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Unlocking Opportunities in the Thermal Systems Market: 2025-2034 Forecast Report
Thermal Systems Market
What Will the Thermal Systems Industry Market Size Be by 2025?
There has been consistent growth in the size of the thermal systems market over the past few years. The market, estimated at $49.44 billion in 2024, is expected to increase to $51.62 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 4.4%. The growth during the historical period is credited to factors like growing industrialization, enhanced energy consumption, governmental initiatives promoting energy efficiency, emphasis on environmental sustainability, the growth of the construction sector, increased urbanization, and the widespread adoption of combined heat and power (CHP).
What's the Long-Term Growth Forecast for the Thermal Systems Market Size Through 2029?
In the coming years, the thermal systems market is projected to witness consistent growth, reaching $62.48 billion in 2029 with a compound annual growth rate (CAGR) of 4.9%. This anticipated growth during the forecast period can be credited to a move towards electrification, increasing usage of geothermal heating and cooling solutions, the rise of green building norms, strategic partnerships within the industry, and an increased demand for temperature-controlled storage. The forecast period is also expected to observe trends like the incorporation of renewable energy sources, technological advancements in heat pump systems, intelligent and interconnected thermal systems, energy storage solutions, district heating and cooling systems, sophisticated thermal insulation materials, and waste heat recovery techniques.
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What Are the Key Growth Drivers Fueling the Thermal Systems Market Expansion?
The thermal systems market is predicted to expand in the coming years, driven by the burgeoning demand for electric vehicles, or battery electric vehicles (BEVs). Electric motors, rather than internal combustion engines, power these vehicles. Thermal systems are vital in regulating optimal temperatures in components such as battery packs, power electronics drives, and electric motors, as well as managing internal and external temperatures in electric vehicles. For instance, in March 2023, the International Energy Agency, a France-headquartered intergovernmental organization, disclosed that the electric car market experienced marked growth in 2022, with unit sales surpassing 10 million. Electric vehicles made up 14% of all new car sales, a surge from about 9% in 2021. Hence, the increasing demand for electric vehicles is steering the growth trajectory of the thermal systems market.
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What Are the Key Trends Driving Thermal Systems Market Growth?
Technological evolutions are the emerging trend gaining traction in the thermal systems marketplace. Principal companies in this market are adopting innovative technologies to maintain their market standing. For example, in April 2022, Alfalevel, a top-notch Swedish company specialising in separation, heat transfer, and fluid handling, introduced a product called E-PowerPack. This creation harnesses power from waste heat, facilitating energy efficiency and regulative compliance. It utilizes the Organic Rankine Cycle (ORC) technology to transform surplus heat into renewable electric power. The E-PowerPack can generate energy from both high and low-grade heat sources ranging from 75°C jacket cooling water to 550°C engine exhaust gas through a liquid-gas phase transition. Moreover, its modular design allows smaller units, each with an electrical output of up to 100 kW or 200 kW, to be integrated into larger systems.
How Is the Thermal Systems Market Segmented?
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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Which Companies Are Leading the Charge in Thermal Systems Market Innovation?
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.
Which Regions Are Leading the Global Thermal Systems Market in Revenue?
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.
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