Solid-State Cooling Market Projected to reach $641 million by 2024 | Key players include Ferrotec, TE Technology, Crystal Ltd. and Laird Thermal Systems

The report "Solid-State Cooling Market by Product (Refrigeration System and Cooling System), Type (Single Stage, Multi Stage, and Thermocycler), End-User Industry (Automotive, Semiconductor and Electronics, Healthcare, Consumer), Region - Global Forecast to 2024", 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. Liquid cooling systems (LCS) allow for optimal temperature stabilization for precise temperature control in these types of medical imaging systems. LCS offers higher efficiency than air-based heat exchangers and provides more rapid cooling and higher reliability. Compact liquid cooling systems offer a high coefficient of performance (COP) that ensures efficiency as well as low power operation to maximize uptime and optimize performance. In addition, the standard and custom LCS delivers quiet operation in a smaller and lighter system.

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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. This is because China has advantages in thermoelectric production due to its extensive research base, cheap labor, and overhead costs, as well as manufacturing infrastructure.

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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), 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).

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