Summary

Solid-state cooling is moving from a niche technology to a strategic necessity, pushed by soaring AI data-centre heat loads, tightening refrigerant regulation, and a wave of new caloric, photonic and airflow technologies. This report provides a comprehensive analysis of the market, assessing nine technology segments and profiling the companies commercialising them.

It forecasts the market from 2027 to 2037 across eleven end-use markets, with technology readiness levels and commercialisation timelines, temperature-range segmentation, competitive and value-chain analysis, and the funding and investment landscape. It is designed as a guide for strategy, R&D, business-development and investment teams on where, when and how solid-state cooling will win, and profiles 67 companies.

Report contents include:

• Executive summary: the market opportunity and strategic overview, why solid-state cooling is now a priority, its advantages, the technology landscape, technology readiness and commercialisation timelines, the cooling toolkit and likely winners, segmentation and application analysis, customer needs and adoption barriers, temperature-range segmentation, the competitive landscape, LED-based cooling, and funding and investment.
• Introduction: the need for cooling, regulatory and policy drivers (Kigali Amendment, EU F-gas Regulation), solid-state cooling fundamentals and classification, caloric cooling effects, the technology timeline, established vs emerging technologies, value-chain analysis and competing cooling technologies.
• Solid-state cooling technologies: thermoelectric (Peltier), magnetocaloric, electrocaloric, barocaloric, elastocaloric, twistocaloric, solid-state phase change (caloric and OCPCM), multicaloric, and solid-state heat pumps and engines.
• LED-based and optical cooling: LED/thermophotonic cooling, optical refrigeration (anti-Stokes fluorescence), phononic cooling, quantum-dot cooling, photonic-crystal and metamaterial cooling, advanced thermionic cooling, passive daytime radiative cooling (PDRC), solid-state airflow (MEMS, ionic wind, plasma actuators) and quantum cryogenic cooling (ADR/cADR, dilution refrigeration).
• Comparative technology analysis: performance benchmarking, cost competitiveness, application suitability by temperature range, technology readiness and quantum-integration capabilities.
• Global solid-state cooling market analysis: definition, methodology and assumptions, overall segmentation and sizing, application-based segmentation, customer needs assessment and the funding and investment landscape.
• Market forecasts 2023–2037 by technology, region, operating-temperature segment and end-use market (semiconductors/sensors, consumer electronics, data centres, automotive and more), with market scenarios, drivers and restraints.
• 67 company profiles across the technology categories, plus methodology appendix and references.

Companies profiled include: 3M, Aegiq, Anyon Systems, Anzen Climate Wall, Barocal, Bluefors, Camfridge, Coherent, CoolIT Systems, Crystal Ltd, CryoCoax, Custom Thermoelectric, CustomChill, DBK Industrial, Delft Circuits, EIC Solutions, Exergyn, Ferrotec, Frore Systems, GE Appliances, Hamamatsu Photonics, i2Cool, Iceotope, Infleqtion, Intel, Ionic Wind Technologies, JetCool, KELK, kiutra, Magnoric, Magnotherm, Maybell Quantum, MIMiC Systems, Mingfa Tech, Montana Instruments, Octolife, Origin Quantum, Pascal, Phononic, and more.

