Thermal Systems Global Market Set to Skyrocket to $59.64 Billion By 2032 with an Impressive CAGR 4.6% | Gentherm Inc., Hanon Systems, MAHLE GmbH, Robert Bosch GmbH, Valeo SA

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%. The growth in the forecast period can be attributed to shift towards electrification, growing adoption of geothermal heating and cooling, emergence of green building standards, strategic alliances in the industry, demand for temperature-controlled storage. Major trends in the forecast period include integration of 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, waste heat recovery.

Market Overview -
A thermal system is a multipart assembly of connected components, some of which are thermal, that interact to produce cold internally while exhibiting a shared organized behavior.

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Thermal Systems Market To Experience Growth Fueled By Electric Vehicle Boom
The growing electric vehicles demand is expected to propel the growth of the thermal systems market going forward. Electric vehicles also known as battery electric vehicles (BEVs), lack an internal combustion engine in favor of an electric motor. Thermal systems are used to control the ideal temperatures in battery packs, power electronics drives, and electric motors and are applied to external-internal temperature situations in electric vehicles. For instance, according to an article published by International Energy Agency, a France-based international intergovernmental organization ensuring reliable, affordable, and clean energy, in 2021, sales of electric vehicles (including completely electric and plug-in hybrid vehicles) reached 6.6 million, a new high. By the end of 2021, there were around 16.5 million electric vehicles on the road worldwide. Additionally, sales of electric vehicles nearly tripled to 3.3 million in China in 2021, making up about half of the global total. Therefore, the growing electric vehicles demand is driving the growth of thermal systems market.

Competitive Landscape -
Major companies operating in the thermal systems market report are 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., Behr GmbH & Co. KG, Sanden Corp., United Technologies Corporation, 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., American Standard Companies Inc., Boyd Corporation, Delta Electronics Inc., Laird Technologies Inc., Lytron Inc., Nortek Air Solutions LLC, Thermacore Inc., Thermotek Inc., Vertiv Co., Wakefield-Vette Inc.

Technological Advancements To Enhance Energy Efficiency
Technological advancements are the key trend gaining popularity in the thermal systems market. Major companies operating in the thermal systems market are introducing new technologies to sustain their position in the market. For instance, in April 2022, Alfalevel, a Sweden-based provider of first-rate products in the areas of separation, heat transfer, and fluid handling launched E-PowerPack which generates power from waste heat, allowing for energy savings and compliance. The Organic Rankine Cycle (ORC) technology is used by the E-PowerPack to convert waste heat into clean electrical power. It can produce energy from both high-temperature and low-temperature heat sources, ranging from jacket cooling water at 75°C to engine exhaust gas at 550°C, through a liquid-gas phase change. Additionally, it is a modular approach that enables the integration of smaller units-each with a net electrical output of up to 100 kW or 200 kW-into larger systems.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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