Solid State Cooling Industry worth $1.93 billion by 2030
The report "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 will grow to USD 1.93 billion by 2030 from USD 0.97 billion in 2025, at a CAGR of 14.8% from 2025 to 2030. The solid state cooling market is driven by the growing demand for compact, silent, and energy-efficient thermal solutions in medical and diagnostic equipment, along with the rising use of such technologies in electric vehicles for managing battery and cabin temperatures. Additionally, the need for highly precise temperature control in semiconductor testing and high-performance electronics fuels adoption. Stricter environmental regulations aimed at reducing the use of refrigerants also encourage a shift toward eco-friendly alternatives. Advancements in thermoelectric materials further enhance system efficiency and scalability, while industries increasingly favor maintenance-free, vibration-free cooling technologies for both industrial and consumer applications.
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Consumer electronics & semiconductors segment is projected to capture the market share in 2030
The consumer electronics & semiconductors segment is projected to dominate the solid state cooling market during the forecast period due to its broad and mature application base, spanning smartphones, cameras, sensors, laptops, and semiconductor testing equipment. These devices often operate in compact form factors where traditional cooling methods are impractical, making solid-state solutions ideal for providing silent, vibration-free, and precise thermal management. In the semiconductors industry, solid state cooling is critical for maintaining temperature stability during chip fabrication, packaging, and testing processes to ensure performance and reliability. Additionally, the rapid growth of consumer electronics production, particularly in Asia Pacific, and the continuous demand for thermal solutions in high-density, miniaturized electronics contribute to the sustained dominance of the segment in the solid state cooling market.
Refrigeration systems segment is expected to record the highest CAGR between 2025 and 2030
Refrigeration systems are expected to register the fastest CAGR in the solid state cooling market due to the growing demand for compact, eco-friendly, and maintenance-free alternatives to conventional compressor-based systems. Solid state refrigeration offers key advantages, such as silent operation, precise temperature control, and the elimination of harmful refrigerants, making it increasingly attractive for medical storage units, portable vaccine carriers, personal cooling boxes, and premium home appliances. The technology’s ability to deliver localized and highly efficient cooling in space-constrained environments is particularly appealing in healthcare, cold chain logistics, and consumer applications. Additionally, ongoing R&D efforts to enhance thermoelectric performance and reduce system cost accelerate the commercial viability and adoption of solid-state refrigeration systems across emerging and developed markets.
North America is likely to hold the second-largest share of the solid-state cooling market in 2030
North America is expected to account for the second-largest share of the solid state cooling market in 2030, driven by strong demand across high-value industries, such as medical diagnostics, aerospace & defense, automotive, and semiconductor manufacturing. The region benefits from early adoption of advanced thermal management technologies, supported by a robust ecosystem of R&D institutions, government-funded innovation programs, and a focus on eco-friendly alternatives to traditional cooling systems. Additionally, the presence of leading players and system integrators, particularly in the US, further strengthens the regional market. High-performance applications requiring precision, reliability, and silent operation, especially in healthcare and defense, continue reinforcing the region’s position as a major contributor to global solid state cooling demand.
Key Players
Key companies operating in the solid state cooling market include Ferrotec Holdings Corporation (Japan), Coherent Corp. (US), Delta Electronics, Inc. (Taiwan), Solid State Cooling Systems (US), Komatsu Ltd. (Japan), Same Sky (US), and Tark Thermal Solutions (US), among others.
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