Solid State Cooling Market Size, Share & Trends Analysis Report By Product (Refrigeration Systems, Cooling Systems), By Type (Single Stage, Multi-Stage), By End-use (Consumer Electronics, Healthcare), By Technology, By Region, And Segment Forecasts, 2024 - 2030

Solid State Cooling Market Size & Trends

The global solid state cooling market size was estimated at USD 788.0 million in 2023 and is anticipated to grow 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 in various industries, is driving the growth of the market. Solid state cooling systems, which include thermoelectric and magnetic refrigeration technologies, offer significant advantages such as high efficiency, low maintenance, and environmental friendliness compared to traditional cooling methods. 

The demand for solid state cooling systems is further fueled by the rising need for compact and portable cooling solutions in consumer electronics, healthcare, and automotive industries. Additionally, advancements in thermoelectric materials and the development of innovative cooling technologies are expected to further propel market growth.

Solid state cooling systems are essential for various applications across different industries due to their ability to provide efficient and reliable cooling without the use of moving parts or refrigerants. These systems are widely used in consumer electronics, healthcare, automotive, and other industries for precise temperature control and cooling.

The solid-state cooling systems market is set to grow as advancements in materials science and thermoelectric cooling technologies continue. Innovations to improve efficiency and reduce costs could address current limitations and open new applications. The integration of IoT and smart technologies for enhanced performance monitoring and control is also expected to play a key role in the evolution of this market

Drivers, Opportunities & Restraints

The solid state cooling market is driven by several factors, including the increasing demand for energy-efficient and environmentally friendly cooling solutions, the growing adoption of advanced cooling technologies in various industries, and the rising need for compact and portable cooling systems. The need for reliable and efficient cooling solutions in consumer electronics, healthcare, and automotive applications is also contributing to market growth. Furthermore, advancements in thermoelectric materials and the development of innovative cooling technologies present significant opportunities for market expansion.

However, the high initial cost and limited cooling capacity of solid state cooling systems pose significant challenges to market growth. Additionally, the availability of alternative cooling technologies may limit the adoption of solid state cooling systems in certain applications.

Despite these challenges, there are numerous opportunities for growth, particularly with the increasing focus on sustainable and energy-efficient cooling solutions and the expansion of industries such as consumer electronics and healthcare in emerging economies.

Product Insights

“The demand for cooling systems product segment is expected to grow at a significant CAGR of 6.5% from 2024 to 2030 in terms of revenue”

The cooling systems product segment led the market and accounted for 64.2% of the global revenue share in 2023. Solid-state cooling type systems stand out for their reliability, longevity, and environmental benefits, offering a significant advantage over traditional methods that rely on gases and compressors. These systems are based on the Peltier effect, where the passage of an electric current between different types of materials can absorb or release heat, thus enabling cooling or heating.

Solid-state refrigeration systems represent an innovative approach to cooling without the use of traditional gases or liquids as refrigerants. These systems operate on the principles of solid-state physics, making them more environmentally friendly and energy-efficient. The most common type of solid-state refrigeration system is based on the Peltier effect, which is used in thermoelectric coolers (TECs). Within electric vehicles (EVs), solid-state refrigeration can efficiently manage battery temperature to enhance performance, longevity, and safety. Additionally, it can provide cabin cooling with lower energy consumption compared to traditional systems. The above factor will positively impact market growth.

Type Insights

“The demand for single stage solid state cooling system type segment is expected to grow at a significant CAGR of 6.6% from 2024 to 2030 in terms of revenue”

The single-stage solid-state cooling system segment accounted for 49.3% of the global market revenue share in 2023. This segment offers a promising avenue for energy-efficient, environmentally friendly cooling solutions well-suited to a wide range of applications where space, noise, and reliability are critical considerations. Its compact size and scalability also open doors for integration into wearable technology, offering personal cooling solutions in heat-stressed environments.

The market for multi-stage solid state cooling systems is experiencing growth, driven by several key factors. Increasing demands for precise temperature control in sectors like biomedical storage and transport, advanced computing, aerospace, and telecommunications fuel the expansion. The ongoing trend towards miniaturization of electronic devices, with a concurrent need for efficient heat management solutions, further propels the market. Additionally, the push for more environmentally friendly cooling solutions that do not rely on harmful refrigerants aligns well with the adoption of solid state cooling technologies. 

