The global immersion cooling for EV batteries market is set for explosive growth, with projections indicating a surge to $278.45 Million by 2031. This remarkable expansion, driven by increase in demand for high-capacity batteries to extend EV driving range and growing demand for electric vehicles.
NEW YORK, Dec. 11, 2024 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, "Immersion Cooling for EV Batteries Market Size and Forecast (2021-2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: by Type, Cooling Fluid Type, Vehicle Type, and Geography", the global Immersion Cooling for EV Batteries market is observing significant growth owing to increase in demand for high-capacity and sustainable battery solutions.
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The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the Immersion Cooling for EV Batteries is applicable in multiple vehicle types that are expected to register strength during the coming years.
Market Overview and Growth Trajectory:
Immersion Cooling for EV Batteries Market Growth: According to an exhaustive report by The Insight Partners, the Immersion Cooling for EV Batteries Market is experiencing significant growth, driven by the growing incorporation of immersion-cooled batteries into road-going vehicles. The market, valued at $2.1 Million in 2023, is expected to grow at a Compound Annual Growth Rate (CAGR) of 88.3% during 2026-2031.
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Immersion Cooling for EV Batteries are a fragment of service robots used in material handling, manufacturing, and labs. Increasing demand in factories and particularly in the manufacturing sector, where humans and robots have already begun to work in harmony, is resulting in the growth of the Immersion Cooling for EV Batteries market. The advent of Immersion Cooling for EV Batteries has enabled a trustworthy working environment where humans can safely work alongside robots. Some key factors driving the market include government support for the development and deployment of robotics and rapid expansion in the manufacturing industry.
Increase in Demand for High-Capacity Batteries to Extend EV Driving Range: With the surging adoption of electric vehicles (EVs), the demand for high-capacity EV batteries is increasing worldwide. To cater to this demand, the original equipment manufacturers (OEMs) are continually working on the improvement of EV batteries, with an aim to achieve high energy density and rapid charging rates. For instance, in March 2023, researchers from POSTECH and Sogang University announced that they had developed a functional polymeric binder for stable, high-capacity anode material, which can help to increase the current EV range by at least 10-fold. In this product, the researchers have replaced graphite with Si anode and combined it with layering-charged polymers while maintaining stability and reliability. Also, in November 2021, General Motors (GM) announced that they are moving from lithium-ion to the new lithium-metal technology as its next-generation battery pack. The company partnered with SolidEnergy Systems (SES) to develop a new battery platform. This new lithium-metal chemistry offered greater energy density, providing smaller and lighter battery packs and significantly greater range. The predicted range on a single charge is expected to be from 500 to 600 miles, i.e., an 80% charge, which will take less than 15 minutes.
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Advantages of Immersion Cooling: The demand for reliable EVs is continuously increasing across the globe. EVs are witnessing increasing momentum as companies and governments worldwide are taking various initiatives to promote fossil fuel-free transportation. To achieve this goal, the batteries need to become more powerful, which creates the need for more intense cooling regimes. As a result, various market players are working on incorporating immersion cooling to enhance their EV battery systems. In immersion cooling, a battery is submerged in dielectric fluid, which enables a more direct cooling approach than a water-glycol system. As fluid surrounds the battery cells directly, the cooling process occurs rapidly. If a battery fire occurs, the immersion cooling technique immediately helps to prevent the spread of heat in the entire battery pack, thus stopping other cells from going into thermal runaway. The technique also helps prevent battery degradation due to unexpected cell aging by quickly cooling the cells, thereby reducing the thermal runaway chances through effective heat dissipation. Also, this dielectric fluid helps prevent heat from propagating to adjacent cells, avoiding a cascade effect spreading within the entire battery pack.
Geographical Insights: In 2023, Europe led the market with a substantial revenue share, followed by North America and Asia Pacific. Asia Pacific is expected to register the highest CAGR during the forecast period.
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Immersion Cooling for EV Batteries Market Segmentation, Applications, Geographical Insights:
- Based on type, the immersion cooling for EV batteries market is divided into single-phase immersion cooling and two-phase immersion cooling. The single-phase immersion cooling segment held a larger market share in 2023.
- By cooling fluid type, the market is segmented into mineral oil, fluorocarbon-based fluid, synthetic oil, and others. The synthetic oil segment held the largest market share in 2023.
- In terms of vehicle type, the market is segmented into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. The passenger vehicles segment dominated the market in 2023.
- The Immersion Cooling for EV Batteries market is segmented into four major regions: North America, Europe, APAC, and the rest of world.
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Key Players and Competitive Landscape:
The Immersion Cooling for EV Batteries Market is characterized by the presence of several major players, including:
- Ricardo Plc
- Mahle GmbH
- Exoes SAS
- Xing Mobility Inc
- The Lubrizol Corp
- Rimac Technology Ltd
- Cargill Inc
- Engineered Fluids Inc
- GS Caltex Corporation
- Shell Plc
These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.
Immersion Cooling for EV Batteries Market Recent Developments and Innovations:
- "Immersion cooling battery technology wins The Engineer's Collaborate to Innovate Automotive Award"
- "MAHLE GmbH develops new technology to cool the batteries for faster charging of electric cars"
- "XING Mobility Inc collaborated with Nordic Booster for transforming the electrical vehicles Market"
- "XING Mobility Inc releases Innovative IMMERSIO Cell-To-Pack Immersion-Cooled Battery"
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Conclusion:
In comparison to passive air cooling, immersion cooling can improve the heat transfer rate by ~10,000 times. In two-phase immersion cooling systems, the high heat transfer performance is achieved through the latent heat of evaporation of the dielectric fluid's liquid-to-gas phase transition and the resulting turbulent dual-phase fluid flow. Two-phase immersion cooling systems require added mechanical complexity and have concerns pertaining to the safety levels of fluids used. However, single-phase immersion cooling systems can offer up to 1,000 times better heat transfer than air-cooled systems; also, they have a simpler build.
With projected growth to $278.45 Million by 2031, the Immersion Cooling for EV Batteries Market represents a significant opportunity for component providers, system technology integrators, system manufacturers, investors, industry stakeholders, end-users, and others. By staying abreast of market trends, embracing innovation, and focusing on quality and performance, companies can position themselves for success in this dynamic and evolving market landscape.
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