“Thermal Systems Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on thermal systems market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Where is the largest and fastest growing market for thermal systems? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The thermal systems market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
- 1) By Component: Air Filter; Condenser; Compressor; Water Pump; Motor; Heat Exchanger; Heater Control; Thermoelectric Generator; Other Components
- 2) By Vehicle: Internal Combustion Engines (ICE); Electric; Off-Vehicle and ATV
- 3) By Application: Front and Rear A or C; Powertrain; Seat; Steering; Battery; Motor; Power Electronics; Waste Heat Recovery; Sensor
- Companies Mentioned: Continental AG; Denso Corporation; Dana Incorporated; Grayson Thermal Systems; Gentherm Inc.
- Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
- Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
- Delivery Format: PDF, Word and Excel Data Dashboard.
Executive Summary
Major players in the thermal systems market are: Continental AG, Denso Corporation, Dana Incorporated, Grayson Thermal Systems, Gentherm Inc., Hanon Systems, Lennox International Inc., Modine Manufacturing Company Inc., MAHLE GmbH, Robert Bosch GmbH, Valeo SA, Visteon Corporation, Schaeffler Technologies AG & Co. KG, Johnson Electric Holding Ltd., Behr GmbH & Co. KG, Sanden Corp., United Technologies Corporation, Diakin Industries Ltd., and Calsonic Kansei Corp.
The global thermal systems market is expected to grow from $45.37 billion in 2022 to $47.72 billion in 2023 at a compound annual growth rate (CAGR) of 5.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The thermal systems market is expected to grow to $56.58 billion in 2027 at a CAGR of 4.4%.
The thermal system market includes revenues earned by entities by Egr valve, A/C valve,oxygen sensor, temperature sensor, and charge air cooler. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
A thermal system is a multipart assembly of connected components, some of which are thermal, that interact to produce cold internally while exhibiting a shared organized behaviour.
North America was the largest region in the thermal systems market in 2022. The regions covered in the thermal systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of the thermal system are an air filter, condenser, compressor, water pump, motor, heat exchanger, heater control, thermoelectric generator, and others which are used in various vehicles such as ICE, electric, off-vehicle, and ATV. Air filters are devices used to filter out airborne contaminants and pollutants that are bad for the environment and human health. The various vehicles involved are ice, electric, off-vehicle, and ATV. The various applications involved are front and rear A or C, powertrain, seat, steering, battery, motor, power electronics, waste heat recovery, and sensor.
The growing electric vehicles demand is expected to propel the growth of the thermal systems market going forward. Electric vehicles also known as battery electric vehicles (BEVs), lack an internal combustion engine in favor of an electric motor. Thermal systems are used to control the ideal temperatures in battery packs, power electronics drives, and electric motors and are applied to external-internal temperature situations in electric vehicles. For instance, according to an article published by International Energy Agency, a France-based international intergovernmental organization ensuring reliable, affordable, and clean energy, in 2021, sales of electric vehicles (including completely electric and plug-in hybrid vehicles) reached 6.6 million, a new high. By the end of 2021, there were around 16.5 million electric vehicles on the road worldwide. Additionally, sales of electric vehicles nearly tripled to 3.3 million in China in 2021, making up about half of the global total. Therefore, the growing electric vehicles demand is driving the growth of thermal systems.
Technological advancements are the key trend gaining popularity in the thermal systems market. Major companies operating in the thermal systems market are introducing new technologies to sustain their position in the market. For instance, in April 2022, Alfalevel, a Sweden-based provider of first-rate products in the areas of separation, heat transfer, and fluid handling launched E-PowerPack which generates power from waste heat, allowing for energy savings and compliance. The Organic Rankine Cycle (ORC) technology is used by the E-PowerPack to convert waste heat into clean electrical power. It can produce energy from both high-temperature and low-temperature heat sources, ranging from jacket cooling water at 75°C to engine exhaust gas at 550°C, through a liquid-gas phase change. Additionally, it is a modular approach that enables the integration of smaller units-each with a net electrical output of up to 100 kW or 200 kW-into larger systems.
In October 2020, Honeywell International Inc., a US-based conglomerate corporation acquired Rocky Research for an undisclosed amount. With this acquisition, Honeywell would expand its wide-ranging portfolio that includes power generating systems, energy storage, and power and thermal management systems. Additionally, it combines the tested research and development talents of Rocky Research with the global reach, engineering integration, test, and production know-how of Honeywell. Rocky Research is a US-based technology company specializing in thermal, energy, and power management solutions.
