Solid State Cooling Market Size & Growth Analysis to 2030

Key Findings:

• The market is experiencing a significant growth rate of over 6% over the forecast period to 2030
• By end-use, the healthcare segment dominated the market in the benchmark year 2023
• Geographically, North America is accounted to hold the largest market share in the benchmark year 2023

The global solid state cooling market is anticipated to register a significant CAGR of over 6% during the forecast period from 2024 to 2030. The market is experiencing significant growth driven by advancements in thermoelectric materials and technology. These innovations have led to the development of more efficient and compact cooling systems compared to traditional refrigeration methods. The push towards miniaturization and enhanced performance in electronics, such as smartphones and high-performance computing devices, has spurred demand for solid-state coolers, which offer precise temperature control without the need for moving parts or refrigerants. Additionally, the increasing focus on energy efficiency and environmental sustainability has accelerated the adoption of SSC technologies, as they present a greener alternative to conventional cooling systems.

Moreover, the growing emphasis on reducing carbon footprints and adhering to stringent environmental regulations has prompted industries to seek out eco-friendly cooling solutions. Solid-state coolers, which use thermoelectric effects to transfer heat, align well with these environmental goals, as they eliminate the need for harmful refrigerants and reduce overall energy consumption. The expanding applications in automotive, aerospace, and consumer electronics sectors are also fueling market growth. As technology progresses and the cost of production decreases, SSC systems are likely to become more accessible and widespread, further driving their adoption across various industries.

Market Snapshot:

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Market Trends:

Advancements in Thermoelectric Materials: Significant research is underway to improve the performance of thermoelectric materials used in SSC systems. Innovations are focusing on enhancing the thermoelectric efficiency and heat transfer capabilities of materials such as bismuth telluride, lead telluride, and skutterudites. These advancements are leading to more effective and reliable cooling solutions. The development of new materials and improvements in the manufacturing processes are enabling SSC systems to achieve better cooling performance, making them suitable for a wider range of applications and contributing to the overall growth of the market.

Integration in Consumer Electronics: As consumer electronics continue to evolve with higher processing power and compact designs, the demand for efficient cooling solutions is increasing. Solid-state cooling technology is particularly well-suited for this sector because it offers precise temperature control without the need for bulky, noisy components or traditional refrigerants. This makes it ideal for use in smartphones, laptops, gaming consoles, and other high-performance electronic devices where space is limited and cooling requirements are stringent. The integration of SSC systems in these devices helps enhance their performance, reliability, and user experience.

Focus on Energy Efficiency: There is a growing emphasis on adopting energy-efficient technologies across various industries due to rising energy costs and increasing environmental concerns. Solid-state cooling systems align with this trend as they are known for their low power consumption compared to conventional refrigeration methods. Additionally, SSC systems do not require harmful refrigerants, which further reduces their environmental impact. As businesses and consumers seek to reduce their carbon footprints and comply with stricter environmental regulations, the adoption of SSC technology is expected to rise, driven by its sustainability and efficiency benefits.

Automotive and Aerospace Applications: The automotive and aerospace industries are exploring the benefits of SSC technology for managing temperature in demanding environments. In the automotive sector, SSC systems are used for cooling seats, managing the temperature of electronic components, and enhancing passenger comfort. In aerospace, solid-state coolers are valuable for their reliability and efficiency in managing the temperature of sensitive equipment and systems in space-constrained environments. The ability of SSC technology to operate effectively in extreme conditions and its low maintenance requirements make it an attractive option for these high-tech industries.

Cost Reduction and Scalability: As the SSC market matures, improvements in manufacturing processes and materials are leading to cost reductions. Economies of scale are being realized as production volumes increase, which helps lower the per-unit cost of solid-state cooling systems. This trend is making SSC technology more affordable and accessible for a broader range of applications and industries. As costs continue to decrease and the technology becomes more scalable, its adoption is expected to grow, driving further innovation and market expansion.

Market Opportunities:

The global solid state cooling (SSC) market presents several promising opportunities driven by technological advancements and evolving industry needs. As demand for efficient and eco-friendly cooling solutions grows, SSC technology offers significant potential in various sectors, including consumer electronics, automotive, and aerospace. The increasing integration of SSC systems in high-performance electronics, such as smartphones and laptops, provides opportunities for growth in the consumer electronics market. Additionally, the automotive industry’s focus on enhancing passenger comfort and managing electronic components presents a valuable application for SSC systems. Aerospace applications also offer opportunities due to the technology’s reliability and efficiency in extreme conditions.

Market Restraints:

Despite its potential, the global solid state cooling (SSC) market faces several restraining factors that could impact its growth. One significant challenge is the relatively high cost of advanced thermoelectric materials and manufacturing processes, which can limit the widespread adoption of SSC systems. Additionally, while SSC technology is promising, it currently lacks the cooling power and efficiency of traditional refrigeration systems, especially for high-capacity applications, which may hinder its use in some industrial and large-scale applications. The technology’s relatively new status means there is also a need for more extensive research and development to overcome performance limitations and enhance reliability.

Market Insights:

The global solid state cooling market is bifurcated into type, product, technology, end-use, and geography. On the basis of end-use, the market is further segmented into healthcare, automotive, consumer, semiconductor & electronics, and others. The healthcare segment is emerging as the dominant segment. This dominance is attributed to the critical need for precise temperature management in medical applications, where maintaining optimal conditions is essential for both patient care and the functionality of medical equipment. SSC technology is highly valued in this sector for its reliability, efficiency, and the ability to provide precise cooling without the use of traditional refrigerants. This is particularly important for sensitive medical devices, imaging systems, and laboratory equipment that require stable thermal conditions to operate accurately and safely.

