Solid State Cooling Market by Cooling System, Refrigeration System, Thermoelectric Cooling, Electrocaloric Cooling, Magnetocaloric Cooling, Chiller, Cooler, Air Conditioner, Refrigerator and Freezer - Global Forecast to 2030
The global solid state cooling market is expected to reach USD 0.97 billion in 2025 and USD 1.93 billion by 2030, registering at a CAGR of 14.8% from 2025 to 2030.
Scope of the Report
Years Considered for the Study
2021-2030
Base Year
2024
Forecast Period
2025-2030
Units Considered
Value (USD Billion)
Segments
By Product, Technology, Vertical, and Region
Regions covered
North America, Europe, APAC, RoW
The rising demand for silent, vibration-free cooling in sensitive medical and laboratory devices and the growing adoption of low-maintenance thermal solutions in industrial automation, telecom, and semiconductor manufacturing are key drivers. Furthermore, the increasing use of solid state cooling in electric vehicles for localized battery and cabin temperature control augments the demand for solid state cooling systems.
"Refrigerators segment is expected to hold the largest share of the market for refrigeration systems in 2025."
The refrigerators segment is expected to hold the largest share of the solid state cooling market for refrigeration systems in 2025 due to their widespread use across residential, commercial, and medical applications. Solid state cooling refrigerators, which utilize thermoelectric cooling, offer several advantages over traditional systems, including silent operation, compact size, no use of refrigerants, and low maintenance. These features make them particularly suitable for small-scale cooling needs such as mini-fridges, portable medical storage units, and specialty refrigeration in premium consumer appliances. Additionally, the increasing demand for energy-efficient and environmentally friendly refrigeration options and the rising adoption of portable and compact refrigeration systems in healthcare and personal use continue to drive its dominance. As material efficiency improves and manufacturing costs decline, solid state cooling refrigerators are becoming a more viable and attractive solution for developed and emerging markets.
"Air conditioners segment is projected to witness the highest CAGR in market for cooling systems segment between 2025 and 2030."
The air conditioners segment is expected to register the highest CAGR in the market for cooling systems during the forecast period due to the growing demand for compact, energy-efficient, and refrigerant-free alternatives to traditional HVAC systems. Solid state cooling air conditioning systems, particularly those based on thermoelectric and electrocaloric technologies, offer silent operation, precise temperature control, and the potential for integration into localized or personal climate zones. With increasing focus on sustainability and environmental regulations targeting the reduction of greenhouse gas emissions from conventional air conditioners, industries and consumers are exploring solid state cooling solutions for residential, automotive, and commercial applications. Ongoing R&D and material advancements improve system performance and scalability, making solid state cooling air conditioning increasingly attractive for next-generation climate control solutions in space-constrained or off-grid environments.
"China is expected to exhibit the highest CAGR in the global solid state cooling market from 2025 to 2030."
China is likely to exhibit the highest CAGR in the global solid state cooling market during the forecast period due to its rapidly expanding electronics manufacturing base, strong push for electric vehicle adoption, and growing demand for energy-efficient thermal solutions across medical, industrial, and consumer sectors. The focus on reducing reliance on conventional refrigerant-based systems, supported by favorable government policies and R&D funding, boosts the adoption of solid state cooling technologies. Additionally, the presence of major component manufacturers, rising domestic consumption, and ongoing advancements in thermoelectric materials position China as a key growth engine in the global market.
Extensive primary interviews were conducted with key industry experts in the solid state cooling market space to determine and verify the market size for various segments and subsegments gathered through secondary research. The breakdown of primary participants for the report is shown below:
The study contains insights from various industry experts, from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
By Company Type: Tier 1 - 10%, Tier 2 - 55%, and Tier 3 - 35%
By Designation: C-level Executives - 45%, Managers - 25%, and Others - 30%
By Region: North America - 15%, Europe - 20%, Asia Pacific - 55%, and RoW - 10%
Ferrotec Holdings Corporation (Japan), Coherent Corp. (US), Delta Electronics, Inc. (Taiwan), Komatsu Ltd. (Japan), and Tark Thermal Solutions (US) are some of the key players in the solid state cooling market.
