Solid State Cooling Market Size, Share, Statistics and Industry Growth Analysis Report by Product (Refrigerators, Freezers, Air Conditioners, Chillers, Coolers), Type (Single-stage, Multi-stage, Thermocycler), Technology (Thermoelectric, Electrocaloric, Magnetocaloric), Vertical, Region - Global Growth Driver and Industry Forecast to 2029
The global solid state cooling market size is expected to be valued at USD 0.8 billion in 2024 and is projected to reach USD 1.5 billion by 2029; it is expected to grow at a CAGR of 13.6% from 2024 to 2029.
As companies and consumers prioritize sustainability and seek innovative technologies to reduce energy consumption and minimize environmental impact, solid-state cooling offers a compelling alternative to traditional cooling methods. Advancements in semiconductor technology, coupled with growing awareness of the limitations of conventional cooling systems, further propel the adoption of solid-state cooling solutions, driving the growth of the market globally.
Solid State Cooling Market Forecast to 2029
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Solid State Cooling Market Dynamics
Driver: Increasing demand for energy-efficient cooling solutions to drive market
The increasing demand for energy-efficient cooling solutions is a significant driver for the solid-state cooling market due to the inherent efficiency and environmental friendliness of solid-state cooling technologies. With traditional cooling methods contributing to high energy consumption and environmental impact, industries and consumers increasingly turn to solid-state cooling solutions, such as thermoelectric modules and Peltier coolers, which offer higher efficiency, precise temperature control, and reduced environmental footprint. As companies prioritize sustainability and seek innovative cooling solutions to reduce energy costs and meet regulatory requirements, the demand for energy-efficient solid-state cooling technologies continues to grow, driving market expansion and adoption globally.
Restraint: High initial investment and manufacturing costs associated with solid-state cooling technology
The high initial investment and manufacturing cost serve as significant restraints for the solid-state cooling market, posing barriers to adoption for many potential customers. Compared to traditional cooling methods, solid-state cooling technologies often require substantial upfront investment in research and development, specialized manufacturing processes, and high-quality materials. Additionally, the complexity of manufacturing solid-state cooling devices, which involve precision engineering and semiconductor fabrication techniques, contributes to higher production costs. These factors can deter companies from adopting solid-state cooling solutions, especially in cost-sensitive industries, despite the long-term benefits of energy efficiency and environmental sustainability.
Opportunity: Adoption of solid-state cooling technology in growing industrialization and urbanization
The adoption of solid-state cooling technology in industrialization and urbanization presents a significant opportunity for the solid-state cooling market. As industrialization and urbanization accelerate, there is a growing demand for efficient and reliable cooling solutions to address the thermal management needs of electronic devices, data centers, industrial machinery, and urban infrastructure. Solid-state cooling technologies offer advantages such as compact size, energy efficiency, and precise temperature control, making them well-suited for applications in densely populated urban areas and industrial settings. By providing sustainable and innovative cooling solutions that meet the evolving needs of industrial and urban environments, solid-state cooling technologies can capitalize on the opportunities presented by ongoing industrialization and urbanization trends, driving market growth and adoption.
Challenge: Complexity in designing and engineering solid-state cooling systems for diverse applications and operating conditions
The complexity in designing and engineering solid-state cooling systems for diverse applications poses a significant challenge for the solid-state cooling market. Unlike traditional cooling methods, which may offer standardized solutions, solid-state cooling systems often require custom designs and tailored approaches to meet the specific requirements of various applications. This complexity arises from factors such as the diverse thermal profiles of different electronic devices, the need for precise temperature control, and the integration of solid-state cooling technology into existing systems. Addressing these challenges requires specialized expertise, advanced engineering capabilities, and extensive testing to ensure optimal performance and reliability across a wide range of applications, presenting a barrier to adoption for some potential customers and limiting the scalability of solid-state cooling solutions in the market.
