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Battery Thermal Management System Market worth $8.5 Billion by 2030 | MarketsandMarkets

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CHICAGO, May 27, 2024 /PRNewswire/ — Battery Thermal Management System market size is projected to grow from USD 3.7 Billion in 2024 to USD 8.5 Billion by 2030, at a CAGR of 14.7%, according to a new report by MarketsandMarkets. The increasing demand for electric vehicle and battery safety is expected to increase the demand for BTMS. Additionally, continuous innovation in BTMS components will boost the demand for BTMS.

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Battery Thermal Management System Market Scope:

Report Coverage

Details

Market Revenue in 2024

USD 3.7 Billion

Estimated Value by 2030

USD 8.5 Billion

Growth Rate

Poised to grow at a CAGR of 14.7%

Market Size Available for

2019–2030

Forecast Period

2024-2030

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Propulsion (BEV, PHEV, FCEV), Offering (BTMS With Battery, BTMS Without Battery), Technology (Active, Passive, Hybrid), Battery Type, Battery Capacity, Vehicle Type and Region

Geographies Covered

Asia Pacific, Europe, North America, and Rest Of The World

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Growing potential of modular design

Key Market Drivers

Innovation in EV battery system

BEV segment is expected to have largest share in the global BTMS market

The BEV segment is expected to grow the largest in terms of value. The region accounts for the largest BEV market, with countries such as China, Japan, and South Korea leading BEV sales. Strong government support and favorable policies are the major factors for the fast growth of BEVs in the region, along with the fast popularization of the BTMS market. The cost of the BEV of local players in this region is low compared to that in other regions, leading to a high demand for various low-cost BTMS in this market. For instance, in January 2024, XING Mobility (China), a company known for its innovative approach to EV technology, has recently introduced its latest advancement in battery technology with the debut of the Next-Gen Immersion Cooling Battery. These advancements will further drive the BTMS market in the BEV segment.

<100 KWH battery capacity segment is estimated to exhibit the largest growth in global BTMS market

<100 KWH battery capacity segment is expected to have significant growth opportunities in the BTMS market during the forecast period. This battery capacity range offers a balance between range and practicality. It satisfies the needs of consumers who desire an EV capable of longer distances without the added cost or weight of extremely high-capacity batteries. The infrastructure development supports the adoption of EVs with larger battery capacities and proper thermal management as consumers feel more confident about long-distance travel and quick charging options. With the improving range, the sales of vans falling under the segment are estimated to rise, which will boost the EV battery market in the <100 kWh segment. For instance, the 2024 Audi e-tron GT is a sedan with a 93-kWh battery pack that provides a range of around 300 miles (483 kilometers; it uses liquid-cooled systems for its batteries to provide optimum performance. Thus, the launch of EVs with a battery capacity of <100 kWh will drive the segment.

US to lead the BTMS market in North America

The US is predicted to lead the North American BTMS market. The US is a leading market in the automotive industry, renowned for its innovation, technology adoption, and vast network of manufacturers, suppliers, and consumers. With a diverse landscape ranging from the cold winters of Alaska to the scorching summers of Arizona, the demand for effective BTMS is paramount. As EV adoption continues to rise, driven by environmental concerns and government incentives, the importance of efficient thermal management solutions becomes even more pronounced. The climate across the US varies significantly from region to region, presenting unique challenges for automotive thermal management systems. In northern states such as Minnesota and Maine, frigid temperatures during winter months can severely impact battery performance and longevity. Conversely, in southern states such as Texas and Florida, extreme heat poses similar challenges, accelerating battery degradation and reducing overall efficiency. The growing demand for EVs in the US presents a significant opportunity for companies specializing in BTMS.

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Battery Thermal Management System Market Dynamics:

Drivers:

Innovation in EV battery system

Restraints:

Complexities associated with design components.

Opportunities:

Growing potential of modular design

Challenge:

Irregular operation of BTMS in extreme temperature

Key Market Players of Battery Thermal Management System Industry:

Prominent players in the Battery Thermal Management System Market include Robert Bosch (Germany), Gentherm (US), Continental AG (Germany), Denso (Japan), BorgWarner Inc. (US), Webasto Group (Germany), among others.

