The global cold plates market is poised to witness phenomenal growth, clocking a stellar CAGR of 5.3% from 2023 to 2033. As per a recent report by FMI, the market’s valuation is predicted to reach USD 374.5 million in 2023 and USD 627.7 million by 2033.
Cold plates are heavily demanded applications for various purposes such as refrigeration, medical devices, power generation, and others. The globally rising energy demands and expanding electronics industry are likely to bolster the product demand in the coming years.
The growing demand for electronic products such as tablets, smartphones, laptops, and others augments the demand for cold plates. The significant developments in the electronics industry are likely to create lucrative growth opportunities for the market. Additionally, the growing digitalization across the automotive industry has bumped the demand for cold plates. The increasing purchasing power and rising automotive sales are expected to foster market growth.
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The automotive industry is monumentally expanding due to globally rising living standards and per capita income levels. The increasing incorporation of IoT-based smart automotive components is predicted to further escalate product demand. The growing popularity of autonomous cars is likely to prevail as a key trend during the forecast period.
The rising demand for smart wearable devices and other consumer electronics is anticipated to bolster market growth in the coming years. The increasing inclinations towards micro and advanced electronic devices and services will flourish in growth for the market.
Key Takeaways from the Cold Plates Market:
· The United States is expected to account for the highest market share, capturing a growth rate of 9.0% during the forecast period.
· Within the Asia Pacific region, India, China, and Japan will hold the largest shares. India is predicted to exhibit a growth rate of 6.3% during the forecast period. China is anticipated to attain a growth rate of 5.8%. Japan will showcase a growth rate of 3.5% during the forecast period.
· In the Europe region, Germany will capture the highest share and exhibit a growth rate of 2.5% during the forecast period.
· According to the segmentation based on application, the high-powered electronics segment is expected to capture the highest share and exhibit a growth rate of 17.9% during the forecast period.
Recent Developments Observed by FMI:
· In April 2022, Parker Hannifin Corporation Limited, a Fortune 250 global leader in motion and control technologies, announced the successful acquisition of Meggitt PLC.
· In January 2021, BOYD Corporation, a prominent provider of integrated thermal management and engineered material solutions, acquired ThermaMasters. ThermaMasters is a thermal management company that specializes in vacuum brazing and liquid cooling systems for industrial power markets across Europe and North America.
· In June 2021, BOYD Corporation acquired GMN. BOYD Corporation aims to expand its innovation and engineered materials technology offerings in positive temperature coefficient heaters, optical encoders, elastomer devices, backlighting, capacitive touch, and graphic overlays.
Key Players in the Cold Plates Market
Parker Hannifin Corporation
Sanhua Holding Group Co., Ltd
AMS Technologies
Fujikura Ltd.
Dana Limited
Sumitomo Precision Products Co Ltd.
Columbia Staver Ltd.
Wieland Microcool
Wakefield Thermal Solutions Inc.
Telerex
Stulz GmbH
Pollock Industries
Key Segment
By Product Type:
Stir Welded Cold Plate
Press locked Cold Plate
Vacuum Brazed Cold Plate
Rolled Tube Cold Plate
Exposed Tube Cold Plate
Vortex Cold Plate
Die-cast Cold Plate
Other Customized
By Application:
High Powered Electronics
Wind Turbines
Medical Equipment
IGBT Modules
Motor Devices
By Region:
North America
Latin America
Europe
South Asia & Pacific
East Asia
Middle East & Africa (MEA)