The countries covered in the thermal systems market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The thermal system market research report is one of a series of new reports from The Business Research Company that provides thermal system market statistics, including thermal system industry global market size, regional shares, competitors with thermal system market share, detailed thermal system market segments, market trends, and opportunities, and any further data you may need to thrive in the thermal system industry. This thermal system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Table of Contents
1. Executive Summary
2. Thermal Systems Market Characteristics
3. Thermal Systems Market Trends And Strategies
4. Thermal Systems Market - Macro Economic Scenario
- 4.1. COVID-19 Impact On Thermal Systems Market
- 4.2. Ukraine-Russia War Impact On Thermal Systems Market
- 4.3. Impact Of High Inflation On Thermal Systems Market
5. Thermal Systems Market Size And Growth
- 5.1. Global Thermal Systems Historic Market, 2017-2022, $ Billion
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints On The Market
- 5.2. Global Thermal Systems Forecast Market, 2022-2027F, 2032F, $ Billion
- 5.2.1. Drivers Of The Market
- 5.2.2. Restraints On the Market
6. Thermal Systems Market Segmentation
- 6.1. Global Thermal Systems Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Air Filter
- Condenser
- Compressor
- Water Pump
- Motor
- Heat Exchanger
- Heater Control
- Thermoelectric Generator
- Other Components
- 6.2. Global Thermal Systems Market, Segmentation By Vehicle, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Internal Combustion Engines (ICE)
- Electric
- Off-Vehicle and ATV
- 6.3. Global Thermal Systems Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Front and Rear A or C
- Powertrain
- Seat
- Steering
- Battery
- Motor
- Power Electronics
- Waste Heat Recovery
- Sensor
7. Thermal Systems Market Regional And Country Analysis
- 7.1. Global Thermal Systems Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 7.2. Global Thermal Systems Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
8. Asia-Pacific Thermal Systems Market
- 8.1. Asia-Pacific Thermal Systems Market Overview
- Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
- 8.2. Asia-Pacific Thermal Systems Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 8.3. Asia-Pacific Thermal Systems Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
9. China Thermal Systems Market
- 9.1. China Thermal Systems Market Overview
- 9.2. China Thermal Systems Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion
- 9.3. China Thermal Systems Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion
10. India Thermal Systems Market
- 10.1. India Thermal Systems Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 10.2. India Thermal Systems Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
11. Japan Thermal Systems Market
- 11.1. Japan Thermal Systems Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 11.2. Japan Thermal Systems Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
12. Australia Thermal Systems Market
- 12.1. Australia Thermal Systems Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 12.2. Australia Thermal Systems Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
13. Indonesia Thermal Systems Market
- 13.1. Indonesia Thermal Systems Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 13.2. Indonesia Thermal Systems Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
14. South Korea Thermal Systems Market
- 14.1. South Korea Thermal Systems Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 14.2. South Korea Thermal Systems Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
15. Western Europe Thermal Systems Market
- 15.1. Western Europe Thermal Systems Market Overview
- 15.2. Western Europe Thermal Systems Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 15.3. Western Europe Thermal Systems Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
16. UK Thermal Systems Market
- 16.1. UK Thermal Systems Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 16.2. UK Thermal Systems Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
17. Germany Thermal Systems Market
- 17.1. Germany Thermal Systems Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 17.2. Germany Thermal Systems Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
18. France Thermal Systems Market
- 18.4. France Thermal Systems Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 18.5. France Thermal Systems Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
19. Eastern Europe Thermal Systems Market
- 19.1. Eastern Europe Thermal Systems Market Overview
- 19.2. Eastern Europe Thermal Systems Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 19.3. Eastern Europe Thermal Systems Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
20. Russia Thermal Systems Market
- 20.1. Russia Thermal Systems Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 20.2. Russia Thermal Systems Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
21. North America Thermal Systems Market
- 21.1. North America Thermal Systems Market Overview
- 21.2. North America Thermal Systems Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 21.3. North America Thermal Systems Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
22. USA Thermal Systems Market
- 22.1. USA Thermal Systems Market Overview
- 22.2. USA Thermal Systems Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 22.3. USA Thermal Systems Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
23. South America Thermal Systems Market
- 23.1. South America Thermal Systems Market Overview
- 23.2. South America Thermal Systems Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 23.3. South America Thermal Systems Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
24. Brazil Thermal Systems Market
- 24.1. Brazil Thermal Systems Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 24.2. Brazil Thermal Systems Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
25. Middle East Thermal Systems Market
- 25.1. Middle East Thermal Systems Market Overview
- 25.2. Middle East Thermal Systems Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 25.3. Middle East Thermal Systems Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
26. Africa Thermal Systems Market
- 26.1. Africa Thermal Systems Market Overview
- 26.2. Africa Thermal Systems Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 26.3. Africa Thermal Systems Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
27. Thermal Systems Market Competitive Landscape And Company Profiles
- 27.1. Thermal Systems Market Competitive Landscape
- 27.2. Thermal Systems Market Company Profiles
- 27.2.1. Continental AG
- 27.2.1.1. Overview
- 27.2.1.2. Products and Services
- 27.2.1.3. Strategy
- 27.2.1.4. Financial Performance
- 27.2.2. Denso Corporation
- 27.2.2.1. Overview
- 27.2.2.2. Products and Services
- 27.2.2.3. Strategy
- 27.2.2.4. Financial Performance
- 27.2.3. Dana Incorporated
- 27.2.3.1. Overview
- 27.2.3.2. Products and Services
- 27.2.3.3. Strategy
- 27.2.3.4. Financial Performance
- 27.2.4. Grayson Thermal Systems
- 27.2.4.1. Overview
- 27.2.4.2. Products and Services
- 27.2.4.3. Strategy
- 27.2.4.4. Financial Performance
- 27.2.5. Gentherm Inc.
- 27.2.5.1. Overview
- 27.2.5.2. Products and Services
- 27.2.5.3. Strategy
- 27.2.5.4. Financial Performance
28. Key Mergers And Acquisitions In The Thermal Systems Market
29. Thermal Systems Market Future Outlook and Potential Analysis
30. Appendix
- 30.1. Abbreviations
- 30.2. Currencies
- 30.3. Historic And Forecast Inflation Rates
- 30.4. Research Inquiries
- 30.5. The Business Research Company
- 30.6. Copyright And Disclaimer