (US), among others.
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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
Related Reports: 
IoT Technology Market by Node Component (Sensor, Memory Device, Connectivity IC, Processor, Logic Devices), Software Solution (Remote Monitoring, Data Management), Platform, Service, End-use Application, Geography – Global Forecast to 2029
Industrial IoT Market Size, Share & Industry Growth Analysis Report by Device & Technology, Connectivity Type, Software, Vertical (Manufacturing, Energy, Oil & Gas, Healthcare, Retail, Transportation, Metals & Mining, Agriculture), and Geography – Global Growth Driver and Industry Forecast to 2026
Internet of Robotic Things Market (IoRT) by Component (Sensor, Power, Control), Service (Professional, Managed), Platform (Device, Application, Network), Software (Analytics, Data, Security, Monitoring, Bandwidth), Application – Global Forecast to 2022
MulteFire Market by Device (Small Cells, Switches, Controllers), Application (Industrial Manufacturing, Commercial, Transportation, Public Venues, Healthcare, Oil & Gas and Mining, Power Generation, Hospitality), and Geography – Global forecast 2025
Smart Robots Market Size, Share by Component (Sensors, Actuators, Control Systems), Type, Operating Environment, Mobility, Application (Domestic, Field/Agricultural, Public Relations, Industrial), and Region – Global Forecast to 2025
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact: Mr. Aashish MehraMarketsandMarkets™ INC. 630 Dundee RoadSuite 430Northbrook, IL 60062USA: +1-888-600-6441Email: [email protected] Our Web Site: https://www.marketsandmarkets.com/Research Insight: https://www.marketsandmarkets.com/ResearchInsight/iot-gateway-market.aspContent Source: https://www.marketsandmarkets.com/PressReleases/iot-gateway.asp
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