Thermal Systems Market Size
What industry-specific factors are fueling the growth of the thermal systems market?
The thermal systems market is likely to expand in the near future due to the increasing interest in electric vehicles. These vehicles, also known as battery electric vehicles (BEVs), operate with an electric motor rather than a traditional internal combustion engine. Thermal systems are crucial in such vehicles as they maintain perfect temperatures in battery packs, power electronics drives, electric motors and manage both internal and external temperatures. The International Energy Agency, based in France, provided some figures in March 2023, showing that there was a significant surge in the electric car market in 2022, selling over 10 million units. These electric vehicles made up around 14% of all the new cars sold, which increased from about 9% in the previous year, in 2021. Hence, the increased uptake of electric vehicles still propels the development of the thermal systems market.
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What Is the projected market size and growth rate for the thermal systems market?
In the recent years, the size of the thermal systems market has observed a consistent growth. It is projected to expand from $49.44 billion in 2024 to $51.62 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 4.4%. The historical growth can be traced back to factors such as escalating industrialization, surge in energy utilization, governmental encouragement for energy conservation, emphasis on environmental sustainability, progression of the building sector, increased urbanization, and the embracement of combined heat and power (CHP).
In the coming years, the thermal systems market is projected to experience consistent expansion. Its value is set to reach $62.48 billion by 2029, with a compound annual growth rate (CAGR) of 4.9%. This projected increase over the forecast duration can be credited to a variety of factors such as the move towards electrification, the rising acceptance of geothermal heating and cooling, the emergence of eco-friendly building standards, strategic collaborations within the industry, and the demand for temperature-controlled storage. In the forecast period, major trends include the incorporation of renewable energy sources, technological advancements in heat pumps, intelligent and connected thermal systems, energy storage solutions, district heating and cooling systems, advanced thermal insulation materials, and waste heat recovery.
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What new trends are reshaping the thermal systems market and its opportunities?
Technological progress is a significant trend gaining traction in the thermal systems market. Notable firms in this market are integrating new technologies to maintain their market standing. For example, Alfalevel, a company based in Sweden that supplies top-quality products for separation, heat transfer, and fluid handling, launched the E-PowerPack in April 2022. This innovative product utilizes waste heat to generate power, fostering energy efficiency and regulatory compliance. The E-PowerPack employs Organic Rankine Cycle (ORC) technology to transform waste heat into clean electricity. It is capable of generating energy from heat sources of varying temperatures, from 75°C jacket cooling water to 550°C engine exhaust gas, through a process of liquid-gas phase transformation. Moreover, its modular design allows for the incorporation of smaller units, each with a maximum electrical output of 100 kW or 200 kW, into larger systems.
What major market segments define the scope and growth of the thermal systems market?
The thermal systems market covered in this report is segmented –
1) By Component: Air Filter, Condenser, Compressor, Water Pump, Motor, Heat Exchanger, Heater Control, Thermoelectric Generator, Other Components
2) By Vehicle: Internal Combustion Engines (ICE), Electric, Off-Vehicle And ATV
3) By Application: Front And Rear A Or C, Powertrain, Seat, Steering, Battery, Motor, Power Electronics, Waste Heat Recovery, Sensor
Subsegments:
1) By Air Filter: HEPA Filters, Electrostatic Filters, Activated Carbon Filters
2) By Condenser: Air-Cooled Condensers, Water-Cooled Condensers, Shell And Tube Condensers
3) By Compressor: Reciprocating Compressors, Rotary Compressors, Scroll Compressors
4) By Water Pump: Centrifugal Pumps, Positive Displacement Pumps, Submersible Pumps
5) By Motor: AC Motors, DC Motors, Servo Motors
6) By Heat Exchanger: Shell And Tube Heat Exchangers, Plate Heat Exchangers, Air-Cooled Heat Exchangers
7) By Heater Control: Thermostats, Control Valves, Electronic Controllers
8) By Thermoelectric Generator: Module-Based Generators, System-Based Generators
9) By Other Components: Expansion Valves, Sensors And Thermocouples, Ducts And Fittings
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Which region dominates the thermal systems market?
North America was the largest region in the thermal systems market in 2024. The regions covered in the thermal systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the thermal systems industry growth?
Major companies operating in the thermal systems market are Continental AG, Denso Corporation, Dana Incorporated, Grayson Thermal Systems, Gentherm Inc., Hanon Systems, Lennox International Inc., Modine Manufacturing Company Inc., MAHLE GmbH, Robert Bosch GmbH, Valeo SA, Visteon Corporation, Schaeffler Technologies AG & Co. KG, Johnson Electric Holding Ltd., Sanden Corp., Diakin Industries Ltd., Calsonic Kansei Corp., BorgWarner Inc., ZF Friedrichshafen AG, Honeywell International Inc., Parker Hannifin Corporation, Siemens AG, Aavid Thermalloy LLC, Advanced Cooling Technologies Inc., Boyd Corporation, Delta Electronics Inc., Laird Technologies Inc., Lytron Inc., Nortek Air Solutions LLC, Thermacore Inc., Thermotek Inc., Vertiv Co., Wakefield-Vette Inc.
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What Is Covered In The Thermal Systems Global Market Report?
• Market Size Forecast: Examine the thermal systems market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the thermal systems market for a structured understanding.
• Key Players Overview: Analyze major players in the thermal systems market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the thermal systems market.
• Segment Contributions: Evaluate how different segments drive overall growth in the thermal systems market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the thermal systems market.
• Industry Challenges: Identify potential risks and obstacles affecting the thermal systems market.
• Competitive Landscape: Review strategic developments in the thermal systems market, including expansions, agreements, and new product launches.
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