The Global Solid State Cooling Market size is expected to reach $2.0 billion by 2031, rising at a market growth of 13.2% CAGR during the forecast period.
The automotive industry is integrating state-of-the-art technologies to improve operational effectiveness and efficiency. Solid-state cooling technology plays a crucial role in this transformation, particularly in cooling electronic components, batteries, and thermal management systems in EVs. Consequently, the automotive segment would generate approximately 15.92% share of the market by 2031. As an effort to mitigate the impacts of climate change and decrease emissions of greenhouse gases, there is a growing inclination towards the implementation of electric mobility.
The increasing power and compactness of electronic devices are resulting in a decline in the efficiency of conventional cooling methods, including heat sinks and fans, due to spatial constraints. Solid-state cooling technology solves this challenge by providing efficient cooling in a compact form factor. Thus, the miniaturization of electronics is driving the adoption of solid-state cooling technology across a wide range of industries.
Additionally, Technological advancements are leading to new materials and techniques that enhance the cooling capacity, efficiency, and reliability of solid-state cooling systems, making them more attractive for various applications. One key area of advancement is the development of novel thermoelectric materials with improved properties. Hence, technological advancements in materials science and manufacturing processes are driving significant improvements in solid-state cooling devices' efficiency, performance, and reliability.
However, The upfront costs of purchasing solid-state cooling systems and related equipment, as well as the costs of installation and integration into existing infrastructure, can be substantial. Small & medium-sized enterprises (SMEs) or organizations operating on a budgetary constraint may find this to be an impediment to the adoption process. Hence, these factors may slow the adoption of the solid-state cooling technology.
By Product Analysis
Based on product, the market is characterized into refrigeration systems and cooling systems. The refrigeration systems segment procured a 30.69 % growth rate in the market in 2022. The ability of solid-state cooling technology to offer precise temperature control and reduce energy consumption makes it an attractive choice for refrigeration applications. Solid-state cooling technology is used in research and laboratory settings for cooling analytical instruments, such as spectrometers and microscopes, to ensure accurate and reliable results. It is also used in pharmaceutical refrigeration units to store temperature-sensitive medications and vaccines at precise and stable temperatures to maintain efficacy.
By Type Analysis
By type, the market is divided into single-stage, multi-stage, and thermocycler. The single-stage segment witnessed a 52.39% revenue share in the market in 2022. Single-stage solid-state cooling systems are typically used for applications where moderate cooling requirements are needed, and they offer advantages such as simplicity, reliability, and cost-effectiveness compared to more complex multi-stage systems. Single-stage solid-state cooling systems are used in medical devices, such as blood analyzers and laser systems, to maintain stable temperatures for accurate diagnostics and treatment. Single-stage solid-state cooling systems are used in portable coolers, refrigerators, and wine coolers for camping, picnics, and other outdoor activities. They offer quiet and energy-efficient cooling solutions.
By Technology Analysis
On the basis of technology, the market is classified into thermoelectric cooling, electrocaloric cooling, magnetocaloric cooling, and others. The electrocaloric cooling segment recorded a 30.0 % revenue share in the market in 2022. This segment involves the use of electrocaloric materials to achieve cooling effects. Electrocaloric materials exhibit a reversible change in temperature when an electric field is applied, making them suitable for solid-state cooling applications. Achieving economic viability for these materials across a broad spectrum of applications, such as air conditioning, refrigeration, and electronic device cooling, is the overarching objective.
By Vertical Analysis
Based on vertical, the market is segmented into semiconductor & electronics, automotive, healthcare, residential, and others. The healthcare segment procured a 36.14 % revenue share in the market in 2022. Many medications and vaccines used in healthcare are temperature-sensitive and require precise temperature control for storage and transportation. Solid-state cooling technology offers a reliable and energy-efficient solution for maintaining the integrity of these medications. Additionally, medical devices such as MRI machines, CT scanners, and laser systems generate heat during operation and require effective cooling systems to maintain optimal performance.
By Regional Analysis
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment witnessed a 29.80 % growth rate in the market in 2022. North America has a growing demand for energy-efficient cooling solutions, driven by concerns about energy consumption and environmental impact. Solid-state cooling technology offers a more efficient alternative to traditional cooling methods. Many companies in North America are investing heavily in research and development to further improve solid-state cooling technology, driving innovation and market growth.
List of Key Companies Profiled
- Crystal Ltd.
- CUI Devices (Back Porch International, Inc.)
- Delta Electronics, Inc.
- Ferrotec Holdings Corporation
- Coherent Corp.
- Komatsu Ltd.
- Laird Thermal Systems, Inc.
