The expansion of renewable energy storage is a significant driver for the battery cooling plate market. Efficient energy storage solutions are essential as renewable energy sources like solar and wind power are increasingly integrated into the grid. Battery cooling plates play a crucial role in managing the thermal load of large-scale storage systems, ensuring stability and reliability.
WILMINGTON, Del., Aug. 27, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Battery Cooling Plate Market by Material Type (Aluminum, Copper, Graphite, Composite Materials and Others), Technology Type (Liquid Cooling Plates and Air Cooling Plates), and Application (Electric Vehicles, Consumer Electronics, Energy Storage Systems and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the battery cooling plate market was valued at $2.5 billion in 2023, and is estimated to reach $9.8 billion by 2033, growing at a CAGR of 14.9% from 2024 to 2033.
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Prime determinants of growth
The global battery cooling plate market is experiencing growth due to increasing adoption of electric vehicles. However, high manufacturing costs associated with battery cooling plates hinder the market growth to some extent. Moreover, the expansion of renewable energy storage solutions presents additional opportunities for the battery cooling plate market.
Report coverage and details:
Report Coverage | Details |
Forecast Period | 2024-2033 |
Base Year | 2023 |
Market Size in 2023 | $2.5 billion |
Market Size in 2033 | $9.8 billion |
CAGR | 14.9 % |
No. of Pages in Report | 300 |
Segments Covered | Material Type, Technology Type, Application and Region. |
Drivers |
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Opportunity |
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Restraint |
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Composite materials segment is projected to maintain its dominance by 2033
By material type, the composite materials segment held the highest market share in 2023 and is likely to retain its dominance throughout the forecast period. The increase in demand for composite materials in the battery cooling plate market is driven by several factors. Firstly, composite materials offer superior thermal conductivity and heat dissipation properties compared to traditional metals, making them ideal for efficiently managing heat in battery systems. Secondly, composites are lightweight, which helps to reduce the overall weight of battery cooling plates and improves the energy efficiency of electric vehicles and renewable energy storage systems. Lastly, composites can be tailored to specific design requirements, offering flexibility and customization in battery cooling plate applications, thereby enhancing performance and reliability.
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Liquid cooling plates segment is projected to maintain its dominance by 2033
By technology, the liquid cooling plates segment held the highest market share in 2023 and is likely to retain its dominance throughout the forecast period. The increasing demand for liquid cooling plate technology in the battery cooling plate market is driven by its superior efficiency in thermal management. Liquid cooling plates offer enhanced heat dissipation capabilities, ensuring optimal battery performance and longevity, especially in high-energy-density applications like electric vehicles (EVs) and renewable energy storage systems. As EV adoption accelerates and battery technology advances, the need for effective cooling solutions becomes critical. Liquid cooling plates are also favored for their ability to maintain stable temperatures under heavy loads, reducing the risk of thermal runaway and enhancing overall battery safety and reliability.
Electric vehicles segment is projected to maintain its dominance by 2033
By application, the electric vehicles segment held the highest market share in 2023 and is likely to retain its dominance throughout the forecast period. The increasing demand for electric vehicles (EVs) significantly drives the battery cooling plate market. As EV production scales up, the need for efficient thermal management systems becomes paramount to ensure battery safety, performance, and longevity. Battery cooling plates are essential in preventing overheating and maintaining optimal battery temperatures. Government incentives and stringent emission regulations further accelerate EV adoption, enhancing the demand for advanced cooling solutions. Additionally, advancements in battery technology, leading to higher energy densities, necessitate more effective cooling mechanisms, thereby boosting the growth of the battery cooling plate market.
Asia-Pacific was the fastest-growing region in terms of revenue in 2023
Based on region, Asia-Pacific was the fastest-growing region in terms of revenue in 2023. The demand for battery cooling plates in the Asia-Pacific region is increasing due to several key factors. The rapid growth of the electric vehicle (EV) market, driven by government incentives and a strong push towards sustainable transportation, is a major contributor. Countries like China, Japan, and South Korea are leading in EV production and adoption, necessitating efficient battery cooling solutions. Additionally, the expansion of renewable energy projects in the region, including solar and wind power, requires advanced battery storage systems that rely on effective thermal management. These developments are fueling the demand for battery cooling plates to ensure optimal performance and safety.
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Leading Market Players: -
- KenFa Tech
- Zhejiang Sanhua Automotive Components Co., Ltd.
- Kingka Tech Industrial Limited
- Bespoke Composite Panels
- Dana Limited
- ESTRA Automotive
- HELLA GmbH & Co. KGaA
- Nippon Light Metal Holdings Co., Ltd.
- MAHLE GmbH
- MODINE MANUFACTURING COMPANY
The report provides a detailed analysis of these key players in the global battery cooling plate market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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