Solid State Cooling Market Report 2026

Solid State Cooling Market Overview

• Solid State Cooling market size has reached to $0.81 billion in 2025 • Expected to grow to $1.33 billion in 2030 at a compound annual growth rate (CAGR) of 10.2% • Growth Driver: The Rise In Electric Vehicle Adoption Fueling The Growth Of The Solid-State Cooling Market Due To Enhanced Thermal Management Requirements • Market Trend: Advancements In Micro-Multistage Thermoelectric Coolers Propel Solid-State Cooling Market • North America was the largest region in 2025 and Asia-Pacific is the fastest growing region.

What Is Covered Under Solid State Cooling Market?

Solid-state cooling is a cooling technology that utilizes solid-state materials (typically semiconductors) to transfer heat from one place to another, achieving cooling effects without the need for traditional refrigerants, compressors, or moving parts found in conventional refrigeration systems. This technology often relies on the Peltier effect, which is the phenomenon where an electric current flowing through two different conductive materials (joined at two junctions) can create a temperature difference between those junctions. The main types of solid-state cooling are single-stage, multi-stage, and thermocyclers. Single-stage solid-state cooling systems are the most common type, consisting of a single thermoelectric module that transfers heat from one side to the other when an electric current is applied. It has different types of technologies, such as thermoelectric cooling, electro-caloric cooling, magneto-caloric cooling, and others, and it is used for various types of products, including refrigeration systems, refrigerators, freezers, cooling systems, air conditioners, and chillers. It is used by several end users, such as medical, automotive, consumer, semiconductor, electronics, and others.

What Is The Solid State Cooling Market Growth Forecast?

The solid state cooling market size is expected to see rapid growth in the next few years. It will grow to $1.33 billion in 2030 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to increasing investments in sustainable cooling technologies, rising demand for silent and vibration-free cooling systems, expansion of electric vehicle thermal management needs, growing adoption in data center cooling, continuous advancements in solid-state material science. Major trends in the forecast period include increasing adoption of refrigerant-free cooling solutions, rising demand for compact solid-state cooling systems, growing use in medical and laboratory equipment, expansion of semiconductor cooling applications, enhanced focus on energy-efficient thermal management.

What Is The Driver Of The Solid State Cooling Market?

The increase in demand for electric vehicles is expected to propel the growth of the solid-state cooling market going forward. Electric vehicles (EVs) are automobiles powered by electric motors and batteries rather than internal combustion engines. The demand for electric vehicles is due to improving environmental sustainability, lower operating costs, government incentives, battery technology advancements, and growing charging infrastructure. Solid-state cooling in electric vehicles offers efficient thermal management without traditional refrigerants, enhancing battery life and performance through compact, reliable technology. For instance, in 2024, according to the International Energy Agency (IEA), a France-based intergovernmental organization, in 2023, global sales of electric cars neared 14 million, marking an increase of 3.5 million from 2022 and a 35% year-on-year growth, which raised their share of total car sales from 14% in 2022 to 18% in 2023. Therefore, the rising electric vehicle adoption is driving the growth of the solid-state cooling market.

Key Players In The Global Solid State Cooling Market

Major companies operating in the solid state cooling market are TE Connectivity Ltd., LG Innotek, Delta Electronics Inc., AMS Technologies AG, Ferrotec Holdings Corporation, Wakefield-Vette Inc., Laird Thermal Systems Inc., Phononic Inc., CUI Inc., RMT Ltd., INHECO Industrial Heating & Cooling GmbH, Kryotherm Co., P&N Technology Co. Ltd., Everredtronics Ltd., Hi-Z Technology Inc., Merit Technologies LLC, Micropelt GmbH, TEC Microsystems GmbH, TECA Corporation, Thermal Electronics Corp., Thermion Inc.

Global Solid State Cooling Market Trends and Insights

Major companies operating in the solid-state cooling market are focusing on developing advanced products, such as micro-multistage thermoelectric coolers, to enhance cooling efficiency and expand applications for solid-state cooling technology. A micro multistage thermoelectric cooler (micro TEC) is a solid-state cooling device that consists of multiple single-stage thermoelectric coolers connected in series, allowing it to reach much lower temperatures compared to a single-stage device. For instance, in June 2023, Laird Thermal Systems, a US-based developer and manufacturer of standard and custom thermoelectric coolers, cooler assemblies, and liquid cooling systems, launched the OptoTEC MSX Series of micro multistage thermoelectric coolers and the capability to integrate them into various optical packages, including the widely used TO-39, TO-46, or TO-8, creating advanced optical thermoelectric assemblies (TEAs). The MSX Series utilizes advanced ceramic materials, proprietary solder bonding techniques, and next-generation thermoelectric materials to boost cooling capacity by as much as 10% all in a micro footprint. Optical TEAs are specifically engineered for high-performance image sensing purposes, widely utilized in analytical, industrial, and aerospace sectors.

What Are Latest Mergers And Acquisitions In The Solid State Cooling Market?

In July 2024, Laird Thermal Systems Inc. a US-based technology company, acquired Tark, Inc. for an undisclosed amount. With this acquisition, Laird Thermal Systems aims to strengthen its thermal management portfolio and enhance its product offerings for advanced cooling solutions across multiple industries. Tark Inc. is a US-based manufacturing company that specializes in providing of solid-state cooling solutions.

What Defines the Solid State Cooling Market?

The solid-state cooling market consists of revenues earned by entities by providing services such as thermoelectric module design and manufacturing, peltier cooler manufacturing, installation, and integration services, and maintenance and repair services. The market value includes the value of related goods sold by the service provider or included within the service offering. The solid-state cooling market also includes sales of liquid cooling systems, temperature control systems, custom cooling solutions, and related products. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

How is Market Value Defined and Measured?

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

What Key Data and Analysis Are Included in the Solid State Cooling Market Report 2026?

The solid state cooling market research report is one of a series of new reports from The Business Research Company that provides market statistics, including industry global market size, regional shares, competitors with the market share, detailed market segments, market trends and opportunities, and any further data you may need to thrive in the solid state cooling industry. The market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.