- Solid State Cooling Systems, Inc.
- TE Technology, Inc.
- TEC Microsystems GmbH
Global Solid State Cooling Market Report Segmentation
By Product
- Cooling Systems
- Refrigeration Systems
By Type
- Single-Stage
- Multi-Stage
- Thermocycler
By Technology
- Thermoelectric Cooling
- Electrocaloric Cooling
- Magnetocaloric Cooling
- Others
By Vertical
- Healthcare
- Semiconductor & Electronics
- Automotive
- Residential
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1.Market Scope & Methodology
- 1.1Market Definition
- 1.2Objectives
- 1.3Market Scope
- 1.4Segmentation
- 1.4.1Global Solid State Cooling Market, by Product
- 1.4.2Global Solid State Cooling Market, by Type
- 1.4.3Global Solid State Cooling Market, by Technology
- 1.4.4Global Solid State Cooling Market, by Vertical
- 1.4.5Global Solid State Cooling Market, by Geography
- 1.5Methodology for the research
Chapter 2.Market at a Glance
Chapter 3.Market Overview
- 3.1Introduction
- 3.1.1Overview
- 3.1.1.1Market Composition and Scenario
- 3.2Key Factors Impacting the Market
- 3.2.1Market Drivers
- 3.2.2Market Restraints
- 3.2.3Market Opportunities
- 3.2.4Market Challenges
- 3.3Porter's Five Forces Analysis
Chapter 4.Global Solid State Cooling Market by Product
- 4.1Global Cooling Systems Market by Region
- 4.2Global Refrigeration Systems Market by Region
Chapter 5.Global Solid State Cooling Market by Type
- 5.1Global Single-Stage Market by Region
- 5.2Global Multi-Stage Market by Region
- 5.3Global Thermocycler Market by Region
Chapter 6.Global Solid State Cooling Market by Technology
- 6.1Global Thermoelectric Cooling Market by Region
- 6.2Global Electrocaloric Cooling Market by Region
- 6.3Global Magnetocaloric Cooling Market by Region
- 6.4Global Others Market by Region
Chapter 7.Global Solid State Cooling Market by Vertical
- 7.1Global Healthcare Market by Region
- 7.2Global Semiconductor & Electronics Market by Region
- 7.3Global Automotive Market by Region
- 7.4Global Residential Market by Region
- 7.5Global Others Market by Region
Chapter 8.Global Solid State Cooling Market by Region
- 8.1North America Solid State Cooling Market
- 8.1.1North America Solid State Cooling Market by Product
- 8.1.1.1North America Cooling Systems Market by Region
- 8.1.1.2North America Refrigeration Systems Market by Region
- 8.1.2North America Solid State Cooling Market by Type
- 8.1.2.1North America Single-Stage Market by Country
- 8.1.2.2North America Multi-Stage Market by Country
- 8.1.2.3North America Thermocycler Market by Country
- 8.1.3North America Solid State Cooling Market by Technology
- 8.1.3.1North America Thermoelectric Cooling Market by Country
- 8.1.3.2North America Electrocaloric Cooling Market by Country
- 8.1.3.3North America Magnetocaloric Cooling Market by Country
- 8.1.3.4North America Others Market by Country
- 8.1.4North America Solid State Cooling Market by Vertical
- 8.1.4.1North America Healthcare Market by Country
- 8.1.4.2North America Semiconductor & Electronics Market by Country
- 8.1.4.3North America Automotive Market by Country
- 8.1.4.4North America Residential Market by Country
- 8.1.4.5North America Others Market by Country
- 8.1.5North America Solid State Cooling Market by Country
- 8.1.5.1US Solid State Cooling Market
- 8.1.5.1.1US Solid State Cooling Market by Product
- 8.1.5.1.2US Solid State Cooling Market by Type
- 8.1.5.1.3US Solid State Cooling Market by Technology
- 8.1.5.1.4US Solid State Cooling Market by Vertical
- 8.1.5.2Canada Solid State Cooling Market
- 8.1.5.2.1Canada Solid State Cooling Market by Product
- 8.1.5.2.2Canada Solid State Cooling Market by Type
