Battery Thermal Management System Market
Battery Thermal Management System Market Forecasts to 2030 - Global Analysis By Type (Air-Cooling Systems, Liquid-Cooling Systems, Phase Change Material (PCM) Systems, Thermoelectric Cooling Systems, Hybrid Systems and Other Types), Battery Type, Component Type, Sales Channel, Application, End User and By Geography
|
Years Covered |
2022-2030 |
|
Estimated Year Value (2024) |
US $3.7 BN |
|
Projected Year Value (2030) |
US $9.3 BN |
|
CAGR (2024 - 2030) |
16.7% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Battery Thermal Management System Market is accounted for $3.7 billion in 2024 and is expected to reach $9.3 billion by 2030 growing at a CAGR of 16.7% during the forecast period. A Battery Thermal Management System (BTMS) is designed to regulate the temperature of batteries in electric vehicles and energy storage systems. It ensures optimal operating temperatures by actively managing heat generation and dissipation. This is crucial for maintaining battery efficiency, performance, and longevity, as excessive heat can lead to degradation or failure. BTMS employs various techniques, including liquid cooling, air cooling, and phase change materials, to maintain a stable thermal environment, ultimately enhancing safety and extending the lifespan of the battery.
Market Dynamics:
Driver:
Government initiatives for promoting electric vehicles
Governments worldwide are implementing various initiatives to promote electric vehicles (EVs) and enhance the market. These initiatives include financial incentives such as tax credits, grants, and subsidies for EV manufacturers and consumers. Additionally, governments are investing in research and development to advance these technologies, aiming to improve efficiency and safety. Infrastructure development, like charging stations and public awareness campaigns, further supports EV adoption. These measures collectively drive innovation and market growth in the sector.
Restraint:
Inadequate charging infrastructure
Inadequate charging infrastructure negatively impacts the market by hindering the widespread adoption of electric vehicles (EVs). Insufficient charging stations can lead to longer charging times, which may cause overheating and thermal stress on battery systems, compromising their efficiency and lifespan. Moreover, the lack of reliable infrastructure can deter consumers from choosing EVs, limiting market growth and investment in advanced technologies. This creates a cycle where underdeveloped infrastructure stifles innovation and reduces overall battery performance.
Opportunity:
Advancements in battery technology
Advancements in battery technology significantly impact the market by enabling the development of more efficient and reliable thermal management solutions. Innovations such as solid-state batteries, which offer higher energy densities and improved safety, necessitate sophisticated BTMS to maintain optimal temperatures. Additionally, advancements in phase change materials and liquid cooling techniques enhance thermal regulation, extending battery life and performance.
Threat:
Complexities associated with design components
The design of components in the market involves several complexities, including the need for efficient heat dissipation to prevent overheating while maintaining optimal battery performance. Additionally, the integration of sensors for real-time temperature monitoring adds layers of complexity in data management and control systems. Moreover, regulatory compliance and cost considerations further complicate the design process, requiring innovative solutions and advanced materials.
Covid-19 Impact:
The COVID-19 pandemic significantly impacted the market by disrupting supply chains, leading to delays in production and increased material costs. Lockdowns and reduced manufacturing capacities slowed the adoption of electric vehicles and renewable energy systems, dampening demand for advanced thermal management solutions. However, the shift towards remote work and growing awareness of sustainable technologies prompted a renewed interest in electric mobility post-pandemic, ultimately accelerating innovations in BTMS as industries adapted to changing market dynamics and environmental considerations.
The air-cooling systems segment is expected to be the largest during the forecast period
The air-cooling systems segment is expected to be the largest during the forecast period. These systems utilize ambient air to dissipate heat generated during battery operation, making them lightweight and cost-effective. While air-cooling is less efficient than liquid-cooling methods, it simplifies design and reduces maintenance needs. Increasing adoption of electric vehicles and energy storage solutions has spurred advancements in air-cooling technologies, promoting innovations.
The aerospace segment is expected to have the highest CAGR during the forecast period
The aerospace segment is expected to have the highest CAGR during the forecast period. These systems must effectively manage thermal fluctuations due to extreme altitudes and varying operational conditions. Advanced materials and technologies are being developed to optimize heat dissipation while minimizing weight, crucial for fuel efficiency. As the aerospace industry increasingly adopts electric propulsion and hybrid systems, the demand for innovative BTMS solutions is expected to grow, enhancing reliability and performance in aviation applications.
