Redding, California - August 2, 2024
Solid State Cooling Market to be Worth $1.5 Billion by 2031
Solid State Cooling Market Size, Share, Forecast, & Trends Analysis by Type (Single, Multi, Thermocycler), Product (Refrigeration, Cooling), Technology (Thermoelectric, Electrocaloric), Application, and End-use Industry - Global Forecast to 2031
Meticulous Research®—a leading global market research company, published a research report titled, ‘Solid State Cooling Market Type (Single, Multi, Thermocycler), Product (Refrigeration, Cooling), Technology (Thermoelectric, Electrocaloric), Application, End-use Industry - Global Forecast to 2031’
According to this latest publication from Meticulous Research®, the global solid state cooling market is projected to reach $1.5 billion by 2031, at a CAGR of 9.8% from 2024 to 2031. The growth of this market can be attributed to several factors, including the increasing demand for high energy-efficient cooling systems, the rising adoption of consumer electronics, and the growing use of solid state cooling systems in medical devices & healthcare applications. Additionally, the increasing utilization of data centers and integration of solid state cooling systems with renewable energy sources is expected to create market growth opportunities. The high initial cost associated with setting up solid state cooling systems may restrain the growth of this market. However, the availability of high-performance and cost-effective materials for solid state cooling presents a significant challenge for market players.
Additionally, the integration of IoT and smart technologies in cooling solutions is a key trend in the solid state cooling market.
The global solid state cooling market is segmented by type, product, technology, application, and end-use industry. The study also evaluates end-use industry competitors and analyzes the market at the region/country level.
Based on type, the global solid state cooling market is broadly segmented into single-stage, multi-stage, and thermocycler. In 2024, the single-stage segment is expected to account for the largest share of over 48.0% of the solid state cooling market. The large market share of this segment can be attributed to their simpler compact design and lower production costs compared to multi-stage or thermocycler systems, increasing use of single-stage systems in a variety of applications, including consumer electronics and small-scale cooling systems, and growing demand for efficient cooling systems for applications with less demanding temperature control requirements.
However, the thermocycler segment is projected to witness the highest growth rate during the forecast period of 2024–2031. This growth is driven by the increasing demand for precise temperature control and the growing need for efficient, compact, and reliable thermocycling solutions for advanced biotechnological applications, laboratory and field applications, and medical diagnostics.
Based on product, the global solid state cooling market is broadly segmented into cooling systems and refrigeration systems. In 2024, the cooling systems segment is expected to account for a large share of over 65.0% of the solid state cooling market. The large market share of this segment can be attributed to the increasing need for energy-efficient alternatives to traditional cooling methods focused on reducing energy consumption and operational costs, the increasing need for effective cooling in portable and wearable electronics, including smartphones and laptops, and the growing need for space-saving, minimal vibration, and compact cooling solutions in automotive, and industrial applications.
However, the refrigeration systems segment is projected to witness a higher growth rate during the forecast period of 2024–2031. This growth is driven by the growing demand for eco-friendly and energy-efficient refrigeration solutions, increasing emphasis on reducing energy consumption and operational costs in commercial and residential refrigeration applications, growing technological advancements in solid state refrigeration, and increasing need for reliable and efficient refrigeration in the food and beverage industry.
Based on technology, the global solid state cooling market is broadly segmented into thermoelectric cooling, magnetocaloric cooling, electrocaloric cooling, cryogenic cooling, and other technologies. In 2024, the thermoelectric cooling segment is expected to account for the largest share of over 36.0% of the solid state cooling market. The large market share of this segment can be attributed to its high reliability and low maintenance requirements compared to traditional cooling systems, growing use of thermoelectric cooling systems for applications including portable small appliances, electronics cooling, automotive, and medical devices, and increasing demand for an eco-friendly alternative to conventional refrigeration and cooling technologies.
However, the electrocaloric cooling segment is projected to witness the highest growth rate during the forecast period of 2024–2031. This growth is driven due to its compact and high energy efficiency in cooling power per unit volume, making them ideal for space-constrained applications, and increasing demand for electrocaloric cooling systems for high-precision cooling applications in electronics, and medical devices.