The break-down of primary participants is as mentioned below:

By Company Type: OEMs – 24%, Tier 1 –67% and Tier 2 & 3 – 9%,By Designation: CXO – 33%, Managers – 52%, and Executives – 15%By Region: North America – 26%, Europe – 30%, Asia Pacific – 35%, and ROW­­-9%

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Automotive Battery Thermal Management System Industry Recent Developments:

In February 2024, Denso Corporation’s collaboration with Betterfrost and the Ontario Vehicle Innovation Network represents a significant advancement in addressing the range limitations of EVs in extreme heat and cold.In February 2024, The acquisition between Modine and Scott Springfield Manufacturing  to diversify its product offerings by incorporating air-handling units into its portfolio.In February 2024, The partnership between GM and LG Chem underscores a commitment to advancing state-of-the-art battery technology. By prioritizing thermal management solutions, they aim to address key challenges such as battery degradation, overheating, and safety concerns.

Automotive Battery Thermal Management System Market Size – Key Benefits of Buying the Report:

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall BTMS market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.

This report provides insights on:

Analysis of key drivers (Rising adoption of Electric Vehicles, Innovation in EV battery system, and Stringent regulatory and safety standards), restraints (Complexities associated  design components and Inadequate infrastructure for EV charging in emerging market), opportunities (Growing potential of modular design, Increasing R&D investment for advance battery thermal solution, implementation of BTMS for optimal battery performance, and innovation within e-compressor by key OEMS), and challenges (Safety concerns associated with battery reliability and irregular operation of BTMS in extreme conditions) influencing the growth of the BTMS market.Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the BTMS market.Market Development: Comprehensive information about lucrative markets – the report analyses the BTMS market across varied regions.Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the BTMS market.Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Robert Bosch (Germany), Gentherm (US), Continental AG (Germany), Denso (Japan), BorgWarner Inc. (US), Webasto Group (Germany) among others in the BTMS market.Strategies: The report also helps stakeholders understand the pulse of the BTMS market and provides them information on key market drivers, restraints, challenges, and opportunities

Related Reports:

Wireless Charging Market for Electric Vehicles – Global Forecast to 2030

Electric Vehicle Market – Global Forecast 2030

Automotive Terminal Market – Global Forecast to 2025

EV Battery Market – Global Forecast to 2033

Get access to the latest updates on Battery Thermal Management System Companies and Battery Thermal Management System Industry Growth

About MarketsandMarkets™:

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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Zoomlion Smart Industrial City Achieves Full Solar Integration, Setting a Green Benchmark for the Industry

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CHANGSHA, China, Jan. 9, 2025 /PRNewswire/ — Zoomlion Heavy Industry Science & Technology Co., Ltd. (“Zoomlion”, 1157.HK) announced that the rooftop distributed photovoltaic (PV) project at the Mobile Crane Machinery Park of Zoomlion Smart Industrial City has successfully connected to the grid, marking the achievement of full-capacity solar power integration. With this milestone, all parks within the Smart Industrial City now operate entirely on green energy, setting a new benchmark for sustainability in the industry.

The distributed PV system at Zoomlion Smart Industrial City spans across four major parks: Concrete, Mobile Crane, Earthmoving Machinery and Aerial Work Platform. Covering a total installation area of 400,000 square meters, the solar power system now boasts a total capacity of 85 MWp, with an annual electricity output of 65.6 million kWh. This is equivalent to saving 21,500 tons of standard coal and reducing carbon dioxide emissions by 65,400 tons annually, underscoring Zoomlion’s commitment to energy conservation and low-carbon development.

The rooftop PV system at Zoomlion Smart Industrial City is one of the largest in the industry, generating clean energy that not only lowers operating costs but also supports the company’s high-quality development goals. Moreover, the project enables Zoomlion to apply for more than 6,500 green certificates annually, enhancing the export potential of its products by aligning with international green standards.

Zoomlion has taken a leadership role in promoting green development across its operations. Beyond its industrial parks, Zoomlion has embedded sustainability into its core technological development strategy, advancing foundational research in green technologies. Through green design, manufacturing, management, and standardization, the company is contributing to global sustainable development initiatives.

