Global Solid-State Cooling Market to Reach US$1.3 Billion by 2030

The global market for Solid-State Cooling estimated at US$738.0 Million in the year 2024, is expected to reach US$1.3 Billion by 2030, growing at a CAGR of 10.1% over the analysis period 2024-2030. Cooling Systems, one of the segments analyzed in the report, is expected to record a 10.9% CAGR and reach US$939.1 Million by the end of the analysis period. Growth in the Refrigeration Systems segment is estimated at 8.3% CAGR over the analysis period.

The U.S. Market is Estimated at US$188.6 Million While China is Forecast to Grow at 14.7% CAGR

The Solid-State Cooling market in the U.S. is estimated at US$188.6 Million in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$350.9 Million by the year 2030 trailing a CAGR of 14.7% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 5.3% and 9.0% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.2% CAGR.

Global Solid-State Cooling Market - Key Trends and Drivers Summarized

How Is Solid-State Cooling Redefining Thermal Management?

Solid-state cooling, also known as thermoelectric cooling, is a cutting-edge technology that uses solid-state electronic devices to manage temperature. Unlike conventional cooling methods, which rely on gas-based refrigeration, solid-state cooling uses the Peltier effect to transfer heat from one side of the device to the other, making it an energy-efficient and environmentally friendly option. This technology finds applications in various sectors, including consumer electronics, medical devices, automotive systems, and aerospace, where precise and reliable thermal management is essential. Solid-state cooling systems are compact, reliable, and capable of maintaining consistent temperatures, making them ideal for a wide range of uses in both residential and industrial settings.

What Are the Key Segments in the Solid-State Cooling Market?

Major types include single-stage and multi-stage thermoelectric modules, with single-stage modules holding the largest market share due to their widespread use in consumer electronics and medical devices. Applications span electronics cooling, medical refrigeration, automotive climate control, and aerospace systems, with electronics cooling representing a significant segment driven by the need for efficient thermal management in smartphones, laptops, and other consumer gadgets. End-users include electronics manufacturers, healthcare facilities, automotive companies, and aerospace firms, with electronics manufacturers leading the market as they seek to enhance device performance and reliability through efficient cooling solutions.

How Is Solid-State Cooling Integrated Across Industries?

In consumer electronics, solid-state cooling systems maintain optimal operating temperatures in devices like smartphones, laptops, and servers, supporting performance and prolonging lifespan. In medical devices, solid-state cooling is used in portable refrigerators, vaccine storage units, and point-of-care diagnostic devices, ensuring precise temperature control and preservation of sensitive biological materials. The automotive industry uses thermoelectric cooling for seat climate control and battery thermal management in electric vehicles (EVs), enhancing passenger comfort and extending battery life. Aerospace applications include temperature regulation in avionics systems and other critical components, ensuring reliability in high-altitude and variable-temperature environments.

What Factors Are Driving the Growth in the Solid-State Cooling Market?

The growth in the Solid-State Cooling market is driven by several factors, including the increasing demand for energy-efficient and environmentally friendly cooling solutions across industries like electronics, healthcare, and automotive. Advancements in thermoelectric materials, which improve the efficiency and cost-effectiveness of solid-state cooling systems, have supported broader adoption across various applications. The rise of electric vehicles and the focus on battery thermal management have further fueled demand, as automotive manufacturers seek effective cooling solutions to enhance vehicle performance and safety. Additionally, government regulations promoting energy conservation and reduced carbon emissions have contributed to market growth, as industries aim to meet sustainability targets through innovative cooling technologies.