The Global "Solid-State Cooling Market" is expected to grow at a CAGR of 10% during the forecasting period (2022-2029).
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.
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. 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.
Moreover, solid-state cooling devices are highly efficient than the conventional cooling & heating systems. Also, unlike compressor-based conventional cooling systems, solid-state thermoelectric heating and cooling do not require expensive Greenhouse Gases refrigerants. On a global scale, technology to create industrial and domestic refrigerators, home air conditioners, and automotive air conditioners is very expensive. 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 hamper the growth of Solid-State Cooling for the forecast period.
COVD-19 Impact Analysis
The COVID-19 pandemic has disrupted the global economy and halted the key processes of almost all companies. Therefore, even the global solid-state cooling market suffered due to it. The disturbances in supply chain management and transportation of goods and services had a negative impact on the growth of the market. Many manufacturing and production units were disrupted due to the government enforced lockdowns and curfews across the world which led to losses and wastage of many solid-state cooling products. The pandemic also significantly changed the consumer demand and behaviour. Consumers refrained from purchasing non-essential products amid the pandemic. The uncertain and unexpected situation caused by the pandemic significantly impacted the market hence, slowing its growth. However, the post-pandemic scene has improved and the global offshore pipeline market has recovered. The market is set to grow at a high rate.
By Type, the global Solid-State Cooling Market is segmented into Single Stage, Multi Stage, 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 high CAGR during the forecast period (2022-2029).
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 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 automotive sector with higher CAGR in the forecast period.
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)
Asia Pacific 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 Asia Pacific 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 our World in Data Organization’s Statistics in 2021, the Asia Pacific region accounted for the highest number of internet users, around 2.38 billion, with India and China accounting for more than 20% of the number of internet users across the globe.
However, North America is after Asia Pacific region in terms of market share of 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.
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.
Key players are adopting strategies such as investing in R&D, new product launches, and expansion in distribution channels to stand out as strong competitors in the market. Companies are entering into collaborations, acquisitions, mergers, and licensing for increasing their market penetration. For instance, in March 2021, DuPont entered into an agreement with Advent International to acquire Laird Performance Materials for $2.3 billion. Laird Performance Materials is a global leader in electromagnetic shielding and thermal management. In March 2021, TEC Microsystems launched a new QC device, DX4091, to test a single BiTe pellet. Earlier, in January 2021, TEC Microsystems had updated its 1MA10 TEC Series with new thermoelectric coolers. All these acquisitions and new product launches have helped in the growth of the solid-state cooling market.
Overview: Ferrotec is a global leader in manufacturing, distributing and marketing of advanced materials, components and assembly solutions.
Product Portfolio: Its products and technologies include ferro fluidic seals, thermo electrics, fabricated quartz, advanced ceramics, silicon wafers, etc.
Key Developments: In December 2020, Ferrotec Corporation announced the acquisition of MeiVac Incorporated. MeiVac is a leading provider of high-quality thin-film manufacturing systems, components and process solutions. This acquisition is of strategic importance as it will help the company to strengthen its global position.
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