- 8.1.5.2.3Canada Solid State Cooling Market by Technology
- 8.1.5.2.4Canada Solid State Cooling Market by Vertical
- 8.1.5.3Mexico Solid State Cooling Market
- 8.1.5.3.1Mexico Solid State Cooling Market by Product
- 8.1.5.3.2Mexico Solid State Cooling Market by Type
- 8.1.5.3.3Mexico Solid State Cooling Market by Technology
- 8.1.5.3.4Mexico Solid State Cooling Market by Vertical
- 8.1.5.4Rest of North America Solid State Cooling Market
- 8.1.5.4.1Rest of North America Solid State Cooling Market by Product
- 8.1.5.4.2Rest of North America Solid State Cooling Market by Type
- 8.1.5.4.3Rest of North America Solid State Cooling Market by Technology
- 8.1.5.4.4Rest of North America Solid State Cooling Market by Vertical
- 8.2Europe Solid State Cooling Market
- 8.2.1Europe Solid State Cooling Market by Product
- 8.2.1.1Europe Cooling Systems Market by Country
- 8.2.1.2Europe Refrigeration Systems Market by Country
- 8.2.2Europe Solid State Cooling Market by Type
- 8.2.2.1Europe Single-Stage Market by Country
- 8.2.2.2Europe Multi-Stage Market by Country
- 8.2.2.3Europe Thermocycler Market by Country
- 8.2.3Europe Solid State Cooling Market by Technology
- 8.2.3.1Europe Thermoelectric Cooling Market by Country
- 8.2.3.2Europe Electrocaloric Cooling Market by Country
- 8.2.3.3Europe Magnetocaloric Cooling Market by Country
- 8.2.3.4Europe Others Market by Country
- 8.2.4Europe Solid State Cooling Market by Vertical
- 8.2.4.1Europe Healthcare Market by Country
- 8.2.4.2Europe Semiconductor & Electronics Market by Country
- 8.2.4.3Europe Automotive Market by Country
- 8.2.4.4Europe Residential Market by Country
- 8.2.4.5Europe Others Market by Country
- 8.2.5Europe Solid State Cooling Market by Country
- 8.2.5.1Germany Solid State Cooling Market
- 8.2.5.1.1Germany Solid State Cooling Market by Product
- 8.2.5.1.2Germany Solid State Cooling Market by Type
- 8.2.5.1.3Germany Solid State Cooling Market by Technology
- 8.2.5.1.4Germany Solid State Cooling Market by Vertical
- 8.2.5.2UK Solid State Cooling Market
- 8.2.5.2.1UK Solid State Cooling Market by Product
- 8.2.5.2.2UK Solid State Cooling Market by Type
- 8.2.5.2.3UK Solid State Cooling Market by Technology
- 8.2.5.2.4UK Solid State Cooling Market by Vertical
- 8.2.5.3France Solid State Cooling Market
- 8.2.5.3.1France Solid State Cooling Market by Product
- 8.2.5.3.2France Solid State Cooling Market by Type
- 8.2.5.3.3France Solid State Cooling Market by Technology
- 8.2.5.3.4France Solid State Cooling Market by Vertical
- 8.2.5.4Russia Solid State Cooling Market
- 8.2.5.4.1Russia Solid State Cooling Market by Product
- 8.2.5.4.2Russia Solid State Cooling Market by Type
- 8.2.5.4.3Russia Solid State Cooling Market by Technology
- 8.2.5.4.4Russia Solid State Cooling Market by Vertical
- 8.2.5.5Spain Solid State Cooling Market
- 8.2.5.5.1Spain Solid State Cooling Market by Product
- 8.2.5.5.2Spain Solid State Cooling Market by Type
- 8.2.5.5.3Spain Solid State Cooling Market by Technology
- 8.2.5.5.4Spain Solid State Cooling Market by Vertical
- 8.2.5.6Italy Solid State Cooling Market
- 8.2.5.6.1Italy Solid State Cooling Market by Product
- 8.2.5.6.2Italy Solid State Cooling Market by Type
- 8.2.5.6.3Italy Solid State Cooling Market by Technology
- 8.2.5.6.4Italy Solid State Cooling Market by Vertical
- 8.2.5.7Rest of Europe Solid State Cooling Market
- 8.2.5.7.1Rest of Europe Solid State Cooling Market by Product
- 8.2.5.7.2Rest of Europe Solid State Cooling Market by Type
- 8.2.5.7.3Rest of Europe Solid State Cooling Market by Technology
- 8.2.5.7.4Rest of Europe Solid State Cooling Market by Vertical
