Solid State Cooling Market Size, Share, Forecast, & Trends Analysis by Type (Single, Multi, Thermocycler), Product (Refrigeration, Cooling), Technology (Thermoelectric, Electrocaloric), Application, and End-use Industry

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Solid State Cooling Market by Type (Single, Multi, Thermocycler), Product (Refrigeration, Cooling), Technology (Thermoelectric, Electrocaloric), Application, End-use Industry-Global Forecast to 2031

The research report titled, 'Solid State Cooling Market by Type (Single, Multi, Thermocycler), Product (Refrigeration, Cooling), Technology (Thermoelectric, Electrocaloric), Application, End-use Industry-Global Forecast to 2031' provides an in-depth analysis of the solid state cooling market in five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2031.

The solid state cooling market is expected to reach $1.5 billion by 2031, at a CAGR of 9.8% from 2024 to 2031.

The growth of this market is driven by the increasing demand for high energy-efficient cooling systems, the rising adoption of consumer electronics, and the growing use of solid state cooling systems in medical devices & healthcare applications. Additionally, the increasing utilization of data centers and integration of solid state cooling systems with renewable energy sources is expected to create market growth opportunities. The high initial cost associated with setting up solid state cooling systems may restrain the growth of this market. However, the availability of high-performance and cost-effective materials for solid state cooling poses a significant challenge for market players.

Additionally, the integration of IoT and smart technologies in cooling solutions is a key trend in the solid state cooling market.

The solid state cooling market is segmented by type, product, technology, application, and end-use industry. The study also evaluates end-use industry competitors and analyzes the market at the regional and country levels.

Based on type, the solid state cooling market is broadly segmented into single-stage, multi-stage, and thermocycler. In 2024, the single-stage segment is expected to account for the largest share of over 48.0% of the solid state cooling market. However, the thermocycler segment is projected to witness the highest growth rate during the forecast period 2024-2031. This growth is driven by the rising need for efficient, compact, and dependable thermocycling solutions and the increasing demand for precise temperature control in various industrial applications.

Based on product, the solid state cooling market is broadly segmented into cooling systems and refrigeration systems. In 2024, the cooling systems segment is expected to account for a larger share of over 65.0% of the solid state cooling market. However, the refrigeration systems segment is projected to witness a higher growth rate during the forecast period 2024-2031. This growth is driven by the growing technological advancements in solid state refrigeration, the increasing need for reliable and efficient refrigeration in the power generation industry, and the growing adoption of energy-efficient refrigeration solutions.

Based on technology, the solid state cooling market is broadly segmented into thermoelectric cooling, magnetocaloric cooling, electrocaloric cooling, cryogenic cooling, and other technologies. In 2024, the thermoelectric cooling segment is expected to account for the largest share of over 36.0% of the solid state cooling market. However, the electrocaloric cooling segment is projected to witness the highest growth rate during the forecast period 2024-2031. This growth is driven by the rising adoption of electrocaloric cooling systems for high-precision cooling applications and the growing demand for electrocaloric cooling in the semiconductor & electronics industry.

Based on application, the solid state cooling market is broadly segmented into solid state refrigerators, heated & cooled mattresses, wine bottle coolers, telecom devices, thermal therapy devices, electronics & Peltier CPU cooling, thermoelectric battery thermal management, electronics kiosk cooling, zonal thermoelectric climate control, thermoelectric office chairs, mini in-vehicle Peltier refrigerators, and other applications. In 2024, the solid state refrigerators segment is expected to account for the largest share of over 27.0% of the solid state cooling market. However, the thermal therapy devices segment is projected to witness the highest growth rate during the forecast period 2024-2031. This growth is driven by the growing adoption of advanced thermal therapy devices and the growing use of solid state cooling technologies for precise and adjustable temperature control in thermal therapy devices.

Based on end-use industry, the solid state cooling market is broadly segmented into automotive, food & beverages, aerospace & defense, semiconductor & electronics, it & telecommunications, industrial/power generation, healthcare, and other end-use industries. In 2024, the healthcare segment is expected to account for the largest share of over 43.0% of the solid state cooling market. However, the semiconductor & electronics segment is projected to witness the highest growth rate during the forecast period 2024-2031. This growth is driven by the increasing demand for high energy-efficient cooling systems, the rising use of consumer electronics, and the growing need for advanced cooling solutions to manage higher heat densities.

