Competitive Landscape: Leading Companies and New Entrants in the Thermal Systems Market

The thermal systems market is poised for steady expansion over the coming years as technological advancements and growing demand in various sectors fuel its progression. With increasing applications in electric vehicles, industrial automation, and energy-efficient technologies, this market is set to witness significant developments through 2030. Below is a detailed overview of its projected size, key players, emerging trends, and important segments shaping the industry.

Projected Market Value and Growth Trajectory of the Thermal Systems Market
The thermal systems market is anticipated to reach a value of $62.51 billion by 2030, growing at a compound annual growth rate (CAGR) of 4.3%. This upward trend is driven by several factors, including the rising use of thermal systems in electric vehicles (EVs), escalating requirements for battery and power electronics cooling, advances in automated thermal regulation for industries, expansion of high-efficiency thermal components, and increasing adoption of waste heat recovery solutions. Key trends expected to influence this market during the forecast period include the development of intelligent thermal management systems, implementation of IoT-enabled thermal monitoring, growth of thermal regulation technologies tailored for electric vehicles, emergence of AI-driven heat optimization platforms, and a growing focus on energy-efficient and sustainable thermal components.

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Leading Industry Players Impacting the Thermal Systems Market
The thermal systems sector features a number of prominent companies contributing to its development and innovation. Some of the major players in this market include 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., Daikin 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., and Wakefield-Vette Inc.

An important development in the market occurred in August 2023, when Mission Critical Group, a US-based electrical equipment solutions provider, acquired Johnson Thermal Systems (JTS) for an undisclosed sum. This acquisition allows JTS to continue offering its integrated design and manufacturing solutions while gaining access to complementary capabilities such as system design, application engineering, manufacturing, on-site professional services, and ongoing support through the broader MCG platform. Johnson Thermal Systems, headquartered in the US, is a recognized provider of thermal solutions.

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Emerging Innovations Shaping the Future of Thermal Systems
Companies in the thermal systems market are increasingly focusing on innovations like air-to-water (ATW) heat pumps that use natural refrigerants to boost energy efficiency, lower carbon emissions, comply with environmental regulations, and contribute to global decarbonization efforts. These ATW heat pumps, which often utilize refrigerants such as R290 (propane), extract heat from the air to deliver heating, cooling, and domestic hot water with minimal environmental impact. For example, in October 2025, Mitsubishi Heavy Industries Thermal Systems, Ltd., a Japanese manufacturer specializing in HVAC and refrigeration products, introduced two new "Hydrolution EZY" air-to-water heat pump models in the European market featuring R290 refrigerant. These units provide high-temperature water heating, operate quietly, and are easy to install, aligning with Europe's strict environmental standards and supporting MHI Group's MISSION NET ZERO carbon neutrality initiative.

Key Segments Driving the Thermal Systems Market Expansion
The thermal systems market is categorized into several essential segments that help define its structure and growth potential:

1) Component-wise segmentation includes air filters, condensers, compressors, water pumps, motors, heat exchangers, heater controls, thermoelectric generators, and other components.
2) By vehicle type, the market covers internal combustion engines (ICE), electric vehicles, off-vehicle applications, and all-terrain vehicles (ATVs).
3) Application areas comprise front and rear air conditioning, powertrain cooling, seat heating, steering systems, battery thermal management, motor cooling, power electronics cooling, waste heat recovery, and sensors.

Further subcategories provide more detail:
- Air filters include HEPA filters, electrostatic filters, and activated carbon filters.
- Condensers are divided into air-cooled, water-cooled, and shell and tube condensers.
- Compressors feature reciprocating, rotary, and scroll types.
- Water pumps include centrifugal, positive displacement, and submersible varieties.
- Motors are segmented as AC, DC, and servo motors.
- Heat exchangers consist of shell and tube, plate, and air-cooled types.
- Heater controls cover thermostats, control valves, and electronic controllers.
- Thermoelectric generators are broken down into module-based and system-based generators.
- Other components include expansion valves, sensors and thermocouples, and ducts and fittings.

This detailed segmentation highlights the diverse product and application categories fueling growth in the thermal systems market through the next decade.

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