Solid State Cooling Market worth $1.5 billion by 2029 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 27, 2024 /PRNewswire/ -- 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 according to a new report by MarketsandMarkets™. As companies and consumers seek innovative and sustainable cooling solutions, the solid-state cooling market continues to expand, driven by the need for more efficient thermal management solutions in an increasingly interconnected and energy-conscious world.
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Browse in-depth TOC on "Solid State Cooling Market" 199 – Tables
60 – Figures
283 – Pages
Solid State Cooling Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 0.8 billion |
Estimated Value by 2029 | $ 1.5 billion |
Growth Rate | Poised to grow at a CAGR of 13.6% |
Market Size Available for | 2020–2029 |
Forecast Period | 2024–2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Product, Type, Technology, Vertical, Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Complexity in designing and engineering solid-state cooling systems for diverse applications and operating conditions |
Key Market Opportunities | Adoption of solid-state cooling technology in growing industrialization and urbanization |
Key Market Drivers | Increasing demand for energy-efficient cooling solutions to drive market |
The solid state cooling market for refrigeration systems held the highest CAGR during the forecast period.
The solid-state cooling market for refrigeration systems is experiencing growth driven by the increasing demand for sustainable and energy-efficient cooling solutions across various applications such as food and beverage preservation, medical storage, and transportation refrigeration. Solid-state cooling technologies offer advantages over traditional compressor-based refrigeration systems, including lower energy consumption, reduced environmental impact, compact size, and silent operation. As companies and consumers prioritize sustainability and seek innovative cooling solutions, the solid-state cooling market for refrigeration systems continues to expand, offering efficient and reliable alternatives to conventional refrigeration methods.
Solid state cooling market for electrocaloric technology to hold the highest CAGR during the forecast period.
The solid-state cooling market for electrocaloric technology is experiencing accelerated growth due to its potential to revolutionize thermal management with highly efficient and environmentally friendly cooling solutions. Electrocaloric materials exhibit rapid and reversible temperature changes in response to an applied electric field, offering advantages such as fast cooling rates, low energy consumption, and compatibility with semiconductor fabrication processes. With an increasing demand for sustainable cooling solutions in applications ranging from consumer electronics to automotive air conditioning, electrocaloric technology emerges as a promising avenue for innovation, driving the growth of the solid-state cooling market.
Solid state cooling market for thermocycler type to hold the highest CAGR during the forecast period.
The solid-state cooling market for thermocyclers is experiencing significant growth primarily due to the expanding applications of polymerase chain reaction (PCR) and other molecular biology techniques in fields such as biomedical research, clinical diagnostics, forensics, and agriculture. Thermocyclers require precise temperature control for DNA amplification, and solid-state cooling technologies offer advantages such as rapid temperature cycling, uniform heating and cooling, compact size, and reliability compared to traditional water bath or Peltier-based systems. As the demand for high-throughput and cost-effective DNA analysis grows, fueled by advancements in genomics, personalized medicine, and biotechnology, the adoption of solid-state cooling solutions for thermocyclers continues to increase, driving the growth of the market.
Solid state cooling market for automotive vertical to hold the highest CAGR during the forecast period.
The solid-state cooling market for the automotive vertical is witnessing significant growth due to the increasing demand for advanced thermal management solutions in modern vehicles. As automotive electronics and powertrain systems become more complex and compact, traditional cooling methods struggle to dissipate heat effectively, leading to reliability issues and reduced performance. Solid-state cooling technologies offer compact, efficient, and reliable solutions for cooling critical components such as batteries, power electronics, and LED lighting systems in electric vehicles (EVs), hybrid vehicles, and internal combustion engines. Additionally, the growing emphasis on vehicle electrification, energy efficiency, and passenger comfort further drives the adoption of solid-state cooling solutions in the automotive industry, propelling the growth of the market.
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Solid state cooling market for Asia Pacific to hold the highest CAGR during the forecast period.
The solid-state cooling industry in the Asia Pacific region is experiencing robust growth due to several factors, including rapid industrialization, increasing urbanization, technological advancements, and expanding consumer electronics and automotive sectors. As countries in the region witness rising disposable incomes and growing demand for electronic devices, there is a corresponding need for efficient and compact cooling solutions to maintain optimal performance and reliability. Additionally, government initiatives promoting energy efficiency and environmental sustainability further drive the adoption of solid-state cooling technologies in various industries, fueling the growth of the market in the Asia Pacific region.
Key Players
The Solid state cooling companies includes significant Tier I and II players like CUI Devices (US), Delta Electronics, Inc. (Taiwan), Ferrotec Holdings Corporation (Japan), Coherent Corp. (US), Laird Thermal Systems, Inc. (US), and others. These players have a strong market presence for Solid state cooling s across various North America, Europe, Asia Pacific, and RoW countries.
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