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Table of Contents

1 EXECUTIVE SUMMARY
1.1 Market opportunity and strategic overview
1.2 The nature of solid-state cooling and why it is now a priority
1.3 Advantages of solid-state cooling
1.4 Technology landscape
1.5 Technology readiness levels and commercialisation timelines across all segments
1.6 Cooling toolkit and potential winners on current evidence
1.7 Market segmentation and application analysis
1.8 Customer needs assessment and adoption barriers analysis
1.9 Temperature range segmentation (sub-100 K to 150 K+) and application mapping
1.10 Competitive landscape and industry structure
1.11 LED-based cooling
1.12 Funding and investment landscape
1.13 Key conclusions
2 INTRODUCTION
2.1 The need for cooling
2.2 Regulatory and policy drivers
2.3 Primary answers to emerging cooling challenges
2.4 Solid-state cooling technology fundamentals and classification
2.5 Caloric cooling effects
2.6 Market evolution and technology timeline
2.7 Scope of analysis: established vs emerging technologies
2.8 Value chain analysis across technologies
2.9 Competing cooling technologies
3 SOLID-STATE COOLING TECHNOLOGIES
3.1 Thermoelectric (Peltier) cooling systems
3.2 Magnetocaloric cooling
3.3 Electrocaloric cooling
3.4 Barocaloric cooling systems
3.5 Elastocaloric cooling systems
3.6 Twistocaloric (torsocaloric) cooling systems
3.7 Solid-state phase change cooling: caloric and oriented composite phase change materials (OCPCM)
3.8 Multicaloric cooling
3.9 Solid-state heat pumps and engines
3.10 Caloric cooling: comparative summary and market outlook
3.11 LED-based solid-state cooling technologies
3.12 Optical refrigeration: laser cooling of solids and anti-Stokes fluorescence
3.13 Phononic cooling systems
3.14 Quantum dot cooling technologies
3.15 Photonic crystal and metamaterial cooling
3.16 Advanced thermionic cooling
3.17 Passive daytime radiative cooling (PDRC)
3.18 Solid-state airflow: MEMS, ionic wind and plasma actuators
3.19 Quantum cryogenic cooling technologies
3.20 Comparative technology analysis
4 GLOBAL SOLID-STATE COOLING MARKET ANALYSIS
4.1 Market definition, methodology and assumptions
4.2 Overall market segmentation and sizing
4.3 Application-based market segmentation
4.4 Customer needs assessment across market segments
4.5 Funding and investment landscape
5 COMPANY PROFILES (67 company profiles)
6 APPENDIX
6.1 Report methodology
7 REFERENCES

