Press release
Immersion Cooling Fluids Market for Electric Vehicles Projected to Reach Over USD 2.6 Billion by 2031 with a CAGR of 28.37%
Immersion Cooling Fluids Market
The global Immersion Cooling Fluids Market for Evs is estimated to reach over USD 2,624.52 million by 2031, exhibiting a CAGR of 28.37% during the forecast period.
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Immersion cooling is an innovative technology that involves submerging critical power distribution components in a thermally conductive dielectric fluid for cooling purposes. This method is utilized to cool various components, including transformers and computer servers. During the process, the components are fully immersed in the coolant, which is non-conductive and non-capacitive, ensuring no risk to the electronics.
As advancements in technology enhance the reliability, performance, and range of electric vehicles (EVs), their market share in the automotive industry is expected to grow significantly. The demand for EVs continues to surpass that of internal combustion engine (ICE) vehicles, with projections indicating that electrified vehicles will comprise half of all vehicle production within the next decade. In addition to increasing consumer interest, the need for manufacturers to comply with stringent carbon dioxide emission standards and fuel efficiency regulations set by governments is expected to further fuel market growth.
List of Prominent Players in the Immersion Cooling Fluids Market for Evs:
• FUCHS
• The Lubrizol Corporation
• 3M
• Castrol Limited
• M&I Materials Ltd.
• Engineered Fluids
• Shell plc
• TotalEnergies SE
• Cargill Incorporated
• Dober
• LANXESS
• XING Mobility
• MAHLE GmbH
• Kreisel Electric
• E-MERSIV
• Tesla Inc.
• Volkswagen AG
• SAIC Motors
• BYD Co. Ltd.
• Stellantis N.V.
• General Motors
• Ford Motor Company
• Hyundai Motor Company
• Honda Motor Co., Ltd.
• Groupe Renault
• Toyota Motor Corporation
• Bayerische Motoren Werke (BMW) AG
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Market Dynamics:
Drivers:
The immersion cooling fluids market is expected to experience steady growth over the next five years, driven by significant technological advancements and the increasing adoption of immersion cooling solutions for transformers, data centers, and electric vehicle (EV) batteries. Additionally, substantial investments by federal governments and their agencies in infrastructure development and incentives to promote the use of electric vehicles and reduce carbon emissions are contributing to the expansion of the immersion cooling fluids market.
Challenges:
Crude oil is a critical resource for producing oils used in immersion cooling fluids, such as transformer oils, which are refined, processed, and filtered from crude oil. The price volatility of crude oil directly impacts the cost of immersion cooling fluids, creating challenges for market stability. Since 2014, fluctuations in crude oil prices have made it increasingly difficult to rely on mineral oil for transformer immersion cooling solutions.
Regional Trends:
Europe is expected to maintain a dominant share in the immersion cooling fluids market for electric vehicles, with strong revenue growth and a high compound annual growth rate (CAGR) projected in the coming years. The demand for immersion cooling solutions for transformers, data centers, and EV batteries in emerging European markets is likely to accelerate the region's market expansion. In the Asia Pacific region, key markets such as China, Japan, South Korea, and India are anticipated to lead the market by value, contributing significantly to the total market share in 2021.
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Recent Developments:
• In October 2022, Shell plc expanded its global specialized fluids range with the introduction of Shell E-Fluids to support battery electric (BEV) and fuel cell electric (FCEV) powertrains for commercial light, medium, and heavy cargo vehicles.
Segmentation of Immersion Cooling Fluids Market for Evs-
By Propulsion Type-
• Battery Electric Vehicles (BEVs)
• Hybrid Electric Vehicles (HEVs)
• Plug-in Hybrid Electric Vehicles (PHEVs)
By Vehicle Type-
• Passenger Vehicles
• Light Commercial Vehicles
• Heavy Commercial Vehicles
By Application
• EV Batteries
• EV Motors
• Power Electronics
By Product Type-
• Single-Phase Coolant
• Two-Phase Coolant
By Chemistry
• Mineral Oils
• Synthetic Oils and Esters
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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