Solid State Cooling Market to Reach $3,415.89 Million by 2033; Growing Demand for Compact, Energy-Efficient Cooling Solutions to Propel Growth


The global solid state cooling market is anticipated to grow from USD 713.36 million to USD 3,415.89 million in 10 years. Progress in thermoelectric technology is poised to expand the global solid-state cooling market. The increasing need for expanded data storage due to the Internet of Things (IoT) expansion and the growing demand for precise temperature regulation and sub-ambient cooling significantly impact the market dynamics. Moreover, the escalating demand for meticulous temperature management and heightened awareness regarding energy conservation across various applications worldwide are expected to propel the adoption of solid-state cooling solutions in the forecast years.

Newark, May 09, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 713.36 million in 2023 global solid state cooling market will reach USD 3,415.89 million by 2033. The rapid adoption of electric vehicles presents significant opportunities for solid-state cooling technologies. EV battery packs and power electronics require efficient thermal management to optimize performance, extend battery life, and ensure safe operation. Solid-state cooling solutions offer compactness, reliability, and precise temperature control, making them well-suited for automotive thermal management applications. As the electric vehicle (EV) industry expands, the need for solid-state cooling solutions in this sector will surge.

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Furthermore, deploying 5G wireless networks requires advanced cooling solutions to dissipate heat generated by high-power electronic components and data centers. Solid-state cooling technologies offer advantages such as quiet operation, scalability, and energy efficiency, making them attractive for cooling 5G infrastructure equipment. With the rollout of 5G networks worldwide, there is a growing opportunity for solid-state cooling solutions to play a crucial role in supporting the expansion of 5G technology. In addition, the aerospace and defence industry is exploring solid-state cooling technologies to address thermal management challenges in aircraft, satellites, unmanned aerial vehicles (UAVs), and military equipment. Solid-state cooling systems offer advantages such as lightweight construction, reliability, and silent operation, making them attractive for aerospace and defence applications where space, weight, and power constraints are critical. As advancements in solid-state cooling technology continue, opportunities for integration into aerospace and defence systems are expected to expand.

Scope of Carbon Wheels Market

Report Coverage Details
CAGR         13.81% from 2024 to 2033
Market Size in 2023 USD 713.36 million
Market Size by 2033 USD 3,415.89 million
Largest Market North America
Base Year 2023
Forecast Year 2024 to 2033
Historical Year 2020-2022
Segments Covered Type, Product, End User, Regions

Key Insight of the global Solid State Cooling market

Asia Pacific is expected to witness the highest market growth over the forecast period.

The Asia Pacific region is undergoing huge urbanization and industrialization, leading to increased demand for cooling solutions across various sectors such as manufacturing, construction, healthcare, and transportation. As industries and urban centers expand, there is a growing need for efficient and reliable cooling technologies to maintain optimal operating conditions in industrial processes, buildings, and infrastructure. Solid-state cooling solutions, with their compactness, energy efficiency, and precise temperature control, are well-positioned to address these evolving cooling requirements in the region. In addition, many countries in the region have implemented policies and initiatives to promote clean energy, energy efficiency, and sustainable technologies. Government support in subsidies, incentives, and regulatory measures encourages the adoption of energy-efficient cooling solutions, including solid-state cooling technologies. Initiatives aimed at lowering CO2 emissions, improving air quality, and enhancing energy security create a conducive environment for the growth of the solid-state cooling market in the Asia Pacific region.

In 2023, the single-stage segment dominated the market with the largest share of 51.27% and revenue of 365.74 million.

The type segment is divided into single-stage, multi-stage and thermocycler. In 2023, the single-stage segment dominated the market with the largest share of 51.27% and revenue of 365.74 million.

In 2023, the cooling system segment dominated the market with the largest share of 62.19% and revenue of 443.64 million.

The product segment is classified into refrigeration system and cooling system. In 2023, the cooling system segment dominated the market with the largest share of 62.19% and revenue of 443.64 million.

In 2023, the medical segment dominated the market with the largest share of 36.18% and revenue of 258.09 million.

The end user segment includes automotive, consumer goods, medical, semiconductor and electronics, and others. In 2023, the medical segment dominated the market with the largest share of 36.18% and revenue of 258.09 million.

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Advancement in market

In July 2023: AMS Technologies introduces the mCTRL-T-20-12/55 as an economical miniature temperature controller at the LASER World of PHOTONICS 2023 event. Featuring an H-bridge output stage, this controller can effectively manage TECs (thermoelectric coolers) or Peltier elements, delivering currents of up to 20 A to precisely regulate their temperature with an accuracy better than ±0.1°C. The compact PCB format of mCTRL-T-20-12/55 facilitates seamless integration of the miniature TEC (thermoelectric cooler) into users’ circuits and systems. The thermoelectric cooler can be finely adjusted across an expansive range via the H-bridge during the output stage by offering voltage, current, and flexibility. The maximum output current stands at 10 A without a heat sink, extending to 20 A with the inclusion of a heat sink.

Market Dynamics

Driver: Advancements in material science.

