Solid-State Cooling Market is Expected to Grow at Highest CAGR between 2019-2024

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Solid-state cooling systems use a thermoelectric module, which is a semiconductor-based component, soldered between 2 ceramic plates, with a sandwich-type structure filled with bismuth telluride particles and doped to obtain N-P junctions. When DC power is applied to a thermoelectric module, heat transfer is initiated from one side of the module to another. Thus, one of the module faces is cooled while the opposite face is simultaneously heated. This phenomenon can be reversed by changing the polarity (plus and minus) of the applied voltage. Consequently, thermoelectric modules are used for both heating and cooling, thereby making them highly suitable for precise temperature control applications.

The global solid-state cooling market is estimated to be valued at USD 395 million in 2019 and is projected to reach USD 641 million by 2024, at a CAGR of 10.2%. Growing awareness of green energy and increasing focus on curbing greenhouse gas emissions, simultaneous heating and cooling properties of solid-state cooling systems and rising demand for precise temperature control and below ambient cooling are the major drivers for the solid-state cooling market.

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The solid-state cooling market for thermocyclers is expected to grow to grow at the highest CAGR during the forecast period. Thermocyclers use a unique construction that permits them to survive a high number of continuous cycles over a broad temperature range. Thermocyclers are used in life science research. In molecular biology, these are used for DNA sequencing, cloning, generation of probes, quantification of DNA and RNA, studying patterns of gene expression, detection of sequence-tagged sites, and many more techniques. Energy efficiency is a major factor driving solid-state cooling market for refrigerators. Solid-state freezers are compact, quiet, and more efficient solution traditional freezers.

The solid-state cooling market for the medical end-use industry is expected to hold the largest share of the solid-state cooling market by 2024. Accuracy in temperature control and high operating efficiency are needed for medical applications to prevent spoilage of vaccines and medicines. Thermoelectric coolers or modules are the best suited equipment for such applications.

Among all regions, the market in APAC is expected to witness the highest CAGR during the forecast period. The market in APAC mainly constitutes major economies such as, South Korea, Japan, China, Singapore, India, and Australia, which are expected to register high growth in the solid-state cooling market. APAC is the host to a few of the fastest-growing and leading industrialized economies such as China, Japan, and South Korea in the world. It is witnessing dynamic changes in the adoption of new technologies and advancements in organizations across industries. Increased demand for consumer goods, industrial automation, and healthcare monitoring devices is expected to drive this market.