Solid State Cooling Market Ecosystem
The solid state cooling market is dominated by established and financially sound manufacturers with extensive experience in the industry. These companies have diversified product portfolios, cutting-edge technologies, and strong global sales and marketing networks. Leading players in the market include CUI Devices from US, Delta Electronics, Inc. Taiwan, Ferrotec Holdings Corporation Japan, Coherent Corp. US, Laird Thermal Systems, Inc. US.
Based on the product, cooling systems in solid state cooling market to hold the highest market share during the forecast period.
The solid-state cooling market for cooling systems is experiencing significant growth due to several factors. These include the increasing demand for energy-efficient and environmentally friendly cooling solutions across industries, the advancements in semiconductor technology enabling more efficient and reliable solid-state cooling devices, the expanding applications in electronics, automotive, aerospace, and healthcare sectors, and the rising awareness of the limitations and environmental impacts of traditional cooling methods. As companies prioritize sustainability and seek innovative technologies to address thermal management challenges, the solid-state cooling market for cooling systems continues to grow, offering efficient and reliable alternatives to conventional cooling methods.
Based on technology, the solid state cooling market for thermoelectric to hold the highest market share during the forecast period.
The solid-state cooling market for thermoelectric technology is experiencing rapid growth due to several key factors. Thermoelectric devices offer advantages such as high efficiency, compact size, reliability, and precise temperature control, making them ideal for a wide range of applications in industries such as electronics, automotive, aerospace, and healthcare. Additionally, advancements in semiconductor materials and manufacturing processes have led to improved performance and cost-effectiveness of thermoelectric technology, further driving its adoption. As companies and consumers prioritize energy efficiency, environmental sustainability, and compact design in cooling solutions, the demand for thermoelectric technology continues to surge, fueling the growth of the solid-state cooling market.
Based on type, the solid state cooling market for single-stage to hold the highest market share during the forecast period.
The solid-state cooling market for single-stage type systems is witnessing increased growth due to its versatility and cost-effectiveness in addressing a wide range of cooling needs across various industries. Single-stage systems offer simpler designs and lower upfront costs compared to more complex multi-stage systems, making them accessible to a broader range of customers. Additionally, advancements in semiconductor technology have enhanced the performance and efficiency of single-stage cooling systems, further driving their adoption in applications such as consumer electronics, automotive, medical devices, and telecommunications. As companies seek efficient and reliable cooling solutions while balancing cost considerations, the single-stage type solid-state cooling market continues to expand, catering to diverse industry requirements.
Based on vertical, the solid state cooling for healthcare to hold the highest market share during the forecast period.
The solid-state cooling market for the healthcare vertical is experiencing significant growth due to several factors. As the healthcare industry continues to advance with the adoption of sophisticated medical devices, diagnostic equipment, and pharmaceutical storage systems, there is an increasing need for precise temperature control and reliable thermal management solutions. Solid-state cooling technologies offer advantages such as compact size, energy efficiency, and precise temperature control, making them ideal for applications in medical devices, laboratory equipment, vaccine storage, and drug delivery systems. Additionally, the emphasis on patient safety, regulatory compliance, and the need to preserve sensitive biological samples further drive the adoption of solid-state cooling solutions in the healthcare sector, fueling the growth of the market.
Solid state cooling market in Asia Pacific to hold the highest market share during the forecast period.
The solid-state cooling market in the Asia Pacific region is experiencing rapid growth due to several key factors. These include the region's booming electronics manufacturing industry, with countries like China, Japan, South Korea, and Taiwan leading the sector. As the demand for electronic devices continues to rise, there is a corresponding need for efficient thermal management solutions, driving the adoption of solid-state cooling technologies. Additionally, supportive government policies, increasing urbanization, and the growing awareness of energy efficiency and environmental sustainability further contribute to the market's expansion in the Asia Pacific region, making it a key growth area for solid-state cooling solutions.
