Immersion Cooling for EV Batteries Market Analysis and Forecast by Size, Share, Growth, Trends 2030

The immersion cooling for EV batteries market size is projected to reach US$ 156.90 million by 2030 from US$ 1.23 million in 2022. The market is expected to register a CAGR of 91.1% during 2026–2030. The growing demand for advanced battery solutions for electric vehicles and the rising investments in the electric vehicles market are likely to remain key trends in the market.

Immersion Cooling for EV Batteries Market Analysis

The growing demand for electric vehicles is fuelling the market growth. The government-focused, initiatives and investment in the electric vehicle market propels the market growth. Demand for high-capacity and sustainable battery solutions generates the demand for immersion cooling for EV batteries. The rising awareness regarding the advantages of immersion cooling creates growth opportunities for the market.

Immersion Cooling for EV Batteries Market Overview

Immersion cooling for electric vehicle batteries might offer a better approach to heat management and enable benefits ranging from extended battery life, faster charging, and safer operation to lighter batteries in EVs and hybrid vehicles. The EV battery generates a high quantity of heat during the charging and discharging. The heat generation rate can range from 20% to 80%, particularly during charging. The performance of an EV's battery is highly thermally coupled and is raising the need for more efficient thermal management systems, such as immersion cooling for EV batteries. Immersion cooling is a process where battery cells and components are cooled more effectively by submerging them in a dielectric coolant fluid. It also enables cells to be packaged more closely, increasing energy density while removing the extensive coolant channels and cold plates.

In comparison to passive air cooling, immersion cooling can improve the heat transfer rate by -10,000 times. In two-phase immersion cooling systems, the high heat transfer performance is achieved through the latent neat evaporation of the dielectric fluid's liquid-to-gas phase transition and the resulting turbulent dual-phase fluid flow. Two-phase immersion cooling systems require added mechanical complexity and have concerns pertaining to the safety levels of fluids used. However, single-phase immersion cooling systems can offer up to 1,000 times better heat transfer than air-cooled systems; they also have a simpler build. These systems are yet to be commercially available on a large scale. Most of these systems are still in the research phase, which, once commercialized, is expected to witness fast adoption rates.

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Immersion Cooling for EV Batteries Market: Strategic Insights

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Immersion Cooling for EV Batteries Market Drivers and Opportunities

Demand for high-capacity battery

With the surging adoption of electric vehicles (EVs), the demand for high-capacity EV batteries is increasing worldwide. To cater to this demand, the original equipment manufacturers (OEMs) are continually working on the improvement of EV batteries, with an aim to achieve high energy density and rapid charging rates. For instance, in March 2023, researchers from POSTECH and Sogang University announced that they had developed a functional polymeric binder tor stable, high-capacity anode material, which can help to increase the current EV range by at least 10-fold. In this product, the researchers replaced graphite with Si anode and combined it with layering-charged polymers while maintaining stability and reliability.

Demand for a sustainable solution

With the growing concerns regarding the environment, the demand for sustainable solutions is also rising. Consumers and automakers are demanding sustainable battery solutions for EVS that deliver high performance and enhanced safety. To cater to this demand, the market players are engaged in research and development activities to launch innovative solutions, which further contribute to the immersion cooling for EV batteries market growth. For example, in August 2023, XING Mobility, a global pioneer of immersion cooling battery technology for industrial applications, announced the official release of its IMMERSIO Cell-to-Pack (CTP) product at the IAA Mobility Show in Munich, Germany. This innovative battery pack, which features high energy density and exceptional heat dissipation and safety features, will be presented for the first time to the global audience at the event.

Immersion Cooling for EV Batteries Market Report Segmentation Analysis

Key segments that contributed to the derivation of immersion cooling for EV batteries market analysis are the type and cooling fluid type.

• Based on the type, the immersion cooling for EV batteries market is divided into single-phase immersion cooling and two-phase immersion cooling. The single-phase immersion cooling segment held the largest share of the market in 2022.
• By cooling fluid type, the market is segmented into mineral oil, synthetic oil, and others. The synthetic oil segment held the largest share of the market in 2022.

Immersion Cooling for EV Batteries Market Share Analysis by Geography

The geographic scope of the immersion cooling for EV batteries market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America holds a significant global market share in 2022. The expected rise in the adoption of immersion cooling for EV batteries in this region can be credited to the growing EV sales and production in the region. Increasing adoption of EVs in the US, Canada, and Mexico will raise the need for efficient cooling systems, such as immersion cooling, fueling the market growth. The automotive sector in the region is witnessing tremendous growth due to the increasing capital growth and rising exports of automobiles.

Immersion Cooling for EV Batteries Market Regional Insights

The regional trends and factors influencing the Immersion Cooling for EV Batteries Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Immersion Cooling for EV Batteries Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Immersion Cooling for EV Batteries Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Immersion Cooling for EV Batteries Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Immersion Cooling for EV Batteries Market are:

1. Ricardo Plc
2. Mahle GmbH
3. EXOES SAS
4. XING Mobility Inc
5. The Lubrizol Corp
6. SAE International

Disclaimer: The companies listed above are not ranked in any particular order.

Immersion Cooling for EV Batteries Market News and Recent Developments

The immersion cooling for EV batteries market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the immersion cooling for EV batteries market are listed below:

• MAHLE, the specialist for thermal management, i.e., the heating and cooling of the vehicle interior and components, developed a completely new cooling system for batteries. Cooling is a major challenge, especially when it comes to fast-charging battery-powered electric vehicles. The Stuttgart-based automotive supplier relies on immersion cooling as a key technology. An electrically nonconductive coolant flows around the cells, thereby ensuring that the maximum temperature of the battery drops markedly during charging and that the overall temperature is distributed much more homogeneously. Immersion cooling shortens the charging times in electric cars considerably. The batteries can thus be smaller, making electric cars cheaper and more resource-efficient. With this technology, MAHLE made a further contribution to faster market penetration and broader acceptance of battery-powered e-mobility by consumers. (Source: MAHLE, Press Release, September 2021)

Immersion Cooling for EV Batteries Market Report Coverage and Deliverables

The "Immersion Cooling for EV Batteries Market Size and Forecast (2020–2030)" report provides a detailed analysis of the market covering below areas:

• Immersion cooling for EV batteries market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Immersion cooling for EV batteries market trends, as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter's Five Forces and SWOT analysis
• Immersion cooling for EV batteries market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the immersion cooling for EV batteries market
• Detailed company profiles