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List of Tables/Graphs

List of Tables TABLE 1 Solid-state cooling in the context of the wider cooling market TABLE 2 Global advanced solid-state cooling market size, 2023-2037 (US$ millions) TABLE 3 Emerging solid-state cooling technologies: opportunity assessment TABLE 4 Why solid-state cooling is now a priority: drivers and evidence TABLE 5 Established vs emerging solid-state cooling technologies TABLE 6 LED-based thermophotonic cooling: performance benchmarks against incumbents TABLE 7 Quantum cryogenic cooling requirements and market applications TABLE 8 Solid-state cooling technology readiness levels and commercialisation milestones TABLE 9 The cooling toolkit by mode, with leading solid-state tools in bold TABLE 10 Best passive solid-state cooling technologies for reducing temperature by 5-40 C, 2027-2047 (Future Markets assessment) TABLE 11 Best active solid-state cooling technologies for reducing temperature by 5-50 C, 2027-2047 (Future Markets assessment) TABLE 12 Approximate number of companies commercialising solid-state cooling, by technology (2026) TABLE 13 Application-specific market sizing, 2027, 2032 and 2037 (US$ millions) TABLE 14 Customer needs and adoption barriers by segment TABLE 15 Temperature range segmentation and application mapping TABLE 16 Market share by technology, 2027, 2032 and 2037 TABLE 17 Key player positioning: established manufacturers vs innovation-driven start-ups TABLE 18 Technology differentiation strategies and competitive advantages TABLE 19 LED cooling: technology performance advantages over conventional Peltier and cryogenic systems TABLE 20 Selected funding rounds in solid-state and novel cooling, 2022-2026 TABLE 21 Public funding pathways relevant to LED and other emerging solid-state cooling technologies TABLE 22 Key indicators of global cooling demand TABLE 23 Principal problems with vapour-compression cooling and the solid-state response TABLE 24 AI accelerator and rack power trajectory TABLE 25 Emerging cooling problems in electronics and ICT and solid-state responses TABLE 26 Kigali Amendment HFC phase-down schedule (reduction versus baseline) TABLE 27 Selected EU F-gas Regulation 2024/573 product restrictions TABLE 28 Selected public funding programmes for solid-state cooling TABLE 29 Solid-state cooling operating principles compared (part 1: performance) TABLE 30 Solid-state cooling operating principles compared (part 2: practicality) TABLE 31 Undesirable materials widely used in cooling and possible substitutes TABLE 32 Caloric effects compared by type TABLE 33 Attention versus maturity by technology, 2027, 2037 and 2047 TABLE 34 Scope of analysis: inclusions and exclusions TABLE 35 Representative value chain participants by stage TABLE 36 Competing cooling technologies compared with solid-state cooling TABLE 37 Technologies covered in Section 3: maturity and Future Markets forecast TABLE 38 Thermoelectric cooling: market penetration indicators, 2026 TABLE 39 Thermoelectric metrics: what they tell, and where they mislead TABLE 40 Thermoelectric materials for near-room-temperature cooling: comparison TABLE 41 Lower-cost and lower-toxicity thermoelectric material routes TABLE 42 Spin-driven and quasiparticle thermoelectric effects: comparison TABLE 43 Theoretical maximum COP of single-stage thermoelectric coolers vs temperature lift (hot side 300 K) TABLE 44 Thermoelectric cooler performance characteristics and limitations TABLE 45 Thermoelectric cooling applications and their requirements TABLE 46 Approaches to wide-area and flexible thermoelectric cooling TABLE 47 Flexible and wide-area thermoelectric cooling: state of the art, 2026 TABLE 48 Flexible, wide-area, wearable, printed and fibre thermoelectric research: 33 examples, 2019-2026 TABLE 49 Hot-side heat-removal solutions for thermoelectric coolers and generators TABLE 50 Selected advances in thermoelectric cooling, 2024-2026 TABLE 51 Thermoelectric (Peltier) module, assembly and product manufacturers: 71 companies TABLE 52 Thermoelectric (Peltier) modules and assemblies: market forecast, 2026-2037 (US$ millions) TABLE 53 Magnetocaloric materials for near-room-temperature cooling TABLE 54 Magnetocaloric cooling performance vs conventional systems TABLE 55 Magnetocaloric cooling: commercial and pre-commercial activity TABLE 56 Magnetocaloric cooling: advantages and challenges TABLE 57 Magnetocaloric system supply chain: materials and risk TABLE 58 Magnetocaloric systems: market forecast, 2026-2037 (US$ millions) TABLE 59 Electrocaloric materials and performance characteristics TABLE 60 Electrocaloric effect temperature changes by material type TABLE 61 Comparison of ceramic and polymer electrocaloric routes TABLE 62 Approximate share of electrocaloric research focus by material family, 2023-2026 TABLE 63 Milestones in giant electrocaloric materials and devices, 2006-2025 TABLE 64 Key electrocaloric technical issues and mitigation routes TABLE 65 Electrocaloric research and development activity, 2025-2026 TABLE 66 Electrocaloric commercialisation stages and expected timing TABLE 67 