Solid state cooling market size to grow by USD 338.5 million between 2022 and 2027; APAC to account for 43% market growth - Technavio
NEW YORK, March 29, 2023 /PRNewswire/ -- The solid state cooling market size is estimated to grow by USD 338.5 million during 2022-2027 at a CAGR of 8.7% during the forecast period, according to Technavio. APAC will account for 43% of the market growth during the forecast period. The increasing demand for energy-efficient and eco-friendly cooling solutions is driving the growth of the solid state cooling market in APAC. In addition, factors such as rapid urbanization, the rising adoption of electric vehicles, and the surge in the demand for electronic devices such as laptops and smartphones are contributing to the growth of the solid state cooling market in North America. For more insights on the historic data (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report
Solid State Cooling Market 2023-2027: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our solid state cooling market report covers the following areas:
Solid State Cooling Market 2023-2027: Market Dynamics
Driver ? The market is driven by energy efficiency in solid stage cooling technology. Solid state cooling uses thermostatic modules to create the cooling effect. It is highly efficient, as it only uses electricity to generate a cooling effect without the need for any mechanical components, unlike mechanical compressors. This reduces energy consumption and operating cost when compared with traditional refrigeration systems. Thus, solid state cooling technology is emerging as a promising solution for various cooling applications. All these factors are driving the growth of the global solid state cooling market.
Trends ? Advances in thermoelectric technology are identified as the key trend in the market. Recent advancements in solid state cooling focus on improving the efficiency and performance of thermoelectric materials. Enhancing the thermoelectric properties of materials is one such approach, such as higher electrical conductivity and lower thermal conductivity. Another approach involves the use of nanoscale features to improve the performance of the material. Such technological advancements are improving the efficiency of solid state devices. Hence, these devices are preferred by end-users that seek energy-efficient solutions. This trend is expected to have a positive impact on the growth of the market during the forecast period.
Challenge ? The high cost of solid state technology is the major challenge hindering the growth of the market. Solid state cooling technology involves the use of advanced semiconductor materials. These materials must meet various stringent performance and reliability requirements. Also, solid state cooling modules are more complex to manufacture than traditional refrigeration components. It involves multiple steps, including semiconductor fabrication, module assembly, and testing, which require specialized equipment and expertise. Moreover, developing and improving solid state cooling technologies require significant R&D investments. All these factors make the technology highly expensive, which is challenging the growth of the market.
Solid State Cooling Market 2023-2027: Segmentation
Solid State Cooling Market is segmented as below:
Type
Single Stage
Multi-Stage
End-user
Automotive
Semiconductor and Electronics
Healthcare
Consumer
Geography
APAC
North America
Europe
Middle East and Africa
South America
Based on the type, the market growth will be significant in the single stage solid state cooling segment during the forecast period. Single stage solid state cooling systems are suitable for applications that require moderate cooling, such as cooling electronic components or small enclosures. They typically have lower costs and are easier to design and operate compared with those multi-stage systems. These systems are often used in combination with other cooling methods, such as air or liquid cooling. In addition, the benefits of single stage solid state cooling systems such as energy efficiency, quiet operation, and suitability for small-scale cooling applications will drive the growth of the segment during the forecast period.
Learn more about the factors impacting the future of the market across various segments - Download a Sample Report
Solid State Cooling Market 2023-2027: Vendor Analysis
We provide a detailed analysis of around 25 vendors operating in the solid state cooling market, including some of the key vendors. Backed with competitive intelligence and benchmarking, our research report on the solid state cooling market is designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support.
AMS Technologies AG, Antylia Scientific, II VI Inc., CustomChill Inc., EVERREDtronics , Ferrotec Holdings Corp., Hi Z Technology, Komatsu Ltd., Kryotherm, P and N Technology Xiamen Co. Ltd., Phononic, RMT Ltd., Solid State Cooling Systems, Spectra Lab Instruments Pvt. Ltd., Thermonamic Electronics Jiangxi Corp. Ltd., Wellen Technology Co. Ltd., Z MAX Co. Ltd., Laird Thermal Systems Inc., Merit Technology Group, and TEC Microsystems GmbH are some of the major market participants.
The power electronics market is estimated to grow at a CAGR of 5.55% between 2022 and 2027. The size of the market is forecast to increase by USD 9.44 billion. The market is segmented by product (discretes and modules), material (silicon, silicon carbide, and gallium nitride), and geography (APAC, Europe, North America, South America, and Middle East and Africa).
The electronics parts forward logistics market in APAC is expected to grow to USD 1.47 billion from 2021 to 2026, at a CAGR of 8.5%. The market is segmented by end-user (industrial, consumer electronics, and others) and geography (China, Japan, and Rest of APAC).
Solid State Cooling Market Scope
Report Coverage
Details
Base year
2022
Historic period
2017-2021
Forecast period
2023-2027
Growth momentum & CAGR
Accelerate at a CAGR of 8.7%
Market growth 2023-2027
USD 338.5 million
Market structure
Fragmented
YoY growth 2022-2023 (%)
8.3
Regional analysis
APAC, North America, Europe, Middle East and Africa, and South America
Performing market contribution
APAC at 43%
Key countries
US, China, Japan, South Korea, and Germany
Competitive landscape
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
AMS Technologies AG, Antylia Scientific, II VI Inc., CustomChill Inc., EVERREDtronics , Ferrotec Holdings Corp., Hi Z Technology, Komatsu Ltd., Kryotherm, P and N Technology Xiamen Co. Ltd., Phononic, RMT Ltd., Solid State Cooling Systems, Spectra Lab Instruments Pvt. Ltd., Thermonamic Electronics Jiangxi Corp. Ltd., Wellen Technology Co. Ltd., Z MAX Co. Ltd., Laird Thermal Systems Inc., Merit Technology Group, and TEC Microsystems GmbH
Market dynamics
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Exhibit 175: Validation techniques employed for market sizing
Exhibit 176: Information sources
13.5 List of abbreviations
Exhibit 177: List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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