The healthcare sector’s focus on enhancing diagnostic accuracy and patient comfort drives demand for advanced cooling solutions. SSC systems address these needs by offering a compact and energy-efficient alternative to traditional cooling methods, which aligns well with the stringent requirements of medical applications. The growing adoption of SSC technology in healthcare is also supported by ongoing advancements in thermoelectric materials and manufacturing processes, which are making these systems more affordable and effective. As a result, the medical/healthcare segment leads the market, reflecting its significant reliance on high-performance cooling solutions for critical applications.

Key Trends in the Healthcare Sub-category:

• Precision Medicine and Advanced Diagnostics: The rise of precision medicine and advanced diagnostic technologies requires precise temperature control for sensitive equipment and samples. SSC systems are well-suited for managing the thermal conditions of diagnostic devices and laboratory instruments, supporting the trend towards more accurate and personalized healthcare solutions.
• Increasing Use of Portable and Wearable Devices: The growth of portable and wearable medical devices, such as health monitors and diagnostic tools, drives demand for compact and efficient cooling solutions. SSC technology’s ability to provide reliable cooling in small, space-constrained devices aligns with this trend, enabling the development of more advanced wearable healthcare solutions.

Opportunities for Healthcare Sub-category:

• Integration in High-Tech Medical Devices: As medical devices become more advanced and compact, there is a growing opportunity for SSC systems to be integrated into these devices. The technology’s ability to provide efficient, compact cooling solutions can enhance the performance and reliability of next-generation medical equipment.
• Expansion in Diagnostic and Laboratory Equipment: The demand for high-performance cooling solutions in diagnostic and laboratory equipment presents significant growth opportunities for SSC technology. As research and diagnostic capabilities expand, the need for precise and reliable temperature management in laboratory environments will drive further adoption of SSC systems.

The solid state cooling market research report presents the analysis of each segment from 2020 to 2030 considering 2023 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2024 to 2030.

Historical & Forecast Period

• 2020-22 – Historical Year
• 2023 – Base Year
• 2024-2030 – Forecast Period

Market Segmentation:

By Type:

• Single Stage
• Multi Stage
• Thermocycler

By Product:

• Refrigeration System
• Cooling System

By Technology:

• Thermoelectric Cooling
• Magnetic Refrigeration
• Electrocaloric Cooling

By End-Use:

• Healthcare
• Automotive
• Consumer
• Semiconductor & Electronics
• Others

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Regional Analysis:

Geographically, the North American region currently dominates the solid state cooling (SSC) market. This dominance is largely due to the region’s strong emphasis on technological innovation and the high demand for advanced cooling solutions across various industries, including healthcare, consumer electronics, and automotive. North America is home to leading technology companies and research institutions that are at the forefront of developing and integrating SSC technology. The region’s significant investments in research and development, coupled with a high rate of adoption of new technologies, contribute to its leadership in the SSC market.

Additionally, the presence of a well-established infrastructure for manufacturing and distributing SSC systems supports North America’s dominance. The region benefits from a robust market for high-performance electronic devices and medical equipment that require efficient cooling solutions. The growth of industries such as medical diagnostics, where precise temperature control is critical, further fuels the demand for SSC technology. As a result, North America’s advanced technological capabilities, strong market demand, and supportive infrastructure make it the leading region in the solid state cooling market.

Competitive Landscape:

Some of the leading market players operating in the global solid state cooling market are Phononic, Inc., Laird Thermal Systems, Inc., II-VI Incorporated, Ferrotec Holdings Corporation, and Kryotherm.

• Laird Thermal Systems: Provides thermal management solutions, including solid-state cooling technologies, for applications in medical devices, telecommunications, and electronics.
• II-VI Incorporated: Known for its expertise in thermoelectric materials and devices, II-VI Incorporated is a key player in the SSC market, providing solutions for various applications, including electronics and telecommunications.
• Ferrotec Holdings Corporation: Specializes in advanced thermoelectric cooling systems and is a significant player in the SSC market, offering products that cater to electronics, medical devices, and industrial applications.

Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Recent Developments:

• In June 2023, Laird Thermal Systems launched the OptoTEC MSX Series, a new range of micro multistage thermoelectric coolers. The MSX Series features compact cold-side footprints as small as 2.0 x 4.0 mm and varying thicknesses, with 3.3 mm for 2-stage, 3.8 mm for 3-stage, and 4.9 mm for 4-stage coolers, providing versatile cooling solutions for applications requiring precise temperature control.
• In October 2023, CUI Devices introduced its new thermal design services, leveraging advanced simulation tools and extensive expertise to address potential hotspots, optimize airflow, and create customized cooling solutions tailored to specific customer needs. These industry-leading services aim to enhance thermal management and efficiency across various applications.

Key Companies:

• 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.

Key Questions Answered by Solid State Cooling Market Report

• Global solid state cooling market forecasts from 2024-2030
• Regional market forecasts from 2024-2030 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2024-2030 covering 15 major countries from the regions as mentioned above
• Solid state cooling submarket forecasts from 2024-2030 covering the market by type, product, technology, end-use, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis about the market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level solid state cooling markets from 2024-2030
• Competitive Landscape and market positioning of top 10 players operating in the market