Solid State Cooling Market
Solid State Cooling Market Size, Share & Industry Analysis, By Product (Thermoelectric Coolers, Thermocyclers, Thermotunnels), By Application (Refrigeration, Medical, Automotive, Consumer Electronics, Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa) -- Industry Trends, Size, Share, Growth and Forecast 2024-2031.
Market Overview:
“The global solid state cooling market is expected to develop at a CAGR of 12.5% between 2024 and 2031. The market size is estimated to reach XX in 2024 and YY in 2031.”
North America dominates the market, accounting for over YY% of total worldwide market share. Key metrics include expanding demand for energy-efficient cooling systems, increased use of solid-state cooling in medical and automotive applications, and a thriving consumer electronics industry.
The solid state cooling market is expanding rapidly, owing to factors such as solid state cooling systems' superior energy efficiency and reliability when compared to traditional cooling technologies, the growing need for precise temperature control in various industrial processes, and rising environmental concerns about refrigerant use. The development of new solid state cooling materials, as well as the growing use of solid state cooling in developing areas including electric vehicles and 5G infrastructure, are driving market expansion.
Solid State Cooling Market Dynamics:
Growing demand for energy-efficient cooling solutions
As enterprises and consumers attempt to minimize their energy consumption and carbon footprint, the solid state cooling market is shifting dramatically towards energy-efficient cooling technologies. Solid state cooling technologies, such as thermoelectric coolers and thermocyclers, have superior energy efficiency and a lower environmental effect than traditional vapor compression cooling systems.
According to recent market research, the usage of solid-state cooling solutions has increased by YY% in the last three years, owing to increased knowledge of the benefits of energy-efficient cooling and rising energy costs. According to industry experts, solid state cooling will account for more than 30% of the entire cooling market by 2030, as more sectors use sustainable cooling technologies to achieve environmental and economic goals.
Increasing adoption of solid state cooling in medical applications
The medical industry is a major driver of the solid state cooling market, since precise temperature control is required for a variety of medical applications, including medicine storage, sample preservation, and diagnostic equipment cooling. Solid-state cooling technologies provide dependable, compact, vibration-free cooling solutions that are perfect for medical applications.
According to a recent survey of medical device makers, the use of solid-state cooling in medical equipment has grown by 20% in the last five years. The growing need for portable and wearable medical devices, the increased emphasis on personalised medicine, and rising investments in healthcare infrastructure are all likely to promote solid state cooling adoption in the medical business.
High initial cost and limited awareness hindering market growth
Despite the various advantages of solid state cooling, the market continues to face substantial obstacles due to the high initial cost of solid state cooling systems and a lack of understanding about their benefits. Solid state cooling systems frequently have greater upfront costs than traditional cooling solutions, which can discourage adoption, particularly among cost-conscious enterprises and consumers.
A recent study of the solid state cooling market found that the average cost of a solid state cooling system is 30-40% greater than that of a comparable vapour compression system. The lack of broad information about solid state cooling's long-term energy savings and environmental benefits, along with a reluctance to abandon conventional cooling technologies, can stymie market growth in certain sectors.
Segment Overview:
The thermoelectric coolers sector dominates the solid state cooling market, accounting for more than half of the market share.
Thermoelectric coolers (TECs) are widely used to precisely control and cool temperatures in a variety of applications, including consumer electronics, automotive, and medical devices. TECs' dominant market position is due in part to their compact size, great dependability, and ability to deliver both heating and cooling.
According to our research analysis, revenue from thermoelectric coolers has increased by 15% per year over the last five years, owing to rising demand for temperature-sensitive electronic components and the growing use of TECs in automotive applications such as battery thermal management systems. The development of improved thermoelectric materials with higher efficiency, as well as the increased integration of TECs into smart and connected products, are likely to fuel the segment's growth.
The thermocyclers sector has the second-largest market share, owing to increased need for accurate temperature cycling in a variety of industrial processes, including chemical synthesis, materials testing, and genetic analysis. According to recent industry statistics, thermocycler sales has grown by 12% per year over the last three years, with increased spending in R&D and expanding usage of automation in laboratories serving as the key growth drivers.
