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Market Overview
- The Global Solid-State Cooling Market is expected to grow at a CAGR of 10% during the forecasting period (2020-2027).
- The rise in the demand for precise temperature control and growing awareness of energy conservation in the applications all around the world is anticipated to drive the adoption of the solid-state cooling market in the forecast period.
- Thermoelectric cooling or solid-state cooling uses the Peltier effect to create a heat flux at the junction of two different types of materials. A Peltier cooler, heater, or thermoelectric heat pump is a solid-state active heat pump which transfers heat from one side of the device to the other, with consumption of electrical energy, depending on the direction of the current. It can be used either for heating or cooling, although in practice, the main application is cooling. It can also be used as a temperature controller that either heats or cools.
- The report covers all the major trends and drivers playing a vital role in the growth of the global Solid-State Cooling market. The global Solid-State Cooling market has been segmented based on Product, Type, End-User, and Region.
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Market Dynamics
- The global Solid-State Cooling Market is primarily driven by the growing awareness of energy conservation technology for heating and cooling for various applications all around the world.
- Moreover, solid-state cooling devices are highly efficient than conventional cooling & heating systems. Also, unlike compressor-based conventional cooling systems, solid-state thermoelectric heating and cooling do not require expensive Greenhouse Gases refrigerants. The solid-state system that gives 30-40% odds to the gas-compressor mechanism of a conventional refrigerator in terms of energy efficiency. On a global scale, technology to create cold, meaning industrial and domestic refrigerators, home air conditioners, and automotive air conditioners is a very expensive pleasure. According to expert estimates, all these devices spend up to 10% of the world's electricity as a whole.
- However, costs higher than conventional cooling and refrigeration System will be hampering the growth of Solid-State Cooling for the forecast period.
Market Segmentation Analysis
- By Type, the global Solid-State Cooling Market is segmented into Single Stage, Multistage, and Thermocycler. Single Stage has the dominant position in the Solid-State Cooling market as they are the most common type of thermoelectric modules globally because they are suitable for a wide range of heating and cooling applications. Moreover, single-stage thermoelectric modules are used in consumer electronics, biomedical instruments, electrical equipment and laboratory, industrial equipment, and scientific instruments. Therefore, single-stage devices are expected to retain their dominance in the forecasted period. It is expected that single-stage solid cooling will grow at a CAGR of ~XX% during the forecast period.
- By End User, the global Solid-State Cooling Market is segmented into Automotive, Semiconductor and Electronics, Healthcare, Consumer, and Others. Healthcare has higher dominance in the end-user segment of Solid-State Cooling as solid-state coolers provide reliable cooling for PCR applications that require fast thermal ramp rates, also provide real-time detection temperature controls. However, due to the rising demand for precision control, temperature devices in cars will be driving the market for the automotive sector with a higher CAGR in the forecast period.
Market Geographical Analysis
- By geography, the global Solid-State Cooling Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
- APAC holds the largest market share for Solid-State Cooling Market due to the economy rise, and growing demand for consumer goods, industrial automation, and healthcare monitoring devices is expected to drive this market. China holds the major share in the APAC Solid-State Cooling market owing to the presence of large manufacturers for solid-state cooling systems, and these Chinese companies offer solid-state cooling systems at a low rate as compared with other global competitors. The rise in consumer goods such as mobile phone production will be driving the market for solid-state cooling systems. According to the Indian Cellular Association (ICA), the annual production of mobile phones within the country has increased from 3 million devices in 2014 to 11 million devices in 2017. India now accounts for 11 percent of global mobile production, which was only 3 percent in 2014.
- However, North America is after APAC in terms of the market share of the Solid-State Cooling Market, due to high technological advancement and the higher adoption of these advanced technologies by the people in the region The Solid-State Cooling market is expected to witness rapid growth owing to the increase in the demand from food retail to healthcare to optoelectronics.
Market Competitive Trends
- Key players are adopting strategies such as investing in R&D, new product launches, expansion in distribution channels to stand out as strong competitors in the market. The global Solid-State Cooling Market is a fragmented market with the presence of various global and regional players in the market. The major players include Ferrotec, Laird Thermal Systems, II-VI Marlow, TE Technology, and TEC Microsystems. Other key players in the market include Crystal Ltd., Kryotherm, RMT Ltd, Thermion Company, and Thermonamic Electronics.
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