In 2024, the company implemented comprehensive energy-saving and emission-reduction measures, achieving green transformation from production to product delivery. Zoomlion has significantly expanded its lineup of new energy products to meet diverse market demands. The Aerial Work Platform product line now features over 90% coverage in new energy models.

By leveraging advanced digital and intelligent technologies, Zoomlion has also propelled green transformations across its supply chain and industry ecosystem. The company continues to lead the establishment of green standards, driving the machinery industry towards sustainable and circular growth.

With its ongoing efforts to enhance productivity and empower intelligent manufacturing, Zoomlion is paving the way for a greener future in the machinery industry.

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LIVE from CES 2025: FOSSiBOT Unveils Disruptive Energy Storage and Rugged Smartphones

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LAS VEGAS, Jan. 9, 2025 /PRNewswire/ — CES 2025 is in full swing in Las Vegas, and FOSSiBOT, a rising star in portable power and rugged devices, is making waves with its latest innovations. A standout product is their high-capacity 5kWh home energy storage system, poised to revolutionize the home energy landscape and redefine industry standards.

CES 2025 Floor: FOSSiBOT’s 7200W Home Energy System Steals the Show

FOSSiBOT is showcasing a powerful 7200W home energy storage system with a substantial 5kWh capacity at CES 2025. Designed to provide reliable backup power, reduce reliance on the traditional grid, and even enable energy self-sufficiency, this system is drawing crowds at the global tech event.

The Significance of 7200W and 5kWh:

7200W Power: This robust output can simultaneously power high-demand appliances like air conditioners, induction cooktops, and electric water heaters, ensuring essential needs are met during power outages. This is a significant power level for the home energy market.5kWh Capacity: This is a key differentiator. In a market dominated by 1-3kWh systems, 5kWh offers significantly extended runtime. For instance, it can power a 90W refrigerator for over 55 hours or a 700W air conditioner for over 7 hours. This capacity sets a new benchmark for home energy storage.

Looking Ahead: FOSSiBOT Developing Balcony Solar Solutions

According to FOSSiBOT, the company is actively developing integrated balcony solar solutions designed to enable users to harvest and store solar energy for greater energy independence. While not on display at CES, FOSSiBOT states this technology is a key focus for future development.

FOSSiBOT’s existing portable power station lineup is also on display, including the F1200 (emphasizing portability), the F2400 (offering increased capacity and higher output), and the flagship F3600 Pro (with advanced features and expandability), showcasing the company’s expertise in portable energy solutions and laying the groundwork for its expansion into the home energy market.

Smartphone Highlights at CES 2025: The S3 Pro Makes a Splash

In the smartphone arena, the recently launched S3 Pro, featuring a vibrant AMOLED display, is making a strong impression at CES 2025, offering attendees a premium visual experience. The unique rear display is also attracting considerable attention. The S3 Pro is available at a competitive price on the FOSSiBOT website.

Existing models like the F106 Pro (combining a large speaker with a 3W camping light) and the F109 (a 5G rugged phone) are also garnering attention at CES 2025 for their reliable performance and distinct features.

The Upcoming F112 Pro: Style Meets Ruggedness Takes Center Stage at CES 2025

The highly anticipated F112 Pro has made its official debut at CES 2025. Blending portability, ruggedness, and stylish design, it features a 6.88-inch HD+ waterdrop display and multiple color options, quickly becoming a focal point on the show floor.

CES 2025: FOSSiBOT Showcases Innovation and Seeks Partnerships

FOSSiBOT’s presence at CES 2025 underscores its commitment to innovation in both the energy storage and smartphone sectors, as the company actively seeks partnerships with global retailers, distributors, and resellers.

FOSSiBOT’s showing at CES 2025 is impressive, and its 5kWh home energy system and new smartphones are poised to make a significant impact on the market.

 

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Persistent Introduces Pi-OmniKG with Google Cloud

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Accelerating biomedical research with AI-driven solutions

SANTA CLARA, Calif. and PUNE, India, Jan. 9, 2025 /PRNewswire/ — Persistent Systems (BSE: 533179) (NSE: PERSISTENT), a global leader in Digital Engineering and Enterprise Modernization, today announced the launch of Pi-OmniKG, an advanced AI-driven knowledge graph solution developed with Google Cloud technology. ‘Omni’ signifies the ability to universally handle diverse data, and ‘KG’ stands for Knowledge Graphs powered by GenAI. This innovative solution empowers healthcare and life sciences (HCLS) organizations to accelerate biomedical research, streamline data mining processes, and deliver insights with greater speed and accuracy.

Biomedical research is often hindered by time-consuming and labor-intensive data mining workflows. Legacy systems struggle to incorporate and analyze diverse datasets effectively, delaying the generation of actionable insights critical for HCLS enterprises. Pi-OmniKG addresses these challenges by modernizing data integration processes, creating a holistic knowledge base to decipher complex relationships, allowing researchers to make faster, evidence-based decisions by unlocking hidden insights. Furthermore, Pi-OmniKG enables direct querying of structured and unstructured internal data assets, alone or in combination with external data.

Key benefits of the solution include:

Reducing hypothesis generation time, empowering researchers to make faster, evidence-based decisions.Speeding up data processing, leading to improved research efficiency.Seamlessly integrating diverse data types, files, and sources from public and private datasets, creating a unified knowledge base.Incorporating reusable components with built-in flexibility to meet specific client needs for smart decision support.

Pi-OmniKG is built using Google Cloud’s advanced technologies — including the Vertex AI platform, BigQuery, and Cloud SQL — leveraging GenAI capabilities to streamline workflows, standardize data, and enable seamless integration of structured and unstructured datasets. Its intuitive interface allows researchers to query and visualize data, uncovering novel relationships and delivering high-quality insights backed by authentic citations. 

Persistent has been working with Google Cloud’s cutting-edge AI and cloud technologies for over a decade to deliver transformative solutions that address complex industry challenges. The launch of Pi-OmniKG builds on the Strategic Partnership Agreement Persistent announced in June 2024, which strengthens the collaboration between the two organizations to support Persistent’s development of AI-driven solutions across industries. It exemplifies Persistent’s vision of providing a smarter, faster, and more accessible way for HCLS organizations to process biomedical data and drive innovation.

Ganesh Nathella, Senior Vice President and General Manager – HCLS Business, Persistent

“In an era where data-driven insights are vital to accelerating drug discovery, clinical research, and patient-centric care, the challenges of managing vast and complex datasets often impede progress in biomedical R&D. At the intersection of technology and life sciences, our collaboration with Google Cloud enables us to deliver transformative solutions tailored to this industry’s unique needs with a data-first approach. Pi-OmniKG enables life sciences organizations to streamline workflows, leverage data, and drive breakthroughs with precision. Together, we are advancing the capabilities of researchers and research organizations to address critical challenges and accelerate progress across the healthcare and life sciences ecosystem.”

Shweta Maniar, Global Leader, Healthcare & Life Sciences Solutions & Strategy, Google Cloud

“As the volume and complexity of biomedical data continue to grow, researchers need smarter tools that unlock the true potential of this data. Pi-OmniKG, powered by Google Cloud’s GenAI capabilities, showcases how AI can empower organizations to drive faster discoveries, bring therapies to market sooner, and advance global healthcare innovation. This collaboration with Persistent underscores our shared commitment to enabling breakthroughs in life sciences.”

About Persistent

Persistent Systems (BSE & NSE: PERSISTENT) is a global services and solutions company delivering Digital Engineering and Enterprise Modernization to businesses across industries. With over 23,200 employees located in 19 countries, the Company is committed to innovation and client success. Persistent offers a comprehensive suite of services, including AI-enabled software engineering, product development, data and analytics, CX transformation, cloud computing, and intelligent automation. The Company has been recognized as the “Most Promising Company” of the Year by CNBC-TV18 at the 2023 India Business Leader Awards. Persistent has achieved carbon neutrality, reinforcing its commitment to sustainability and responsible business practices. As a participant of the United Nations Global Compact, the Company is committed to aligning strategies and operations with universal principles on human rights, labor, environment, and anti-corruption, as well as take actions that advance societal goals. With 327% growth in brand value since 2020, Persistent is the fastest-growing IT services brand in the 2024 Brand Finance India 100 Report.

www.persistent.com

Forward-looking and Cautionary Statements

For risks and uncertainties relating to forward-looking statements, please visit persistent.com/flcs

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