Solid State Cooling Market Research Report Information By Product (Refrigeration Systems, and Cooling Systems), By Technology (Thermoelectric Cooling, Electro-caloric Cooling, Magneto-caloric Cooling, and Other Technologies), By Type (Single-Stage, Multi-Stage, and Thermocycler), By Vertical (Semiconductor & Electronics, Automotive, Healthcare, Residential, and Other Verticals), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Industry Forecast Till 2032

Global Solid State Cooling Market Overview

Solid State Cooling Market Size was valued at USD 0.91 Billion in 2023. The Solid State Cooling market industry is projected to grow from USD 1.03 Billion in 2024 to USD 2.62 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 14.2% during the forecast period (2024 - 2032). Ongoing research and development efforts, increasing focus on energy conservation, and rising demand for thermal management in electronics are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Solid State Cooling Market Trends

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  Rising demand for thermal management in electronics is driving the market growth

  
  

Market CAGR for Solid State Cooling (SSC) is propelled by the rising demand for thermal management in electronics. As the complexity and miniaturization of electronic gadgets continue to advance, the effective dispersion of heat becomes increasingly vital for maintaining peak performance and durability. Solid State Cooling (SSC) emerges as a compelling solution to tackle these obstacles, presenting compact, eco-friendly, and dependable thermal regulation alternatives. 

This upsurge in demand is propelled by the expanding utilization of electronic devices across diverse sectors, such as mobile phones, portable computers, automotive technology, and data storage facilities. Consequently, the Solid State Cooling (SSC) market is experiencing remarkable expansion due to the urgent requirement for efficient thermal regulation within the electronics domain.

Heightened investment in research and development (R&D) emerges as a cornerstone strategy to propel sales expansion. By channeling resources into R&D endeavors, businesses unlock pathways to innovation, meeting the dynamic demands of consumers and seizing a competitive advantage. These deliberate actions not only refine existing products but also cultivate a fertile ground for pioneering technologies that resonate with market needs. 

Moreover, a sturdy R&D structure acts as a driver for exploring new domains, enabling businesses to seize emerging prospects and expand their market reach. Placing emphasis on R&D investment positions companies for sustained triumph and dominance in the marketplace as they persistently innovate and enrich their product portfolio to cater to the evolving demands of their customer base.

The increasing demand for thermal management solutions in the electronics sector acts as a potent driver for sales growth. With electronic devices becoming increasingly compact and powerful, effective heat dissipation is paramount to ensure optimal performance and longevity. Solid State Cooling (SSC) technologies emerge as a compelling solution, offering efficient and reliable thermal management in various electronic applications. 

This upsurge in demand is rooted in the necessity to tackle thermal hurdles encountered in smartphones, laptops, automotive electronics, and data storage facilities. Consequently, companies specializing in solid-state cooling solutions find themselves amidst burgeoning sales prospects, fueled by the urgency to cater to the thermal management requisites within the thriving electronics sector. Thus, driving the Solid State Cooling market revenue.

Solid State Cooling Market Segment Insights:

Solid State Cooling Product Insights

The Solid State Cooling Market segmentation, based on product, includes refrigeration systems and cooling systems. In 2023, the refrigeration systems segment dominated the market, accounting for 63% of market revenue (0.57 Billion). The sales of Refrigeration Systems are poised to increase due to their versatile applications across industries requiring precise temperature control, energy efficiency, and the growing demand for reliable cooling solutions.

Solid State Cooling Technology Insights

The Solid State Cooling Market segmentation, based on technology, includes thermoelectric cooling, electro-caloric cooling, magneto-caloric cooling, and other technologies. In 2023, the thermoelectric cooling generated the most income (35%). The sales of thermoelectric cooling are set to surge due to its established market presence, versatility across various applications, and the rising demand for compact, energy-efficient cooling solutions in electronics and beyond.

Solid State Cooling Type Insights

The Solid State Cooling Market segmentation, based on type, includes single-stage, multi-stage, and thermocycler. In 2023, the single-stage generated the most income. Sales of single-stage cooling systems are on the rise due to their cost-effectiveness, simplicity, and suitability for a wide range of applications, meeting the demand for efficient and reliable thermal management solutions.

Figure 1: Solid State Cooling Market, by Type, 2023 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Solid State Cooling Vertical Insights

The Solid State Cooling Market segmentation, based on vertical, includes semiconductor & electronics, automotive, healthcare, residential, and other verticals. In 2023, the semiconductor & electronics generated the most income. The sales of Semiconductor & Electronics cooling solutions are projected to rise due to the increasing complexity and miniaturization of electronic devices, necessitating efficient thermal management solutions for optimal performance and reliability.

Solid State Cooling Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and the Rest of the World. North America is poised to dominate the Solid State Cooling market due to several factors. Its formidable technology framework fosters the development and acceptance of cutting-edge cooling solutions. Furthermore, the area accommodates crucial sectors such as semiconductors, automotive, and electronics, all of which exhibit substantial demand for solid-state cooling technologies. Additionally, strict environmental mandates and an emphasis on energy conservation propel the uptake of eco-friendly cooling solutions, thereby augmenting the market's growth potential in North America relative to other global regions.

Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: SOLID STATE COOLING MARKET SHARE BY REGION 2023 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Solid State Cooling market accounts for the second-largest market share due to technological advancements, energy efficiency regulations, and rising demand for thermal management in electronics. Further, the German Solid State Cooling market held the largest market share, and the UK Solid State Cooling market was the fastest growing market in the European region.

