Growing Urbanization: Boosting Thermal Systems Market 2024 To 2033

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033.

The Thermal Systems Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Thermal Systems Global Market Report 2024, The thermal systems market size has grown steadily in recent years. It will grow from $47.59  billion in 2023 to $49.83  billion in 2024 at a compound annual growth rate (CAGR) of 4.7%.  The  growth in the historic period can be attributed to growing industrialization, rise in energy consumption, government initiatives for energy efficiency, focus on environmental sustainability, expansion of the construction sector, increasing urbanization, adoption of combined heat and power (chp).The thermal systems market size is expected to see steady growth in the next few years. It will grow to $59.64  billion in 2028 at a compound annual growth rate (CAGR) of 4.6%.

Growing urbanization is expected to boost the growth of the thermal system market. Urbanization, characterized by the concentration of people in specific geographic locations, is driving an increased demand for heating, ventilation, and air conditioning (HVAC) systems, as well as thermal management solutions for buildings and infrastructure. The escalating need for thermal systems is a result of the growing urban population seeking effective solutions for temperature control and energy management.For instance, a report published by the World Bank in 2022 highlighted that over 50% of the world’s population resides in urban regions. The urban population is projected to reach 6 billion by 2045, indicating a 1.5-fold increase. The report also predicts a significant expansion in urban built-up area, with an estimated 1.2 million km2 of additional urban land by 2030. This growth in urbanization leads to an increased demand for thermal systems to address the heating, cooling, and overall thermal management needs of urban infrastructure. Consequently, growing urbanization is a key driver for the thermal system market.

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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

Top Major Players

Continental AG,

Denso Corporation,

Dana Incorporated,

Grayson Thermal Systems,

Gentherm Inc.

The thermal systems market report table of contents includes:
           1. Executive Summary

2. Thermal Systems Market Characteristics
3. Thermal Systems Market Trends And Strategies
4. Thermal Systems Market – Macro Economic Scenario
5. Global Thermal Systems Market Size and Growth
6. Thermal Systems Market Segmentation
7. Thermal Systems Market Regional And Country Analysis

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33. Key Mergers And Acquisitions In The Thermal Systems Market
34. Thermal Systems Market Future Outlook and Potential Analysis
35. Appendix

List Of Tables :

Table 1: Global Historic Market Growth, 2018-2023, $ Billion

Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion

Table 3: Global Thermal Systems Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 4: Global Thermal Systems Market, Segmentation By Vehicle, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 5: Global Thermal Systems Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

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Table 74: Continental AG Financial Performance

Table 75: Denso Corporation Financial Performance

Table 76: Dana Incorporated Financial Performance

Table 77: Grayson Thermal Systems Financial Performance

Table 78: Gentherm Inc. Financial Performance 

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