NEWARK, Del, July 06, 2023 (GLOBE NEWSWIRE) -- The solid-state cooling market is anticipated to reach US$ 520.5 million in 2023. It is projected to grow to US$ 980.0 million by 2033, with a significant (CAGR) of 6.5% during the forecast period.
Solid-state cooling technology utilizes materials and principles to achieve efficient cooling without traditional refrigerants or moving parts. It offers benefits such as compact size, energy efficiency, reduced environmental impact, and precise temperature control, finding applications in various sectors, including electronics, automotive, healthcare, and food preservation.
Key Market trends include:
- A growing focus on sustainable cooling solutions aligning with industry sustainability goals.
- Advancement in the semiconductor and electronics industries, driving the need for efficient thermal management.
- Increasing adoption of solid-state cooling in electric vehicles for battery and component cooling.
- Expanding applications in healthcare due to accurate temperature management.
- Integration of IoT and smart technologies for optimized cooling performance.
Solid-state Cooling Market is expected to face restraints in coming years:
- Cost-effectiveness due to high production and manufacturing costs.
- Scalability issues in maintaining consistent performance and quality during production scaling.
- Reliance on a limited supply chain for key materials, components, and manufacturing capabilities.
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The market is expected to expand across the United States, with a projected market value of US$ 307.3 million by the end of 2033. Factors such as increasing demand, government support, technological advancements, industry collaboration, market competition, and environmental concerns drive the growth of solid-state cooling in the United States.
The United Kingdom also holds a significant market share, with a projected value of US$ 45.5 million by 2033. The United Kingdom's commitment to sustainability and energy efficiency drives the demand for solid-state cooling solutions. Business and industry recognition of the benefits, advanced research facilities, and government support contribute to the United Kingdom's position.
China emerged as a profitable market with a projected CAGR of 7.4% from 2023 to 2033. Driven by rising demand for connected home services, emerging technology, lifestyle upgrades, and government support for clean energy.
South Korea is expected to reach a market size of US$ 39.5 million by 2033, driven by growing demand, adoption of solid-state cooling, government initiatives, and technological advancements.
The cooling system segment is expected to capture a CAGR of 6.4% due to increasing demand for efficient and reliable cooling solutions across industries.
The medical industry's share in the market is projected to grow by 6.3% as advanced cooling solutions become crucial for medical devices and healthcare facilities.
Recent Development:
Ferrotec Corporation announced the acquisition of MeiVac Incorporated in December 2020. Mediaeval is a market leader in thin-film production systems, components, and process solutions. This acquisition is strategically significant since it can help the corporation strengthen its global presence.
DuPont and Advent International agreed to buy Laird Performance Materials for US$ 2.3 billion in March 2021. Laird Performance Materials is a world-class electromagnetic shielding and thermal management solutions provider.
In March 2021, TEC Microsystems introduced the DX4091, a new QC device for testing a single BiTe pellet. TEC Microsystems updated their 1MA10 TEC Series with new thermoelectric coolers in January 2021. These acquisitions and new product introductions have aided the solid-state cooling market's expansion.
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Market Segmentation:
By Type:
- Single Stage
- Multi Stage
- Thermocycler
By Product:
- Refrigeration System
- Refrigerators
- Freezers
- Cooling System
- Air Conditioners
- Chillers
By End-user Industry:
- Medical
- Automotive
- Consumer
- Semiconductor & Electronics
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa (MEA)
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Table of Content (ToC):
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Unit) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Unit) Projections, 2023 to 2033
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Unit) Analysis By Type, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (Unit) Analysis and Forecast By Type, 2023 to 2033
5.4. Y-o-Y Growth Trend Analysis By Type, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Type, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Unit) Analysis By Product, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) & Volume (Unit) Analysis and Forecast By Product, 2023 to 2033
6.4. Y-o-Y Growth Trend Analysis By Product, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Product, 2023 to 2033
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