The global 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 growth include 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 and expanding solid-state cooling applications in industries such as healthcare, automotive, and semiconductor and electronics. Higher costing than conventional cooling and refrigeration systems among the key factors restraining the growth of the market.

Solid-State Cooling Market, by Product, for Air-Conditioners to Grow at Highest CAGR during Forecast Period

Solid-state thermoelectric air-conditioners are compact, lightweight units used for cooling electronic cabinets, computer enclosures, electrical enclosures, instruments, telecommunication equipment, and many other industrial applications in a variety of environments. These air conditioners have a simple and efficient solid-state design that uses the Peltier effect to provide reliable performance without the use of harmful chlorofluorocarbons (CFCs). In the Peltier effect, a temperature difference is created by transferring heat between 2 electrical junctions. The temperature difference is created by the thermoelectric elements between the internal and external ambient heat sinks making internal air cooler while dissipating heat into the external environment.

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Solid-State Cooling Market for Multi-Stage Type in North America to Grow at Highest CAGR During Forecast Period

A multi-stage module can be viewed as 2 or more single stages stacked on top of each other. These modules are also known as cascade modules. The multi stage thermoelectric modules should be used only when a single stage thermoelectric module does not fulfill the requirements of high-temperature differentials. The construction of a multi-stage module is usually of a pyramidal type—each lower stage is bigger than the upper stage. Once the top stage is used for cooling, the lower stage requires a greater cooling capacity to pump heat that is dissipated from the upper stage. The multi-stage thermoelectric coolers are designed for medium to high heat pumping capacity requirements.

APAC to Hold Largest Market Share during Forecast Period

The solid-state cooling market in APAC comprises China, Japan, South Korea, and the Rest of Asia Pacific, which includes Australia, India, New Zealand, Singapore, Thailand, Malaysia, Indonesia, the Philippines, and Taiwan. This region is estimated to account for the largest share in the global solid-state cooling market in 2019. Increased demand for consumer goods, industrial automation, and healthcare monitoring devices is expected to drive this market. With the use of solid-state cooling systems, higher efficiency levels, and energy harvesting can be achieved in this region. Growing industrialization and infrastructural developments, and stringent government regulations pertaining to energy sustainability are among the major drivers of this market.

Key Market Players

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), Hicooltec Electronic (China), Merit Technology Group (China), LG Innotek (China), Align Sourcing (US), AMS Technologies (Germany), Inheco Industrial Heating & Cooling (Germany), CUI Inc. (US), Wellen Technology (US), Advanced Thermoelectric (US), and Sheetak (US).