Region with largest share:
North America is expected to have the largest market share over the projection period. Major automotive manufacturers and technology companies are investing in advanced thermal management technologies to enhance battery performance and safety. Regulatory support for sustainable energy initiatives further propels market expansion. Additionally, the presence of key players and ongoing innovations in materials and cooling techniques are fostering a competitive landscape.
Region with highest CAGR:
Asia Pacific is anticipated to witness the highest rate of growth during the forecast period driven by government initiatives promoting electric vehicles and rising environmental concerns. Key countries like China and India are leading this transformation, with liquid cooling systems being the dominant technology. The region's market dynamics reflect a growing emphasis on enhancing battery performance and safety through effective thermal management solutions.
Key players in the market
Some of the key players in Battery Thermal Management System market include 3M, Aavid Thermalloy, Bosch, Denso Corporation, Dow Inc., Fujikura Ltd., Hitachi Chemical Company, Johnson Matthey, LG Chem, Maxwell Technologies, Mersen, Nippon Chemi-Con Corporation, Nitto Denko Corporation, Panasonic Corporation, Saint-Gobain, Samsung SDI, Toshiba and Valeo.
Key Developments:
In September 2024, Denso announced the commencement of inverter production at its Fukushima facility. This move aims to bolster Denso's manufacturing capabilities in Japan and enhance its competitiveness in electrification technologies.
In May 2024, Dow announced the completion of its newest VORATRON™ Polyurethanes Systems adhesive and gap filler production line at its Polyurethanes Systems House in Ahlen, Germany. The facility, powered by renewable energy, will increase capacity for these products for the electric vehicle market tenfold.
Types Covered:
• Air-Cooling Systems
• Liquid-Cooling Systems
• Phase Change Material (PCM) Systems
• Thermoelectric Cooling Systems
• Hybrid Systems
• Other Types
Battery Types Covered:
• Lithium-Ion Batteries
• Nickel-Metal Hydride (NiMH) Batteries
• Lead-Acid Batteries
Component Types Covered:
• Heat Sinks
• Cooling Plates
• Fans and Blowers
• Pipes and Hoses
• Phase Change Materials (PCMs)
• Thermal Pads and Tapes
Sales Channels Covered:
• Direct Sales
• Indirect Sales
• System Integrators
• Project-Based Sales
Applications Covered:
• Battery Electric Vehicles (BEVs)
• Smartphones and Tablets
• Backup Power Systems
• Satellite Systems
• Avionics
• Other Applications
End Users Covered:
• Automotive
• Consumer Electronics
• Energy Storage Systems (ESS)
• Aerospace
• Medical Devices
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Battery Thermal Management System Market, By Type