Solid State Cooling Market by Region
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Solid State Cooling Companies - Key Market Players:
The solid state cooling companies is dominated by players such as CUI Devices (US), Delta Electronics, Inc. (Taiwan), Ferrotec Holdings Corporation (Japan), Coherent Corp. (US), Laird Thermal Systems, Inc. (US) and others.
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Report Metric |
Details |
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Market size available for years |
2020-2029 |
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Base year considered |
2023 |
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Forecast period |
2024-2029 |
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Forecast units |
Value (USD Million) |
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Segments Covered |
By Product, By Type, By Technology, and By Vertical |
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Geographies covered |
North America, Europe, Asia Pacific, and RoW |
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Companies covered |
The major market players include Crystal Ltd. (Russia), CUI Devices (US), Delta Electronics, Inc. (Taiwan), Ferrotec Holdings Corporation (Japan), Coherent Corp. (US), Komatsu (Japan), Laird Thermal Systems, Inc. (US), Solid State Cooling Systems (US), TE Technology, Inc. (US), TEC Microsystems GmbH (Germany). (Total 25 players are profiled) |
Solid State Cooling Market Highlights
The study categorizes the Solid State Cooling market based on the following segments:
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Segment |
Subsegment |
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By Product |
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By Technology |
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By Type |
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By Vertical |
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By Region |
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Recent Developments
- In October 2023, CUI Devices announced the official launch of its new thermal design services. CUI Devices’ industry-leading thermal design services employ advanced simulation tools and decades of expertise to identify potential hotspots, optimize airflow, and design effective cooling systems tailored to a customer’s specific needs.
- In August 2023, Coherent Corp. announced that it has developed an additive manufacturing process capable of producing advanced ceramic components for high-performance thermal management applications, including for next-generation semiconductor capital equipment.
- In June 2023, Laird Thermal Systems has developed the new OptoTEC MSX Series of micro multistage thermoelectric coolers. The multistage MSX Series TECs offer micro footprints on the cold side down to 2.0 x 4.0 mm with thicknesses down to 3.3 mm for 2-stage, 3.8 mm for 3-stage and 4.9 mm for 4-stage coolers.
- In June 2023, Solid State Cooling Systems introduced the next generation of our legendary ThermoCube chiller — ThermoCube II. ThermoCube II is identical in size to the original ThermoCube, with a more powerful controller and a redesigned power architecture for even longer life.
- In April 2023, Laird Thermal Systems has expanded its capabilities by offering micro thermoelectric coolers. The compact OptoTEC MBX Series is designed for next-generation LiDAR systems for autonomous vehicles, pluggable optical transceivers for telecom and Indium Phosphide VCSELs used in various high-performance applications.
Frequently Asked Questions:
What are the major driving factors and opportunities in the solid state cooling market?
Some of the major driving factors for the growth of this market include Increasing demand for energy-efficient cooling solutions to drives market, Expansion of the IoT and smart home devices accelerate market growth, Rising adoption of electric vehicles (EVs) and hybrid electric vehicles (HEVs) to drive market, and Growing data center industry to increase adoption of solid state cooling technology. Moreover, Complexity in designing and engineering solid-state cooling systems for diverse applications and operating conditions, Shortage of qualified expert in thermoelectric cooling and thermal managementare some of the critical opportunities for the solid state cooling market.
Which region is expected to hold the highest market share?
The solid-state cooling market in the Asia Pacific region is experiencing rapid growth due to several factors, including the region's burgeoning electronics manufacturing industry, increasing demand for energy-efficient cooling solutions, expanding automotive sector, and rising awareness of environmental sustainability. With countries like China, Japan, and South Korea leading the way in semiconductor production and electronics manufacturing, there is a growing need for advanced thermal management solutions to ensure the reliable operation of electronic devices. Additionally, government initiatives promoting clean energy and green technologies further drive the adoption of solid-state cooling solutions in the Asia Pacific region, fueling the growth of the market and positioning it as a key player in the global solid-state cooling industry.
