Dublin, April 15, 2024 (GLOBE NEWSWIRE) -- The "Global Solid State Cooling Market by Product (Refrigerators, Freezers, Air Conditioners, Chillers, Coolers), Type (Single-stage, Multi-stage, Thermocycler), Technology (Thermoelectric, Electrocaloric, Magnetocaloric), Vertical, Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
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. 
Cooling systems in solid state cooling market to account for the highest market share
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
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
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
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.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 214 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $0.8 Billion |
| Forecasted Market Value (USD) by 2029 | $1.5 Billion |
| Compound Annual Growth Rate | 13.6% |
| Regions Covered | Global |
Key Topics Covered:
Executive Summary
- Cooling Systems to Capture Majority of Market Share in 2029
- Thermoelectric Cooling Technology to Capture Largest Share of Solid State Cooling Market in 2029
- Healthcare Vertical to Account for Largest Market Share in 2029
- Asia-Pacific Accounted for Largest Share of Solid State Cooling Market in 2023
Premium Insights
- Attractive Opportunities for Players in Solid State Cooling Market - Surging Demand for Reliable and Energy-Efficient Solutions to Present Opportunities for Solid State Cooling System Providers
- Solid State Cooling Market in Asia-Pacific, by Country and Vertical - China and Semiconductor & Electronics Vertical to Hold Largest Share of Asia-Pacific Solid State Cooling Market in 2024
- Solid State Cooling Market in North America, by Country - US to Account for Largest Share of North American Solid State Cooling Market Throughout Forecast Period
- Solid State Cooling Market, by Geography - China to Exhibit Highest CAGR in Global Solid State Cooling Market from 2024 to 2029
Market Dynamics
Drivers
- Surging Demand for Energy-Efficient Cooling Solutions
- Rising Implementation of IoT-Enabled Smart Home Devices
- Growing Adoption of Electric and Hybrid Electric Vehicles
- Booming Data Center Industry
Restraints
- High Initial Investment and Manufacturing Costs Associated with Solid State Cooling Technology
- Complexities in Integrating Solid State Cooling Solutions into Existing Systems and Infrastructure
- Regulatory Barriers and Standards Compliance Requirements in Healthcare and Automotive Industries
Opportunities
- Emerging Applications of Solid State Cooling Technology in Aerospace, Defense, and Consumer Sectors
- Growing Industrialization and Urbanization
Challenges
- Complexities in Designing and Engineering Solid State Cooling Systems for Diverse Applications and Operating Conditions
- Shortage of Qualified Experts with Technical Know-How Regarding Thermoelectric Cooling and Thermal Management
Technology Analysis
- Core Technology
- Thermoelectric Cooling
- Magnetic Cooling
- Electrocaloric Cooling
- Thermoelastic Cooling
- Complementary Technology
- Heat Exchangers
- Thermal Interface Materials
- Temperature Sensors and Control Systems
- Power Electronics and Drivers
- Adjacent Technology
- Thermal Management Solutions
- Energy Harvesting Systems
Case Study Analysis
- Intel Integrated Phononic's Solid-State Cooling Technology into Its Data Centers to Reduce Energy Consumption and Environmental Impact
- Thermo Fisher Scientific Incorporated TE Technology's Solid-State Cooling Modules into Its Ultra-Low Temperature Freezers to Ensure Precise Temperature Control and Stability
- BMW Group Implemented II-VI Marlow's Thermoelectric Cooling Modules in Electric Vehicles (EVs) to Ensure Efficient Operation and Prevent Overheating
- Philips Healthcare Integrated Laird's Solid-State Cooling Modules into Its Medical Imaging Equipment to Maintain Optimal Operating Temperature
- NASA Partnered with ATG to Develop Solid State Cooling Systems for Space Missions
Companies Featured
- Coherent Corp.
- CUI Devices
- Delta Electronics
- Ferrotec Holdings
- Laird Thermal Systems
- Crystal
- Komatsu
- Solid State Cooling Systems
- TE Technology
- TEC Microsystems
- Align Sourcing
- AMS Technologies
- Everredtronics
- Xiamen Hicool Electronics
- Inheco Industrial Heating & Cooling
- Kryotherm
- Merit Technology Group
- Phononic
- Sheetak
- Thermonamic Electronics (Jiangxi) Corp.
- Wellen Technology Co.
- European Thermodynamics
- Thermoelectric Cooling America
- Meerstetter Engineering
- Custom Thermoelectric
For more information about this report visit https://www.researchandmarkets.com/r/3n3she
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