Research Coverage:
This research report categorizes the solid state cooling market based on product (cooling systems and refrigeration systems), technology (thermoelectric cooling, electrocaloric cooling, magnetocaloric cooling, and other technologies), vertical (automotive, consumer electronics & semiconductors, healthcare, and other verticals), and region (North America, Europe, Asia Pacific, and RoW). The report describes the major drivers, restraints, challenges, and opportunities pertaining to the solid state cooling market and forecasts the same till 2030. Apart from this, the report also consists of leadership mapping and analysis of all the companies included in the solid state cooling ecosystem.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market by providing information on the closest approximations of the revenue numbers for the overall solid state cooling market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
Analysis of key drivers (surging demand for energy-efficient cooling solutions; rising implementation of IoT-enabled smart home devices; growing adoption of electric and hybrid electric vehicles; booming data center industry), restraints (high initial investment and manufacturing costs associated with solid state cooling technology; complexities in integrating solid state cooling solutions into existing systems and infrastructure; regulatory barriers and standards compliance requirements in healthcare and automotive industries), opportunities (emerging applications of solid state cooling technology in aerospace, defense, and consumer sectors; growing industrialization and urbanization), and challenges (complexities in designing and engineering solid state cooling systems for diverse applications and operating conditions; shortage of qualified experts with technical know-how regarding thermoelectric cooling and thermal management) influencing the growth of the solid state cooling market
Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the solid state cooling market
Market Development: Comprehensive information about lucrative markets - the report analyzes the solid state cooling market across varied regions
Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the solid state cooling market
Competitive Assessment: In-depth assessment of market shares, growth strategies, and product offerings of leading players, such as Ferrotec Holdings Corporation (Japan), Coherent Corp. (US), Delta Electronics, Inc. (Taiwan), Komatsu Ltd. (Japan), and Tark Thermal Solutions (US) in the solid state cooling market
TABLE OF CONTENTS
1 INTRODUCTION
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.3 STUDY SCOPE
1.3.1 INCLUSIONS AND EXCLUSIONS
1.3.2 MARKETS COVERED AND REGIONAL SCOPE
1.3.3 YEARS CONSIDERED
1.4 CURRENCY CONSIDERED
1.5 UNIT CONSIDERED
1.6 LIMITATIONS
1.7 STAKEHOLDERS
1.8 SUMMARY OF CHANGES
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
2.1.1 SECONDARY DATA
2.1.1.1 Major secondary sources
2.1.1.2 Key data from secondary sources
2.1.2 PRIMARY DATA
2.1.2.1 List of key participants in primary interviews
2.1.2.2 Key data from primary sources
2.1.2.3 Key industry insights
