Battery Cooling Plate Market: Revolutionizing Thermal Management for Sustainable and High-Performance Power Solutions

Steve Anderson

Battery Cooling Plate Market: Revolutionizing Thermal Management for Sustainable and High-Performance Power Solutions

The global battery cooling plate market size is expected to reach USD 5.01 billion by 2030, growing at a CAGR of 37.4% from 2023 to 2030, according to a new report by Grand View Research, Inc. The increasing demand for electric vehicles (EVs) because of the ongoing decarbonization efforts and green energy initiatives is anticipated to be the key driver for market growth during the forecast period.

Battery Cooling Plate Market Report Highlights

Based on process indirect cooling is anticipated to register the fastest CAGR of 37.5%, in terms of revenue, from 2023 to 2030. This cooling type is widely used in electric vehicles (EVs) because of its established technology, widely available coolant liquid, and economical cost
Based on application, BEV is anticipated to register the fastest CAGR of 42.1% in terms of revenue, during the forecast period. BEVs are purely battery-operated vehicles with zero carbon emissions and attract tax incentives for their production and purchase
Based on region, Asia Pacific is expected to register the fastest CAGR of 39.2%, in terms of revenue, over the forecast period. Various government initiatives are propelling the growth. For instance, the region is part of the Electric Vehicles Initiative (EVI), a forum to accelerate the adoption of EVs worldwide
In September 2021, MAHLE GmbH developed a new system for cooling batteries. The immersion cooling technology helps reduce charging time for EVs; thus, batteries can be smaller, resulting in more resource-efficient and low-cost EVs

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Battery electric vehicles (BEV) are anticipated to drive volume demand in the market. The BEVs use a battery pack to store electrical energy to power their motors. Battery cooling plates are widely utilized as heat dissipation is extremely important for the safety and optimum performance of the vehicle. The battery cooling plates are mainly used in liquid cooling, a widely used battery thermal management system technology.

The increase in the production of EV batteries is fueling market growth. For instance, as of June 2023, GM and Samsung SDI are building a new EV battery plant worth USD 3 billion in Indiana, U.S., as a joint venture. This will be GM’s fourth battery plant in the U.S. In addition, in May 2023, Hyundai and LG Energy announced a new EV battery plant in the U.S., worth USD 4.3 billion.

Indirect cooling held the largest revenue share of the market in 2022, and it is likely to continue its dominance during the forecast period. Like traditional internal combustion engines, the liquid coolant circulates through a system of pipes embedded into a battery cooling plate. It is the most widely used commercial technology, readily utilized by EVs. There is ongoing R&D to develop more efficient cooling methods.

By Application Analysis

Inefficient cooling can result in a thermal runaway that releases organic carbonates, which when mixed with air can cause fires. Battery cooling plates are imperative for EVs as they ensure no battery overheating when power is delivered while charging. Rising investments toward expanding BEV production anticipating the demand is expected to positively influence the battery EV (BEV) segment growth. Various governmental initiatives to develop charging infrastructure in regions such as the Asia Pacific and North America are anticipated to drive growth in plug-in hybrid EV (PHEV) segment.

By Process Analysis

Indirect cooling held a revenue share. The coolant used in this technology is the same as that of internal combustion engines, and hence this technology is widely available, reliable, and has further scope for improvement. The Direct cooling system configuration places the battery cells in direct contact with the coolant liquid. This technology is upcoming and is still in the R&D stage for the type of coolant that can be used. This technology requires the coolant must have low or no conductivity to achieve safe and optimum performance.

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By Region Analysis

Asia Pacific held the largest revenue share of the market in 2022 due to the highest volumes sold. Charging infrastructure is being developed at a rapid pace. Various tax incentives are being provided to buyers to encourage purchases. For instance, in June 2023, China offered the EV industry its largest package of tax breaks of USD 72.3 billion for over four years, aiming to boost the slowing auto sales.

Market Latest Trends and Developments

The development of new cooling technologies has led to ongoing R&D and coordinated efforts by value chain participants are likely to continue to improve efficiency and safety. The market competition is likely to advance further with the development of EV technology and full-scale commercialization of these vehicles in the global fleet system.

List of major companies in the Battery Cooling Plate Market

Bespoke Composite Panels
Dana Limited
Estra Automotive
HELLA GmbH & Co. KGaA
KOHSAN Co., Ltd
MAHLE GmbH
Modine Manufacturing Company
Nippon Light Metals
Priatherm
SANHUA Automotive

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Segmented the global battery cooling plate market based on process, application, and region.

Chapter 1. Methodology and Scope

1.1. Market Segmentation & Scope

1.2. Market Definition

1.3. Information Procurement

1.3.1. Information Analysis

1.3.2. Market Formulation & Data Visualization

1.3.3. Data Validation & Publishing

1.4. Research Scope and Assumptions

1.4.1. List of Data Sources

Chapter 2. Executive Summary

2.1. Market Snapshot

2.2. Segmental Outlook

2.3. Competitive Outlook

Chapter 3. Battery Cooling Plate Market Variables, Trends, and Scope

3.1. Market Outlook

3.2. Penetration & Growth Prospect Mapping

3.3. Industry Value Chain Analysis

3.3.1. Raw Material Trends

3.4. Manufacturing Process Overview

3.5. Regulatory Framework

3.6. Battery Cooling Plate Market Dynamics

3.6.1. Market Driver Analysis

3.6.2. Market Restraint Analysis

3.6.3. Industry Challenges

3.7. Business Environmental Analysis

3.7.1. Porter’s Analysis

3.7.2. PESTEL Analysis

Chapter 4. Battery Cooling Plate Market: Process Estimates & Trend Analysis

4.1. Definition & Scope

4.2. Battery Cooling Plate Market: Process Movement Analysis, 2022 & 2030

4.3. Direct Cooling

4.3.1. Market estimates & forecasts, by direct cooling, 2018 - 2030 (USD Million) (Kilotons)

4.4. Indirect Cooling

4.4.1. Market estimates & forecasts, by indirect cooling, 2018 - 2030 (USD Million) (Kilotons)

Chapter 5. Battery Cooling Plate Market: Application Estimates & Trend Analysis

5.1. Definition & Scope

5.2. Battery Cooling Plate Market: Application Movement Analysis, 2022 & 2030

5.3. BEV

5.3.1. Market estimates & forecasts, by BEV, 2018 - 2030 (USD Million) (Kilotons)

5.4. PHEV

5.4.1. Market estimates & forecasts, by PHEV, 2018 - 2030 (USD Million) (Kilotons)

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