Who are the leading players in the global solid state cooling market?
Companies such as CUI Devices (US), Delta Electronics, Inc. (Taiwan), Ferrotec Holdings Corporation (Japan), Coherent Corp. (US), and Laird Thermal Systems, Inc. (US) are the leading players in the market.
What are some of the technological advancements in the market?
Technological advancements in the solid-state cooling market have propelled the industry forward, offering more efficient, reliable, and versatile cooling solutions. These advancements include the development of novel semiconductor materials with enhanced thermoelectric properties, improvements in device design and manufacturing processes to optimize performance and reliability, and the integration of smart controls and monitoring systems for precise temperature regulation. Additionally, innovations in packaging techniques and thermal management solutions have led to the miniaturization of solid-state cooling devices, expanding their applications across industries such as electronics, automotive, healthcare, and aerospace. Overall, these technological advancements continue to drive the evolution of the solid-state cooling market, offering enhanced capabilities and addressing the growing demand for energy-efficient and sustainable cooling solutions.
What is the impact of the global recession on the market?
The solid state cooling industry is expected to be slightly impacted by the recession in 2024. The growth primarily depends on the production and sales of a broad range of semiconductor materials, conductive materials, insulating materials, electrical components, and heat sinks which are primary components of solid state cooling systems. With the increased inflation, interest rates, and unemployment, demand for solid state cooling among consumers and enterprises is bound to be less, which, in turn, will affect production and investments across the globe. Due to the recession, verticals such as consumer (residential), industrial, healthcare, and automotive which use solid state cooling, would have low CAPEX spending for solid state cooling solutions.
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The study involved four major activities in estimating the current size of the Solid State Cooling market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
Secondary sources for this research study included corporate filings (such as annual reports, investor presentations, and financial statements); trade, business, and professional associations; white papers; certified publications; articles by recognized authors; directories; and databases. The secondary data was collected and analyzed to determine the overall market size, further validated through primary research.
List of major secondary sources
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SOURCE |
WEB LINK |
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National Institute of Standards and Technology (NIST) |
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UK Department for Business, Energy & Industrial Strategy (BEIS) |
https://www.gov.uk/government/organisations/department-for-business-energy-and-industrial-strategy |
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Korea Electronics Technology Institute (KETI) |
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Japan Electrical Manufacturers' Association (JEMA) |
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Ministry of Electronics and Information Technology (MeitY) |
Primary Research
Extensive primary research was conducted after gaining knowledge about the current scenario of the Solid State Cooling market through secondary research. Several primary interviews were conducted with experts from both demand and supply sides across four major regions—North America, Europe, Asia Pacific, and RoW. This primary data was collected through questionnaires, emails, and telephonic interviews.
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Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the size of the Solid State Cooling market and its various dependent submarkets. The key players in the market were identified through secondary research, and their market share in the respective regions was determined through primary and secondary research. This entire procedure involved the study of annual and financial reports of top players and extensive interviews with industry leaders such as chief executive officers (CEOs), vice presidents (VPs), directors, and marketing executives. All percentage shares and breakdowns were determined using secondary sources and verified through primary sources. All the possible parameters that affect the markets covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data. This data was consolidated and supplemented with detailed inputs and analysis from MarketsandMarkets and presented in this report.
Bottom-Up Approach
The bottom-up approach was used to arrive at the overall size of the Solid State Cooling market from the revenues of the key players and their shares in the market. The overall market size was calculated based on the revenues of the key players identified in the market.
