Dublin, Aug. 29, 2019 (GLOBE NEWSWIRE) -- The "Solid-State Cooling Market by Product (Refrigeration System and Cooling System), Type (Single Stage, Multi Stage, and Thermocycler), End-User Industry, Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The global solid-state cooling market was valued at USD 395 million in 2019 and is projected to reach USD 641 million by 2024; it is expected to grow at a CAGR of 10.2% from 2019 to 2024.

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, semiconductor and electronics. However, higher costing than conventional cooling and refrigeration systems is one of the key factors restraining the growth of the market.

A few solid-state cooling market ecosystem players are as follows: 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), and Alphabet Energy (US).

Cooling Product Systems are to Hold Largest Share of Solid-State Cooling Market by 2024

The cooling systems are used in wide applications; e.g., in various government aerospace agencies, air-conditioned cases are used for laser telescope and data tracking equipment protection. The use of such solid-state cooling systems in a wide range of applications such as cooling electronic cabinets, computer enclosures, electrical enclosures, instruments, telecommunication equipment, and many other industrial applications in a variety of environments is a major reason for the largest share in the market.

Solid-state air cooling system is further subdivided into 2 typesair conditioners and chillers. 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).

Solid-state thermoelectric chillers also work on the Peltier effect principle. These thermoelectric chillers have multiple arrays of thermoelectric chips or modules that are coupled with liquid heat exchangers, fans, and heat sinks to provide accurate temperature control of products kept inside. The main advantage of using thermoelectric modules or chips is it has the ability to cool and heat. Due to this ability, these solid-state chillers provide extremely fast and accurate temperature control, along with stability, and can reach temperature stability of just a few 0.001C with a stable heat load.

Single Stage to Account for Largest Share of Solid-State Cooling Market, by Type

Single-stage cooling systems are effective from a few mW to a few hundred watts of cooling power. Single-stage thermoelectric module family is suitable for a wide range of cooling and heating applications with low to high heat pumping capacities (depending on the module model).

Single-stage modules are the most common type of thermoelectric modules globally because they are suitable for a wide range of heating and cooling applications, which require medium or high heat pumping capacity. A standard single-stage thermoelectric cooling module is capable of achieving a maximum no-load temperature differential of approximately 65-70C. The more heat moved using a thermoelectric module, the less efficient it becomes because the thermoelectric module needs to dissipate both the heat being moved and the heat it generates from its own power consumption. The amount of heat that can be absorbed is proportional to the current and time.

Single-stage modules can create systems that are effective from a few mW to a few hundred watts of cooling power. Single-stage thermoelectric module family is suitable for a wide range of cooling and heating applications with low to high heat pumping capacities (depending on the module model). Typical applications for these standard TECs include biomedical instruments, consumer products, industrial equipment, electrical equipment, and laboratory and scientific instruments.

A single-stage module consists of one matrix of pellets and a pair of cold and warm sides. These modules are used in thermal reference sources for FLIR camera calibration, temperature stabilization of bolometers and ferroelectric detectors, laser diode arrays in fiber optic systems, and maintaining constant viscosity in ink jet printers.

Single-stage thermoelectric modules are suitable for medium to low heat pumping capacity requirements. Moreover, single-stage thermoelectric modules are used in consumer electronics, biomedical instruments, electrical equipment and laboratory, industrial equipment, and scientific instruments.

APAC to Witness Significant CAGR in Solid-State Cooling Market During Forecast Period

APAC is expected to continue to lead the solid-state cooling market and is also likely to be the fastest-growing region. Increased demand for consumer goods, industrial automation, and healthcare monitoring devices are 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. Therefore, the solid-state cooling market in APAC is likely to grow at the highest CAGR during the forecast period.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in Solid-State Cooling Market
4.2 Market, By Type
4.3 Market for Refrigeration System, By End-User Industry
4.4 Market in Consumer Industry, By Product
4.5 Market, By End-User Industry and Region
4.6 Market, By Geography

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers Growing Awareness of Green Energy and Increasing Focus on Curbing Greenhouse Gas Emissions Simultaneous Heating and Cooling Properties of Solid-State Cooling Systems Rising Demand for Precise Temperature Control and Below Ambient Cooling
5.2.2 Restraints Solid-State Cooling Systems Costs Higher Than Conventional Cooling and Refrigeration Systems Low Energy Conversion Efficiency Rate of Single-Stage Solid-State Cooling Modules
5.2.3 Opportunities Increasing Use of Solid-State Cooling Systems in Various Applications Rising Awareness by Various Governments Growing Internet of Things Consequently Increases Demand for More Data Storage, Resulting in More Cooling Needs
5.2.4 Challenges Standard Solution Would Not Always Meet Customers' Needs

6 Solid-State Cooling Market, By Product
6.1 Introduction
6.2 Refrigeration System
6.2.1 Refrigerators Energy Efficiency is A Major Factor Driving Solid-State Cooling Market for Refrigerators
6.2.2 Freezers Solid-State Freezers are Compact, Quiet, and More Efficient Solution Traditional Freezers
6.3 Cooling Systems
6.3.1 Air Conditioners Solid-State Based Air Conditioners have A Simple and Efficient Design
6.3.2 Chillers Solid-State Chillers Provide Extremely Fast and Accurate Temperature Control

