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Research Outline

Prepared for Stephen S. | Delivered August 25, 2020

Solid-State Refrigerator Market

Goals

To obtain the global and U.S. market size for the solid-state refrigerator market. This information will be used to assess the business opportunity for a product in the solid-state refrigeration market.

Early Findings

Insights on the Global Solid-State Cooling Market

  • The global solid-state cooling market was estimated at $358.76 million in 2018 and is anticipated to grow at a growth rate of more than 10.1% between 2019 and 2026. Another report provides an estimate of the global solid-state cooling market as $395 million in 2019, and the market is expected to reach $641 million by 2024, growing at a CAGR of 10.2% between 2019 and 2024.
  • By product, the global solid-state cooling market can be divided into refrigeration and cooling systems. The cooling product systems, including air conditioners and chillers, will hold the largest share of the market by 2024; while the refrigeration product systems, including refrigerators and freezers, is anticipated to be the highest growing segment.
  • North America has the largest market share in the global solid-state cooling market, owing to the growing need for data center cooling and precise temperature control requirements in various industries.
  • Asia-Pacific is anticipated to exhibit highest growth rate between 2019 and 2026 driven by increased demand for consumer goods, healthcare monitoring devices, and industrial automation.
  • "High cost and low energy conversion efficiency rate of single-stage and solid-state cooling modules" are examples of factors expected to hinder the growth of global solid-state cooling market between 2019 and 2026.
 Major players in the global solid state refrigerator market include: Phononic, Inc., II-VI Incorporated, Tellurex Corporation, RMT Ltd., Thermion, Laird, Merit Technology Group, Beijing Huimao Cooling Equipment Co., Ltd., Hicooltec, TE Technology, Custom Thermoelectric Inc., Micropelt, Kreazone, and Komatsu.

Summary of Findings

  • From our preliminary research, we determined that information specific to the solid-state refrigerator market size in the U.S. and globally is not publicly available. We have provided information on the broader global solid-state cooling market, which includes both refrigeration and cooling product systems.
  • We suggest continuing with the research to provide other insights related to the solid-state refrigerator market as below: