As per a recent report by FMI, the market’s valuation is predicted to reach US$ 374.5 million in 2023 and US$ 595.1 million by 2033. The global cold plates market size is poised to witness phenomenal growth, clocking a stellar CAGR of 5.3% from 2023 to 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 analysts at FMI predict that global cold plate sales to attain a market value of US$ 569.8 million by 2030.
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.
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.
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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.
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Cold Plates Market by Category
By Product Type, the market of Cold Plates is segmented as:
- 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, the Cold Plates Market is segmented as:
- High Powered Electronics
- Wind Turbines
- Medical Equipment
- IGBT Modules
- Motor Devices
- Lasers
- Automotive Components
- Military Equipment
- Laboratory Plates
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa (MEA)
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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