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Global Solid State Cooling Market – Industry Trends and Forecast to 2031

ICT

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Global Solid State Cooling Market – Industry Trends and Forecast to 2031

  • ICT
  • Upcoming Report
  • May 2024
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Solid State Cooling Market – Industry Trends and Forecast to 2031

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2023–2031
Diagram Market Size (Base Year) USD 525.80 USD Million
Diagram Market Size (Forecast Year) USD 862.38 USD Million
Diagram CAGR %

Major Markets Players

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Global Solid State Cooling Market, By Product (Refrigeration System, Cooling System, Refrigerators, Freezers, Air Conditioners, Chillers), Type (Single Stage, Multi Stage, Thermocycler), Industry (Automotive, Semiconductor and Electronics, Microprocessor Cooling, Healthcare, Consumer, Other) - Industry Trends and Forecast to 2031.

Solid-State Cooling Market

 

Solid State Cooling Market Analysis and Size

The solid-state cooling market is experiencing growth propelled by the increasing global awareness of green energy. This expansion is driven by factors such as the adoption of solid-state cooling systems due to their dual heating and cooling capabilities, as well as efforts to reduce greenhouse gas emissions. The market is also influenced by the growing demand for enhanced data storage driven by the proliferation of the Internet of Things, as well as the need for precise temperature control and cooling below ambient levels. Furthermore, factors such as rising infrastructure projects, urbanization, industrialization, and increased investments are contributing positively to the solid-state cooling market.

Global solid state cooling market was valued at USD 525.8 million in 2023 and is expected to reach USD 862.38 million by 2031, registering a CAGR of 6.38% during the forecast period of 2024-2031. “Cooling system”segment dominate the solid state cooling market as increasingly, industries are seeking more efficient and dependable cooling solutions as they embrace advanced technologies. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2024 to 2031

Base Year

2023

Historic Years

2022 (Customizable to 2016-2021)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

Product (Refrigeration System, Cooling System, Refrigerators, Freezers, Air Conditioners, Chillers), Type (Single Stage, Multi Stage, Thermocycler), Industry (Automotive, Semiconductor and Electronics, Microprocessor Cooling, Healthcare, Consumer, Other)

Countries Covered

U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa

Market Players Covered

Cohorent Corp. (U.S.), Crystal Ltd. (Russia), CUI Devices (U.S.), Delta Electronics, Inc. (Taiwan), Ferrotec Holdings Corporation (Japan), Coherent Corp. (U.S.), Komatsu (Japan), Laird Thermal Systems, Inc. (U.S.), Solid State Cooling Systems (U.S.), TE Technology, Inc. (U.S.), TEC Microsystems GmbH (Germany) among others

Market Opportunities

  • Expanding Uses of Solid-State Cooling Technology in Aerospace, Defense, and Consumer Industries
  • Rising Industrial and Urban Development

Market Definition

Solid-state cooling is a technology that utilizes solid-state materials and principles to achieve cooling effects, eliminating the need for traditional refrigerants or moving parts. It is a sector focused on developing and applying these technologies, offering benefits such as compact size, energy efficiency, reduced environmental impact, and precise temperature control. This cooling method finds applications in electronics, automotive, healthcare, and food preservation industries

Solid State Cooling Market Dynamics

Drivers

  • Growing Requirement for Cooling Solutions with Enhanced Energy Efficiency

The rising demand for energy-efficient cooling solutions is a significant driver for the solid-state cooling market. Solid-state cooling technologies, such as thermoelectric modules and Peltier coolers, offer higher efficiency and environmental friendliness compared to traditional cooling methods. As industries and consumers prioritize sustainability and look for innovative cooling solutions to reduce energy costs and meet regulatory requirements, the demand for energy-efficient solid-state cooling technologies is increasing globally.

  • Incorporation of IoT and Intelligent Technologies

The integration of IoT (Internet of Things) and smart technologies is a key driving factor for the solid-state cooling market. These advancements enable smart cooling systems that offer remote monitoring, predictive maintenance, and advanced control features. By leveraging IoT, solid-state cooling systems can achieve optimized cooling performance and significant energy savings. The ability to remotely monitor and control cooling systems in real-time allows for proactive maintenance, reducing downtime and enhancing overall system efficiency. Additionally, the integration of smart technologies enables precise temperature control, ensuring that cooling systems operate at their optimal levels, further driving the adoption of solid-state cooling solutions.