End use Insights

“The demand form automotive end use segment is expected to grow at a significant CAGR of 6.8% from 2024 to 2030 in terms of revenue”

The healthcare end use segment accounted for 49.7% of the global market revenue share in 2023. The healthcare industry significantly utilizes solid state cooling systems for various applications such as patient monitoring systems, laboratory equipment and medical refrigeration. The stringent regulatory standards and the need for precise temperature control in healthcare applications are propelling the demand for solid state cooling systems in the healthcare industry.

The market for consumer electronics is witnessing significant growth due to the increasing demand for more efficient and reliable cooling solutions. This technology, which utilizes the Peltier effect for cooling without moving parts or fluids, presents numerous advantages over traditional cooling methods. These include improved durability, lower maintenance requirements, and the ability to precisely control temperatures. This is particularly important in the consumer electronics sector where the efficient management of heat can significantly impact the performance and lifespan of devices such as smartphones, laptops, and gaming consoles.

Technology Insights

“The demand for magnetocaloric cooling technology segment is expected to grow at a significant CAGR of 6.8% from 2024 to 2030 in terms of revenue”

Thermoelectric cooling technology segment accounted for 50.1% of the global market revenue share in 2023. Thermoelectric cooling technology is gaining traction across various industries due to its compact size, reliability, and environmentally friendly operation, aligning with global trends towards sustainability and energy efficiency. As businesses and consumers alike seek greener alternatives to traditional cooling methods that use refrigerants harmful to the environment, thermoelectric cooling presents a viable solution. The ability of thermoelectric cooling to achieve precise temperature control down to the degree makes it ideal for applications such as medical device cooling, laboratory equipment, and sensitive electronic components.

Regional Insights

The North American market is characterized by significant growth and innovation, driven by advanced technological development, a focus on sustainable and energy-efficient solutions, and robust demand across various industry verticals. This market encompasses the United States, Canada, and Mexico, with the U.S. leading in terms of market size and innovation. Solid-state cooling technologies, leveraging the Peltier effect for cooling and heating, find applications in numerous sectors including consumer electronics, automotive, healthcare, aerospace, and telecommunications due to their reliability, efficiency, and environmentally friendly attributes.

Asia Pacific Solid State Cooling Market Trends

“China to witness fastest market growth at 6.9% CAGR”

The market in Asia Pacific is experiencing substantial growth due to rapid industrialization, increasing population, and rising demand for consumer electronics and healthcare services. The expansion of the consumer electronics and healthcare industries in countries like China, India, and Japan is driving market growth. Additionally, government initiatives to promote energy efficiency and environmental sustainability are supporting the adoption of solid state cooling systems in the region.

The solid state cooling market in China is estimated to grow at a significant CAGR of 6.8% over the forecast period. China's market is propelled by the country's rapid industrialization, technological advancements, and strong governmental support for energy-efficient and environmentally friendly technologies. China, being a global manufacturing hub, presents a vast landscape for the adoption and development of solid-state cooling technologies across various sectors, including electronics, automotive, healthcare, and consumer goods. China's massive manufacturing sector offers a vast field for the application of solid-state cooling technologies, especially in precision cooling required in electronics manufacturing, automotive, and other high-tech industries.

Europe Solid State Cooling Market Trends

The market in Europe is expected grow at a substantial rate owing to growing environmental awareness, regulatory support, and technological advancements. Investments in research and development, coupled with the growing demand for green and efficient cooling solutions across various industry sectors, are expected to drive innovation and expansion in the European market. As solid state cooling technologies continue to advance, their role in Europe's transition to more sustainable and energy-efficient cooling solutions is set to increase significantly.

Key Solid State Cooling Company 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. 

Recent Developments

• In May 2023, Delta T Systems announced the launch of their innovatively designed Free Cooling System aimed at industrial and commercial applications. This system represents a significant step forward in energy efficiency and environmental sustainability within the cooling technology sector.

• In June 2023, Frore Systems Launches AirJets, the world initial chip-based cooling system for the Zotac ZBOX Mini PC.

Solid State Cooling Market Report Scope

Global Solid State Cooling Market Report Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global solid state cooling market report based on product, type, end use, technology, and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Refrigeration Systems

  • Cooling Systems

• Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Single Stage

  • Multi-Stage

  • Thermocycler

• End use Outlook (Revenue, USD Million, 2018 - 2030)

  • Consumer Electronics

  • Healthcare

  • Automotive

  • Others

• Technology Outlook (Revenue, USD Million, 2018 - 2030)

  • Electrocaloric Cooling

  • Magnetocaloric Cooling

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • UAE