Solid-State Cooling Market Research Report by Type, End user and Geography - Forecast and Analysis 2023-2027

The Global Solid-State Cooling Market size is estimated to grow by USD 338.5 million between 2022 and 2027 accelerating at a CAGR of 8.7%. The solid state cooling market growth depends on several factors, including the energy efficiency in solid-state cooling, increasing demand in various industries technology, and environmental sustainability for solid-state cooling.

The solid-state cooling market may face challenges such as energy efficiency in solid state cooling technology. But solid-state cooling market opportunities such as advancements in thermoelectric technology, increasing adoption in electronics cooling, and growing demand for food and beverage cooling will automatically boost the market growth. 

This solid-state cooling market research report extensively covers market segmentation by type (single stage and multi stage), end-user (automotive, semiconductor and electronics, healthcare, and consumer), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

What will be the Size of the Solid-State Cooling Market During the Forecast Period?

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Technavio’s Exclusive Solid-State Cooling Market Customer Landscape

The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Solid State Cooling Market Customer Landscape

Key Drivers, Trends, and Challenges

Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Solid-State Cooling Market Driver

The energy efficiency of Solid State Cooling Technology is the key factor driving the global solid state cooling market growth. Energy efficiency is one of the key advantages of solid-state cooling technology. Unlike traditional refrigeration systems that rely on mechanical compressors, solid-state refrigeration uses thermoelectric modules to create the cooling effect. These modules are made of semiconductor materials that can convert electrical energy into a temperature difference, known as the Peltier effect. Solid-state cooling systems are highly efficient because they require no energy-consuming mechanical parts and use only electricity to produce the cooling effect. This significantly reduces energy consumption and running costs compared to conventional cooling systems. In addition, solid-state cooling technology enables precise temperature control,  further improving energy efficiency.

Thermoelectric modules can be precisely controlled to maintain a specific temperature, minimizing the energy required to achieve and maintain the desired cooling effect. Additionally, solid-state cooling technology is well suited for cooling small, compact spaces, which is especially important for electronic devices such as smartphones, laptops, and game consoles. These devices require efficient cooling solutions that don't consume too much power or take up too much space. Overall, the energy efficiency of solid-state cooling technology makes it a promising solution for various cooling applications. Hence, such factors are driving the growth of the focused market during the forecast period.  

Significant Solid-State Cooling Market Trends

Advances in thermoelectric technology will fuel the global solid state cooling market growth. Thermoelectric cooling, the most common form of solid-state cooling, uses thermoelectric materials to transfer heat from one side of a device to another, producing a cooling effect on one side and a heating effect on the other. Recent advances in thermoelectric technology focus on improving the efficiency and performance of thermoelectric materials. One approach is to develop new materials with better thermoelectric properties, such as higher electrical conductivity and lower thermal conductivity. Another approach is to optimize the design of the thermoelectric device itself. These advances in thermoelectric technology are expected to bring several advantages to the solid-state cooling market. 

First, it is designed to improve the efficiency of solid-state cooling equipment, making it more attractive to customers looking for energy-efficient cooling solutions. Second, it aims to expand the reach of solid-state cooling as devices become more efficient and better able to handle larger cooling loads. Ultimately,  the aim is to bring down the cost of solid-state cooling solutions as improvements in materials and design lead to more cost-effective manufacturing processes. Overall, advances in thermoelectric technology are expected to drive the continued growth of the solid-state cooling market. 
Major Solid-State Cooling Market Challenge

The high cost of the technology compared to traditional cooling solutions may impede the growth of the solid state cooling market. This is one of the biggest challenges in the solid-state cooling industry. There are several factors that drive the cost of solid-state cooling higher. First is high material cost; the solid-state cooling technology requires advanced semiconductor materials that are expensive to manufacture. These materials must also meet stringent performance and reliability requirements, further increasing cost.

Second, is manufacturing complexity; the solid-state cooling modules are more complex to manufacture than traditional cooling components, which can add cost. The manufacturing process includes multiple steps, such as semiconductor fabrication, module assembly, and testing, which may require specialized equipment and expertise. However, the high volatility of commodity prices is expected to hamper the growth of the global solid-state cooling market during the forecast period. 

Who are the Major Solid-State Cooling Market Vendors?

Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Antylia Scientific: The company offers different solid-state cooling solutions namely, Solid State Cooling Systems T3 Recirculator Chiller, 300W. It is also involved in the manufacturing and distribution of different laboratory staples through its different brands.

CustomChill Inc: The company offers different solid-state cooling solutions namely CRAL300 Series chillers. It also focuses on the design and manufacture of thermoelectric chillers.

We also have detailed analyses of the market’s competitive landscape and offer information on 15 market vendors, including:

• AMS Technologies AG
• II VI Inc.
• EVERREDtronics 
• Ferrotec Holdings Corp.
• Hi Z Technology
• Komatsu Ltd.
• Kryotherm
• P and N Technology Xiamen Co. Ltd.
• Phononic
• RMT Ltd.
• Solid State Cooling Systems
• Spectra Lab Instruments Pvt. Ltd.
• Thermonamic Electronics Jiangxi Corp. Ltd.
• Wellen Technology Co. Ltd.
• Z MAX Co. Ltd.