Opportunities

  • Emerging Use of Solid State Cooling Technology in Aerospace, Defense, and Consumer Sectors

The emergence of solid-state cooling technology in aerospace, defense, and consumer sectors represents a significant future opportunity for the solid-state cooling market. These sectors require efficient and reliable cooling solutions for various applications, including thermal management of electronic components, cooling of sensors and cameras, and temperature control in cabins and compartments. The adoption of solid-state cooling in these sectors is driven by the need for lightweight, compact, and energy-efficient cooling solutions, which traditional cooling methods struggle to provide. As these industries continue to advance and demand more sophisticated cooling solutions, the solid-state cooling market is poised to expand significantly.

  • Increasing Demand of Diversification into New Application

By customizing solutions to meet the specific cooling requirements of different industries, solid-state cooling technology can address a wider range of applications, attracting new customers who may have previously been underserved by traditional cooling solutions. This diversification also reduces the market's dependence on specific industries or applications, making it more resilient to fluctuations in demand in any single sector. Overall, exploring and diversifying into new application areas can drive growth and establish solid-state cooling as a versatile and valuable technology in various industries.

Restraints/Challenges

  • High Initial Investment and Manufacturing Costs

The high production and manufacturing costs associated with solid-state cooling systems can limit their adoption, particularly in price-sensitive industries. These high costs stem from the complex manufacturing processes and specialized materials required for solid-state cooling devices. Additionally, the relatively low efficiency of some solid-state cooling technologies compared to traditional methods can hinder their widespread

  • Complication in Designing and Engineering  for Various Applications and Operating Conditions

Unsuch as traditional cooling methods that often offer standardized solutions, solid-state cooling systems require custom designs to meet specific requirements. This complexity is due to factors such as the varied thermal profiles of electronic devices and the need for precise temperature control. Integrating solid-state cooling technology into existing systems adds to the challenge. Overcoming these hurdles demands specialized expertise, advanced engineering capabilities, and extensive testing to ensure optimal performance and reliability. This complexity can be a barrier to adoption for some customers and limits the scalability of solid-state cooling solutions in the market.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

  • In April 2023, Laird Thermal Systems has enhanced its offerings with the introduction of micro thermoelectric coolers. The OptoTEC MBX Series, designed for advanced LiDAR systems in autonomous vehicles, plug-and-play optical transceivers for telecommunications, and Indium Phosphide VCSELs used in various high-performance applications, is now available in a more compact form

Solid State Cooling Market Scope

The market is segmented on the basis of product, type, and industry. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

  • Refrigeration System
  • Refrigerators
  • Freezers
  • Cooling System
  • Air Conditioners
  • Chillers

Type

  • Single Stage
  • Multi Stage
  • Thermocycler

Industry

  • Medical
  • Automotive
  • Consumer
  • Semiconductor and Electronics
  • Others

Solid State Cooling Market Regional Analysis/Insights

The market is analysed and market size insights and trends are provided by product, type and industry as referenced above.

The countries covered in the market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of the Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.   

North America dominates the solid state cooling market due to technological advancements, well-established industrial infrastructure, growing acceptance of energy-efficient and eco-friendly cooling solutions in diverse sectors, and increasing need for advanced thermal management solutions in electronics, automotive, healthcare, and aerospace industries. Government programs that encourage sustainable technologies and the presence of major market participants also contribute to the market's growth, positioning North America as a center for innovation and market development in solid-state cooling.

The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points such as downstream and upstream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Europe brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.     

Competitive Landscape and Solid State Cooling Market Share Analysis

The market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Europe presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the market.

Some of the major players operating in the market are:

  • Coherent Corp. (U.S.)
  • Crystal Ltd. (Russia)
  • CUI Devices (U.S.)
  • Delta Electronics, Inc. (Taiwan)
  • Ferrotec Holdings Corporation (Japan)
  • Komatsu (Japan)
  • Laird Thermal Systems, Inc. (U.S.)
  • Solid State Cooling Systems (U.S.)
  • TE Technology, Inc. (U.S.)
  • TEC Microsystems GmbH (Germany)


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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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FREQUENTLY ASK QUESTIONS

The Solid State Cooling Market size will be worth USD 862.38 million by 2031.
The Solid State Cooling Market growth rate will be 6.38% by 2031.
Growing Requirement for Cooling Solutions with Enhanced Energy Efficiency and Incorporation of IoT and Intelligent Technologies are the growth drivers of the Solid State Cooling Market.
The product, type, and industry are the factors on which the Solid State Cooling Market research is based.
The major companies in the Solid State Cooling Market are Cohorent Corp. (U.S.), Crystal Ltd. (Russia), CUI Devices (U.S.), Delta Electronics, Inc. (Taiwan), Ferrotec Holdings Corporation (Japan), Coherent Corp. (U.S.), Komatsu (Japan), Laird Thermal Systems, Inc. (U.S.), Solid State Cooling Systems (U.S.), TE Technology, Inc. (U.S.), TEC Microsystems GmbH (Germany).
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