$641 Mn Solid-State Cooling Market - Global Forecast to 2024 - ResearchAndMarkets.com

DUBLIN--()--The "Solid-State Cooling Market by Product (Refrigeration System and Cooling System), Type (Single Stage, Multi Stage, and Thermocycler), End-User Industry, Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

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%

Major factors driving the solid-state cooling market growth include 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 and expanding solid-state cooling applications in industries such as healthcare, automotive, semiconductor and electronics. However, higher costing than conventional cooling and refrigeration systems is one of the key factors restraining the growth of the market.

APAC is expected to continue to lead the solid-state cooling market and is also likely to be the fastest-growing region. Increased demand for consumer goods, industrial automation, and healthcare monitoring devices are 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.

Growing industrialization and infrastructural developments, and stringent government regulations pertaining to energy sustainability are among the major drivers of this market. Therefore, the solid-state cooling market in APAC is likely to grow at the highest CAGR during the forecast period.

Market Dynamics

Drivers

  • Growing Awareness of Green Energy and Increasing Focus on Curbing Greenhouse Gas Emissions
  • Simultaneous Heating and Cooling Properties of Solid-State Cooling Systems
  • Rising Demand for Precise Temperature Control and Below Ambient Cooling

Restraints

  • Solid-State Cooling Systems Costs Higher Than Conventional Cooling and Refrigeration Systems
  • Low Energy Conversion Efficiency Rate of Single-Stage Solid-State Cooling Modules

Opportunities

  • Increasing Use of Solid-State Cooling Systems in Various Applications
  • Rising Awareness By Various Governments
  • Growing Internet of Things Consequently Increases Demand for More Data Storage, Resulting in More Cooling Needs

Challenges

  • Standard Solution Would Not Always Meet Customers' Needs

Companies Mentioned

  • Advanced Thermoelectric
  • Align Sourcing
  • Alphabet Energy
  • AMS Technologies
  • Crystal Ltd.
  • CUI Inc.
  • Everredtronics
  • Ferrotec
  • HI-Z Technology
  • Hicooltec Electronic
  • HUI Mao
  • II-VI Marlow
  • Inheco Industrial Heating & Cooling
  • Kelk Ltd.
  • Kryotherm
  • Laird Thermal Systems
  • LG Innotek
  • Merit Technology Group
  • Micropelt
  • O-Flexx Technologies
  • P&N Technology
  • Phononic
  • RMT Ltd
  • Sheetak
  • Start-Up Ecosystem
  • TE Technology
  • TEC Microsystems
  • Thermion Company
  • Thermonamic Electronics
  • Wellen Technology
  • Z-Max

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Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900