Revenue Analysis of the Solid State Cooling Market: Market Size, Share, and Forecast

Posted June 26, 2023 by ctom7000

Market Revenue Analysis: Understanding the Growth Potential of the Solid State Cooling Industry
The global solid-state cooling market is estimated to grow from USD 395 million in 2019 to USD 641 million by 2024, at a CAGR of 10.2%.

The solid-state cooling market is experiencing substantial growth driven by several key factors. These include the rising global awareness of green energy and the urgent need to reduce greenhouse gas emissions. Additionally, the unique ability of solid-state cooling systems to provide both heating and cooling functionalities has contributed to their increasing popularity. The growing demand for precise temperature control and below ambient cooling, along with the expanding applications of solid-state cooling in sectors such as healthcare, automotive, and semiconductor and electronics, further fuel the market's growth. However, it is important to note that higher costs compared to conventional cooling and refrigeration systems remain a challenge that restrains the market's full potential.

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The solid-state cooling market in APAC comprises China, Japan, South Korea, and the Rest of Asia Pacific, which includes Australia, India, New Zealand, Singapore, Thailand, Malaysia, Indonesia, the Philippines, and Taiwan. This region is estimated to account for the largest share in the global solid-state cooling market in 2019. Increased demand for consumer goods, industrial automation, and healthcare monitoring devices is expected to drive this market. With the use of solid-state cooling systems, higher efficiency levels, and energy harvesting can be achieved in this region.

A multi-stage module can be viewed as 2 or more single stages stacked on top of each other. These modules are also known as cascade modules. The multi stage thermoelectric modules should be used only when a single stage thermoelectric module does not fulfill the requirements of high-temperature differentials. The construction of a multi-stage module is usually of a pyramidal type—each lower stage is bigger than the upper stage.

Solid-state thermoelectric air-conditioners are compact, lightweight units used for cooling electronic cabinets, computer enclosures, electrical enclosures, instruments, telecommunication equipment, and many other industrial applications in a variety of environments. These air conditioners have a simple and efficient solid-state design that uses the Peltier effect to provide reliable performance without the use of harmful chlorofluorocarbons (CFCs). In the Peltier effect, a temperature difference is created by transferring heat between 2 electrical junctions. The temperature difference is created by the thermoelectric elements between the internal and external ambient heat sinks making internal air cooler while dissipating heat into the external environment.
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Last Updated June 26, 2023