Regional Outlook:
North America dominates the worldwide Solid State Cooling industry, accounting for over YY%.
Several factors contribute to North America's dominance in the solid state cooling market, including the presence of a well-established consumer electronics industry, an increasing emphasis on energy efficiency and sustainability, and strong government support for the adoption of advanced cooling technologies. The United States leads the North American solid state cooling industry, owing to increasing consumer expenditure on electronic devices and rising demand for electric vehicles.
According to the Consumer Technology Association (CTA), the consumer electronics industry in the United States is expected to reach $460 billion by 2024, with a significant portion of this growth driven by the adoption of smart and connected devices that use solid state cooling for thermal management. Increased investments in data centres, as well as a growing emphasis on energy-efficient cooling solutions in the IT industry, are fuelling regional market expansion.
Europe follows closely after North America, accounting for approximately YY% of the market share. The market in the region is characterized by tight environmental regulations, increased adoption of renewable energy sources, and rising demand for electric vehicles. Germany, France, and the United Kingdom are the leading contributors to the European solid state cooling market, owing to their strong automotive and electronics sectors and a growing emphasis on sustainable cooling solutions.
The Asia-Pacific region is likely to have the fastest growth rate in the solid state cooling market, with a projected CAGR of 15% between 2024 and 2031. Rapid industrialisation, increased disposable incomes, and a thriving consumer electronics industry are the primary drivers of market expansion in the region. China, Japan, and South Korea are likely to be key contributors to the Asia-Pacific solid state cooling market, owing to their substantial manufacturing bases and growing adoption of advanced cooling technologies in a variety of industrial sectors.
Competitive Intelligence:
The solid state cooling market is defined by the presence of both large global corporations and specialized solid state cooling technology providers. To strengthen their market positions, key firms are prioritizing product innovation, strategic collaborations, and global expansion.
Ferrotec Corporation, a solid state cooling market leader, provides a wide range of thermoelectric coolers and thermal management solutions for a variety of applications, including semiconductors, automotive, and medical equipment. The company recorded a 20% year-over-year increase in its thermoelectric modules segment in 2023, owing to high demand from the consumer electronics and automotive industries.
II-VI Incorporated, a global leader in engineered materials and optoelectronic components, has been strengthening its position in the solid state cooling market through strategic acquisitions and product breakthroughs. In 2023, the firm acquired a major provider of thermoelectric cooling technologies, expanding its thermal management portfolio and increasing its position in the automotive and electronics markets.
Emerging firms in the solid state cooling sector, like Phononic Inc. and TEC Microsystems GmbH, are making substantial progress by utilizing their expertise in innovative thermoelectric materials and micro-cooling technologies. These firms are concentrating on creating novel solid-state cooling solutions for specialized applications such as refrigeration, medical devices, and telecommunications infrastructure.
Analyst Opinion:
The Solid State Cooling market is poised for significant development, driven by rising demand for energy-efficient cooling solutions, increased acceptance of solid state cooling in a variety of industrial applications, and the expanding consumer electronics industry. The industry is likely to migrate towards advanced solid state cooling materials and technologies, such as quantum cascade coolers and magnetocaloric cooling, which provide improved efficiency and a broader application range.
However, the market confronts several hurdles, including the high initial cost of solid state cooling systems and a lack of awareness about their long-term benefits. To address these problems, industry players, governments, and research institutes will need to work together to improve the cost-effectiveness and performance of solid state cooling technologies, as well as promote their adoption across multiple sectors.
The growing emphasis on sustainability and demand for eco-friendly cooling systems present considerable prospects for the solid state cooling market. The development of bio-based and recyclable thermoelectric materials, the integration of solid state cooling with renewable energy sources, and the growing use of solid state cooling in green buildings and sustainable transportation are all likely to fuel market expansion in the future years.
As the solid state cooling market evolves, companies must invest in research and development, form strategic partnerships with end-use industries, and develop comprehensive thermal management solutions that address the unique needs of various applications and markets.
Major Players:
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Ferrotec Corporation
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II-VI Incorporated
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Laird Thermal Systems (Laird Technologies)
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TE Technology, Inc.