5.1 Introduction
5.2 Air-Cooling Systems
5.3 Liquid-Cooling Systems
5.4 Phase Change Material (PCM) Systems
5.5 Thermoelectric Cooling Systems
5.6 Hybrid Systems
5.7 Other Types
6 Global Battery Thermal Management System Market, By Battery Type
6.1 Introduction
6.2 Lithium-Ion Batteries
6.3 Nickel-Metal Hydride (NiMH) Batteries
6.4 Lead-Acid Batteries
7 Global Battery Thermal Management System Market, By Component Type
7.1 Introduction
7.2 Heat Sinks
7.3 Cooling Plates
7.4 Fans and Blowers
7.5 Pipes and Hoses
7.6 Phase Change Materials (PCMs)
7.7 Thermal Pads and Tapes
8 Global Battery Thermal Management System Market, By Sales Channel
8.1 Introduction
8.2 Direct Sales
8.3 Indirect Sales
8.4 System Integrators
8.5 Project-Based Sales
9 Global Battery Thermal Management System Market, By Application
9.1 Introduction
9.2 Battery Electric Vehicles (BEVs)
9.3 Smartphones and Tablets
9.4 Backup Power Systems
9.5 Satellite Systems
9.6 Avionics
9.7 Other Applications
10 Global Battery Thermal Management System Market, By End User
10.1 Introduction
10.2 Automotive
10.3 Consumer Electronics
10.4 Energy Storage Systems (ESS)
10.5 Aerospace
10.6 Medical Devices
10.7 Other End Users
11 Global Battery Thermal Management System Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 3M
13.2 Aavid Thermalloy
13.3 Bosch
13.4 Denso Corporation
13.5 Dow Inc.
13.6 Fujikura Ltd.
13.7 Hitachi Chemical Company
13.8 Johnson Matthey
13.9 LG Chem
13.10 Maxwell Technologies
13.11 Mersen
13.12 Nippon Chemi-Con Corporation
13.13 Nitto Denko Corporation
13.14 Panasonic Corporation
13.15 Saint-Gobain
13.16 Samsung SDI
13.17 Toshiba
13.18 Valeo
List of Tables
1 Global Battery Thermal Management System Market Outlook, By Region (2022-2030) ($MN)
2 Global Battery Thermal Management System Market Outlook, By Type (2022-2030) ($MN)
3 Global Battery Thermal Management System Market Outlook, By Air-Cooling Systems (2022-2030) ($MN)
4 Global Battery Thermal Management System Market Outlook, By Liquid-Cooling Systems (2022-2030) ($MN)
5 Global Battery Thermal Management System Market Outlook, By Phase Change Material (PCM) Systems (2022-2030) ($MN)
6 Global Battery Thermal Management System Market Outlook, By Thermoelectric Cooling Systems (2022-2030) ($MN)
7 Global Battery Thermal Management System Market Outlook, By Hybrid Systems (2022-2030) ($MN)
8 Global Battery Thermal Management System Market Outlook, By Other Types (2022-2030) ($MN)
9 Global Battery Thermal Management System Market Outlook, By Battery Type (2022-2030) ($MN)
10 Global Battery Thermal Management System Market Outlook, By Lithium-Ion Batteries (2022-2030) ($MN)
11 Global Battery Thermal Management System Market Outlook, By Nickel-Metal Hydride (NiMH) Batteries (2022-2030) ($MN)
12 Global Battery Thermal Management System Market Outlook, By Lead-Acid Batteries (2022-2030) ($MN)
13 Global Battery Thermal Management System Market Outlook, By Component Type (2022-2030) ($MN)
14 Global Battery Thermal Management System Market Outlook, By Heat Sinks (2022-2030) ($MN)
15 Global Battery Thermal Management System Market Outlook, By Cooling Plates (2022-2030) ($MN)
16 Global Battery Thermal Management System Market Outlook, By Fans and Blowers (2022-2030) ($MN)
17 Global Battery Thermal Management System Market Outlook, By Pipes and Hoses (2022-2030) ($MN)
18 Global Battery Thermal Management System Market Outlook, By Phase Change Materials (PCMs) (2022-2030) ($MN)
19 Global Battery Thermal Management System Market Outlook, By Thermal Pads and Tapes (2022-2030) ($MN)
20 Global Battery Thermal Management System Market Outlook, By Sales Channel (2022-2030) ($MN)
21 Global Battery Thermal Management System Market Outlook, By Direct Sales (2022-2030) ($MN)
22 Global Battery Thermal Management System Market Outlook, By Indirect Sales (2022-2030) ($MN)
23 Global Battery Thermal Management System Market Outlook, By System Integrators (2022-2030) ($MN)
24 Global Battery Thermal Management System Market Outlook, By Project-Based Sales (2022-2030) ($MN)
25 Global Battery Thermal Management System Market Outlook, By Application (2022-2030) ($MN)
26 Global Battery Thermal Management System Market Outlook, By Battery Electric Vehicles (BEVs) (2022-2030) ($MN)
27 Global Battery Thermal Management System Market Outlook, By Smartphones and Tablets (2022-2030) ($MN)
28 Global Battery Thermal Management System Market Outlook, By Backup Power Systems (2022-2030) ($MN)
29 Global Battery Thermal Management System Market Outlook, By Satellite Systems (2022-2030) ($MN)
30 Global Battery Thermal Management System Market Outlook, By Avionics (2022-2030) ($MN)
31 Global Battery Thermal Management System Market Outlook, By Other Applications (2022-2030) ($MN)
32 Global Battery Thermal Management System Market Outlook, By End User (2022-2030) ($MN)
33 Global Battery Thermal Management System Market Outlook, By Automotive (2022-2030) ($MN)
34 Global Battery Thermal Management System Market Outlook, By Consumer Electronics (2022-2030) ($MN)
35 Global Battery Thermal Management System Market Outlook, By Energy Storage Systems (ESS) (2022-2030) ($MN)
36 Global Battery Thermal Management System Market Outlook, By Aerospace (2022-2030) ($MN)
37 Global Battery Thermal Management System Market Outlook, By Medical Devices (2022-2030) ($MN)
38 Global Battery Thermal Management System Market Outlook, By Other End Users (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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