- 8.3Asia Pacific Solid State Cooling Market
- 8.3.1Asia Pacific Solid State Cooling Market by Product
- 8.3.1.1Asia Pacific Cooling Systems Market by Country
- 8.3.1.2Asia Pacific Refrigeration Systems Market by Country
- 8.3.2Asia Pacific Solid State Cooling Market by Type
- 8.3.2.1Asia Pacific Single-Stage Market by Country
- 8.3.2.2Asia Pacific Multi-Stage Market by Country
- 8.3.2.3Asia Pacific Thermocycler Market by Country
- 8.3.3Asia Pacific Solid State Cooling Market by Technology
- 8.3.3.1Asia Pacific Thermoelectric Cooling Market by Country
- 8.3.3.2Asia Pacific Electrocaloric Cooling Market by Country
- 8.3.3.3Asia Pacific Magnetocaloric Cooling Market by Country
- 8.3.3.4Asia Pacific Others Market by Country
- 8.3.4Asia Pacific Solid State Cooling Market by Vertical
- 8.3.4.1Asia Pacific Healthcare Market by Country
- 8.3.4.2Asia Pacific Semiconductor & Electronics Market by Country
- 8.3.4.3Asia Pacific Automotive Market by Country
- 8.3.4.4Asia Pacific Residential Market by Country
- 8.3.4.5Asia Pacific Others Market by Country
- 8.3.5Asia Pacific Solid State Cooling Market by Country
- 8.3.5.1China Solid State Cooling Market
- 8.3.5.1.1China Solid State Cooling Market by Product
- 8.3.5.1.2China Solid State Cooling Market by Type
- 8.3.5.1.3China Solid State Cooling Market by Technology
- 8.3.5.1.4China Solid State Cooling Market by Vertical
- 8.3.5.2Japan Solid State Cooling Market
- 8.3.5.2.1Japan Solid State Cooling Market by Product
- 8.3.5.2.2Japan Solid State Cooling Market by Type
- 8.3.5.2.3Japan Solid State Cooling Market by Technology
- 8.3.5.2.4Japan Solid State Cooling Market by Vertical
- 8.3.5.3India Solid State Cooling Market
- 8.3.5.3.1India Solid State Cooling Market by Product
- 8.3.5.3.2India Solid State Cooling Market by Type
- 8.3.5.3.3India Solid State Cooling Market by Technology
- 8.3.5.3.4India Solid State Cooling Market by Vertical
- 8.3.5.4South Korea Solid State Cooling Market
- 8.3.5.4.1South Korea Solid State Cooling Market by Product
- 8.3.5.4.2South Korea Solid State Cooling Market by Type
- 8.3.5.4.3South Korea Solid State Cooling Market by Technology
- 8.3.5.4.4South Korea Solid State Cooling Market by Vertical
- 8.3.5.5Singapore Solid State Cooling Market
- 8.3.5.5.1Singapore Solid State Cooling Market by Product
- 8.3.5.5.2Singapore Solid State Cooling Market by Type
- 8.3.5.5.3Singapore Solid State Cooling Market by Technology
- 8.3.5.5.4Singapore Solid State Cooling Market by Vertical
- 8.3.5.6Malaysia Solid State Cooling Market
- 8.3.5.6.1Malaysia Solid State Cooling Market by Product
- 8.3.5.6.2Malaysia Solid State Cooling Market by Type
- 8.3.5.6.3Malaysia Solid State Cooling Market by Technology
- 8.3.5.6.4Malaysia Solid State Cooling Market by Vertical
- 8.3.5.7Rest of Asia Pacific Solid State Cooling Market
- 8.3.5.7.1Rest of Asia Pacific Solid State Cooling Market by Product
- 8.3.5.7.2Rest of Asia Pacific Solid State Cooling Market by Type
- 8.3.5.7.3Rest of Asia Pacific Solid State Cooling Market by Technology
- 8.3.5.7.4Rest of Asia Pacific Solid State Cooling Market by Vertical
- 8.4LAMEA Solid State Cooling Market
- 8.4.1LAMEA Solid State Cooling Market by Product
- 8.4.1.1LAMEA Cooling Systems Market by Country
- 8.4.1.2LAMEA Refrigeration Systems Market by Country
- 8.4.2LAMEA Solid State Cooling Market by Type
- 8.4.2.1LAMEA Single-Stage Market by Country
- 8.4.2.2LAMEA Multi-Stage Market by Country
- 8.4.2.3LAMEA Thermocycler Market by Country
- 8.4.3LAMEA Solid State Cooling Market by Technology
- 8.4.3.1LAMEA Thermoelectric Cooling Market by Country
- 8.4.3.2LAMEA Electrocaloric Cooling Market by Country
