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Credit Card Payments Market Top Players - FUCHS, 3M, Castrol Limited, M&I Materials Ltd., Shell plc, TotalEnergies SE.
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 28.44% during the forecast period.
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Immersion cooling represents an advanced technology that involves submerging critical power distribution components in a thermally conductive dielectric fluid for efficient cooling. This technique is widely applied to cool various components, including transformers and computer servers. During the cooling process, the components are fully immersed in a non-conductive and non-capacitive coolant, ensuring no risk to the electronics.
As technological advancements continue to improve the reliability, performance, and range of electric vehicles (EVs), their market share within the automotive industry is anticipated to experience significant growth. The demand for EVs is increasingly outpacing that of internal combustion engine (ICE) vehicles, with projections indicating that electrified vehicles will account for half of all vehicle production within the next decade. Alongside rising consumer demand, the pressure on manufacturers to meet stringent carbon dioxide emission standards and fuel efficiency regulations imposed by governments is expected to further accelerate 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 poised for steady growth over the next five years, primarily driven by significant advancements in technology and the growing adoption of immersion cooling solutions for transformers, data centers, and electric vehicle (EV) batteries. Additionally, substantial investments from government entities in infrastructure development, along with incentives aimed at promoting the use of electric vehicles and reducing carbon emissions, are further bolstering the expansion of the immersion cooling fluids market.
Challenges:
Crude oil remains a critical resource for the production of oils used in immersion cooling fluids, such as transformer oils, which are refined, processed, and filtered from crude oil. The volatility of crude oil prices directly impacts the cost of these fluids, posing a challenge to market stability. Since 2014, fluctuations in crude oil prices have made it increasingly difficult to rely on mineral oil as a consistent source 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 significant revenue growth and a high compound annual growth rate (CAGR) projected in the coming years. The rising demand for immersion cooling solutions in emerging European markets for transformers, data centers, and EV batteries 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 play a leading role in market growth, contributing significantly to the overall 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
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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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