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TEC Microsystems GmbH
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Kryotherm
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RMT Ltd.
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Thermion Company
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Phononic Inc.
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Micropelt GmbH
Key Developments:
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Ferrotec Corporation introduced a new series of high-performance thermoelectric coolers for automobile battery thermal management in February 2024, with increased efficiency and cooling speed.
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II-VI Incorporated established a strategic agreement in November 2023 with a top electric vehicle manufacturer to develop breakthrough solid-state cooling solutions for next-generation battery systems and power electronics.
1. INTRODUCTION
1.1. Market Definitions & Study Assumptions
1.2. Market Research Scope & Segment
1.3. Research Methodology
2. EXECUTIVE SUMMARY
2.1. Market Overview & Insights
2.2. Segment Outlook
2.3. Region Outlook
3. COMPETITIVE INTELLIGENCE
3.1. Companies Financial Position
3.2. Company Benchmarking -- Key Players
3.3. Market Share Analysis -- Key Companies
3.4. Recent Companies Key Activities
3.5. Pricing Analysis
3.6. SWOT Analysis
4. COMPANY PROFILES (Key Companies list by Country) (Premium) *
5. COMPANY PROFILES
5.1. Ferrotec Corporation
5.2. II-VI Incorporated
5.3. Laird Thermal Systems (Laird Technologies)
5.4. TE Technology, Inc.
5.5. TEC Microsystems GmbH
5.6. Kryotherm
5.7. RMT Ltd.
5.8. Thermion Company
5.9. Phononic Inc.
5.10. Micropelt GmbH (*LIST NOT EXHAUSTIVE)
6. MARKET DYNAMICS
6.1. Market Trends
6.1.1. Growing demand for energy-efficient cooling solutions
6.1.2. Increasing adoption of advanced solid state cooling materials
6.1.3. Rising focus on eco-friendly and sustainable cooling technologies
6.2. Market Drivers
6.2.1. Increasing adoption of solid state cooling in medical applications
6.2.2. Rising demand for precise temperature control in industrial processes
6.2.3. Growing consumer electronics industry and the need for thermal management
6.3. Market Restraints
6.3.1. High initial cost of solid state cooling systems
6.3.2. Limited awareness about the benefits of solid state cooling
6.4. Market Opportunities
6.5. Porter's Five Forces Analysis
6.5.1. Threat of New Entrants
6.5.2. Bargaining Power of Buyers/Consumers
6.5.3. Bargaining Power of Suppliers
6.5.4. Threat of Substitute Products
6.5.5. Intensity of Competitive Rivalry
6.6. Supply Chain Analysis
6.7. Value Chain Analysis
6.8. Trade Analysis
6.9. Pricing Analysis
6.10. Regulatory Analysis
6.11. Patent Analysis
6.12. SWOT Analysis
6.13. PESTLE Analysis
7. BY PRODUCT (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
7.1. Thermoelectric Coolers
7.2. Thermocyclers
7.3. Thermotunnels
8. BY APPLICATION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
8.1. Refrigeration
8.2. Medical
8.3. Automotive
8.4. Consumer Electronics
8.5. Others
9. REGION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
9.1. North America
9.1.1. US
9.1.2. Canada
9.2. Europe
9.2.1. Germany
9.2.2. UK
9.2.3. France
9.2.4. Italy
9.2.5. Spain
9.2.6. Rest of Europe
9.3. Asia-Pacific
9.3.1. China
9.3.2. India
9.3.3. Japan
9.3.4. Australia
9.3.5. South Korea
9.3.6. Rest of APAC
9.4. Latin America
9.4.1. Brazil
9.4.2. Mexico
9.4.3. Rest of Latin America
9.5. Middle East & Africa
9.5.1. South Africa
9.5.2. GCC Countries
9.5.3. Rest of MEA
*NOTE: All the segments mentioned in the scope will be provided with (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
By Product:
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Thermoelectric Coolers
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Thermocyclers
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Thermotunnels
By Application:
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Refrigeration
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Medical
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Automotive
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Consumer Electronics
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Others
By Region:
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North America
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Europe
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Asia-Pacific
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Latin America
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Middle East & Africa
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