PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1459086
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1459086
The global solid state cooling market is expected to be valued at USD 0.8 billion in 2024 and is projected to reach USD 1.5 billion by 2029; it is expected to grow at a CAGR of 13.6% from 2024 to 2029. Increasing demand for energy-efficient and environmentally friendly cooling solutions across industries, advancements in semiconductor technology enabling more efficient and reliable solid-state cooling devices, expanding applications in electronics, automotive, aerospace, and healthcare sectors, and rising awareness of the detrimental effects of traditional cooling methods on the environment and energy consumption.
Scope of the Report | |
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Years Considered for the Study | 2020-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Billion) |
Segments | By Product, Type, Technology, Vertical, Region |
Regions covered | North America, Europe, Asia Pacific, and Rest of the World |
"Cooling systems in solid state cooling market to account for the highest market share during the forecast period."
The solid-state cooling market for cooling systems is driven by several factors, including the rising demand for energy-efficient and environmentally friendly cooling solutions, technological advancements enabling higher efficiency and reliability in solid-state cooling devices, increasing applications across industries such as electronics, automotive, aerospace, and medical devices, and growing awareness of the limitations and environmental impacts of traditional cooling methods. As companies seek innovative and sustainable cooling solutions to address thermal management challenges, the solid-state cooling market for cooling systems experiences continued growth, catering to the diverse needs of various sectors.
"Thermoelectric technology in solid state cooling market to account for the highest market share during the forecast period."
The solid-state cooling market for thermoelectric technology is propelled by several key factors, including the escalating demand for energy-efficient and environmentally friendly cooling solutions across industries such as electronics, automotive, aerospace, and healthcare, the advancements in semiconductor materials and manufacturing processes enabling improved performance and reliability of thermoelectric devices, the compact size and versatility of thermoelectric modules allowing for diverse applications, and the increasing awareness of the advantages of thermoelectric cooling, such as silent operation and precise temperature control. As companies and consumers prioritize sustainability and seek innovative cooling solutions, the solid-state cooling market for thermoelectric technology continues to grow, offering efficient and reliable alternatives to traditional cooling methods.
"Healthcare vertical in solid state cooling market to account for the highest market share during the forecast period."
The solid-state cooling market for the healthcare vertical is experiencing significant growth due to the increasing demand for precise temperature control and reliable thermal management solutions in medical devices, laboratory equipment, and pharmaceutical storage. Solid-state cooling technologies offer advantages such as compact size, energy efficiency, and precise temperature control, making them ideal for applications such as blood analyzers, medical imaging systems, drug delivery devices, and vaccine storage units. Additionally, the growing emphasis on patient safety, regulatory compliance, and the need to preserve sensitive biological samples further drive the adoption of solid-state cooling solutions in the healthcare sector, fueling the growth of the market.
"Solid State Cooling market for North America to account for the second highest market share during the forecast period."
The solid-state cooling market in North America is witnessing significant growth due to several factors, including the region's strong focus on technological innovation, robust industrial infrastructure, increasing adoption of energy-efficient and environmentally friendly cooling solutions across various industries, and rising demand for advanced thermal management solutions in electronics, automotive, healthcare, and aerospace sectors. Additionally, government initiatives promoting sustainable technologies and the presence of key market players further accelerate the growth of the solid-state cooling market in North America, positioning it as a hub for innovation and market expansion in the industry.
The key players operating in the Solid state cooling market are CUI Devices (US), Delta Electronics, Inc. (Taiwan), Ferrotec Holdings Corporation (Japan), Coherent Corp. (US), Laird Thermal Systems, Inc. (US).
The research report categorizes the Solid state cooling market, By Product (Refrigeration Systems and Cooling Systems), Type (Single-Stage, Multi-Stage, Thermocycler), Technology (Thermoelectric Cooling, Electrocaloric Cooling, Magnetocaloric Cooling, Other Technologies), Vertical (Automotive, Semiconductor & Electronics, Healthcare, Consumer (Residential), and Other Verticals (Aerospace & Defense, Industrial etc.), Region (North America, Europe, Asia Pacific, and RoW).
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