November 25th, 2022
The Battery Liquid Cooling Plates For Electric Vehicle Market Is Expected To Grow At A Significant Growth Rate Over The Analysis Period 2022-2028, Considering Base Year As 2021.
Green energy initiatives implemented by governments around the world are expected to have a positive impact on growth. The automotive industry is in the spotlight, with ongoing research and development for lightweight, energy efficient and environmentally friendly material alternatives. The electric vehicle (EV) market has grown dramatically as the world seeks to transition to renewable energy sources. The government's push to align with global decarbonization goals, as outlined in the 2021 Paris Agreement, has accelerated global production of electric vehicles. For example, in September 2021, Ford Motor Company announced an $11.4 billion investment in its Tennessee and Kentucky plants to produce electric vehicles and lithium-ion batteries by 2025.
According to a new report from Grand View Research, The growing demand for electric vehicles (EVs) due to ongoing decarbonization efforts and green energy initiatives is anticipated to be the key driver for the growth of the battery cooling pads market during the forecast period.Battery Electric Vehicles (BEVs) are expected to drive market volume demand. This type of EV uses a battery pack to store electrical energy to power its engine. Since heat dissipation is extremely important for safety and optimal performance, battery cooling pads are widely used. These are mainly used in liquid cooling, a widely used battery thermal management system technology.
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Impact of COVID-19 on the market for liquid cooling plates for electric vehicle batteries
The effects of COVID-19 have significantly altered the business environment for 2020 and have had a detrimental effect on both production and sales across the board in the automotive industry. The COVID-19 epidemic caused a severe blow to the world economy. Global electric vehicle sales were, on average, 15% lower in the first half of 2020 than in 2019.
Leading Key Players Covered The Battery Liquid Cooling Plates For Electric Vehicle Market
· Bespoke Composite Panels
· Dana Limited
· Estra Automotive
· HELLA GmbH & Co. KGaA
· KOHSAN Co.Ltd
· MAHLE GmbH
· Modine Manufacturing Company
· Nippon Light Metals
· SANHUA Automotive And Other Major Key Players.
The power levels, heat flow, and harsh operating environments of electric vehicles make it difficult to manage their thermals. Traditional heat sinks often do not work on these power components due to the lower heat carrying capacity (specific heat) of the air. In addition, vehicle efficiency drives the search for highly effective, lightweight heat transfer solutions with minimal space.
Segmentation of Biocomposites Market:
· Direct Cooling
· Indirect Cooling
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Geographic Segment Covered in the Report :
· North America (U.S., Canada, Mexico)
· Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
· Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
· Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
· South America (Brazil, Argentina, Rest of SA)
This report forecasts revenue growth on a global, regional, and country level and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2022to 2028. For this study, Grand View Research has segmented Refrigeration Global Battery Plate Market Report Based on Product, Application, and Region.
Summary of key points of the Battery Cooling Pad Market report:
· Depending on the product, indirect cooling is expected to post a CAGR of 35.9%, in terms of revenue, from 2022 to 2028.
· This type of cooling is widely used in electric vehicles due to its established technology, widely available refrigerant, and inexpensive.
· According to the app, BEV is expected to post the highest CAGR of 40.3% in terms of revenue during the forecast period. These are purely battery-powered vehicles, which have zero carbon emissions and attract tax incentives for their production and purchase.
· Depending on the region, Asia Pacific is expected to post the highest CAGR of 37.6%, in terms of revenue, in the forecast period. Several government initiatives are driving growth.
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