Based on application, the global solid state cooling market is broadly segmented into solid state refrigerators, heated & cooled mattresses, wine bottle coolers, telecom devices, thermal therapy devices, electronics & Peltier CPU cooling, thermoelectric battery thermal management, electronics kiosk cooling, zonal thermoelectric climate control, thermoelectric office chairs, mini in-vehicle Peltier refrigerators, and other applications. In 2024, the solid state refrigerators segment is expected to account for the largest share of over 27.0% of the solid state cooling market. The large market share of this segment can be attributed to the increasing use of solid state refrigerators for high energy-efficiency cooling, less maintenance, and low noise operation compared to traditional refrigerant-based systems making it suitable for noise-sensitive environments such as offices, medical facilities, and homes, and growing increasing regulations and consumer demand for eco-friendly refrigeration solutions
However, the thermal therapy devices segment is projected to witness the highest growth rate during the forecast period of 2024–2031. This growth is driven by the increasing use of solid state cooling technologies for precise and adjustable temperature control in thermal therapy devices, the growing prevalence of chronic pain and musculoskeletal conditions, and increasing demand for advanced thermal therapy devices used for pain relief, muscle relaxation, and rehabilitation.
Based on end-use industry, the global solid state cooling market is broadly segmented into automotive, food & beverages, aerospace & defense, semiconductor & electronics, IT & telecommunications, industrial/power generation, healthcare, and other end-use industries. In 2024, the healthcare segment is expected to account for the largest share of over 43.0% of the solid state cooling market. The large market share of this segment can be attributed to the increasing demand for advanced cooling solutions in medical devices, the growing need for precise and reliable temperature control for devices, including diagnostic equipment, drug storage, and surgical tools, and the growing adoption of thermal therapy devices and other medical equipment utilizing solid-state cooling.
However, the semiconductor & electronics segment is projected to witness the highest growth rate during the forecast period of 2024–2031. This growth is driven by the growing trend towards efficient, smaller, and more compact electronic devices, the increasing need for effective cooling solutions in high-performance computing (HPC) systems and data centers to manage heat and maintain performance, and a growing need for advanced cooling solutions to handle higher heat densities and improve system reliability.
Based on geography, the global solid state cooling market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of over 42.0% of the solid state cooling market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America's large market share can be attributed to several key factors, including the increasing adoption of advanced solid state cooling technologies in electronics and medical sectors, growing emphasis on energy efficiency and sustainability cooling systems, growing demand for advanced cooling systems to manage battery temperature and enhance EV performance, and increasing demand for advanced cooling solutions for power generation equipment to improve performance and reduce operational issues. Moreover, the market in Asia-Pacific is slated to register the highest growth rate of over 11.0% during the forecast period.
Key Players:
The key players operating in the solid state cooling market are Ferrotec Holdings Corporation (U.S.), TE Technology, Inc. (U.S.), AMS Technologies AG (Germany), Coherent Corp. (U.S.), Phononic, Inc. (U.K.), Solid State Cooling Systems (U.S.), EIC Solutions, Inc. (U.S.), Crystal Ltd. (Russia), Delta Electronics, Inc. (Taiwan), EVERREDtronics Ltd (China), Laird Thermal Systems, Inc. (U.S.), MERIT TECHNOLOGY GROUP Co., Ltd (China), TEC Microsystems GmbH (Germany), Thermonamic Electronics(Jiangxi) Corp., Ltd. (China), Kryotherm (Russia), Xiamen Hicool Electronics Co., Ltd. (China), Align Sourcing LLC (U.S.), and Hi-Z Technology, Inc. (U.S.).
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Key questions answered in the report-
- Which are the high-growth market segments based on type, product, technology, application, end-use industry, and geography?
- What was the historical market for the solid state cooling market?
- What are the market forecasts and estimates for the period 2024–2031?
- What are the major drivers, restraints, opportunities, challenges, and trends in the solid state cooling market?
- Who are the major players, and what shares do they hold in the solid state cooling market?
- What is the competitive landscape in the solid state cooling market?
- What are the recent developments in the solid state cooling market?
- What are the different strategies adopted by the major players in the solid state cooling market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the global solid state cooling market, and how do they compete with the other players?
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