Immersion Cooling for EV Batteries Market, By Type, By Cooling Fluid, By End User, By Country, and By Region - Industry Analysis, Market Size, Market Share & Forecast from 2024-2032
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CoolIT Systems
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REPORT HIGHLIGHT
Immersion Cooling for EV Batteries Market size was valued at USD 1.90 Million in 2023, expanding at a CAGR of 89.20% from 2024 to 2032.
Immersion cooling for electric vehicle (EV) batteries is a thermal management technique where the battery cells or modules are directly immersed in a dielectric coolant fluid. This approach helps in efficiently removing heat generated during charging and discharging, ensuring better temperature regulation and enhancing battery performance and lifespan.
Immersion Cooling for EV Batteries Market- Market Dynamics
Rising demand for high performance EVs, faster charging and longer battery needs is expected to propel market demand
High-performance electric vehicles (EVs) such as sports cars, luxury EVs, and commercial vehicles generate more heat due to higher power output and faster charging capabilities. Immersion cooling provides superior thermal management, enabling these vehicles to achieve better performance and reliability, which in turn is expected to bolster the market growth. Faster charging increases battery temperature significantly, which can affect battery lifespan and safety. Immersion cooling allows for higher charging rates by managing the heat more effectively, thereby reducing charging time without compromising battery health.
Effective cooling helps reduce thermal stress on battery cells, leading to slower degradation and longer battery life. This directly translates to increased range and better value proposition for consumers, making immersion cooling an attractive option for automobile manufacturers. Safety is a critical concern for EVs, especially in preventing thermal runaway events that can lead to fires or explosions. Immersion cooling systems can mitigate these risks by maintaining consistent temperature distribution and utilizing non-flammable dielectric fluids. Innovations in dielectric fluids, heat exchanger designs, and system integration have made immersion cooling more viable and cost-effective. Advances in material science and engineering have also contributed to the development of better dielectric fluids, expanding the adoption of immersion cooling systems, thereby boosting market growth.
Immersion Cooling for EV Batteries Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 89.20% over the forecast period (2024-2032)
Based on Type segmentation, the single-phase immersion cooling segment was predicted to show maximum market share in the year 2023, owing to high demand from passenger EVs.
Based on Cooling Fluid segmentation, synthetic oil segment was the leading Cooling Fluid segment in 2023, due to the advancement in powertrain technology.
Based on End User segmentation, passenger cars segment was the leading End User segment in 2023, due to increasing demand for sports utility vehicles, luxury EVs, etc.
On the basis of region, North America was the leading revenue generator in 2023, due to the rapid R&D in EV technology.
Immersion Cooling for EV Batteries Market- Segmentation Analysis:
The Global Immersion Cooling for EV Batteries Market is segmented on the basis of Type, Cooling Fluid, End User, and Region.
The market is divided into two categories based on Type: single-phase immersion cooling and two-phase immersion cooling. The single-phase immersion cooling segment dominates the market. The increasing demand from small EVs with high cost-effectiveness is fueling market growth.
The market is divided into three categories based on Cooling Fluid: mineral oil, synthetic oil, and others. The synthetic oil segment dominates the market. The increasing demand for lighter weight batteries & durability is boosting segment growth.
The market is divided into two categories based on End User: passenger cars and commercial vehicles. The passenger cars segment dominates the market and is expected to maintain its high dominance during the forecast period. The rising adoption of electric battery powered SUVs, luxury cars is supplementing market demand.
Immersion Cooling for EV Batteries Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America holds significant market share, primarily driven by the growing United States market. The U.S. is a leader in EV research and development, and the region has a strong presence of major EV manufacturers like Tesla and General Motors, who are experimenting with advanced cooling technologies. Europe is a significant player in the global EV market, with strong government support and ambitious electrification goals. Germany, as a leading automotive hub, is home to companies like Volkswagen and BMW, which are investing heavily in EV technology and thermal management systems.
