How Has the Solid State Cooling Market Size Evolved in Recent Years?
The solid state cooling market has seen considerable growth due to a variety of factors.
• The solid-state cooling market has seen rapid growth in recent years. It will increase from $0.73 billion in 2024 to $0.82 billion in 2025 at a CAGR of 12.2%.
This growth is driven by growing environmental concerns, the need for reliable and durable cooling solutions, the rise in electric vehicle adoption, the rapid expansion of consumer electronics, and industrial automation.
What Are The Predictions for The Solid State Cooling Market in the Coming Years?
The solid state cooling market is expected to maintain its strong growth trajectory in upcoming years.
• The solid-state cooling market is projected to grow rapidly, reaching $1.29 billion by 2029 at a CAGR of 11.9%.
The growth is driven by R&D investments, expanding data centers, stricter energy consumption regulations, increased use of thermoelectric coolers, and demand in military/aerospace sectors. Key trends include advancements in thermoelectric materials, semiconductor technologies, electric/hybrid vehicle development, and enhanced device reliability.
Which Drivers Are Accelerating Growth In The Solid State Cooling Market?
The surge in demand for electric vehicles is predicted to stimulate the expansion of the solid-state cooling market. Electric vehicles (EVs), which are cars driven by electric engines and batteries instead of traditional internal combustion ones, are in high demand due to enhanced environmental sustainability, reduced running costs, government incentives, advancements in battery technology, and a burgeoning charging infrastructure. Solid-state cooling for electric vehicles provides efficient thermal management without the need for regular refrigerants; it improves battery longevity and performance via compact, dependable technology. To illustrate, a report by the France-based International Energy Agency in October 2023 showed that roughly 66,000 electric buses and 60,000 medium- to heavy-duty trucks had been sold around the world in 2022, which amounts to approximately 4.5% of all bus sales and 1.2% of all truck sales globally. Furthermore, the percentage of electric trucks in the Chinese market jumped from 1.5% in 2021 to 3.9% in 2022, demonstrating a significant rise in just one year. As such, the proliferation of electric vehicles is contributing to the growth of the solid-state cooling market.
What Are The Core Segments Of The Global Solid State Cooling Market?
The solid state cooling market covered in this report is segmented –
1) By Type: Single Stage, Multi Stage, Thermocycler
2) By Technology: Thermoelectric Cooling, Electro-Caloric Cooling, Magneto-Caloric Cooling, Other Technologies
3) By Product: Refrigeration System, Refrigerators, Freezers, Cooling System, Air Conditioners, Chillers
4) By End User: Medical, Automotive, Consumer, Semiconductor And Electronics, Other End Users
Subsegments:
1) By Single Stage: Thermoelectric Single Stage Coolers, Single Stage Peltier Coolers
2) By Multi Stage: Multi Stage Thermoelectric Coolers, Cascaded Peltier Coolers
3) By Thermocycler: PCR Thermocyclers, Real-Time PCR Thermocyclers, Digital PCR Thermocyclers
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How Are Emerging Trends Reshaping The Dynamics Of The Solid State Cooling Market?
Leading enterprises in the solid-state cooling industry are concentrating efforts on creating innovative products, such as micro-multistage thermoelectric coolers, to boost cooling efficacy and broaden the use of solid-state cooling technology. Micro multistage thermoelectric coolers (micro TEC) are solid-state cooling units made up of numerous single-stage thermoelectric coolers connected in series, enabling them to achieve significantly lower temperatures than a single-stage device. To illustrate, in June 2023, Laird Thermal Systems, an American firm that specializes in developing and manufacturing standard and custom thermoelectric coolers, cooler assemblies, and liquid cooling systems, debuted the OptoTEC MSX Series of micro multistage thermoelectric coolers. Additionally, the company also developed the ability to incorporate these coolers into diverse optical packages, including the widely employed TO-39, TO-46, or TO-8, hence evolving advanced optical thermoelectric assemblies (TEAs). The MSX series utilizes cutting-edge ceramic materials, exclusive solder bonding methodologies, and fresh thermoelectric materials to amplify cooling capacity by up to 10%, all contained within a micro-size profile. Optical TEAs are precisely devised for high-performance image sensing applications, finding extensive use in analytical, industrial, and aerospace sectors.
Who Are the Key Players In The Solid State Cooling Market?
Major companies operating in the solid state cooling market are:
• Komatsu Ltd.
• TE Connectivity Ltd.
• LG Innotek
• Delta Electronics Inc.
• AMS Technologies AG
• Coherent Corporation
• Ferrotec Holdings Corporation
• Wakefield-Vette Inc.
• Laird Thermal Systems Inc.
• Phononic Inc.
• CUI Inc.
• RMT Ltd.
• Crystal Ltd.
• INHECO Industrial Heating & Cooling GmbH
• Kryotherm Co.
• P&N Technology Co. Ltd.
• Everredtronics Ltd.
• Align Sourcing LLC
• Hi-Z Technology Inc.
• Merit Technologies LLC
• Micropelt GmbH
• TEC Microsystems GmbH
• TECA Corporation
• Thermal Electronics Corp.
• Thermion Inc.
What Are The Regional Insights Into The Solid State Cooling Market?
North America was the largest region in the solid state cooling market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the solid state cooling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
