Solid State Cooling Market Size to Reach USD 1759.10 Million by 2032, Driven by Demand for Compact and Energy-efficient Thermal Management Solutions | SNS Insider

Solid State Cooling Market growth is driven by rising demand for energyefficient, compact thermal solutions in electronics, EVs, datacenters, and green tech.

Austin, June 10, 2025 (GLOBE NEWSWIRE) — Solid State Cooling Market Size & Growth Insights:

According to the SNS Insider Report, “The Solid State Cooling Market size was valued at USD 819.65 million in 2024 and is expected to reach USD 1759.10 million by 2032, growing at a CAGR of 10.05% over the forecast period of 2025-2032.”

Next-Gen Thermal Revolution: Growth and Innovation in the Solid State Cooling Market

The Solid State Cooling Market is witnessing high growth on account of an increase in demand for compact, energy-efficient, and rapid cooling devices in healthcare, consumer electronics and electric vehicles. These systems enable tight temperature control, require less maintenance, and operate quietly without the need for non-environmental refrigerants, aligning with sustainability objectives. Advancements in thermoelectric, electrocaloric, and magnetocaloric are also accelerating market uptake, with one notable example being a kilowatt-scale elastocaloric device developed at Hong Kong University. In the U.S., the market will reach a market size of USD 455.39 million by 2032, at a 9.31% CAGR owing to a combination of environmental regulations and the countries defense and medical applications. The introduction of Laird Thermal Systems’ OptoTEC MSX Series is another example of continued advancements in this area.

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Which Region is Showing the Most Growth in the Solid State Cooling Market?

In 2024, North America dominated the solid state cooling market with a 34.7% share, driven by advanced industries like healthcare, aerospace, and consumer electronics, supported by strong R&D and early green technology adoption, especially in the U.S. over 2025-2032.

Asia Pacific is expected to grow fastest, driven by China, Japan, South Korea and India, on account of rapid industrialization, increasing electronics manufacturing, and electric vehicles, alongside investments in healthcare infrastructure.

Europe focuses on sustainability and innovation, with Germany leading due to its automotive and electronics sectors.

Emerging markets including Latin America and the Middle East & Africa are gradually adopting solid-state cooling, a technologically static infrastructure and lack of awareness are hampering the market in both these regions and are the key challenges to overcome if the technology should succeed in these regions in future.

Solid State Cooling Market Report Scope:

Report Attributes	Details
Market Size in 2023	USD 819.65 Million
Market Size by 2032	USD 1759.10 Million
CAGR	CAGR of 10.05% From 2024 to 2032
Report Scope & Coverage	Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments	• By Product (Refrigeration Systems and Cooling Systems) • By Type (Single Stage, Multi-Stage, and Thermocycler) • By Technology (Electrocaloric Cooling, Magnetocaloric Cooling, and Thermoelectric Cooling) • By End Use (Consumer Electronics, Healthcare, Automotive, and Others)

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What is the Most Used Solid State Cooling System in the Market?

By Product Type

In 2024, cooling systems held a dominant 63.6% share of the solid state cooling market, as product demand in consumer electronics, high-performance computing, and automotive has increased. Thermoelectric coolers, which are small, quiet, and have no moving parts, are especially preferred.

Over 2025-2032, refrigeration systems are expected to register the highest CAGR, due to rising demand for nature-friendly and energy-efficient solutions in the healthcare, food processing, and industrial applications. Solid state cooling is becoming more common as a supplement to conventional methods, and fits in with worldwide sustainability targets.

By Type

In 2024, single-stage systems accounted for 47.1% of the solid state cooling market due to their cost-effectiveness, with the simple design, high performance and low cost across consumer electronics and small scale refrigeration markets. They are particularly well suited for use in applications where absolute accuracy is not required.

The multi-stage systems are expected to record the highest CAGR over 2025-2032, due to the demand for more effective cooling solutions that can manage larger heat loads and provide more accurate temperatures, logistics are particularly suitable for being utilized by industries, such as automotive, industrial, and high-performance

Which Technology is Largely used in Solid State Cooling Systems?

By Technology: In 2024, thermoelectric cooling held the largest share of the solid state cooling market at 70.4%, owing to its use of the Peltier effect in heat transfer in consumer electronic devices, automotive refrigeration systems and portable coolers. This popularity is due to its compact size, reliability, low maintenance, and because the system does not use environmentally harmful chlorofluorocarbons, making it environmentally-friendly and space efficient.

The electrocaloric cooling is expected to see the highest CAGR during 2025-2032, driven by advancements in electrocaloric materials and their potential for energy-efficient, precise thermal control in demanding applications like large-scale refrigeration and high-performance electronics.

By End-Use

In 2024, healthcare accounted for 47.3% of the solid state cooling market, due to significant temperature control taking place in applications, such as for vaccine storage, portable refrigeration and diagnostic equipment. Compact, environmentally friendly, energy-efficient solid-state based technologies, such as thermoelectric coolers are suitable for use in sensitive medical setups.

During 2025-2032, consumer electronics are expected to witness the highest CAGR as due to the miniaturization and potency of devices. Solid-state cooling fulfills this demand with quieter, smaller and more efficient systems, helping to solve the increasing challenges in thermal management of miniaturized devices.

Leading Market Players with their Product Listed in this Report are:

• Thermoelectric Cooling America
• Cooler Master
• II-VI Incorporated
• Alphabet Energy
• RTP Company
• Laird Thermal Systems
• Kryotherm
• MicroCool
• Calyos
• Ouroboros Technologies

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Recent News:

• In May 2025, Samsung and Johns Hopkins APL announced a high-performance, thin-film Peltier refrigerator that delivers cooling that is well-suited for refrigerant-free cooling. This development allows for accurate thermal regulation for use in gadgets, medical equipment and appliances.
• In DEC 2024, Frore Systems demonstrated its MEMS-based solid state cooling in the super-slim low power Samsung Galaxy Book4 Edge, which increased the ARM CPU performance by 50%, and saved battery life by 16%. This dustproof, fanless design improves AI laptop performance without affecting its slim and quiet profile.

Table of Contents – Major Key Points

1. Introduction

2. Executive Summary

3. Research Methodology

4. Market Dynamics Impact Analysis

5. Statistical Insights and Trends Reporting

6.  Competitive Landscape

7. Solid State Cooling Market, by Product

8. Solid State Cooling Market, by Type

9. Solid State Cooling Market, by Technology

10. Solid State Cooling Market, by End Use

11. Regional Analysis

12. Company Profiles

13. Use Cases and Best Practices

14. Conclusion

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