Solid-state Cooling Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028
Solid-state Cooling Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028
Report Digest
Global Solid-state Cooling Market: Overview
The solid-state cooling technology has grown at a slow but a steady pace. This progression in the technology stems from the development of new semiconductor materials and the research that explores the potential thermoelectric cooling. The rising environmental concerns have not only increased the demand for solid-state cooling systems but necessitated its use. Manufacturers are keen on investing in the global solid-state cooling market looking at its growing demand in scientific applications and medical sector.
Earlier, thermoelectrics was used in small systems but now they are being big systems for deep freezing up to 70° C. As new thermoelectric technologies come into picture the solid-state cooling market attracts numerous enterprises and researchers. The introduction of new solid-state cooling technologies and rising awareness regarding green energy has encouraged the TMR analysts to conduct thorough research on the global solid-state cooling market.
In its latest offering, TMR highlights the drivers, growth opportunities, restraints, and risks in the solid-state cooling market. It also talks about the current trends in the global solid-state cooling market and their impact on the business related decisions taken by the stakeholders.
Global Solid-state Cooling Market: Notable Developments and Competitive Analysis
In the last couple of years, there have considerable changes in the solid-state cooling market aimed at the development of cheaper materials and recycling energy. Some of the recent developments in the global solid-state cooling market are mentioned below:
- Phononic, a U.S. based company has developed solid-state cooling technology that can be used on drones for transporting payload such as human organs in a medical emergency. Apart from the healthcare industry, this cold-chain transport solution also finds applications in food retail and optoelectronics industry.
- In February 2018, Crystal Ltd. launched new thermoelectric recirculation chiller CFC-250-TE-AIC which records the light changes in the light waves. It is widely used in modern biological and medical laboratories due to its analytical properties.
- Laird Thermal Systems has expanded its product offering for SuperCool Series by developing three compact Peltier Cooler assemblies. They are an environmentally-friendly alternative to compressor-based systems used for temperature control.
Other leading enterprises in the solid-state cooling market include:
- Ferrotec
- TE Technology
- TEC Microsystems
- Thermion Company
- O-Flexx Technologies
Global Solid-state Cooling Market: Key Drivers
Soaring Demand for Precise Temperature Control to Spur Growth
Industries such as automotive, healthcare, and electronics demand precise temperature control which can only be achieved through solid-state cooling systems. The consumer electronics segment in specific is the highest contributor to the solid-state cooling systems industry as the newly developed compact devices require enhanced thermal management.
Thermocyclers to Steer the Market’s Expansion
Thermocyclers can survive continuous cycles across a broad temperature range. They are extensively used in the life-sciences industry for generation of probes, DNA sequencing, quantification of DNA, and other applications. This growing demand for thermocyclers from the life sciences industry has highly contributed to the solid-state cooling market’s growth.
Apart from these drivers, high preference of solid-state freezers over traditional freezers has also driven the industry’s growth.
Global Solid-state Cooling Market: Regional Analysis
Asia Pacific is expected to dominate the solid-state cooling market due to rising demand for industrial automation and consumer goods. The food and beverages industry is also a major contributor to the market’s growth in this region owing to a huge demand for wine cabinets and chillers. China is one of the most lucrative regions for the market as it offers solid-state cooling products at a lower rate than its competitors. The market in North America is also expected to grow at a promising pace due to rising applications in medical refrigeration and laboratories.
The solid-state cooling market is segmented based on:
Type:
- Single Stage
- Multi Stage
- Thermocycler
Product:
- Refrigeration System
- Refrigerators
- Freezers
- Cooling System
- Air Conditioners
- Chillers
End-user Industry:
- Medical
- Automotive
- Consumer
- Semiconductor & Electronics
- Others (Research, Industrial, and Aerospace)
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TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.
5-Point Growth Formula
The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.
The 5-point growth formula includes the following points:
- Current and Future Threats
- Accurate Trend Analysis
- Regional Assessment
- Industrial Analogy
- COVID-19 Impact
Current and Future Threats
Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.
Accurate Trend Analysis
Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.
Regional Assessment
Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.
Industrial Analogy
The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.
COVID-19 Impact
The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.
The reports offer answers to the top 7 questions that revolve around the growth of the market
- What are the diverse growth parameters influencing the market?
- Which regions will contribute largely to the growth of the market
- What are the recent innovations and technological advancements in the market?
- What are the emerging trends across the market?
- How has COVID-19 affected the market?
- What will be the post-pandemic scenario of the market?
- What are the major threats that will dent the growth prospects of the market?
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