Technology

Battery Thermal Management System Market to Reach $7.3 Billion, Globally, by 2030 at 12.4% CAGR: Allied Market Research

Published

2 months ago

September 23, 2024

Proper thermal management in electric vehicles (EVs) is crucial for ensuring safety by preventing overheating, thermal runaway, and potential battery fires. Thermal management systems monitor and regulate the temperature of the battery pack during operation. These systems prevent excessive heat buildup that could lead to overheating by keeping the battery within safe operating limits.

WILMINGTON, Del., Sept. 23, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Battery Thermal Management System Market by Propulsion (Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV)), Technology (Active Systems and Passive Systems), Vehicle Type (Passenger Vehicles, Commercial Vehicles and Others), Battery Type (Lithium-Ion Battery and Nickel-Metal Hydride (NiMH) Battery, Lead-Acid Battery, Solid-State Battery): Global Opportunity Analysis and Industry Forecast, 2024-2030″. According to the report, the battery thermal management system market was valued at $3.2 billion in 2023, and is estimated to reach $7.3 billion by 2030, growing at a CAGR of 12.4% from 2024 to 2030.

Download PDF Brochure: https://www.alliedmarketresearch.com/request-sample/A15776

Prime determinants of growth

The global battery thermal management system market is experiencing growth due to shift towards electric vehicles. However, the initial investment required for integrating advanced BTMS in vehicles is expected to restrain the growth of the battery thermal management system market. Moreover, innovation in materials, software algorithms, and cooling/heating techniques presents opportunities to develop efficient and cost-effective battery thermal management system solutions during the forecast period.

Report coverage & details:

Report Coverage

Details

Forecast Period

2024–2030

Base Year

2023

Market Size in 2023

$3.2 billion

Market Size in 2030

$7.3 billion

CAGR

12.4 %

No. of Pages in Report

300

Segments Covered

Propulsion, Technology, Vehicle Type, Battery Type, and Region

Drivers

Increase in adoption of electric vehiclesIncrease in demand for energy storage solutions

Opportunity

Integration of Internet of Things (IoT) capabilities into the battery thermal management system

Restraint

High initial costs in developing and implementing advanced battery thermal management systems

The plug-in hybrid electric vehicles (PHEVs) segment is expected to remain the largest type throughout the forecast period.

Plug-in hybrid electric vehicles (PHEVs) represent a unique segment in the automotive industry, combining features of both traditional internal combustion engines (ICE) and electric propulsion systems. Unlike battery electric vehicles (BEVs), which rely solely on electric power stored in batteries, PHEVs integrate a smaller battery pack alongside an internal combustion engine. This hybridization allows PHEVs to offer extended range and flexibility, appealing to consumers who may have concerns about range anxiety or the availability of charging infrastructure.

Procure Complete Report (300 Pages PDF with Insights, Charts, Tables, and Figures) @ https://www.alliedmarketresearch.com/checkout-final/battery-thermal-management-system-market

The active system segment is expected to lead throughout the forecast period.

Active systems actively control the temperature of batteries using mechanisms such as liquid cooling or air cooling with fans. They often involve pumps, coolants, and control systems to manage and regulate temperatures effectively. They offer better performance in terms of temperature control and maintaining optimal operating conditions for batteries, especially in more demanding applications such as electric vehicles (EVs) or grid storage systems. They provide more flexibility in adjusting to varying thermal loads and environmental conditions, which is crucial for ensuring battery longevity and safety.

The passenger vehicle dominated the battery thermal management system market throughout the forecast period.

Battery Thermal Management Systems (BTMS) play a crucial role in ensuring the efficient and safe operation of batteries in electric and hybrid vehicles. These systems are designed to regulate the temperature of the battery pack, which is essential for optimizing performance, prolonging battery life, and ensuring safety under various operating conditions. One of the primary functions of a BTMS is to maintain the battery pack within an optimal temperature range. Batteries perform best within a specific temperature range, typically between 15°C and 35°C (59°F and 95°F) . Operating outside this range can lead to reduced efficiency, decreased power output, and accelerated degradation of the battery cells. In cold climates, the BTMS may warm the battery pack to improve efficiency and prevent damage from low temperatures. Conversely, in hot climates or during heavy use, the system can cool the battery to prevent overheating and maintain performance.

The lithium-ion battery segment is expected to lead throughout the forecast period.

