Solid State Cooling Market Report 2024

The solid-state cooling market size has grown rapidly in recent years. It will grow from $0.66 billion in 2023 to $0.73 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth observed in the historical period can be attributed to several factors, including heightened awareness of environmental impacts, the demand for reliable and durable cooling solutions, increased adoption of electric vehicles, rapid expansion in consumer electronics, and the advancement of industrial automation technologies.

The solid-state cooling market size is expected to see rapid growth in the next few years. It will grow to $1.15 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The anticipated growth in the forecast period is driven by several factors, including heightened investment in research and development, the expansion of data centers, stricter regulations on energy efficiency, increased adoption of thermoelectric coolers, and growing demand for advanced cooling solutions in the military and aerospace industries. Key trends expected during this period include advancements in thermoelectric materials, progress in materials science, innovations in semiconductor technology, the proliferation of electric and hybrid vehicles, and improvements in the reliability and longevity of solid-state cooling devices.

The increasing demand for electric vehicles (EVs) is expected to drive the growth of the solid-state cooling market moving forward. Electric vehicles are powered by electric motors and batteries instead of traditional internal combustion engines. This shift in demand is driven by factors such as improved environmental sustainability, lower operational costs, government incentives, advancements in battery technology, and the expansion of charging infrastructure. Solid-state cooling technology in electric vehicles provides efficient thermal management without the use of conventional refrigerants. This enhances battery life and performance through compact and reliable cooling solutions. For example, a report from the International Energy Agency in October 2023 highlighted significant global sales figures, including approximately 66,000 electric buses and 60,000 medium- and heavy-duty trucks sold in 2022, which represented about 4.5% and 1.2% of total sales respectively. In China alone, the market share of electric trucks rose from 1.5% in 2021 to 3.9% in 2022, demonstrating rapid growth within a single year. Consequently, the expanding adoption of electric vehicles is a key driver behind the growth of the solid-state cooling market, driven by the need for efficient thermal management solutions that support the performance and longevity of EV batteries.

Major companies in the solid-state cooling market are focusing on advancing their product offerings, such as micro-multistage thermoelectric coolers (micro TECs), to enhance cooling efficiency and expand the applications of solid-state cooling technology. Micro-multistage thermoelectric coolers are devices that integrate multiple single-stage thermoelectric coolers in series, enabling them to achieve lower temperatures compared to single-stage devices. For example, in June 2023, Laird Thermal Systems, a US-based developer and manufacturer specializing in thermoelectric coolers, launched the OptoTEC MSX Series. This series of micro-multistage thermoelectric coolers is designed to be integrated into various optical packages such as TO-39, TO-46, or TO-8, creating advanced optical thermoelectric assemblies (TEAs). The OptoTEC MSX Series utilizes advanced ceramic materials, proprietary solder bonding techniques, and next-generation thermoelectric materials to increase cooling capacity by up to 10%, all within a compact micro footprint. Optical TEAs are specifically tailored for high-performance image sensing applications and are extensively used in analytical, industrial, and aerospace sectors. This innovation underscores Laird Thermal Systems' commitment to pushing the boundaries of solid-state cooling technology to meet the demanding requirements of modern industries.

In August 2021, Bregal Unternehmerkapital GmbH, a private equity firm based in Germany, acquired Laird Thermal Systems (LTS) for an undisclosed sum. This strategic acquisition aims to support LTS in its geographic expansion and entry into new market segments. Laird Thermal Systems, headquartered in the US, specializes in developing and manufacturing standard and customized thermoelectric coolers, cooler assemblies, and liquid cooling systems. Their products cater specifically to the medical and telecommunications industries, providing advanced thermal management solutions.

Major companies operating in the solid state cooling market are Komatsu Ltd., TE Connectivity Ltd., LG Innotek, Delta Electronics Inc., AMS Technologies AG, Coherent Corporation, Ferrotec Holdings Corporation, Wakefield-Vette Inc., Laird Thermal Systems Inc., Phononic Inc., CUI Inc., RMT Ltd., Crystal Ltd., INHECO Industrial Heating & Cooling GmbH, Kryotherm Co., P&N Technology Co. Ltd., Everredtronics Ltd., Align Sourcing LLC, Hi-Z Technology Inc., Merit Technologies LLC, Micropelt GmbH, TEC Microsystems GmbH, TECA Corporation, Thermal Electronics Corp., Thermion Inc.

North America was the largest region in the solid state cooling market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the solid state cooling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the solid state cooling market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Solid-state cooling is an innovative technology that utilizes solid-state materials, typically semiconductors, to achieve cooling effects without relying on traditional refrigerants, compressors, or moving parts found in conventional refrigeration systems. This technology exploits the Peltier effect, where an electric current passing through two different conductive materials (joined at two junctions) generates a temperature difference between these junctions, enabling heat transfer.

The primary types of solid-state cooling include single-stage, multi-stage, and thermocyclers. Single-stage systems are the most prevalent, featuring a single thermoelectric module that moves heat from one side to the other when an electric current is applied. This technology encompasses various methods such as thermoelectric cooling, electro-caloric cooling, and magneto-caloric cooling. It finds applications across diverse products including refrigeration systems, refrigerators, freezers, cooling systems, air conditioners, and chillers. Solid-state cooling serves a wide range of industries including medical, automotive, consumer electronics, semiconductors, and others, offering efficient and compact cooling solutions with potential benefits in energy efficiency and environmental sustainability.

The solid state cooling market research report is one of a series of new reports that provides solid state cooling market statistics, including solid state cooling industry global market size, regional shares, competitors with a solid state cooling market share, detailed solid state cooling market segments, market trends and opportunities, and any further data you may need to thrive in the solid state cooling industry. This solid state cooling market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The solid-state cooling market consists of revenues earned by entities by providing services such as thermoelectric module design and manufacturing, peltier cooler manufacturing, installation, and integration services, and maintenance and repair services. The market value includes the value of related goods sold by the service provider or included within the service offering. The solid-state cooling market also includes sales of liquid cooling systems, temperature control systems, custom cooling solutions, and related products. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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