Solid State Cooling Market 2030: Bridging Healthcare and Technology

The global solid state cooling market was valued at USD 788.0 million in 2023 and is expected to grow to USD 1.20 billion by 2030, registering a CAGR of 6.2% from 2024 to 2030. This growth is primarily driven by the rising demand for energy-efficient cooling solutions and the increasing adoption of advanced cooling technologies across multiple industries.

Solid state cooling systems, including thermoelectric and magnetic refrigeration technologies, provide several advantages over conventional cooling methods. These benefits include higher energy efficiency, lower maintenance requirements, and environmentally friendly operation due to the absence of moving parts and harmful refrigerants. Demand for these systems is further supported by the growing need for compact and portable cooling solutions, particularly in consumer electronics, healthcare, and automotive applications. In addition, continuous advancements in thermoelectric materials and the development of innovative cooling technologies are expected to further stimulate market expansion.

Solid state cooling systems play a critical role across a wide range of industries by delivering precise and reliable temperature control. Their solid-state design allows for efficient cooling without mechanical components, making them suitable for applications in consumer electronics, healthcare devices, automotive systems, and other sectors that require consistent thermal management.

The market for solid state cooling systems is expected to expand steadily as progress in materials science and thermoelectric technologies continues. Ongoing innovations aimed at improving efficiency and reducing system costs are likely to overcome existing limitations and unlock new use cases. Moreover, the integration of IoT and smart technologies for real-time performance monitoring and enhanced control is anticipated to shape the future development of the market.

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Key Market Trends & Insights

• Asia Pacific is witnessing strong market growth due to rapid industrialization, population growth, and increasing demand for consumer electronics and healthcare services. Expanding electronics and healthcare sectors in countries such as China, India, and Japan are key contributors to market growth. Supportive government policies promoting energy efficiency and environmental sustainability are also accelerating the adoption of solid state cooling systems in the region.
• By product, the cooling systems segment dominated the market, accounting for 64.2% of global revenue in 2023. Solid-state cooling systems offer enhanced reliability, long operational life, and environmental advantages compared to traditional gas- and compressor-based cooling solutions. These systems operate on the Peltier effect, where electric current flow between different materials enables heat absorption or release.
• Based on type, the single-stage solid state cooling system segment held 49.3% of global market revenue in 2023. This segment is well suited for energy-efficient and environmentally friendly cooling applications where compact size, low noise, and high reliability are essential. Its scalability and small form factor also make it attractive for integration into wearable devices, providing personal cooling in high-temperature environments.
• By end use, the healthcare segment accounted for 49.7% of global market revenue in 2023. The healthcare industry relies heavily on solid state cooling systems for patient monitoring equipment, laboratory instruments, and medical refrigeration. Strict regulatory requirements and the need for precise temperature control are key factors driving demand in this segment.
• In terms of technology, the thermoelectric cooling segment represented 50.1% of global market revenue in 2023. This technology is increasingly adopted due to its compact design, reliability, and environmentally friendly performance. Thermoelectric cooling aligns with global sustainability initiatives and provides precise temperature control, making it ideal for applications such as medical devices, laboratory equipment, and sensitive electronic components.

Market Size & Forecast

• 2023 Market Size: USD 788.0 Million
• 2030 Projected Market Size: USD 1.20 Billion
• CAGR (2024-2030): 6.2%
• Asia Pacific: Largest market in 2023

Key Companies & Market Share Insights

Key companies operating in the solid state cooling market include Phononic, Inc., Laird Thermal Systems, Inc., and II-VI Incorporated, along with several emerging participants.

• Phononic, Inc. is a leading provider of solid state cooling solutions, offering a broad portfolio of thermoelectric systems for diverse applications. The company’s emphasis on innovation and advanced technologies has established its reputation for high-performance, reliable, and energy-efficient cooling solutions.
• Laird Thermal Systems, Inc. is recognized for its high-quality thermoelectric cooling products and extensive industry expertise. Its solutions are widely used in consumer electronics, healthcare, and automotive applications that require efficient and dependable thermal management.

Emerging players such as Ferrotec Holdings Corporation and Kryotherm are also strengthening their presence in the market.

• Ferrotec Holdings Corporation focuses on high-performance thermoelectric modules and cooling systems for industrial applications, leveraging advanced technology and quality-driven manufacturing.
• Kryotherm offers a wide range of thermoelectric cooling solutions, with a strong emphasis on innovation and customer-focused product development, enhancing its competitive position in the market.

Key Players

• Phononic, Inc.
• Laird Thermal Systems, Inc.
• II-VI Incorporated
• Ferrotec Holdings Corporation
• Kryotherm
• Delta Eletronics, Inc.
• Coheretn Corp.
• CUI Devices
• Micropelt GmbH
• Thermion Company
• RMT Ltd.
• Mercury Systems, Inc.
• Crystal Ltd.Achilli S.r.l

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Conclusion

The solid state cooling market is positioned for steady growth, supported by increasing demand for energy-efficient, compact, and environmentally friendly cooling solutions across industries. Advancements in thermoelectric materials, expanding adoption in healthcare and consumer electronics, and strong growth in the Asia Pacific region are key factors shaping the market. As innovations continue to improve efficiency, reduce costs, and integrate smart technologies, solid state cooling systems are expected to play an increasingly important role in next-generation thermal management solutions through 2030.