The Solid-State Cooling Market is estimated to grow from USD 395 million in 2019 to USD 641 million by 2024, at a CAGR of 10.2%.

Major factors driving the solid-state cooling market growing awareness of green energy and increasing focus on curbing greenhouse gas emissions, simultaneous heating and cooling properties of solid-state cooling systems, and rising demand for precise temperature control and below ambient cooling.

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Healthcare segment to hold largest share of solid-state cooling market, by end-user industry, during forecast period

Healthcare and Life Sciences are mainly segmented into patient care, drug and vaccine management, and diagnostic and research laboratories. The solid-state thermoelectric coolers provide reliable cooling for PCR applications that require fast thermal ramp rates, ability to perform multiple cycling protocols to detect multiple targets in a single cycle test, and real-time detection controls. Medical lasers are commonly used in hospitals, outpatient surgical centers, and diagnostic centers. These lasers are used in cosmetic, arthroscopic, and general surgery, among others. Thermoelectric cooling systems that are used in medical imaging systems provide detailed images on the structure of a body in multiple topographies. There are 3 main types of imaging systems: CT scan, PET scan, and MRI. CT and PET scanners use ion radiation created by X-rays to capture topographical images and MRIs use magnetic and radio frequency fields.

Solid-State Cooling Market for Refrigeration Systems in North America to Grow at Higher CAGR during Forecast Period

The US is estimated to lead the North American solid-state cooling market. Beverage coolers, medical freezers, and several other devices that work on thermoelectric modules have a greater demand in this country. Government organizations are supporting and increasing awareness through awards and recognitions of solid-state cooling systems that are used for various industries and other applications such as medical refrigeration and medical laboratories. Prominent players in the US includes II-VI Marlow (US), TE technology (US), Phononic (US), Hi-Z Technology (US), Align Sourcing (US), and Advanced Thermoelectric (US).

China to Hold Largest Share of Solid-State Cooling Market in APAC During Forecast Period

The solid-state cooling market in China is estimated to grow at the highest CAGR as it homes a few key manufacturers of solid-state cooling systems in the country such as Thermonamic Electronics (Jiangxi, China), EVERREDtronics (China), Hui Mao (China), Hicooltec Electronic (China), Merit Technology Group (China), and Wellen Technology (China). There is a huge demand in the solid-state cooling industry for beverage coolers and freezers, along with chillers and wine cabinets. Chinese companies offer solid-state cooling systems at a low rate as compared with other competitors.

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Key players operating in the solid-state cooling market are Ferrotec (Japan), Laird Thermal Systems (US), II-VI Marlow (US), TE Technology (US), TEC Microsystems (Germany), Crystal Ltd. (Russia), Kryotherm (Russia), RMT Ltd (Russia), Thermion Company (Ukraine), Thermonamic Electronics (China), Kelk Ltd. (Japan), Z-Max (Japan), Alphabet Energy (US), O-Flexx Technologies (Germany), Phononic (US), and P&N Technology (China). Other key players include Everredtronics. (China), Micropelt (Germany), Hi-Z Technology (US), HUI MAO (China).