Growing Demand for Refrigeration Plates: Driving the Future of Electronics and Automotive Industries

Global refrigeration plate market is on a remarkable growth trajectory, projected to register a remarkable CAGR of 5.3% from 2023 to 2033. According to a recent report by FMI, the market is expected to reach a valuation of USD 627.7 million by 2033. This growth is being driven by the increasing demand across industries for efficient thermal management solutions, especially in the high-performance computing, electronics, and renewable energy sectors.

Cold plates are highly demanded applications for various purposes such as refrigeration, medical devices, power generation, and others. Globally, the increasing demand for energy and the growing electronics industry are likely to boost the demand for the products in the coming years.

The increasing demand for electronic products such as tablets, smartphones, laptops, and others is boosting the demand for cold plates. The significant changes in the electronics industry are likely to create lucrative growth opportunities for the market. Moreover, the increasing digitalization in the automotive industry has boosted the demand for cold plates. The increasing purchasing power and rising car sales are expected to support the market growth.

The automotive industry is growing at a monumental pace due to the globally rising living standards and per capita income levels. The increasing incorporation of IoT-based smart automotive components is expected to further boost the demand for the products. The growing popularity of autonomous vehicles is likely to dominate as a key trend during the forecast period.

The increasing demand for smart wearable devices and other consumer electronics is expected to boost the market growth in the coming years. The growing inclination towards micro and advanced electronic devices and services will flourish in the market development.

Key findings from the cooling plate market:

• The United States is expected to hold the largest market share, growing at 9.0% during the forecast period.
• In the Asia Pacific region, the largest shares will be held by India, China, and Japan. India is expected to grow at a rate of 6.3% during the forecast period. China is expected to grow at a rate of 5.8%. Japan will grow at a rate of 3.5% during the forecast period.
• In the European region, the largest share will be held by Germany, which will record growth of 2.5% in the forecast period.
• As per application-based segmentation, the high-power electronics segment is expected to hold the largest share with a growth rate of 17.9% during the forecast period.

Latest events 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 leading provider of integrated thermal management solutions and engineered materials, acquired ThermaMasters. ThermaMasters is a thermal management company that specializes in vacuum brazing and liquid cooling systems for industrial markets in Europe and North America.
• In June 2021, BOYD Corporation acquired GMN. BOYD Corporation intends to expand its portfolio of engineering materials innovations and technologies to include positive temperature coefficient heaters, optical encoders, elastomeric devices, backlighting, capacitive touchscreen, and graphic overlays.

Key players in the cooling plate 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
• Telerex
• Stulz GmbH
• Pollock’s Industry

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Key segment

By product type:

• Cold plate welded by stir method
• Press the blocked cooling plate
• Vacuum Brazed Cold Plate
• Cold rolled pipe
• Cooling plate with exposed pipe
• Vortex Cold Plate
• Die-cast cooling plate
• Other customized

By application:

• High-power electronics
• Wind turbines
• Medical equipment
• IGBT modules
• Motor devices

By region:

• North America
• Latin America
• Europe
• South Asia and Pacific
• East Asia
• Middle East and Africa (MEA)

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award winner, and member of the Greater New York Chamber of Commerce) offers in-depth insights into the factors driving market demand. FMI is a leading global provider of market intelligence, advisory services, consulting, and events for the packaging, food and beverage, consumer technology, healthcare, industrial, and chemical markets. With an extensive team of over 400 analysts, worldwide, FMI provides global, regional and local expertise across domains and industry trends in over 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievement, we continue to lead with integrity, innovation and expertise.

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