Electrocaloric application areas, fit and expected timing TABLE 68 Barocaloric material families and characteristics TABLE 69 Barocaloric developers and funded projects TABLE 70 Comparison of caloric cooling technologies TABLE 71 Elastocaloric material families and properties TABLE 72 Tension versus compression loading in elastocaloric devices TABLE 73 Elastocaloric performance characteristics and target applications TABLE 74 Twistocaloric fibre materials TABLE 75 Phase-change based cooling technologies compared TABLE 76 Oriented composite PCM approaches for electronics and battery thermal management TABLE 77 Multicaloric materials and coupled-field approaches TABLE 78 Hybrid and convergent solid-state cooling architectures TABLE 79 Caloric cooling market by technology, 2027-2037 (US$ millions) TABLE 80 Companies commercialising caloric cooling TABLE 81 LED cooling performance parameters and specifications TABLE 82 GaAs LED performance characteristics for cooling applications TABLE 83 LED cooling vs thermoelectric cooling performance comparison TABLE 84 LED and thermophotonic cooling: technology readiness and key research groups TABLE 85 Indicative cost per watt of cooling by technology at cryogenic and deep-cooling temperatures TABLE 86 Cooling technologies by operating temperature range and fit with LED cooling targets TABLE 87 Beachhead applications for LED-based cooling TABLE 88 LED / optical / thermionic cooling segment: 2037 penetration scenarios TABLE 89 Competitive positioning of LED cooling within solid-state and adjacent cooling technologies TABLE 90 Unique value propositions of LED cooling by application domain TABLE 91 Cost competitiveness of LED cooling vs magnetocaloric and Stirling coolers for small cryogenic loads TABLE 92 Funding instruments and partnering routes for LED / thermophotonic cooling TABLE 93 Optical refrigeration of solids: materials and milestones TABLE 94 Phonon engineering approaches relevant to solid-state cooling TABLE 95 Quantum dot cooling approaches and research status TABLE 96 Photonic and metamaterial approaches to cooling and thermal management TABLE 97 Electron emission cooling mechanisms TABLE 98 Thermionic cooling commercialisation timeline (Future Markets assessment) TABLE 99 PDRC material families: performance, cost and commercial popularity TABLE 100 PDRC applications, benefits and adoption status TABLE 101 Solid-state airflow products: key specifications (company data) TABLE 102 Solid-state airflow vs conventional thermal solutions in compact electronics TABLE 103 Solid-state airflow applications and adoption timing TABLE 104 Solid-state airflow market build: indicative units and ASP logic TABLE 105 Quantum cooling requirements by application TABLE 106 Comparison of ADR system configurations TABLE 107 Paramagnetic cooling media for ADR stages TABLE 108 ADR applications and use cases in quantum technologies TABLE 109 Helium-3 supply, demand and pricing indicators TABLE 110 Magnetic and electronic refrigeration methods below 1 K TABLE 111 Quantum device operating temperature requirements TABLE 112 Josephson junction cooling applications TABLE 113 Indicative dilution refrigerator stage temperatures and cooling budgets TABLE 114 Cryogenic wiring, signal-chain and cryo-CMOS suppliers reducing qubit heat load TABLE 115 Dilution refrigerator and millikelvin platform suppliers TABLE 116 Quantum sensor cooling and thermal management requirements TABLE 117 Optical quantum device cooling challenges TABLE 118 Future Markets forecast: quantum-relevant solid-state cooling segments (US$ millions) TABLE 119 Cryogenic platform suppliers relevant to quantum technologies TABLE 120 Performance benchmarking matrix across all technologies TABLE 121 Cost competitiveness analysis by application segment TABLE 122 Application suitability mapping by temperature range TABLE 123 Technology readiness levels and commercialisation status by technology TABLE 124 Quantum technology integration capabilities by solid-state cooling segment TABLE 125 Winning materials and principles for solid-state cooling TABLE 126 Key modelling assumptions by technology TABLE 127 Global advanced solid-state cooling market size, 2023-2037 (US$ millions) TABLE 128 Global advanced solid-state cooling market by technology, 2023-2026 (US$ millions) TABLE 129 Global advanced solid-state cooling market by technology, 2027-2037 (US$ millions) TABLE 130 Market share by technology, 2027, 2032 and 2037 TABLE 131 Price-performance evolution by technology type TABLE 132 Global advanced solid-state cooling market by region, 2027-2037 (US$ millions) TABLE 133 Regional growth drivers and leading activity TABLE 134 Market drivers and growth catalysts TABLE 135 Market restraints and risks TABLE 136 Global advanced solid-state cooling market by operating temperature segment, 2027-2037 (US$ millions) TABLE 137 Cryogenic applications (sub-100 K) and solid-state cooling options TABLE 138 Ultra-low temperature applications (100-150 K) TABLE 139 Moderate cooling applications (>150 K) by technology fit TABLE 140 Global advanced solid-state cooling market by end-use market, 2023-2026 (US$ millions) TABLE 141 Global advanced solid-state cooling market by end-use market, 2027-2037 (US$ millions) TABLE 142 Market share by end-use market, 2027, 2032 and 2037 TABLE 143 Semiconductor sensor solid-state cooling TABLE 144 Consumer electronics solid-state thermal management TABLE 145 Solid-state cooling roles in data centres TABLE 146 Automotive solid-state cooling applications TABLE 147 Market scenarios, 2032 and 2037 (US$ millions, constant 2026 US$) TABLE 148 Performance requirements by application TABLE 149 Cost sensitivity and value drivers by end-use market TABLE 150 Technology adoption criteria and decision factors TABLE 151 Selected private funding rounds in solid-state and advanced cooling, 2021-2026 TABLE 152 Selected corporate investments and M&A in cooling technology TABLE 153 Selected government and EU funding for solid-state cooling TABLE 154 Companies profiled by technology category TABLE 155 Forecasting approach by technology segment List of Figures FIGURE 1 Global advanced solid-state cooling market size, 2023-2037 (US$ millions) FIGURE 2 Solid-state cooling commercialisation timelines by technology, 2024-2040 FIGURE 3 Solid-state cooling overall: SWOT analysis FIGURE 4 Solid-state cooling value chain FIGURE 5 Principal drivers of new cooling demand: AI chip power, air-conditioner growth, 6G, batteries and solar heat FIGURE 6 Solid-state cooling technology milestones, 1834-2032 FIGURE 7 Global advanced solid-state cooling market, 2023-2037 (US$ millions) FIGURE 8 Technology share of the advanced solid-state cooling market, 2027-2037 FIGURE 9 Advanced solid-state cooling value chain FIGURE 10 Operation of a thermoelectric (Peltier) module: n- and p-type legs between ceramic plates pump heat from the cold side to the hot side when current flows FIGURE 11 Thermoelectric energy harvesting (TEG) as a power source for solid-state cooling: SWOT analysis FIGURE 12 Thermoelectric (Peltier) cooling: SWOT analysis FIGURE 13 Magnetocaloric refrigeration cycle: adiabatic magnetisation, heat rejection, adiabatic demagnetisation and heat absorption in an active magnetic regenerator FIGURE 14 Magnetocaloric cooling: SWOT analysis FIGURE 15 Electrocaloric cooling: SWOT analysis FIGURE 16 Electrocaloric cooling cycle: polarisation, heat rejection, depolarisation and heat absorption FIGURE 17 Electrocaloric cooling commercialisation timeline FIGURE 18 Low-pressure barocaloric system: solid refrigerant beds cycled by a gas compressor with secondary-fluid heat transfer FIGURE 19 Barocaloric cooling: SWOT analysis FIGURE 20 Elastocaloric cooling cycle: loading, heat rejection, unloading and heat absorption FIGURE 21 Elastocaloric cooling: SWOT analysis FIGURE 22 Twistocaloric cooling: SWOT analysis FIGURE 23 Multicaloric and solid-state heat pumps: SWOT analysis FIGURE 24 Caloric cooling market by technology, 2026-2037 (US$ millions) FIGURE 25 Principle of electroluminescent (LED) and thermophotonic cooling: photons emitted with energy above qV carry heat from the cold LED to a remote absorber or photovoltaic cell FIGURE 26 LED thermophotonic cooling: SWOT analysis FIGURE 27 Anti-Stokes fluorescence cooling: SWOT analysis FIGURE 28 Phononic cooling: SWOT analysis FIGURE 29 Quantum dot cooling: SWOT analysis FIGURE 30 Thermal metamaterials: SWOT analysis FIGURE 31 Advanced thermionic cooling: research milestones and commercialisation timeline FIGURE 32 Advanced thermionic cooling: SWOT analysis FIGURE 33 Passive daytime radiative cooling: high solar reflectance combined with thermal emission through the 8-13 um atmospheric window FIGURE 34 Janus thermal management: SWOT analysis FIGURE 35 Passive radiative cooling: SWOT analysis FIGURE 36 Solid-state airflow principles: piezoelectric MEMS jets, ionic wind (EHD) and dielectric barrier discharge plasma actuators FIGURE 37 Solid-state airflow: SWOT analysis FIGURE 38 Adiabatic demagnetisation refrigeration: magnetisation, isolation, demagnetisation and hold steps FIGURE 39 Continuous ADR (cADR) architecture: staggered stages with heat switches provide uninterrupted cooling at the cold stage FIGURE 40 Solid-state cryogenic cooling (ADR / cADR): SWOT analysis FIGURE 41 Application suitability of cooling technologies by operating temperature range FIGURE 42 Commercialisation timelines by solid-state cooling technology, 2024-2040 FIGURE 43 Solid-state cooling technology roadmap 2027-2037 by end market FIGURE 44 Global advanced solid-state cooling market, 2023-2037 (US$ millions, constant 2026 US$) FIGURE 45 Global advanced solid-state cooling market by technology, 2027-2037 (US$ millions) FIGURE 46 Market share by technology, 2027, 2032 and 2037 FIGURE 47 Solid-state cooling revenues by technology on a logarithmic scale, 2023-2037 (US$ millions) FIGURE 48 Global advanced solid-state cooling market by region, 2027-2037 (US$ millions) FIGURE 49 Cooling demand drivers: AI chip power, air-conditioning growth, 6G and climate FIGURE 50 Global advanced solid-state cooling market by end-use market, 2027-2037 (US$ millions) FIGURE 51 Solid-state cooling application sizing, 2027 versus 2037 (US$ millions)