Solid state cooling technologies are gaining traction due to their low maintenance, silent operation, and absence of environmentally harmful refrigerants. Key advancements include thermoelectric, electrocaloric, and magnetocaloric systems. The report highlights a kilowatt-scale elastocaloric system developed at Hong Kong University and the launch of Laird Thermal Systems’ OptoTEC MSX Series as examples of recent innovation. In the U.S., the market is expected to reach USD 455.39 million by 2032, growing at a 9.31% CAGR, driven by environmental regulations and applications in defense and medical sectors.
In 2024, North America led the market with a 34.7% share, supported by healthcare, aerospace, and consumer electronics industries. Asia Pacific is forecasted to register the highest growth, particularly in China, Japan, South Korea, and India, due to industrial expansion and increased electronics and EV production. Europe is focused on sustainable technologies, with Germany leading due to its strong automotive and electronics sectors. Adoption in Latin America and the Middle East & Africa remains limited, hindered by infrastructure and awareness challenges.
Cooling systems dominated the product segment in 2024, accounting for 63.6% of market share, mainly driven by demand in consumer electronics and automotive. Thermoelectric coolers are preferred for their quiet, compact design and lack of moving parts. Refrigeration systems are projected to see the highest growth rate through 2032 due to demand in healthcare and food processing.
By system type, single-stage solutions held 47.1% market share in 2024, valued for their cost-effectiveness in consumer electronics. Multi-stage systems are expected to grow faster due to their suitability for larger heat loads and precision cooling.
Thermoelectric technology led in 2024 with a 70.4% share, used widely in automotive, portable coolers, and consumer devices. Electrocaloric technology is expected to see the highest growth due to its potential for energy-efficient large-scale refrigeration and high-performance electronics.
Healthcare represented the largest end-use segment in 2024 at 47.3%, with applications in vaccine storage and diagnostic equipment. Consumer electronics is forecasted to experience the fastest growth, driven by increasing device miniaturization and need for efficient thermal solutions.
The report lists key market players including Thermoelectric Cooling America, Cooler Master, II-VI Incorporated, Alphabet Energy, RTP Company, Laird Thermal Systems, Kryotherm, MicroCool, Calyos, and Ouroboros Technologies.
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Related tags: refrigeration