7 Solid-State Cooling Market, By Type
7.1 Introduction
7.2 Single Stage
7.2.1 Single Stage Cooling Systems are Effective From A Few Mw to A Few Hundred Watts of Cooling Power
7.3 Multi Stage
7.3.1 The Multistage Cooler Line Offers Superior Cooling Capabilities Over Single Stage Coolers
7.4 Thermocycler
7.4.1 Pcr Thermocycler is One of the Most Commonly Used Thermocycler

8 Solid-State Cooling Market, By End-User Industry
8.1 Introduction
8.2 Automotive
8.2.1 Vehicle Cooling Systems, Temperature Controlled Seats, and Electric Vehicle Battery Cooling are Major Applications of Solid-State Cooling in Automotive
8.3 Semiconductor and Electronics
8.3.1 Laser Diode Cooling Solid-State Cooling is Used for Precision Temperature Control to Improve Diode Output Levels and Maintain Wavelength Integrity
8.3.2 Microprocessor Cooling to Curb the Heat Generated By A Powerful Microprocessor, Solid State Cooling is Used in Microprocessor Cooling
8.3.3 Semiconductor Wafer Probes Solid-State Cooling Effect in Semiconductors Cause Carriers to Flow Due to Temperature Gradient and Cause Temperature Gradient When an Electrical Current is Applied.
8.4 Healthcare
8.4.1 The Ability of Precise and Accurate Temperature Control and Reliability Drives the Market for Solid-State Cooling Systems in the Healthcare Industry
8.5 Consumer
8.5.1 Refrigerators and Beverage Coolers are Some of the Major Products Where Solid-State Cooling is Used
8.6 Others
8.6.1 Research Due to the Phenomenon of the Thermoelectric Effect, Thermal Energy is Converted Into Electrical Energy and Vice-Versa Which Can Be Used in A Lot of Scientific Application
8.6.2 Industrial Solid-State Cooling Modules Offer A Variety of Energy and Cost-Efficient Solutions in the Industrial Production and Processes.
8.6.3 Aerospace The Reduction of Weight Associated With the Thermal Management Systems and High Efficiency in Cooling Makes the Solid-State Cooling A Popular Choice in the Aerospace Industry

9 Geographic Analysis
9.1 Introduction
9.2 North America
9.2.1 US The US is Estimated to Lead the North American Solid-State Cooling Market.
9.2.2 Canada Bio-Monitoring and Healthcare-Related Devices are the Major Applications of Solid-State Cooling in This Region
9.2.3 Mexico High Temperature, Contaminant Laden Air, Humid, and Corrosive Atmospheres Need Solid-State Coolers to Keep the Computer Systems in A Better Environment
9.3 Europe
9.3.1 UK Telecom, Medical, Industrial and Consumer are Major Markets of Solid-State Cooling System
9.3.2 Germany Automotive Industry is Expected to Be A Major Driver for Solid-State Cooling Market in Germany
9.3.3 France Various Projects of the Government in Terms of Heating and Cooling are Expected to Drive the Market
9.3.4 Rest of Europe Growing Demand for Beverage Coolers, Cabinet Displays, and Freezers is Expected to Drive the Solid-State Cooling Market
9.4 APAC
9.4.1 China Solid-State Cooling Market in China is Estimated to Grow at the Highest CAGR
9.4.2 Japan Industrial and Automotive Sectors are Expected to Drive the Solid-State Cooling Market
9.4.3 South Korea Government Regulation is Expected to Be A Major Driver for the Growth of the Market
9.4.4 Rest of APAC Automotive Industry is Expected to Drive the Solid-State Cooling Market
9.5 RoW
9.5.1 Middle East and Africa Adoption of Solid-State Cooling Devices in Various Applications is Expected to Drive the Market
9.5.2 Africa Government Regulations on Reducing Pollution and Greenhouse Gases is Expected to Drive the Solid-State Cooling Market

10 Competitive Landscape
10.1 Overview
10.2 Market Ranking Analysis
10.3 Competitive Scenario
10.3.1 Product Launches and Developments, and Expansion
10.3.2 Partnerships, Contracts, Acquisitions, and Agreements
10.4 Competitive Leadership Mapping, 2018
10.4.1 Visionary Leaders
10.4.2 Innovators
10.4.3 Dynamic Differentiators
10.4.4 Emerging Companies

11 Company Profiles
11.1 Key Players
11.1.1 Ferrotec
11.1.2 Laird Thermal Systems
11.1.3 II-VI Marlow
11.1.4 TE Technology
11.1.5 TEC Microsystems
11.1.6 Crystal Ltd.
11.1.7 Kryotherm
11.1.8 RMT Ltd.
11.1.9 Thermion Company
11.1.10 Thermonamic Electronics
11.1.11 Kelk Ltd.
11.2 Start-Up Ecosystem
11.2.1 Z-Max
11.2.2 Alphabet Energy
11.2.3 O-Flexx Technologies
11.2.4 Phononic
11.2.5 P&N Technology
11.3 Other Important Players
11.3.1 Everredtronics
11.3.2 Micropelt
11.3.3 HI-Z Technology
11.3.4 HUI Mao
11.3.5 Hicooltec Electronic
11.3.6 Merit Technology Group
11.3.7 LG Innotek
11.3.8 Align Sourcing
11.3.9 AMS Technologies
11.3.10 Inheco Industrial Heating & Cooling
11.3.11 CUI Inc.
11.3.12 Wellen Technology
11.3.13 Advanced Thermoelectric
11.3.14 Sheetak

For more information about this report visit https://www.researchandmarkets.com/r/14egmv

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

CONTACT: ResearchAndMarkets.com
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900