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Battery Cooling Plate Market to Reach $9.8 Billion, Globally, by 2033 at 14.9% CAGR: Allied Market Research

The expansion of renewable energy storage is a significant driver for the battery cooling plate market. Efficient energy storage solutions are essential as renewable energy sources like solar and wind power are increasingly integrated into the grid. Battery cooling plates play a crucial role in managing the thermal load of large-scale storage systems, ensuring stability and reliability.

WILMINGTON, Del., Aug. 27, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Battery Cooling Plate Market by Material Type (Aluminum, Copper, Graphite, Composite Materials and Others), Technology Type (Liquid Cooling Plates and Air Cooling Plates), and Application (Electric Vehicles, Consumer Electronics, Energy Storage Systems and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the battery cooling plate market was valued at $2.5 billion in 2023, and is estimated to reach $9.8 billion by 2033, growing at a CAGR of 14.9% from 2024 to 2033.

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Prime determinants of growth

The global battery cooling plate market is experiencing growth due to increasing adoption of electric vehicles. However, high manufacturing costs associated with battery cooling plates hinder the market growth to some extent. Moreover, the expansion of renewable energy storage solutions presents additional opportunities for the battery cooling plate market.

Report coverage and details:

Report Coverage Details Forecast Period 2024–2033 Base Year 2023 Market Size in 2023 $2.5 billion Market Size in 2033 $9.8 billion CAGR 14.9 % No. of Pages in Report 300 Segments Covered Material Type, Technology Type, Application and Region. Drivers Rise in adoption of electric vehicles

Expansion of renewable energy storage Opportunity Advancements in battery technology and design Restraint Complexity in integration

Composite materials segment is projected to maintain its dominance by 2033

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Liquid cooling plates segment is projected to maintain its dominance by 2033

Electric vehicles segment is projected to maintain its dominance by 2033

Asia-Pacific was the fastest-growing region in terms of revenue in 2023

Based on region, Asia-Pacific was the fastest-growing region in terms of revenue in 2023. The demand for battery cooling plates in the Asia-Pacific region is increasing due to several key factors. The rapid growth of the electric vehicle (EV) market, driven by government incentives and a strong push towards sustainable transportation, is a major contributor. Countries like China, Japan, and South Korea are leading in EV production and adoption, necessitating efficient battery cooling solutions. Additionally, the expansion of renewable energy projects in the region, including solar and wind power, requires advanced battery storage systems that rely on effective thermal management. These developments are fueling the demand for battery cooling plates to ensure optimal performance and safety.

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Leading Market Players: -

KenFa Tech

Zhejiang Sanhua Automotive Components Co., Ltd.

Kingka Tech Industrial Limited

Bespoke Composite Panels

Dana Limited

ESTRA Automotive

HELLA GmbH & Co. KGaA

Nippon Light Metal Holdings Co., Ltd.

MAHLE GmbH

MODINE MANUFACTURING COMPANY

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