Global Semiconductor Coolers Market to Reach US$ 5.4 Billion by 2032, Stimulated by Increasing Sales of Electronic Products

According to the latest report by IMARC Group, titled “Semiconductor Coolers Market by Type (Single Stage Semiconductor Cooler, Multi-Stage Semiconductor Cooler), Application (Automotive, Consumer Electronics, Healthcare, Defense, and Others), and Region 2024-2032,” the global semiconductor coolers market size reached US$ 3.6 Billion in 2023. Semiconductor coolers are electrical devices that use the thermoelectric effect of semiconductors to produce cold energy. They are equipped with a solid-state heat pump that transfers heat on both sides by introducing a voltage differential between two layers of the semiconductor material. They assist in precisely managing the temperature of biological reagents used in medical and laboratory testing. They use less electricity than a compressor-based cooling system of the same size. Besides this, as they do not vibrate and produce lesser sound than the traditional variants, the demand for semiconductor coolers is increasing across the automotive, defense, and the electronics industries.

Semiconductor Cooler Market Trends:

The inflating income level of individuals and rising reliance on electronic products, such as smartphones, laptops, tablets, computers, toasters, grillers, washing machines, and microwaves, to save time and energy, represent one of the significant factors driving the market. In addition, the increasing product utilization in medical devices like lasers and other diagnostic equipment to help regulate temperature is favoring the growth of the market. Furthermore, semiconductor coolers are increasingly being used in the automotive industry to maintain the temperature in electrical components, like engines and advanced driver assistance systems (ADAS). This, along with the rising sales of autonomous, hybrid, and electric passenger and commercial vehicles, is favoring the growth of the market. Moreover, there is an increase in the use of semiconductor coolers in the military sector to maintain the temperature needed and store weapons and other equipment. This, along with the increasing territorial conflicts among nations, is offering a favorable outlook for the market. Moreover, there is a rise in the adoption of semiconductor coolers in the aerospace industry to facilitate temperature control in the electrical components of airplanes. Furthermore, the increasing adoption of cryogenic cooling to freeze food products and biological components by maintaining the required cold temperature is catalyzing the demand for semiconductor coolers worldwide. Apart from this, the expansion of data centers and the rising need for temperature control in three-dimensional (3D) printing are positively influencing the demand for semiconductor coolers across the globe. Looking forward, the market value is projected to reach US$ 5.4 Billion by 2032, expanding at a CAGR of 4.54% during 2024-2032.

Market Summary

• Based on the type, single-stage semiconductor coolers currently account for the largest market share, followed by the multi-stage semiconductor coolers.
• On the basis of the application, the market has been segmented into automotive, consumer electronics, healthcare, defense, and others.
• Region-wise, the market has been segregated into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, Asia Pacific is enjoying the leading position in the market.
• The competitive landscape of the market has also been examined, with some of the key players being Advanced Thermal Solutions Inc., Coherent Corp., Custom Thermoelectric LLC, Ferrotec Holdings Corp., Laird Thermal Systems GmbH, Merit Technology Group, Nippon India, TE Technology Inc., Wakefield Thermal Solutions, Inc., Wellen Technology Co. Ltd., and Xiamen Hicool Electronics Co. Ltd.

Report Scope:

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