Based on geography, the solid state cooling market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of over 42.0% of the solid state cooling market. The presence of prominent solid state cooling players is expected to contribute to the high revenue share of this region. However, the Asia-Pacific market is slated to register the highest growth rate of over 11.0% during the forecast period. The growth of this market is attributed to the region's increasing government initiatives and support for sustainable technologies, increasing utilization of data centers and integration of solid state cooling systems with renewable energy sources, and growing demand for advanced cooling solutions in various industries. Moreover, the increasing growth of this regional market is attributed to the expansion of regional economies and rapid infrastructure development, particularly in Japan, South Korea, and India.

The key players operating in the solid state cooling market are Ferrotec Holdings Corporation (U.S.), TE Technology, Inc. (U.S.), AMS Technologies AG (Germany), Coherent Corp. (U.S.), Phononic, Inc. (U.K.), Solid State Cooling Systems (U.S.), EIC Solutions, Inc. (U.S.), Crystal Ltd. (Russia), Delta Electronics, Inc. (Taiwan), EVERREDtronics Ltd (China), Laird Thermal Systems, Inc. (U.S.), MERIT TECHNOLOGY GROUP Co., Ltd (China), TEC Microsystems GmbH (Germany), Thermonamic Electronics(Jiangxi) Corp., Ltd. (China), Kryotherm (Russia), Xiamen Hicool Electronics Co., Ltd. (China), Align Sourcing LLC (U.S.), and Hi-Z Technology, Inc. (U.S.).

Key Questions Answered in the Report:

Which are the high-growth market segments in terms of type, product, technology, application, and end-use industry?
What is the historical market size for solid state cooling across the globe?
What are the market forecasts and estimates for 2024-2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the solid state cooling market?
Who are the major players in the solid state cooling market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the solid state cooling market?
What are the various strategies adopted by major market players?
What are the geographic trends and high-growth countries?
Who are the local emerging players in the solid state cooling market? How do they compete with the other players?

Scope of the Report:

Solid State Cooling Market Assessment-by Type

Single-stage
Multi-stage
Thermocycler

Solid State Cooling Market Assessment-by Product

Refrigeration Systems
Cooling Systems

Solid State Cooling Market Assessment-by Technology

Thermoelectric Cooling
Magnetocaloric Cooling
Electrocaloric Cooling
Cryogenic Cooling
Other Technologies

Solid State Cooling Market Assessment-by Application

Solid State Refrigerators
Heated & Cooled Mattresses
Wine Bottle Coolers
Telecom Devices
Thermal Therapy Devices
Electronics & Peltier CPU Cooling
Thermoelectric Battery Thermal Management
Electronics Kiosk Cooling
Zonal Thermoelectric Climate Control
Thermoelectric Office Chairs
Mini In-vehicle Peltier Refrigerators
Other Applications

Solid State Cooling Market Assessment-by End-use Industry

Automotive
Food & Beverage
Aerospace & Defense
Electronics & Semiconductors
IT & Telecommunications
Industrial/Power Generation
Healthcare
Other End-use Industries

Solid State Cooling Market Assessment-by Geography

North America
- U.S.
- Canada
Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Netherlands
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- South Korea
- Thailand
- Singapore
- Rest of Asia-Pacific
Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa
- South Africa
- UAE
- Saudi Arabia
- Rest of Middle East & Africa

Product Code: MRSE - 1041299

1. Introduction

1.1. Market Definition & Scope
1.2. Market Ecosystem
1.3. Currency & Limitations
1.4. Key Stakeholders

2. Research Methodology

2.1. Research Approach
2.2. Data Collection & Validation
- 2.2.1. Secondary Research
- 2.2.2. Primary Research
2.3. Market Assessment
- 2.3.1. Market Size Estimation
- 2.3.2. Bottom-up Approach
- 2.3.3. Top-down Approach
- 2.3.4. Growth Forecast
2.4. Assumptions for the Study

3. Executive Summary

3.1. Market Overview
3.2. Market Analysis, by Type
3.3. Market Analysis, by Product
3.4. Market Analysis, by Technology
3.5. Market Analysis, by Application
3.6. Market Analysis, by End-Use Industry
3.7. Market Analysis, by Geography
3.8. Competitive Analysis

