Solid State Cooling Market to be Worth $1.5 Billion by 2031

Solid State Cooling Market Size, Share, Forecast, & Trends Analysis by Type (Single, Multi, Thermocycler), Product (Refrigeration, Cooling), Technology (Thermoelectric, Electrocaloric), Application, and End-use Industry – Global Forecast to 2031

The Solid State Cooling Market is expected to reach $1.5 billion by 2031, at a CAGR of 9.8% from 2024 to 2031. The growth of this market can be attributed to several factors, including the increasing demand for high energy-efficient cooling systems, the rising adoption of consumer electronics, and the growing use of solid-state cooling systems in medical devices & healthcare applications. Additionally, the increasing utilization of data centers and integration of solid state cooling systems with renewable energy sources is expected to create market growth opportunities. The initial high cost associated with setting up solid state cooling systems may restrain the growth of this market. However, the availability of high-performance and cost-effective materials for solid state cooling presents a significant challenge for market players.