The thermal systems market has witnessed steady growth in recent years, soaring from $49.44 billion in 2024 to an anticipated $51.62 billion in 2025, recording a compound annual growth rate (CAGR) of 4.4%. This growth during the historic period can chiefly be credited to factors such as escalating industrialization, growth in energy consumption, governmental initiatives promoting energy efficiency, emphasis on environmental sustainability, expansion of the construction sector, rising urbanization, and adoption of combined heat and power (CHP).
Projected to maintain steady growth, the thermal systems market is anticipated to escalate to $62.48 billion by 2029 at a CAGR of 4.9%. The growth in this forecast period is primed by factors such as a shift towards electrification, increased adoption of geothermal heating and cooling, the emergence of green building standards, strategic alliances in the industry, and demand for temperature-controlled storage. Major trends expected to shape the future of the thermal systems market include integrating renewable energy sources, advancements in heat pump technology, smart 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 Are the Key Drivers for the Thermal Systems Market?
A significant driver propelling the growth of the thermal systems market is the surging demand for electric vehicles globally. These vehicles, also known as battery electric vehicles (BEVs), operate using electric motors as opposed to internal combustion engines. Thermal systems in these vehicles play a crucial role in maintaining optimal temperatures in battery packs, power electronics drives, and electric motors, whilst managing both external and internal temperatures. For instance, in March 2023, the International Energy Agency, reported a noteworthy growth in electric car market during 2022, with sales exceeding 10 million units. Electric vehicles accounted for 14% of all new car sales, an increase from around 9% in 2021. This rising demand underscores the growing market potential for thermal systems.
How is the Global Thermal Systems Market Structured?
The thermal systems market is segmented into:
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
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Who Are the Major Market Players in The Thermal Systems Market?
Noteworthy companies operating in the thermal systems market include 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.
What Emerging Trends Are Influencing the Thermal Systems Market?
Revolutionary technological advancements are key trends gaining traction in the thermal systems market. For instance, in April 2022, Alfalevel, a Sweden-based company launched the E-PowerPack, a power generator that uses waste heat, ensuring energy savings and compliance. It utilizes the Organic Rankine Cycle (ORC) technology to convert waste heat into clean electrical power, capable of generating energy from both high-temperature and low-temperature heat sources.
Which Region Holds the Lion’s Share in the Thermal Systems Market?
In 2024, North America held the largest share in the thermal systems market. The market report also covers other regions including Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
What Does The 2029 Global Thermal Systems Market Report Offer?
A thermal system is effectively an interconnected multi-component assembly where some components manage heat generation, transfer, and dissipation in various processes or applications. The Global Thermal Systems Market research report from The Business Research Company offers a comprehensive global market size pick, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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