Solid State Cooling Market Summary

The global solid state cooling market size was estimated at USD 788.0 million in 2023 and is projected to reach USD 1.20 billion by 2030, growing at a CAGR of 6.2% from 2024 to 2030. The increasing demand for energy-efficient cooling solutions, coupled with the growing adoption of advanced cooling technologies across industries, is significantly driving market growth. The rising emphasis on sustainability and the need to reduce greenhouse gas emissions have also fueled the shift from conventional cooling systems to solid state alternatives.

Solid state cooling systems, which utilize thermoelectric and magnetic refrigeration technologies, offer multiple advantages such as enhanced efficiency, minimal maintenance, silent operation, and environmental friendliness compared to traditional vapor-compression systems. The market demand is further bolstered by the need for compact, lightweight, and portable cooling systems in industries such as consumer electronics, medical devices, and automotive. The growing focus on developing smart and efficient cooling systems for electronic devices and precision equipment is further contributing to market expansion.

Additionally, technological advancements in thermoelectric materials and innovations in cooling mechanisms are expected to play a vital role in enhancing the overall performance of solid state cooling systems. Research and development initiatives aimed at improving thermal conductivity, reducing costs, and increasing reliability are anticipated to create lucrative opportunities for manufacturers. The integration of solid state cooling solutions into renewable energy systems and advanced electronics is also gaining momentum, further strengthening market prospects.

Key Market Trends & Insights

  • The solid state cooling market in China is estimated to grow at a significant CAGR of 6.8% over the forecast period, driven by strong industrialization, rising demand for efficient thermal management systems, and increasing investment in green technologies.
  • Based on end use, the healthcare segment accounted for 49.7% of the global market revenue share in 2023, primarily due to the growing use of solid state cooling systems in medical diagnostics, laboratory instruments, and vaccine storage equipment requiring precise temperature control.
  • In terms of technology, the thermoelectric cooling segment accounted for 50.1% of the global market revenue share in 2023, as it offers high efficiency, scalability, and reliability, making it suitable for various industrial and consumer applications.
  • Based on type, the single-stage solid state cooling system segment accounted for 49.3% of the global market revenue share in 2023, supported by its widespread use in electronics and automotive applications due to its compact design and cost-effectiveness.

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Market Size & Forecast

  • 2023 Market Size: USD 788.0 Million
  • 2030 Projected Market Size: USD 1.20 Billion
  • CAGR (2024-2030): 6.2%
  • Asia Pacific: Largest market in 2023

Key Companies & Market Share Insights

Some of the key players operating in the market include Phononic, Inc., Laird Thermal Systems, Inc., and II-VI Incorporated, among others.

  • Phononic, Inc. is a leading provider of solid state cooling solutions, offering a wide range of thermoelectric cooling systems for various applications. The company's focus on innovation and advanced technology has solidified its position in the market. Phononic's solid state cooling systems are known for their high performance, reliability, and energy efficiency.
  • Laird Thermal Systems, Inc. is a prominent player in the market, known for its high-quality thermoelectric cooling solutions and extensive industry experience. The company's products are widely used for efficient and reliable cooling in consumer electronics, healthcare, and automotive applications.

Ferrotec Holdings Corporation, and Kryotherm, are some of the emerging market participants in the market.

  • Ferrotec Holdings Corporation specializes in providing high-performance thermoelectric modules and cooling systems for various industrial applications. The company's focus on quality and advanced technology has driven its market growth.
  • Kryotherm is a major player in the market, offering a wide range of thermoelectric cooling solutions for efficient and reliable cooling. The company's emphasis on innovation and customer-centric solutions has strengthened its position in the market.

Key Players

  • Phononic, Inc.
  • Laird Thermal Systems, Inc.
  • II-VI Incorporated
  • Ferrotec Holdings Corporation
  • Kryotherm
  • Delta Eletronics, Inc.
  • Coheretn Corp.
  • CUI Devices
  • Micropelt GmbH
  • Thermion Company
  • RMT Ltd.
  • Mercury Systems, Inc.
  • Crystal Ltd.Achilli S.r.l

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Conclusion

The solid state cooling market is set for consistent growth, driven by the increasing demand for energy-efficient and eco-friendly cooling solutions across multiple sectors. Advancements in thermoelectric materials, combined with a growing focus on sustainability and technological innovation, are creating new opportunities for manufacturers and end users alike. As industries continue to prioritize energy efficiency and environmental responsibility, solid state cooling technologies are expected to play a crucial role in shaping the future of cooling systems globally, offering improved reliability, performance, and long-term cost savings.