Material science has witnessed a continual evolution in recent years, marked by significant advancements that have propelled the development of novel materials boasting enhanced thermoelectric properties. These breakthroughs have paved the way for creating more efficient and high-performing solid-state cooling devices, revolutionizing various industries reliant on such technologies. Among the key materials that have undergone extensive research and optimization for thermoelectric applications are bismuth telluride, lead telluride, and skutterudites. These materials have garnered considerable attention due to their outstanding properties, which make them well-suited for thermoelectric conversion. Bismuth telluride, for instance, is renowned for its exceptional thermoelectric performance within a specific temperature range, making it a prime candidate for applications requiring cooling or power generation. Lead telluride, on the other hand, exhibits excellent thermoelectric efficiency, particularly at elevated temperatures, making it suitable for high-temperature applications. Skutterudites represent another class of materials that have garnered interest in thermoelectric research. These complex compounds, characterized by a three-dimensional framework of metal atoms, offer tunable thermoelectric properties, allowing for tailored optimization to meet specific performance requirements. These materials’ continuous refinement and optimization have contributed significantly to the advancement of thermoelectric technology. Researchers have employed various techniques, including nanostructuring, doping, and alloying, to enhance these materials’ thermoelectric efficiency further. As a result of these ongoing efforts, solid-state cooling devices utilizing these novel materials have achieved unprecedented levels of efficiency and performance. These advancements hold immense promise for applications ranging from automotive cooling systems to electronic device thermal management, offering sustainable and energy-efficient solutions to address the growing demand for effective temperature control technologies.

Restraint: Competition from conventional technologies.

Conventional cooling methods, particularly vapour compression refrigeration, have been refined and optimized over many years, resulting in highly efficient and reliable systems. The extensive infrastructure supporting these technologies, including manufacturing facilities, distribution networks, and service centers, further solidifies their dominance in the market. As a result, they hold a significant advantage in terms of availability, reliability, and familiarity among end-users. Transitioning to solid-state cooling technologies requires overcoming several challenges, including technological barriers and market acceptance. While solid-state cooling offers advantages such as reduced environmental impact, lower maintenance requirements, and potentially quieter operation, it often faces limitations in terms of cooling capacity and cost-effectiveness compared to conventional methods. End-users, accustomed to the reliability and performance of conventional cooling technologies, may be hesitant to adopt solid-state alternatives without clear evidence of superior performance and economic viability. Demonstrating tangible benefits, such as improved energy efficiency, reduced operating costs, and enhanced system longevity, is crucial in persuading stakeholders to transition to solid-state cooling solutions.

Opportunity: Industrial process cooling.

In semiconductor manufacturing, where precision is paramount, solid-state cooling technologies are crucial in cooling laser systems used in fabrication processes. These systems generate intense heat during operation and require precise temperature control to ensure optimal performance and prevent damage to delicate semiconductor components. Solid-state cooling solutions offer the advantage of compactness, allowing for integration into tight spaces within semiconductor fabrication facilities. Additionally, their reliability ensures uninterrupted operation, minimizing downtime and maximizing productivity. Similarly, in the aerospace industry, where stringent temperature requirements are essential for the performance and longevity of aircraft components, solid-state cooling technologies find application in various cooling systems. Whether it’s cooling avionics equipment or maintaining optimal temperatures within aircraft cabins, solid-state cooling solutions provide the reliability and precision necessary to meet the demanding requirements of aerospace applications. Their compact design makes them well-suited for use in aircraft, where space is often limited. At the same time, their ability to deliver precise temperature control ensures consistent performance under diverse operating conditions. In the food processing industry, where preserving perishable goods’ freshness and quality is paramount, solid-state cooling technologies offer an efficient means of controlling temperatures during processing and storage. Solid-state cooling solutions help ensure product integrity and safety throughout the food supply chain, from cooling ingredients to preserving temperature-sensitive products during transportation. Their precise temperature control capabilities enable food processors to maintain optimal storage conditions, prolonging shelf life and minimizing food waste. Overall, solid-state cooling technologies provide significant advantages for industrial process cooling applications across sectors such as semiconductor manufacturing, aerospace, and food processing.

Challenge: Heat dissipation and thermal management.

Optimizing heat transfer mechanisms is a fundamental aspect of solid-state cooling system design. It involves selecting appropriate cooling methods, such as thermoelectric or Peltier effect cooling, and ensuring efficient heat transfer between the heat source or sink and the thermoelectric modules. Thermoelectric modules utilize the Peltier effect to transfer heat from one side of the module to another when an electric current is applied, making effective thermal contact crucial for optimal performance. These systems rely on effective heat transfer mechanisms, carefully selected thermal interface materials, and optimized system design to minimize thermal resistance and maximize heat dissipation efficiency. Failure to implement adequate thermal management measures can result in temperature gradients, hot spots, and thermal stresses that degrade system performance and reliability over time.

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Some of the major players operating in the global Solid State Cooling market are:

• AGSCO Corporation
• Blasch Percision Ceramics Inc.
• Carborundum Universal Limited
• Coorstek
• Christy Refractories
• Entegris, Inc.
• ESD-SIC b.v.
• Fuji Electric Co., Ltd.
• General Electric Company
• Gaddis Engineered Materials
• Grindwell Norton Ltd.
• GeneSiC Semiconductor, Inc.
• Infineon Technologies AG
• Imerys
• Keith Company
• Microsemi
• Microchip Technology Inc.
• Morgan Technical Ceramics
• Navarro SiC
• Onsemi
• Renesas Electronics Corporation
• ROHM Co., Ltd.
• SNAM Abrasives Pvt. Ltd.
• SK Siltron Co., Ltd.
• STMelectronics
• Saint Gobain
• Toshiba Corporation
• Washington Mills
• Wolfspeed, Inc.

Key Segments cover in the market:

By Product

• Black Solid State Cooling
• Green Solid State Cooling

By Device

• SiC Discrete
• SiC Bare Die
• SiC Module

By Application

• Automotive
• Aerospace
• Electrical & Electronics
• Healthcare
• Military & Defense
• Steel
• Others

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analyzed based on value (USD Million) and volume (K Units). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

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