2.1.2.4 Breakdown of primaries
2.1.3 SECONDARY AND PRIMARY RESEARCH
2.2 MARKET SIZE ESTIMATION
2.2.1 BOTTOM-UP APPROACH
2.2.1.1 Approach to estimate market size using bottom-up analysis (demand side)
2.2.2 TOP-DOWN APPROACH
2.2.2.1 Approach to estimate market size using top-down analysis (supply side)
2.3 DATA TRIANGULATION
2.4 RESEARCH ASSUMPTIONS
2.5 RISK ASSESSMENT
2.6 RESEARCH LIMITATIONS
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN SOLID STATE COOLING MARKET
4.2 SOLID STATE COOLING MARKET, BY PRODUCT
4.3 SOLID STATE COOLING MARKET, BY VERTICAL
4.4 SOLID STATE COOLING MARKET, BY REGION
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
5.2.1 DRIVERS
5.2.1.1 Surging demand for energy-efficient cooling solutions
5.2.1.2 Rising implementation of IoT-enabled smart home devices
5.2.1.3 Growing adoption of electric and hybrid electric vehicles
5.2.1.4 Thriving data center industry
5.2.2 RESTRAINTS
5.2.2.1 High initial investment and manufacturing costs associated with solid state cooling technology
5.2.2.2 Complexities associated with integrating solid state cooling solutions into existing systems and infrastructure
5.2.2.3 Regulatory barriers and standards compliance requirements
5.2.3 OPPORTUNITIES
5.2.3.1 Growing deployment in aerospace, defense, and consumer sectors
5.2.3.2 Expanding industrialization and urbanization
5.2.4 CHALLENGES
5.2.4.1 Complexities associated with designing and engineering solid state cooling systems
5.2.4.2 Shortage of qualified experts with technical knowledge
5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS
5.4 PRICING ANALYSIS
5.4.1 AVERAGE SELLING PRICE OF CHILLERS, BY KEY PLAYER, 2024
5.4.2 AVERAGE SELLING PRICE TREND OF CHILLERS, BY REGION, 2020-2024
5.5 VALUE CHAIN ANALYSIS
5.6 ECOSYSTEM ANALYSIS
5.7 INVESTMENT AND FUNDING SCENARIO
5.8 TECHNOLOGY ANALYSIS
5.8.1 KEY TECHNOLOGIES
5.8.1.1 Thermoelectric cooling
5.8.1.2 Magnetic cooling
5.8.1.3 Electrocaloric cooling
5.8.1.4 Thermoelastic cooling
5.8.2 COMPLEMENTARY TECHNOLOGIES
5.8.2.1 Heat exchangers
5.8.2.2 Thermal interface materials (TIMs)
5.8.2.3 Temperature sensors and control systems
5.8.2.4 Power electronics and drivers
5.8.3 ADJACENT TECHNOLOGIES
5.8.3.1 Thermal management solutions
5.8.3.2 Energy harvesting systems
5.9 PATENT ANALYSIS
5.10 TRADE ANALYSIS
5.10.1 IMPORT DATA
5.10.2 EXPORT DATA
5.11 KEY CONFERENCES AND EVENTS, 2025-2026
5.12 CASE STUDY ANALYSIS
5.12.1 INTEL INTEGRATED PHONONIC'S SOLID STATE COOLING TECHNOLOGY INTO ITS DATA CENTERS TO REDUCE ENERGY CONSUMPTION AND ENVIRONMENTAL IMPACT
5.12.2 THERMO FISHER SCIENTIFIC INCORPORATED TE TECHNOLOGY'S SOLID-STATE COOLING MODULES INTO ITS ULTRA-LOW TEMPERATURE FREEZERS TO ENSURE PRECISE TEMPERATURE CONTROL AND STABILITY
5.12.3 BMW GROUP IMPLEMENTED II-VI MARLOW'S THERMOELECTRIC COOLING MODULES IN ELECTRIC VEHICLES TO ENSURE EFFICIENT OPERATION AND PREVENT OVERHEATING
5.12.4 PHILIPS HEALTHCARE INTEGRATED LAIRD'S SOLID-STATE COOLING MODULES INTO ITS MEDICAL IMAGING EQUIPMENT TO MAINTAIN OPTIMAL OPERATING TEMPERATURE
5.12.5 NASA PARTNERED WITH ATG TO DEVELOP SOLID STATE COOLING SYSTEMS FOR SPACE MISSIONS
5.13 STANDARDS AND REGULATORY LANDSCAPE
