Thermal systems market worth $41.7 billion by 2027
CHICAGO , July 25, 2022 /PRNewswire/ — Thermal Systems Market is expected to grow at a CAGR of 2.1% over the forecast period, based on an estimate $37.6 billion in 2022 at $41.7 billion by 2027, according to a new report from MarketsandMarkets™. Growing stringency in emissions regulations for on-road and off-road vehicles and growing demand for cabin comfort applications will drive the thermal systems market in the coming years.
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The passenger car segment would lead the thermal systems market during the forecast period
The ICE passenger car segment is estimated to be the largest market for thermal systems. Strict emissions standards are driving demand for advanced engine and exhaust technologies that require efficient thermal systems. OEMs achieve better engine cooling by using technologies such as electronically assisted thermostats, pulse-width modulated fans and electric water pumps. Downsizing the engine is becoming increasingly popular in modern vehicles. Additionally, the growing inclination towards comfort and luxury is driving market demand for heated/ventilated seats, heated steering and rear air conditioning. Europe and North America have a higher demand for premium vehicles, and a few Asian countries such as China, Japanand India also showed an upward trend. Thus, the growing demand for high-end cars would further drive the advanced thermal systems market in this segment.
Waste heat recovery segment would be the fastest growing thermal system application
Waste heat recovery is estimated to increase at the highest CAGR during the forecast period. Strict emissions regulations with lowered emission limits and updated CO2 and fuel efficiency regulations would require the installation of after-treatment devices – turbochargers, EGR, thermoelectric generator and SCR, among others . These technologies provide various benefits such as improved performance, reduced emissions and reduced fuel consumption. These growth factors will fuel the future growth of the waste heat recovery segments.
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“Asia Pacific would be the largest regional market for automotive thermal systems.”
The Asia Pacific The region holds the largest market share in automotive thermal systems due to increasing production of vehicles and increasing sales of electric vehicles. Increased production of ICE vehicles in China will create demand for thermal systems for engine thermal management and waste heat recovery. The increasing adoption of automatic transmission and CVT in mid to upper segment cars will provide growth opportunities for transmission cooling. Increased sales of premium vehicles would also drive advanced thermal systems such as multi-zone climate control, heated/ventilated seats, heated steering, and rear climate control. Additionally, electric vehicle sales in this region are high, providing an opportunity for battery and motor thermal systems. So, considering all the factors mentioned above, Asia Pacific would have a promising market for thermal systems in the future
Main market players
The Thermal Systems Market is led by established global suppliers such as Denso Corporation (Japan), MAHLE GmbH (Germany), Hanon Systems (South Korea), Valeo (France) and BorgWarner Inc. (USA). These companies have adopted several strategies to gain traction in the Thermal Systems market. New product development, partnerships and expansion strategies from 2018 to 2022 helped them innovate on its offerings and expand their customer base
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