The North America Solid State Cooling Market would witness market growth of 12.5% CAGR during the forecast period (2024-2031).
The US market dominated the North America Solid State Cooling Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $408.6 million by 2031. The Canada market is experiencing a CAGR of 15% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 14% during (2024 - 2031).
Solid-state cooling technology operates based on the principles of thermoelectricity, using the Peltier effect to create a cooling effect without the need for harmful refrigerants. This makes it an attractive alternative to traditional cooling systems, particularly in applications where environmental regulations are stringent. In addition to being environmentally friendly, solid-state cooling technology offers other advantages, such as energy efficiency, compactness, and precise temperature control. These benefits further enhance its appeal in the market, driving its adoption across various applications.
Numerous untapped applications exist where solid-state cooling could offer innovative solutions and drive further market expansion. A domain in which exact temperature regulation is critical to preserve the quality and freshness of perishable products is food and beverage storage. Solid-state cooling could offer a sustainable and efficient alternative to traditional refrigeration systems, particularly in smaller-scale operations such as boutique food stores, restaurants, and food trucks.
Canada's growing investment in the healthcare sector drives the demand for precision cooling solutions in medical equipment and devices. According to the Canadian government, in 2023, provinces and territories will receive an additional $46.2 billion in financing as part of a $196.1 billion ten-year investment by the government to enhance health care services for all Canadians. Therefore, the expansion of the healthcare industry and the increasing renewable energy sector in the region are driving the market's growth.
Free Valuable Insights: The Solid State Cooling Market is Predict to reach USD 2 Billion by 2031, at a CAGR of 13.2%
Based on Product, the market is segmented into Cooling Systems and Refrigeration Systems. Based on Type, the market is segmented into Single-Stage, Multi-Stage, and Thermocycler. Based on Technology, the market is segmented into Thermoelectric Cooling, Electrocaloric Cooling, Magnetocaloric Cooling and Others. Based on Vertical, the market is segmented into Healthcare, Semiconductor & Electronics, Automotive, Residential and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
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