4. Market Insights

4.1. Overview
4.2. Factors Affecting Market Growth
- 4.2.1. Drivers
  - 4.2.1.1. Increasing Demand for High Energy-efficient Cooling Systems
  - 4.2.1.2. Rising Adoption of Consumer Electronics
  - 4.2.1.3. Growing Use of Solid State Cooling Systems in Medical Devices & Healthcare Applications
- 4.2.2. Restraints
  - 4.2.2.1. High Initial Cost Associated with Setting Up Solid-State Cooling Systems
- 4.2.3. Opportunities
  - 4.2.3.1. Increasing Utilization of Data Centers
  - 4.2.3.2. Integration of Solid State Cooling Systems with Renewable Energy Sources
- 4.2.4. Challenges
  - 4.2.4.1. Availability of High-Performance and Cost-Effective Materials for Solid State Cooling
- 4.2.5. Trend
  - 4.2.5.1. Integration of IoT and Smart Technologies in Cooling Solutions

5. Global Solid State Cooling Market Assessment-by Type

5.1. Overview
5.2. Single-stage
5.3. Multi-stage
5.4. Thermocycler

6. Global Solid State Cooling Market Assessment-by Product

6.1. Overview
6.2. Refrigeration Systems
6.3. Cooling Systems

7. Global Solid State Cooling Market Assessment-by Technology

7.1. Overview
7.2. Thermoelectric Cooling
7.3. Magnetocaloric Cooling
7.4. Electrocaloric Cooling
7.5. Cryogenic Cooling
7.6. Other Technologies

8. Global Solid State Cooling Market Assessment-by Application

8.1. Overview
8.2. Solid State Refrigerators
8.3. Heated & Cooled Mattresses
8.4. Wine Bottle Coolers
8.5. Telecom Devices
8.6. Thermal Therapy Devices
8.7. Electronics & Peltier CPU Cooling
8.8. Thermoelectric Battery Thermal Management
8.9. Electronics Kiosk Cooling
8.10. Zonal Thermoelectric Climate Control
8.11. Thermoelectric Office Chairs
8.12. Mini In-vehicle Peltier Refrigerators
8.13. Other Applications

9. Global Solid State Cooling Market Assessment-by End-use Industry

9.1. Overview
9.2. Automotive
9.3. Food & Beverages
9.4. Aerospace & Defense
9.5. Semiconductor & Electronics
9.6. IT & Telecommunications
9.7. Industrial/Power Generation
9.8. Healthcare
9.9. Other End-use Industries

10. Solid State Cooling Market Assessment-by Geography

10.1. Overview
10.2. North America
- 10.2.1. U.S.
- 10.2.2. Canada
10.3. Europe
- 10.3.1. Germany
- 10.3.2. U.K.
- 10.3.3. France
- 10.3.4. Italy
- 10.3.5. Spain
- 10.3.6. Russia
- 10.3.7. Netherlands
- 10.3.8. Rest of Europe
10.4. Asia-Pacific
- 10.4.1. China
- 10.4.2. Japan
- 10.4.3. India
- 10.4.4. South Korea
- 10.4.5. Thailand
- 10.4.6. Singapore
- 10.4.7. Rest of Asia-Pacific
10.5. Latin America
- 10.5.1. Brazil
- 10.5.2. Mexico
- 10.5.3. Argentina
- 10.5.4. Rest of Latin America
10.6. Middle East & Africa
- 10.6.1. UAE
- 10.6.2. Saudi Arabia
- 10.6.3. South Africa
- 10.6.4. Rest of Middle East & Africa

11. Global Solid State Cooling Market Assessment - Competitive Analysis

11.1. Overview
11.2. Key Growth Strategies
11.3. Competitive Benchmarking
11.4. Competitive Dashboard
- 11.4.1. Industry Leaders
- 11.4.2. Market differentiators
- 11.4.3. Vanguards
- 11.4.4. Emerging Companies
11.5. Market Share Analysis

12. Company Profiles (Company Overview, Financial Overview, Product Portfolio, and Recent Developments)

12.1. Ferrotec Holdings Corporation
12.2. TE Technology, Inc.
12.3. AMS Technologies AG
12.4. Coherent Corp.
12.5. Phononic, Inc.
12.6. Solid State Cooling Systems
12.7. EIC Solutions, Inc.
12.8. Crystal Ltd.
12.9. Delta Electronics, Inc.
12.10. EVERREDtronics Ltd
12.11. Laird Thermal Systems, Inc.
12.12. MERIT TECHNOLOGY GROUP Co., Ltd
12.13. TEC Microsystems GmbH
12.14. Thermonamic Electronics(Jiangxi) Corp., Ltd.
12.15. Kryotherm
12.16. Xiamen Hicool Electronics Co., Ltd.
12.17. Align Sourcing LLC
12.18. Hi-Z Technology, Inc.

( Note: SWOT Analysis of the Top 5 Companies will be Provided)

13. Appendix

13.1. Available Customization
13.2. Related Reports