Thermal Systems Industry Report 2025-2034: Market Dynamics, Trends, And Forecasts

The Thermal Systems Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Expected Thermal Systems Market Size During the Forecast Period?
The thermal systems industry has been experiencing consistent growth over the past years. The market which was valued at $49.44 billion in 2024 is projected to increase to $51.62 billion by 2025, exhibiting a compound annual growth rate (CAGR) of 4.4%. This growth during the historic period can be linked to various factors including the ascent of industrialization, increased energy consumption, government-backed initiatives promoting energy efficiency, emphasis on environmental sustainability, and the expansive growth of the construction sector. This rapid urbanization combined with the acceptance of combined heat and power (CHP) also contributed significantly to this expansion.

In the forthcoming years, steady expansion is anticipated in the thermal systems market, driving its value up to $62.48 billion by 2029, with a compound annual growth rate (CAGR) of 4.9%. The anticipated growth during the predicted period is linked to the shift towards electrification, increased use of geothermal heating and cooling systems, the emergence of green building codes, strategic collaborations within the industry, and demand for temperature-regulated storage. The industry trends to watch out for during this growth period involve the integration of renewable energy sources, advancements in heat pump technology, intelligent and interconnected thermal systems, energy storage solution strategies, district heating and cooling systems, advanced thermal insulation materials, and waste heat recovery.

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What Are the High-Growth Segments in the Thermal Systems Market?
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

Subsegments:
1) By Air Filter: HEPA Filters, Electrostatic Filters, Activated Carbon Filters
2) By Condenser: Air-Cooled Condensers, Water-Cooled Condensers, Shell And Tube Condensers
3) By Compressor: Reciprocating Compressors, Rotary Compressors, Scroll Compressors
4) By Water Pump: Centrifugal Pumps, Positive Displacement Pumps, Submersible Pumps
5) By Motor: AC Motors, DC Motors, Servo Motors
6) By Heat Exchanger: Shell And Tube Heat Exchangers, Plate Heat Exchangers, Air-Cooled Heat Exchangers
7) By Heater Control: Thermostats, Control Valves, Electronic Controllers
8) By Thermoelectric Generator: Module-Based Generators, System-Based Generators
9) By Other Components: Expansion Valves, Sensors And Thermocouples, Ducts And Fittings

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What Key Drivers Are Expected to Influence Future Thermal Systems Market Growth?
The thermal systems market is set to expand in the approaching years, propelled by the increasing popularity of electric vehicles. These vehicles, commonly referred to as battery electric vehicles (BEVs), function using an electric motor opposed to an internal combustion engine. Thermal systems are indispensable as they maintain the right temperatures in power electronics drives, battery packs, and electric motors. They also oversee both external and internal temperatures in electric vehicles. As per the International Energy Agency, an intergovernmental organization based in France, the electric car market significantly surged in 2022, as sales went beyond 10 million units in March 2023. Out of all new car sales, 14% were electric vehicles, marking an upturn from approximately 9% in 2021. As such, the growing preference for electric vehicles is contributing to the evolution of the thermal systems market.

Which Companies Hold the Largest Share Across Different Thermal Systems Market Segments?
Major companies operating in the thermal systems market 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., 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 Trends Are Driving Growth in The Thermal Systems Market?
Emerging technologies are a notable trend in the thermal systems market. Leading companies in the market are innovating with new technology introductions to maintain their market standing. For example, in April 2022, Alfalevel, a Swedish company that delivers high-quality separation, heat transfer, and fluid handling solutions, unveiled the E-PowerPack. This product harnesses waste heat to generate power, facilitating energy efficiency and adherence to regulations. The E-PowerPack utilizes Organic Rankine Cycle (ORC) technology to transform waste heat into clean electric power. It has the capacity to output energy from both high- and low-temperature heat sources, with a range starting from jacket cooling water at 75°C up to engine exhaust gas at 550°C, made possible by a liquid-gas phase transition. Furthermore, its modular design facilitates the incorporation of smaller units into larger systems, each capable of generating up to 100 kW or 200 kW of electrical power.

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What Are the Emerging Geographies for The Thermal Systems Market Growth?
North America was the largest region in the thermal systems market in 2024. The regions covered in the thermal systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Thermal Systems Market?
2. What is the CAGR expected in the Thermal Systems Market?
3. What Are the Key Innovations Transforming the Thermal Systems Industry?
4. Which Region Is Leading the Thermal Systems Market?

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