- 8.4.3.3LAMEA Magnetocaloric Cooling Market by Country
- 8.4.3.4LAMEA Others Market by Country
- 8.4.4LAMEA Solid State Cooling Market by Vertical
- 8.4.4.1LAMEA Healthcare Market by Country
- 8.4.4.2LAMEA Semiconductor & Electronics Market by Country
- 8.4.4.3LAMEA Automotive Market by Country
- 8.4.4.4LAMEA Residential Market by Country
- 8.4.4.5LAMEA Others Market by Country
- 8.4.5LAMEA Solid State Cooling Market by Country
- 8.4.5.1Brazil Solid State Cooling Market
- 8.4.5.1.1Brazil Solid State Cooling Market by Product
- 8.4.5.1.2Brazil Solid State Cooling Market by Type
- 8.4.5.1.3Brazil Solid State Cooling Market by Technology
- 8.4.5.1.4Brazil Solid State Cooling Market by Vertical
- 8.4.5.2Argentina Solid State Cooling Market
- 8.4.5.2.1Argentina Solid State Cooling Market by Product
- 8.4.5.2.2Argentina Solid State Cooling Market by Type
- 8.4.5.2.3Argentina Solid State Cooling Market by Technology
- 8.4.5.2.4Argentina Solid State Cooling Market by Vertical
- 8.4.5.3UAE Solid State Cooling Market
- 8.4.5.3.1UAE Solid State Cooling Market by Product
- 8.4.5.3.2UAE Solid State Cooling Market by Type
- 8.4.5.3.3UAE Solid State Cooling Market by Technology
- 8.4.5.3.4UAE Solid State Cooling Market by Vertical
- 8.4.5.4Saudi Arabia Solid State Cooling Market
- 8.4.5.4.1Saudi Arabia Solid State Cooling Market by Product
- 8.4.5.4.2Saudi Arabia Solid State Cooling Market by Type
- 8.4.5.4.3Saudi Arabia Solid State Cooling Market by Technology
- 8.4.5.4.4Saudi Arabia Solid State Cooling Market by Vertical
- 8.4.5.5South Africa Solid State Cooling Market
- 8.4.5.5.1South Africa Solid State Cooling Market by Product
- 8.4.5.5.2South Africa Solid State Cooling Market by Type
- 8.4.5.5.3South Africa Solid State Cooling Market by Technology
- 8.4.5.5.4South Africa Solid State Cooling Market by Vertical
- 8.4.5.6Nigeria Solid State Cooling Market
- 8.4.5.6.1Nigeria Solid State Cooling Market by Product
- 8.4.5.6.2Nigeria Solid State Cooling Market by Type
- 8.4.5.6.3Nigeria Solid State Cooling Market by Technology
- 8.4.5.6.4Nigeria Solid State Cooling Market by Vertical
- 8.4.5.7Rest of LAMEA Solid State Cooling Market
- 8.4.5.7.1Rest of LAMEA Solid State Cooling Market by Product
- 8.4.5.7.2Rest of LAMEA Solid State Cooling Market by Type
- 8.4.5.7.3Rest of LAMEA Solid State Cooling Market by Technology
- 8.4.5.7.4Rest of LAMEA Solid State Cooling Market by Vertical
Chapter 9.Company Profiles
- 9.1Delta Electronics, Inc.
- 9.1.1Company Overview
- 9.1.2Financial Analysis
- 9.1.3Segmental and Regional Analysis
- 9.1.4Research & Development Expenses
- 9.1.5SWOT Analysis
- 9.2Ferrotec Holdings Corporation
- 9.2.1Company Overview
- 9.2.2Financial Analysis
- 9.2.3SWOT Analysis
- 9.3Coherent Corp.
- 9.3.1Company Overview
- 9.3.2Financial Analysis
- 9.3.3Segmental and Regional Analysis
- 9.3.4Research & Development Expenses
- 9.3.5SWOT Analysis
- 9.4Komatsu Ltd.
- 9.4.1Company Overview
- 9.4.2Financial Analysis
- 9.4.3Segmental and Regional Analysis
- 9.4.4Research & Development Expenses
- 9.4.5SWOT Analysis
- 9.5Crystal Ltd.
- 9.5.1Company Overview
- 9.5.2SWOT Analysis
- 9.6CUI Devices (Back Porch International, Inc.)
- 9.6.1Company Overview
- 9.6.2SWOT Analysis
- 9.7Laird Thermal Systems, Inc.
- 9.7.1Company Overview
- 9.7.2Recent strategies and developments:
- 9.7.2.1Product Launches and Product Expansions:
- 9.7.3SWOT Analysis
- 9.8Solid State Cooling Systems, Inc.
- 9.8.1Company Overview
- 9.8.2SWOT Analysis
- 9.9TE Technology, Inc.
- 9.10.TEC Microsystems GmbH
- 9.10.1Company Overview
- 9.10.2SWOT Analysis
Chapter 10.Winning Imperatives of Solid-State Cooling Market