- Identifying various verticals using or expected to implement Solid state cooling
- Analyzing each verticals, along with the major related companies and Solid state cooling providers
- Estimating the Solid state cooling market for verticals
- Understanding the demand generated by companies operating across different verticals
- Tracking the ongoing and upcoming implementation of projects based on Solid state cooling technology by vertical and forecasting the market based on these developments and other critical parameters
- Carrying out multiple discussions with the key opinion leaders to understand the type of Solid state cooling products designed and developed vertically. This information would help analyze the breakdown of the scope of work carried out by each major company in the Solid state cooling market
- Arriving at the market estimates by analyzing Solid state cooling companies as per their countries, and subsequently combining this information to arrive at the market estimates by region
- Verifying and cross-checking the estimates at every level through discussions with the key opinion leaders, including CXOs, directors, and operations managers, and finally with domain experts at MarketsandMarkets
- Studying various paid and unpaid sources of information, such as annual reports, press releases, white papers, and databases
Top-Down Approach
In the top-down approach, the overall market size has been used to estimate the size of the individual markets (mentioned in the market segmentation) through percentage splits from secondary and primary research.
To calculate the market size of specific segments, the most appropriate immediate parent market size has been used to implement the top-down approach. The top-down approach was implemented for the data extracted from the secondary research to validate the market size obtained.
The market share of each company was estimated to verify the revenue shares used earlier in the top-down approach. The overall parent market size and individual market sizes were determined and confirmed in this study by the data triangulation method and the validation of data through primaries. The data triangulation method used in this study is explained in the next section.
- Focusing on top-line investments and expenditures being made in the ecosystems of various verticals.
- Building and developing the information related to the market revenue generated by key Solid state cooling manufacturers
- Conducting multiple on-field discussions with the key opinion leaders involved in the development of Solid state cooling products in various verticals
- Estimating geographic splits using secondary sources based on various factors, such as the number of players in a specific country and region, the offering of Solid state cooling, and the level of solutions offered in verticals
- Impact of the recession on the steps mentioned above has also been considered.
Data Triangulation
After arriving at the overall market size from the estimation process explained above, the overall market has been split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, the data triangulation procedure has been employed wherever applicable. The data has been triangulated by studying various factors and trends from both demand and supply sides. Along with this, the market size has been validated using top-down and bottom-up approaches.
Market Definition
Solid State Cooling encompass a comprehensive set of measures, technologies, and practices designed to protect physical assets, facilities, and individuals from unauthorized access, theft, vandalism, and other potential threats. These solutions often include a combination of hardware and software components such as access control systems, surveillance cameras, perimeter barriers (e.g., fences, gates), alarm systems, biometric identification systems, and visitor management systems. The primary goal is to create a secure environment that deters intrusions, monitors activities and responds promptly to security incidents. By deploying tailored physical Solid State Cooling , organizations can safeguard their premises, assets, and personnel, thereby mitigating risks, ensuring safety compliance, and maintaining operational continuity.
Key Stakeholders
- Manufacturers
- Suppliers
- Distributors and Resellers
- End-User
- System Integrators
- Consumers
- Regulatory Bodies and Compliance Agencies
- Research Institutions
- Industry Associations and Organizations
- Investors and Financial Institutions
Report Objectives
- To define, describe, and forecast the solid state cooling market based on product, type, technology, vertical, and region.
- To forecast the shipment data of solid state cooling market.
- To forecast the size of the market segments for four major regions—North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW)
- To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the total market
- To study the complete value chain and allied industry segments and perform a value chain analysis of the market
- To strategically profile the key players and comprehensively analyze their market shares and core competencies
- To analyze the opportunities in the market for stakeholders and describe the competitive landscape of the market To analyze competitive developments such as collaborations, partnerships, product developments, and research & development (R&D) in the market
- To analyze the impact of the recession on the solid state cooling market
Available Customizations
With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players (up to 5)
- Additional country-level analysis of the Solid State Cooling market
Product Analysis
- Product matrix, which provides a detailed comparison of the product portfolio of each company in the Solid State Cooling market.
Growth opportunities and latent adjacency in Solid State Cooling Market
Need the total cost of purchase of various companies, for their raw material in this sector.