Immersion Cooling for EV Batteries Market- Competitive Landscape:
The Immersion Cooling for EV Batteries market is highly competitive. The immersion cooling market for EV batteries is witnessing growing interest from market players, including battery manufacturers, automotive companies, and thermal management solution providers. Companies are investing in R&D, forming partnerships, and launching new products to gain a competitive edge in this emerging sector. Several companies like 3M, MIVOLT, and Shell are heavily investing in R&D to develop next-generation dielectric fluids that offer higher thermal performance, lower environmental impact, and better compatibility with various battery chemistries.
In January 2024, Shell completed the acquisition of MIDEL & MIVOLT, a UK based company to enhance their business.
In 2023, Shell launched its Shell Immersion Cooling Fluid S5 X specifically for EV battery systems.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL IMMERSION COOLING FOR EV BATTERIES MARKET KEY PLAYERS
3M Company
Valvoline
Shell Global
GEOFLUIDS
Dober
CoolIT Systems
Submer Technologies
LiquidStack
Castrol
Allied Control
Hitachi Energy
Siemens AG
Tesla, Inc.
General Motors (GM)
Mahle Group
Others
GLOBAL IMMERSION COOLING FOR EV BATTERIES MARKET, BY TYPE- MARKET ANALYSIS, 2019-2032
Single-phase immersion cooling
Two-phase immersion cooling
GLOBAL IMMERSION COOLING FOR EV BATTERIES MARKET, BY COOLING FLUID- MARKET ANALYSIS, 2019-2032
Mineral oil
Synthetic oil
Others
GLOBAL IMMERSION COOLING FOR EV BATTERIES MARKET, BY END USER- MARKET ANALYSIS, 2019-2032
Passenger Cars
Commercial Vehicles
GLOBAL IMMERSION COOLING FOR EV BATTERIES MARKET, BY REGION- MARKET ANALYSIS, 2019-2032
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA
Table of Contents
1. Immersion Cooling for EV Batteries Market Overview
1.1. Study Scope
1.2. Market Estimation Years
2. Executive Summary
2.1. Market Snippet
2.1.1. Immersion Cooling for EV Batteries Market Snippet by Type
2.1.2. Immersion Cooling for EV Batteries Market Snippet by Cooling Fluid
2.1.3. Immersion Cooling for EV Batteries Market Snippet by End User
2.1.4. Immersion Cooling for EV Batteries Market Snippet by Country
2.1.5. Immersion Cooling for EV Batteries Market Snippet by Region
2.2. Competitive Insights
3. Immersion Cooling for EV Batteries Key Market Trends
3.1. Immersion Cooling for EV Batteries Market Drivers
3.1.1. Impact Analysis of Market Drivers
3.2. Immersion Cooling for EV Batteries Market Restraints
3.2.1. Impact Analysis of Market Restraints
3.3. Immersion Cooling for EV Batteries Market Opportunities
3.4. Immersion Cooling for EV Batteries Market Future Trends
4. Immersion Cooling for EV Batteries Industry Study
4.1. PEST Analysis
4.2. Porter's Five Forces Analysis
4.3. Growth Prospect Mapping
4.4. Regulatory Framework Analysis
5. Immersion Cooling for EV Batteries Market: COVID-19 Impact Analysis
5.1. Pre-COVID-19 Impact Analysis
5.2. Post-COVID-19 Impact Analysis
5.2.1. Top Performing Segments
5.2.2. Marginal Growth Segments
5.2.3. Top Looser Segments
5.2.4. Marginal Loss Segments
6. Immersion Cooling for EV Batteries Market Landscape
6.1. Immersion Cooling for EV Batteries Market Share Analysis, 2023
6.2. Breakdown Data, by Key Manufacturer
6.2.1. Established Players' Analysis
6.2.2. Emerging Players' Analysis
7. Immersion Cooling for EV Batteries Market - By Type
7.1. Overview
7.1.1. Segment Share Analysis, By Type, 2024 & 2032 (%)
7.1.2. Single-phase immersion cooling
7.1.3. Two-phase immersion cooling
8. Immersion Cooling for EV Batteries Market - By Cooling Fluid