5.13.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.13.2 STANDARDS AND REGULATIONS RELATED TO SOLID STATE COOLING MARKET
5.13.2.1 International Electrotechnical Commission (IEC) standards
5.13.2.2 Underwriters Laboratories (UL) Standards
5.13.2.3 ISO standards
5.13.2.4 Energy star certification
5.13.2.5 Safety regulations
5.14 PORTER'S FIVE FORCES ANALYSIS
5.14.1 THREAT OF NEW ENTRANTS
5.14.2 THREAT OF SUBSTITUTES
5.14.3 BARGAINING POWER OF SUPPLIERS
5.14.4 BARGAINING POWER OF BUYERS
5.14.5 INTENSITY OF COMPETITION RIVALRY
5.15 KEY STAKEHOLDERS AND BUYING CRITERIA
5.15.1 KEY STAKEHOLDERS IN BUYING PROCESS
5.15.2 BUYING CRITERIA
5.16 IMPACT OF 2025 US TARIFF ON SOLID STATE COOLING MARKET
5.16.1 INTRODUCTION
5.16.2 KEY TARIFF RATES
5.16.3 PRICE IMPACT ANALYSIS
5.16.4 IMPACT ON COUNTRY/REGION
5.16.4.1 US
5.16.4.2 Europe
5.16.4.3 Asia Pacific
5.16.5 IMPACT ON VERTICALS
6 COMPONENTS OF SOLID STATE COOLING SYSTEMS
6.1 INTRODUCTION
6.2 REFRIGERATION SYSTEM COMPONENTS
6.2.1 TEC MODULES (REFRIGERATION-GRADE)
6.2.2 COMPACT CONTROL UNITS
6.2.3 THERMAL INTERFACE MATERIALS
6.2.4 OTHER COMPONENTS IN REFRIGERATION SYSTEMS
6.3 COOLING SYSTEM COMPONENTS
6.3.1 HIGH-CAPACITY TEC MODULES/CASCADE TECS
6.3.2 SMART CONTROL BOARDS
6.3.3 HEAT SPREADERS & HEAT SINKS
6.3.4 THERMAL INTERFACE MATERIALS
6.3.5 OTHER COMPONENTS IN COOLING SYSTEMS
7 SOLID STATE COOLING MARKET, BY PRODUCT
7.1 INTRODUCTION
7.2 REFRIGERATION SYSTEMS
7.2.1 REFRIGERATORS
7.2.1.1 Advancements in materials science, semiconductor technology, and thermal management to boost segmental growth
7.2.2 FREEZERS
7.2.2.1 Increasing demand for energy-efficient and environmentally friendly cooling solutions to drive market
7.3 COOLING SYSTEMS
7.3.1 AIR CONDITIONERS
7.3.1.1 Growing demand for cooling solutions with precise control and minimal maintenance to boost demand
7.3.2 COOLERS
7.3.2.1 Surging demand for compact and high-power electronics to offer lucrative growth opportunities
7.3.3 CHILLERS
7.3.3.1 Increasing demand for precise temperature control in medical equipment to support market growth
8 SOLID STATE COOLING MARKET, BY TECHNOLOGY
8.1 INTRODUCTION
8.2 THERMOELECTRIC COOLING
8.2.1 GROWING APPLICATIONS IN CONSUMER ELECTRONICS, AUTOMOTIVE, AND MEDICAL DEVICES TO FOSTER MARKET GROWTH
8.2.2 TYPES OF THERMOELECTRIC COOLING
8.2.2.1 Single-stage
8.2.2.2 Multi-stage
8.2.2.3 Thermocycler
8.3 ELECTROCALORIC COOLING
8.3.1 CLIMATE-FRIENDLY COOLING AND RAPID RESPONSE TIME TO DRIVE MARKET
8.4 MAGNETOCALORIC COOLING
8.4.1 LOW ENERGY CONSUMPTION AND REDUCED NOISE LEVELS TO FOSTER MARKET GROWTH
8.5 OTHER TECHNOLOGIES
9 SOLID STATE COOLING MARKET, BY VERTICAL
9.1 INTRODUCTION
9.2 AUTOMOTIVE
9.2.1 ACCELERATED EV ADOPTION TO OFFER LUCRATIVE GROWTH OPPORTUNITIES
9.2.2 CASE STUDY: BMW COLLABORATED WITH GENTHERM TO INTEGRATE SOLID STATE COOLING SYSTEMS IN ITS VEHICLES FOR PERSONALIZED CLIMATE CONTROL
9.2.3 IMPACT ANALYSIS OF SOLID STATE COOLING TECHNOLOGY TYPES ON AUTOMOTIVE VERTICAL
9.3 CONSUMER ELECTRONICS & SEMICONDUCTOR
9.3.1 RISE OF EDGE COMPUTING AND ALWAYS-ON FEATURES IN MOBILE AND IOT DEVICES TO BOOST DEMAND
