2025-2034 Thermal Systems Market Outlook: Key Drivers, Emerging Challenges, and Strategic Insights

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What Will the Thermal Systems Industry Market Size Be by 2025?
The scale of the thermal systems market has been exhibiting sustained growth over recent years. It's projected to expand from a market worth $49.44 billion in 2024 to being valued at $50.61 billion in 2025, reflecting a compound annual growth rate (CAGR) of 2.4%. The expansion observed during the historical period can be traced back to factors such as heightened industrialization, increment in energy usage, government schemes promoting energy efficiency, emphasis on preserving the environment, development in the construction industry, a surge in urbanization, and the acceptance of combined heat and power (CHP).

What's the Long-Term Growth Forecast for the Thermal Systems Market Size Through 2029?
Anticipated steady expansion is on the horizon for the thermal systems market, which is projected to reach a value of $59.91 billion by 2029 with a compound annual growth rate (CAGR) of 4.3%. The growth during this forecast period can be credited to the move towards electrification, increased use of geothermal heating and cooling, the emergence of eco-friendly building standards, strategic industry partnerships and the need for temperature-regulated storage. Key trends for the forecast period encompass the incorporation of renewable energy sources, advancements in heat pump technology, smart and interconnected thermal systems, solutions for energy storage, district heating and cooling systems, advanced materials for thermal insulation and the recovery of waste heat.

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What Are the Key Growth Drivers Fueling the Thermal Systems Market Expansion?
The thermal systems market is anticipated to grow in the foroming years, propelled by the increasing consumption of electric vehicles. These vehicles, also referred to as battery electric vehicles (BEVs), function on an electric motor rather than an internal combustion engine. Thermal systems are instrumental in regulating ideal temperatures in battery packs, power electronics drives, and electric motors. They also control both internal and external temperatures in electric vehicles. The International Energy Agency, an intergovernmental organization based in France, announced in March 2023 that there was substantial expansion in the electric car market in 2022, with over 10 million units sold. Electric vehicles represented 14% of all new car sales, a surge from approximately 9% in 2021. As such, the burgeoning demand for electric vehicles is fueling the growth of the thermal systems market.

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What Are the Key Trends Driving Thermal Systems Market Growth?
Technological innovations have emerged as a prevailing trend in the thermal systems market. Leading companies in this sector are adopting and introducing novel technologies to maintain their competitive edge. For example, Alfalevel, a Sweden-based firm known for superior products in separation, heat transfer, and fluid handling, launched the E-PowerPack in April 2022. The E-PowerPack harnesses power from waste heat, promoting energy savings and adherence to environmental standards. It employs Organic Rankine Cycle (ORC) technology to turn waste heat into clean electricity. The E-PowerPack is capable of generating energy from both high and low-temperature heat sources, ranging from jacket cooling water at 75°C to engine exhaust gas at 550°C, via a liquid-gas phase transition. Moreover, its modularity allows the combination of smaller units, each with a net electrical output of 100 kW or 200 kW, into more extensive 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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