The Asia-Pacific Solid State Cooling Market is expected to grow at the fastest CAGR from 2024 to 2032. This is due to the growing demand for compact cooling systems, the shift towards sustainable technologies, and growth in the automotive industry. Moreover, China’s Solid State Cooling market held the largest market share, and the Indian Solid State Cooling market was the fastest growing market in the Asia-Pacific region.

Solid State Cooling Key Market Players & Competitive Insights

Leading market players in the Solid State Cooling industry drive innovation and competitiveness through strategic initiatives and R&D investments. Their market dominance is upheld by a comprehensive product portfolio, strong distribution networks, and a focus on technological advancements. These players closely monitor market developments, adapting swiftly to emerging trends and customer demands. 

In the global Solid State Cooling industry, intense competition prevails, characterized by mergers, acquisitions, and collaborations to expand market presence and enhance product offerings. Additionally, a commitment to sustainability and environmental responsibility increasingly influences competitive strategies, shaping product development and marketing efforts. Amidst dynamic market dynamics, agility and adaptability are critical for market players to maintain their competitive edge and capitalize on the growing demand for efficient and sustainable cooling solutions across diverse industries.

Major players in the Solid State Cooling market, including Crystal Ltd., CUI Devices, Delta Electronics, Inc., Ferrotec Holdings Corporation, Coherent Corp., Komatsu, Laird Thermal Systems, Inc., Solid State Cooling Systems, TE Technology, Inc., TEC Microsystems GmbH and others, are attempting to increase market demand by investing in research and development operations.

Delta Electronics Inc (Delta) is a leading company specializing in the design, manufacturing, and marketing of power and thermal management solutions. Their diverse range of products caters to various industries, including industrial automation, data centers, renewable energy, EV charging, and more. Delta's product portfolio encompasses power supplies, thermal management systems, electronic components, data center infrastructure, and access control systems. 

Additionally, they provide LED lighting, surveillance systems, automotive electronics, motor drives, networking equipment, and visual displays. With a global presence spanning across the Americas, Europe, the Middle East, Africa, and Asia-Pacific, Delta serves diverse sectors such as consumer electronics, healthcare, transportation, education, and security. Headquartered in Taipei, Taiwan, Delta continues to innovate and provide cutting-edge solutions to meet the evolving needs of its customers worldwide.

Laird Thermal Systems specializes in the design, innovation, and production of cutting-edge thermal management solutions tailored for high-performance applications in various sectors worldwide, including medical, analytical, industrial, transportation, and telecommunications. Leveraging advanced technologies and a deep understanding of customer needs, Laird Thermal Systems crafts solutions that ensure optimal performance, reliability, and efficiency in challenging environments. 

From precision cooling systems for medical equipment to rugged thermal solutions for industrial machinery, Laird Thermal Systems is committed to providing bespoke solutions that meet the diverse demands of its clientele. With a relentless focus on innovation and quality, the company continues to push the boundaries of thermal management, empowering its customers to thrive in today's competitive landscape.

Key Companies in The Solid State Cooling Market Include

• Crystal Ltd.


• CUI Devices


• Delta Electronics, Inc.


• Ferrotec Holdings Corporation


• Coherent Corp.


• Komatsu


• Laird Thermal Systems, Inc.


• Solid State Cooling Systems


• TE Technology, Inc.


• TEC Microsystems GmbH

Solid State Cooling Industry Developments

April 2023: Laird Thermal Systems announced an expansion of its offerings with the introduction of micro thermoelectric coolers. The compact OptoTEC MBX Series targets next-generation LiDAR systems for autonomous vehicles, pluggable optical transceivers for telecom, and Indium Phosphide VCSELs used in diverse high-performance applications.

August 2023: Coherent Corp. unveiled its breakthrough additive manufacturing process. This innovative technique enables the production of advanced ceramic components tailored for high-performance thermal management applications, notably in next-generation semiconductor capital equipment.

Solid State Cooling Market Segmentation:

Solid State Cooling Product Outlook

• Refrigeration Systems


• Cooling Systems

Solid State Cooling Technology Outlook

• Thermoelectric Cooling


• Electro-caloric Cooling


• Magneto-caloric Cooling


• Other Technologies

Solid State Cooling Type Outlook

• Single-Stage


• Multi-Stage


• Thermocycler

Solid State Cooling Vertical Outlook

• Semiconductor & Electronics


• Automotive


• Healthcare


• Residential


• Other Verticals

Solid State Cooling Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America
  
  
  
  

Report Attribute/Metric	Details
Market Size 2023	USD 0.91 Billion
Market Size 2024	USD 1.03 Billion
Market Size 2032	USD 2.62 Billion
Compound Annual Growth Rate (CAGR)	14.2% (2024-2032)
Base Year	2023
Market Forecast Period	2024-2032
Historical Data	2019-2022
Market Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered	Product, Technology, Type, Vertical, and Region
Geographies Covered	North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered	The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled	Crystal Ltd., CUI Devices, Delta Electronics, Inc., Ferrotec Holdings Corporation, Coherent Corp., Komatsu, Laird Thermal Systems, Inc., Solid State Cooling Systems, TE Technology, Inc., and TEC Microsystems GmbH
Key Market Opportunities	Expansion into Emerging Markets Development of Sustainable Solutions Integration with IoT and AI
Key Market Dynamics	Demand for Compact Cooling Systems Shift towards Sustainable Technologies  Growth in Automotive Industry