9.3.2 CASE STUDY: INTEL COLLABORATED WITH TARK THERMAL SOLUTIONS TO INTEGRATE SOLID STATE COOLING TECHNOLOGY INTO CPUS FOR EFFICIENT HEAT DISSIPATION AND THERMAL MANAGEMENT
9.3.3 IMPACT ANALYSIS OF SOLID STATE COOLING TECHNOLOGY TYPES ON CONSUMER ELECTRONICS & SEMICONDUCTOR VERTICAL
9.4 HEALTHCARE
9.4.1 EMPHASIS ON ADDRESSING TEMPERATURE MANAGEMENT CHALLENGES AND IMPROVING PATIENT CARE TO FUEL MARKET GROWTH
9.4.2 CASE STUDY: PFIZER COLLABORATED WITH PHONONIC TO DEPLOY SOLID STATE COOLING TECHNOLOGY IN VACCINE STORAGE UNITS TO ENSURE PRECISE TEMPERATURE CONTROL
9.4.3 IMPACT ANALYSIS OF SOLID STATE COOLING TECHNOLOGY TYPES ON HEALTHCARE VERTICAL
9.5 OTHER VERTICALS
9.5.1 CASE STUDY: BOEING COLLABORATED WITH LAIRD THERMAL SYSTEMS TO IMPLEMENT SOLID STATE COOLING TECHNOLOGY IN AIRCRAFT AVIONICS SYSTEMS TO ENHANCE COMPONENT RELIABILITY AND LONGEVITY
9.5.2 IMPACT ANALYSIS OF SOLID STATE COOLING TECHNOLOGY TYPES ON OTHER VERTICALS
10 SOLID STATE COOLING MARKET, BY REGION
10.1 INTRODUCTION
10.2 NORTH AMERICA
10.2.1 NORTH AMERICA: MACROECONOMIC OUTLOOK
10.2.2 US
10.2.2.1 Increasing number of construction projects to boost demand
10.2.3 CANADA
10.2.3.1 Growing investment in data centers to fuel market growth
10.2.4 MEXICO
10.2.4.1 Rapid urbanization and infrastructure development to boost demand
10.3 EUROPE
10.3.1 EUROPE: MACROECONOMIC OUTLOOK
10.3.2 UK
10.3.2.1 Emphasis on developing electric vehicle infrastructure to accelerate market growth
10.3.3 GERMANY
10.3.3.1 Adoption of Industry 4.0 and smart manufacturing techniques to foster market growth
10.3.4 FRANCE
10.3.4.1 Rising focus on reducing greenhouse gases to support market growth
10.3.5 ITALY
10.3.5.1 Rising focus on developing energy-efficient buildings to offer lucrative growth opportunities
10.3.6 REST OF EUROPE
10.4 ASIA PACIFIC
10.4.1 ASIA PACIFIC: MACROECONOMIC OUTLOOK
10.4.2 CHINA
10.4.2.1 Emphasis on energy conservation and carbon emissions reduction to fuel market growth
10.4.3 JAPAN
10.4.3.1 Increasing need for advanced cooling solutions in healthcare sector to drive market
10.4.4 SOUTH KOREA
10.4.4.1 Thriving electronics & semiconductor industries to fuel market growth
10.4.5 REST OF ASIA PACIFIC
10.5 ROW
10.5.1 ROW: MACROECONOMIC OUTLOOK
10.5.2 MIDDLE EAST
10.5.2.1 Rapid economic development and infrastructure expansion to foster market growth
10.5.3 SOUTH AMERICA
10.5.3.1 Rising investment in green technologies to drive market
10.5.4 AFRICA
10.5.4.1 Increasing awareness of environmental impact of traditional cooling methods to boost demand
11 COMPETITIVE LANDSCAPE
11.1 INTRODUCTION
11.2 KEY PLAYER STRATEGIES/RIGHT TO WIN, JANUARY 2020-APRIL 2025
11.3 REVENUE ANALYSIS, 2020-2024
11.4 MARKET SHARE ANALYSIS, 2024
11.4.1 KEY PLAYERS IN SOLID STATE COOLING MARKET, 2024
11.5 COMPANY VALUATION AND FINANCIAL METRICS
11.6 BRAND/PRODUCT COMPARISON
11.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024
11.7.1 STARS
11.7.2 EMERGING LEADERS
11.7.3 PERVASIVE PLAYERS
11.7.4 PARTICIPANTS
11.7.5 COMPANY FOOTPRINT: KEY PLAYERS
11.7.5.1 Company footprint
11.7.5.2 Product footprint
11.7.5.3 Technology footprint
11.7.5.4 Vertical footprint
11.7.5.5 Region footprint
11.8 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2024