The report offers clients a deeper understanding of the market and its players through a combined qualitative and quantitative analysis of the vendors. The analysis classifies vendors into categories based on their business approach, including pure-play, category-focused, industry-focused, and diversified. Vendors are specially categorized into dominant, leading, strong, tentative, and weak to understand the dos and don’ts of business which in turn can help a client make the best decision.

Solid-State Cooling Market Segmentation by Type, End-user, and Geography

Type Analysis

The single stage segment will contribute a major solid-state cooling market share. It is one of the key components of the market. The single-stage segment of the global solid state cooling market refers to cooling systems that use a single thermoelectric module to cool an object. This type of system is suitable for applications that require moderate cooling, such as cooling electronic components or small housings. Single-stage solid-state refrigeration systems are typically less costly and easier to design and operate than these multi-stage systems. However,  the cooling capacity and efficiency will be lower. As such, they are often used in combination with other cooling methods such as air or liquid cooling. 

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The single stage segment was valued at USD 304.66 million in 2017 and continued to grow until 2021. The market for single-stage solid-state cooling systems is expected to grow in the coming years due to their energy efficiency, quiet operation, and suitability for small-scale cooling applications. Industries such as electronics, medical, and automotive are expected to be the primary users of single-stage solid-state cooling systems. 

End-user analysis

The automotive industry is one of the key segments in the global solid state cooling market. Solid-state cooling technology offers several advantages for automotive applications, such as improved energy efficiency, reduced weight and size, and reduced noise levels compared to traditional cooling systems. In particular, solid-state cooling is well suited for cooling narrow and confined spaces inside vehicles. One of the major applications of solid-state cooling in the automotive industry is the thermal management of electric vehicles (EVs). EVs require efficient thermal management to keep battery temperatures within safe limits for optimal performance and longevity. Solid-state cooling can be used to cool battery packs, power electronics, and other critical components in electric vehicles. 

Regional Analysis

APAC is estimated to contribute 43% to the growth of the global market. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period.  

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The APAC region is an important market for solid state cooling technology. The region has several major economies such as China, Japan, South Korea, and India, with high demand for solid-state cooling solutions across various industries. One of the major reasons behind the growth of the APAC solid-state cooling market is the growing demand for energy-efficient and environmentally friendly cooling solutions in the region. Rapid industrialization and urbanization in APAC countries are increasing energy consumption and greenhouse gas emissions. Solid-state cooling technology offers a more efficient and sustainable alternative to traditional cooling methods, driving its adoption in the region. The electronics industry is one of the major end users of solid-state cooling solutions in APAC. The region is home to some of the world's largest electronics manufacturers such as Samsung, LG, and Sony, who require efficient cooling solutions for their products. 

Covid Recovery Analysis

The COVID-19 pandemic had multiple impacts on the APAC solid state cooling market. On the one hand, the pandemic reduced demand for solid-state cooling solutions in some industries due to economic slowdowns and supply chain disruptions. On the other hand, the pandemic has also highlighted the importance of energy-efficient and sustainable cooling solutions, spurring the adoption of solid-state cooling technologies in some sectors. In the electronics industry, the pandemic has increased the demand for remote work and online education, driving demand for electronic devices such as laptops and smartphones. This has increased the demand for solid-state cooling solutions for these devices. But the pandemic has also caused supply chain disruptions, adversely affecting the production and distribution of solid-state cooling components. In the healthcare industry, the pandemic has increased the demand for cooling solutions for medical equipment and facilities. The pandemic has also highlighted the need for efficient heat management solutions for COVID-19 vaccines. This requires strict temperature control during storage and transportation. This is accelerating the adoption of solid-state cooling technology in healthcare. 

Segment Overview

The solid-state cooling market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Type Outlook (USD Million, 2017 - 2027)
  • Single stage
  • Multi stage

• End-user Outlook (USD Million, 2017 - 2027)
  • Automotive
  • Semiconductor and electronics
  • Healthcare
  • Consumer

• Region Outlook (USD Million, 2017 - 2027)
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Brazil
    • Chile
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Solid State Cooling Market Scope
Report Coverage	Details
Page number	154
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 8.7%
Market growth 2023-2027	USD 338.5 million
Market structure	Fragmented
YoY growth 2022-2023(%)	8.3
Regional analysis	APAC, North America, Europe, Middle East and Africa, and South America
Performing market contribution	APAC at 43%
Key countries	US, China, Japan, South Korea, and Germany
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	AMS Technologies AG, Antylia Scientific, II VI Inc., CustomChill Inc., EVERREDtronics , Ferrotec Holdings Corp., Hi Z Technology, Komatsu Ltd., Kryotherm, P and N Technology Xiamen Co. Ltd., Phononic, RMT Ltd., Solid State Cooling Systems, Spectra Lab Instruments Pvt. Ltd., Thermonamic Electronics Jiangxi Corp. Ltd., Wellen Technology Co. Ltd., Z MAX Co. Ltd., Laird Thermal Systems Inc., Merit Technology Group, and TEC Microsystems GmbH
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Solid-State Cooling Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the solid state cooling Market between 2023 and 2027
• Precise estimation of the size of the solid state cooling market size and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market industry across APAC, North America, Europe, Middle East and Africa, and South America
• A thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of solid state cooling market vendors

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