The report "Solid-State Cooling Market by Product (Refrigeration System and Cooling
System), Type (Single Stage, Multi Stage, and Thermocycler), End-User Industry
(Automotive, Semiconductor and Electronics, Healthcare, Consumer), Region -
Global Forecast to 2024", is estimated to grow from USD
395 million in 2019 to USD 641 million by 2024, at a CAGR of 10.2%.
Major
factors driving the solid-state cooling market 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.
Healthcare
segment to hold largest share of solid-state cooling market, by end-user
industry, during forecast period
Healthcare
and Life Sciences are mainly segmented into patient care, drug and vaccine
management, and diagnostic and research laboratories. The solid-state
thermoelectric coolers provide reliable cooling for PCR applications that
require fast thermal ramp rates, ability to perform multiple cycling protocols
to detect multiple targets in a single cycle test, and real-time detection
controls. Medical lasers are commonly used in hospitals, outpatient surgical
centers, and diagnostic centers. These lasers are used in cosmetic,
arthroscopic, and general surgery, among others. Thermoelectric cooling systems
that are used in medical imaging systems provide detailed images on the
structure of a body in multiple topographies. There are 3 main types of imaging
systems: CT scan, PET scan, and MRI. CT and PET scanners use ion radiation
created by X-rays to capture topographical images and MRIs use magnetic and
radio frequency fields.
Solid-State
Cooling Market for Refrigeration Systems in North America to Grow at Higher
CAGR During Forecast Period
The US is
estimated to lead the North American solid-state cooling market. Beverage coolers,
medical freezers, and several other devices that work on thermoelectric modules
have a greater demand in this country. Government organizations are supporting
and increasing awareness through awards and recognitions of solid-state cooling
systems that are used for various industries and other applications such as
medical refrigeration and medical laboratories. Prominent players in the US
includes II-VI Marlow (US), TE technology (US), Phononic (US), Hi-Z Technology
(US), Align Sourcing (US), and Advanced Thermoelectric (US).
China to
Hold Largest Share of Solid-State Cooling Market in APAC During Forecast Period
The
solid-state cooling market in China is estimated to grow at the highest CAGR as
it homes a few key manufacturers of solid-state cooling systems in the country
such as Thermonamic Electronics (Jiangxi, China), EVERREDtronics (China), Hui
Mao (China), Hicooltec Electronic (China), Merit Technology Group (China), and
Wellen Technology (China). There is a huge demand in the solid-state cooling
industry for beverage coolers and freezers, along with chillers and wine
cabinets. Chinese companies offer solid-state cooling systems at a low rate as
compared with other competitors.
Key players
operating in the solid-state cooling market are 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),
Alphabet Energy (US), O-Flexx Technologies (Germany), Phononic (US), and
P&N Technology (China). Other key players include Everredtronics. (China),
Micropelt (Germany), Hi-Z Technology (US), HUI MAO (China).
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