Immersion Cooling Fluids Market for Electric Vehicles Set to Surge to $2.62 Billion by 2031
The global Immersion Cooling Fluids Market for Evs is estimated to reach over USD 2,624.52 million by 2031, exhibiting a CAGR of 28.37% during the forecast period.
- (1888PressRelease) November 27, 2024 - InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Immersion Cooling Fluids Market for Evs Market Size, Share & Trends Analysis Report By Vehicle Type (passenger vehicles, light commercial vehicles, and heavy commercial vehicles), Propulsion Type (Battery Electric Vehicles (BEVs), Hybrid Electric Vehicles (HEVs), and Plug-in Hybrid Electric Vehicles (PHEVs)), Application (EV Batteries, EV Motors, and Power Electronics), Product Type (single-phase coolants and two-phase coolants), And Chemistry (mineral oils and synthetic oils and esters)- Market Outlook And Industry Analysis 2031"
The global Immersion Cooling Fluids Market for Evs is estimated to reach over USD 2,624.52 million by 2031, exhibiting a CAGR of 28.37% during the forecast period.
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By immersing a significant power distribution component in a thermally conductive dielectric fluid, an IT approach called immersion cooling is used to cool it. Cooling components such as transformers and computer servers are cooled utilizing this technology. During this technique, the components are normally immersed in coolant. These coolants pose no risk to the electronics because they are neither conductive nor capacitive.
As technical developments increase dependability, speed, and range, electric vehicles are likely to capture a more significant proportion of the automotive market. Demand for them is continuously increasing over that of internal combustion engine (ICE) vehicles. Over the next decade, electrified vehicles are estimated to account for half of all vehicle production. Along with consumer demand, the fact that manufacturers must satisfy increasingly stringent carbon dioxide emission standards and fuel economy mandates imposed by governments is projected to drive market expansion.
List of Prominent Players in the Immersion Cooling Fluids Market for Evs:
• FUCHS
• The Lubrizol Corporation
• 3M
• Castrol Limited
• M&I Materials Ltd.
• Engineered Fluids
• Shell plc
• TotalEnergies SE
• Cargill Incorporated
• Dober
• LANXESS
• XING Mobility
• MAHLE GmbH
• Kreisel Electric
• E-MERSIV
• Tesla Inc.
• Volkswagen AG
• SAIC Motors
• BYD Co. Ltd.
• Stellantis N.V.
• General Motors
• Ford Motor Company
• Hyundai Motor Company
• Honda Motor Co., Ltd.
• Groupe Renault
• Toyota Motor Corporation
• Bayerische Motoren Werke (BMW) AG
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Market Dynamics:
Drivers-
Due to significant technical breakthroughs and expansion in immersion cooling solutions for transformers, data centers, and EV batteries, the immersion cooling fluids market is likely to grow at a modest rate over the next five years. Furthermore, the federal government and its agencies are heavily investing in incentives and infrastructure development to encourage the use of electric vehicles and reduce carbon dioxide emissions. These expenditures are driving the expansion of immersion cooling fluids.
Challenges:
Crude oil is a valuable resource for the production of oils used in immersion cooling fluids. Transformer oils, for example, are highly refined, processed, and filtered crude oil products. The price of immersion cooling fluids is directly affected by changes in the price of crude oil. Since 2014, crude oil prices have been regularly shifting. This makes the use of mineral oil in transformer immersion cooling solutions difficult.
Regional Trends:
Europe's Immersion Cooling Fluids Market for Evs is expected to register a major market share in terms of revenue and is projected to grow at a high CAGR in the near future. The region dominated the immersion cooling fluids market, and this dominance is projected to continue during the forecast period. The increased demand for immersion cooling solutions for transformers, data centers, and EV batteries in emerging European countries is likely to boost the region's immersion cooling fluids market expansion. Furthermore, prominent nations in the Asia Pacific immersion cooling fluids market include China, Japan, South Korea, and India, which will dominate the region's total market by value in 2021.
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Recent Developments:
• In October 2022, Shell plc expanded its global specialized fluids range with the introduction of Shell E-Fluids to support battery electric (BEV) and fuel cell electric (FCEV) powertrains for commercial light, medium, and heavy cargo vehicles.
Segmentation of Immersion Cooling Fluids Market for Evs-
By Propulsion Type-
• Battery Electric Vehicles (BEVs)
• Hybrid Electric Vehicles (HEVs)
• Plug-in Hybrid Electric Vehicles (PHEVs)
By Vehicle Type-
• Passenger Vehicles
• Light Commercial Vehicles
• Heavy Commercial Vehicles
By Application
• EV Batteries
• EV Motors
• Power Electronics
By Product Type-
• Single-Phase Coolant
• Two-Phase Coolant
By Chemistry
• Mineral Oils
• Synthetic Oils and Esters
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
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