Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, The Global Solid State Cooling Market Size is Expected to Grow from USD 787.5 Million in 2023 to USD 1416.5 Million by 2033, at a CAGR of 6.05% during the forecast period 2023-2033.
Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Solid State Cooling Market Size, Share, and COVID-19 Impact Analysis, By Type (Single Stage, Multi-Stage, and Thermocycler), By Technology (Thermoelectric Cooling, Magnetocaloric Cooling, Electrocaloric Cooling, Cryogenic Cooling, and Others), By End Use (Consumer Electronics, Healthcare, Automotive, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
Solid state cooling refers to the solid-state heat pumps that operate via the use of the Peltier effect. The use of thermoelectric devices consists of a semiconductor-based bi-metal junction, a heat sink, and DC power. The market comprises the use of solid materials to cool things without using refrigerants or moving parts. Solid state cooling systems offer effective, dependable, and eco-friendly solutions by using solid materials and doing away with the need for moving parts or refrigerants. The incorporation of solid state cooling systems with the IoT and smart technologies that enable remote monitoring, control, and optimization are providing lucrative market opportunities for solid state cooling. The growing need for energy-efficient cooling solutions along with the rising adoption of advanced cooling technologies is driving the market growth. On the contrary, the increased initial cost required for implementing solid-state cooling systems as compared to traditional refrigeration systems is challenging the market.
The single stage segment held the largest revenue share of the solid state cooling market in 2023.
Based on the type, the global solid state cooling market is divided into single stage, multi-stage, and thermocycler. Among these, the single stage segment held the largest revenue share of the solid state cooling market in 2023. Single stage cooling system offers environmentally friendly and energy-efficient cooling systems. The incorporation of this segment into wearable technology owing to its scalability and small size is contributing to driving the market growth.
The thermoelectric cooling segment accounted for 50.1% revenue share of the global solid state cooling market in 2023.
Based on the technology, the global solid state cooling market is divided into thermoelectric cooling, magnetocaloric cooling, electrocaloric cooling, cryogenic cooling, and others. Among these, the thermoelectric cooling segment accounted for 50.1% revenue share of the global solid state cooling market in 2023. The compact size, reliability, and environmentally friendly operation of thermoelectric cooling technology along with the rising trend towards sustainability and energy efficiency is driving the market growth.
The healthcare segment dominated the market with the largest market revenue share in 2023.
Based on the end use, the global solid state cooling market is divided into consumer electronics, healthcare, automotive, and others. Among these, the healthcare segment dominated the market with the largest market revenue share in 2023. The widespread use of solid state cooling in the healthcare sector for several purposes, including medical refrigeration, laboratory equipment, and patient monitoring systems is driving the market.
North America is projected to hold the largest share of the global solid state cooling market over the forecast period.
North America is projected to hold the largest share of the global solid state cooling market over the forecast period. The evolving consumer electronics sector with the growing AI integration that provides smarter and more intuitive devices is contributing to driving the solid state cooling market. Further, the demand for advanced cooling systems with an increasing focus on energy efficiency and sustainability cooling systems for managing battery temperature and enhancing EV performance is significantly propelling the market.
Asia Pacific is predicted to grow at the fastest CAGR in the solid state cooling market over the forecast period. The region’s booming electronics manufacturing industry in countries like China, Japan, South Korea, and Taiwan is contributing to driving the market growth. Further, the advancements in materials science and manufacturing processes that lead to the development of more efficient and reliable solid-state cooling solutions are propelling the market.
Company Profiling
Major key players in the solid state cooling market include 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, and Others.
Key Target Audience
Recent Developments
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global solid state cooling market based on the below-mentioned segments:
Global Solid State Cooling Market, By Type
Global Solid State Cooling Market, By Technology
Global Solid State Cooling Market, By End Use
Global Solid State Cooling Market, Regional Analysis
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