Top 5 Solid State Cooling Companies

The global solid state cooling market is expected to grow from USD 0.97 billion in 2025 to USD 1.93 billion by 2030 at a CAGR of 14.8% from 2025 to 2030. Key drivers of the solid state cooling market include the rising demand for compact, silent, and energy-efficient cooling solutions in medical and diagnostic devices and the increasing adoption in electric vehicles for battery and cabin thermal management. There has been a growing need for precise temperature control in high-performance electronics and semiconductor testing. This factor, along with stricter environmental regulations promoting the phase-out of refrigerants and ongoing advancements in thermoelectric materials improving efficiency and scalability, further drive the market.

Some prominent players in the solid state cooling market are Ferrotec Holdings Corporation (Japan), Coherent Corp. (US), Delta Electronics, Inc. (Taiwan), Komatsu Ltd. (Japan), and Tark Thermal Solutions (US). To enhance their market share and broaden their presence, these companies employ key strategies, such as product launches, technological advancements, partnerships, acquisitions, expansions, and collaborations.

For instance, in January 2025, Coherent Corp. released its CT-Series thermoelectric coolers, a new product line designed to offer outstanding thermal performance, reliability, and cost-efficiency. These coolers are ideal for challenging uses in the life sciences, medical, and industrial sectors.

To know about the assumptions considered for the study download the pdf brochure

Major Solid State Cooling Companies Include:

• Ferrotec Holdings Corporation (Japan)
• Coherent Corp. (US)
• Delta Electronics, Inc. (Taiwan)
• Solid State Cooling Systems (US)
• Komatsu Ltd. (Japan)
• Same Sky (US)
• Tark Thermal Solutions (US)

Coherent Corp.:

Coherent Corp. is a globally recognized leader in the solid state cooling market, catering to various verticals, including automotive, semiconductor & electronics, healthcare, aerospace & defense, and industrial. With a strong emphasis on research and development (R&D), the company continuously invests in exploring new technologies and improving existing ones. In FY 2024, it invested 10.2% of its revenue in R&D. Additionally, its global presence and distribution network facilitate market reach and accessibility. This enables it to serve customers in diverse regions and industries effectively. In the competitive solid state cooling market, differentiation is crucial. The company emphasizes the performance advantages of its cooling solutions, such as faster cooling rates, higher energy efficiency, and greater reliability compared with traditional methods. By highlighting these benefits, it can position itself as a preferred choice for customers seeking superior cooling performance. By collaborating closely with customers to understand their specific requirements, it also develops tailored solutions that address unique challenges and deliver optimal cooling performance in various applications.

Ferrotec Holdings Corporation:

Ferrotec Holdings Corporation is a prominent player in the solid state cooling market, known for its innovative solutions and industry expertise. The company has extensive knowledge in advanced materials science, particularly thermoelectric materials and device design. Its technological leadership allows it to develop cutting-edge solid state cooling solutions with superior performance, efficiency, and reliability compared with traditional methods. It offers a comprehensive range of solid state cooling products, including thermoelectric modules, thermoelectric coolers, thermal management systems, and related accessories. This diverse portfolio enables it to address various cooling requirements across industries and applications, catering to different customer needs. It develops unique and innovative solid state cooling solutions using advanced materials science research, novel device designs, and innovative architectures. These technologies are designed to offer superior performance, efficiency, and reliability, setting them apart from their competitors. It pursues global expansion and market penetration strategies to capitalize on opportunities in diverse geographic regions. For instance, in April 2025, the company expanded its manufacturing capabilities by developing a second high-tech facility in Kulim, Kedah, supported by an investment of USD 226 million (RM1 billion). This strategic move reflects its sustained commitment to Malaysia and its expanding role in the global semiconductor industry. This may involve establishing regional offices, expanding distribution channels, and adapting products to meet the specific needs of customers in different markets.

Company Ranking

The solid state cooling market is dominated by major players, including Ferrotec Holdings Corporation (Japan), Coherent Corp. (US), Delta Electronics, Inc. (Taiwan), Komatsu Ltd. (Japan), and Tark Thermal Solutions (US), which together hold around 48.5–58.5% of the market share. These companies lead through sustained innovation, vertically integrated manufacturing, and diverse product offerings tailored to precise thermal control in automotive, medical, semiconductor, and industrial applications. Their global reach and robust R&D investments and partnerships continue to strengthen their competitive positioning. These leaders remain at the forefront of developing efficient, compact, eco-friendly solid-state cooling solutions, driving market expansion as demand intensifies across emerging and high-performance use cases worldwide.

Related Reports:

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

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com