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Solid-State Refrigerator Market
Environmental Commitments, rising demand for thermocyclers, and demand for precise temperature control are among the factors that are contributing to the positive growth of the global solid state cooling market. Higher costs of products in the solid state cooling market will restrain growth of the global market. Furthermore, a high demand for devices with thermoelectric modules and support from government organizations will contribute to the growth of the United States solid state cooling market.
Environmental Commitments
- According to market research reports by MarketsandMarkets and Research and Markets, the growing demand and awareness of clean energy and the increasing commitment to reducing greenhouse emissions are contributing to the growth of the global solid-state cooling market.
- Solid state design is efficient and simple, and has replaced detrimental chlorofluorocarbons (CFCs) with the more reliable Peltier effect.
- According to Market Study Report, the ability of solid state cooling systems to reduce energy consumption and greenhouse emissions will fuel the growth of the global market for solid state cooling systems between 2019 and 2026.
- The solid state cooling market will also benefit from the stringent government policies/regulations regarding energy sustainability in the APAC region. This will contribute towards the rapid growth expected in the region in the forecast period.
Precise Temperature Control
- MarketsandMarkets and Research and Markets report that the rising demand among several industries for "precise temperature control (PTC) and below ambient cooling and expanding solid-state cooling applications" are among the key growth drivers for the market.
- Market Study Report states that "achieving optimal refrigeration temperature" is among the factors that will lead to the growth of the solid state cooling market.
- A report published by TMR Research notes that PTC can only be achieved by solid state cooling systems. Industries such as healthcare, automotive, and electronics are at the forefront of this trend.
- The healthcare industry, which is expected to command the largest share of the global solid state cooling market by 2024, apply the PTC properties of solid state cooling systems to PCR applications, imaging systems, and medical lasers, among others.
- The consumer electronics sector contributes highly to the solid state cooling market because "newly developed compact devices require enhanced thermal management."
Demand for Thermocyclers
- The solid state cooling market is segmented into three types: thermocyclers, multi-stage modules, and single stage modules.
- According to the TMR Research report, thermocyclers can endure "continuous cycles across a broad temperature range." This quality makes them very attractive to the life sciences sector.
- Thermocyclers are used extensively in DNA sequencing, DNA quantification, probes generation, among other applications in the life sciences sector. The growing demand and application of thermocyclers is contributing to the growth of the solid state cooling market.
Higher Costs Will Restrain Growth
- Several market research resources, including MarketsandMarkets and Research and Markets, project that the high costs of solid state cooling systems will restrain the growth of the global market. Solid state cooling systems are priced higher than conventional refrigeration and cooling systems.
- However, the solid state cooling market will experience exponential growth in the APAC region, especially in China, because of the availability of cheaper products. This is due to cheaper production of thermoelectric modules in China resulting from cheap labor, manufacturing infrastructure, extensive research, and low overhead costs.
North American Insights
- The United States will lead the growth of the solid state cooling market in North America between 2019 and 2024. A high demand for devices such as medical freezers and beverage coolers that are fitted with thermoelectric modules will contribute to the growth. Furthermore, government organizations in the United States are supporting and creating/increasing awareness of the application of solid state cooling systems in various applications and industries.
- The key players in the United States are II-VI Marlow, Hi-Z Technology, TE technology, Phononic, Advanced Thermoelectric, and Align Sourcing.
Research Strategy
To provide the factors that are contributing to the growth (negative or positive) of the global solid state refrigerator market, the research team searched extensively through the public domain for reports by market research resources, industry-focused resources, statistics resources, and media reports. While we managed to find brief overviews/mentions of growth drivers in the broader global solid-state cooling market, there was nothing specific to the solid-state refrigerator market. We also found a report that highlights two growth factors for the U.S. solid state cooling market.
We also searched through the websites, annual reports, and press releases for some key players in the U.S. and global solid state refrigerator market such as II-VI Marlow, TE Technology, Phononic, Custom Thermoelectric, Laird, and Tellurex Corporation, among others. However, they do not provide any information on the factors that are promoting the growth in sales of their products.
Therefore, the research team elected to provide data on the broader global solid-state cooling market. Since all the sources found with the information are paywalled and only provide high-level overviews of the drivers, we had to leverage several reports to provide insights for each factor. These premium reports from Data Intelo and Research Reports World are likely to provide the required information.