Battery thermal management systems (BTMS) play a crucial role in the performance, safety, and longevity of lithium-ion batteries, especially in applications ranging from electric vehicles (EVs) to portable electronics. These systems are designed to regulate the temperature of the battery pack to optimal levels during both operation and charging, mitigating the risks associated with temperature extremes. BTMS contribute significantly to safety by preventing thermal runaway—a critical concern in lithium-ion batteries. Thermal runaway occurs when a battery cell overheats, leading to a rapid increase in temperature that can propagate to neighboring cells, causing a chain reaction of overheating and potentially resulting in fire or explosion. BTMS uses various strategies such as cooling/heating elements, thermal insulation, and sophisticated control algorithms to detect and mitigate temperature spikes, thereby reducing the risk of thermal runaway incidents.

For Purchase Inquiry: https://www.alliedmarketresearch.com/battery-thermal-management-system-market/purchase-options

Asia-Pacific to maintain its dominance by 2030.

The Asia-Pacific region has witnessed a significant surge in the adoption of electric vehicles, driven by government incentives, environmental policies, and increasing consumer awareness of sustainable transportation. There is a corresponding increase in the demand for advanced BTMS as EV sales continue to rise across countries like China, Japan, South Korea, and India. These systems are essential for regulating battery temperature, optimizing performance, and preventing thermal runaway, particularly in diverse climatic conditions ranging from hot and humid to cold and dry.

Countries in the Asia-Pacific region are at the forefront of technological advancements in battery technology and thermal management. Companies and research institutions are developing innovative BTMS solutions tailored to local market needs and climate conditions. For example, in Japan, where there is a strong automotive and electronics industry, there is significant research into advanced cooling technologies to enhance battery performance and safety. Similarly, China, as the largest EV market globally, invests heavily in developing scalable BTMS solutions that can be integrated into mass-produced vehicles.

Players: –

Robert Bosch GmbHGENTHERMVALEODana LimitedMAHLE GmbHHanon SystemsVOSS Automotive, Inc3MGrayson Automotive Services LimitedContiTech Deutschland GmbH

The report provides a detailed analysis of these key players in the global battery thermal management system market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Trending Reports in Energy & Power Industry:

Solid-State Lithium Battery Market Size, Share, Competitive Landscape and Trend Analysis Report, by Manufacturing Type, by Application: Global Opportunity Analysis and Industry Forecast, 2024-2030

Cylindrical Li-ion Battery Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Capacity, by Application, by End-Use: Global Opportunity Analysis and Industry Forecast, 2024-2033

Lithium-ion Battery Market Size, Share, Competitive Landscape and Trend Analysis Report, by Component, by Capacity, by Application: Global Opportunity Analysis and Industry Forecast, 2023-2032

Lead-Acid Battery Market Size, Share, Competitive Landscape and Trend Analysis Report, by Product, by Construction Method, by Application: Global Opportunity Analysis and Industry Forecast, 2023-2032

Renewable Energy Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type and End Use: Global Opportunity Analysis and Industry Forecast, 2021-2030

Carbon Capture, Utilization, And Storage (CCUS) Market Size, Share, Competitive Landscape and Trend Analysis Report, by Service, by Technology, by End Use Industry and Region: Global Report opportunity Analysis and Industry Forecast, 2020-2030

AI in Energy Market Size, Share, Competitive Landscape and Trend Analysis Report, by Component type, By Application, By End user, By Deployment Type: Global Opportunity Analysis and Industry Forecast, 2021-2031

About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int’l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com/reports-store/energy-and-power
Follow Us on | Facebook | LinkedIn | YouTube

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/battery-thermal-management-system-market-to-reach-7-3-billion-globally-by-2030-at-12-4-cagr-allied-market-research-302255458.html

Technology

Todd Tucker joins Parking Revenue Recovery Services as Chief Operating Officer to Guide Growth as PRRS expands as a Vehicle Identification and Monitoring Technology Platform

Published

37 minutes ago

November 15, 2024

DENVER, Nov. 15, 2024 /PRNewswire/ — Parking Revenue Recovery Services (PRRS), Inc., a leader in AI-driven compliance and vehicle activity monitoring, is pleased to announce the appointment of Todd Tucker, JD, DBA, CAPP, CPP, as its new Chief Operating Officer, effective November 15, 2024. With over 30 years of experience in the parking industry, Tucker is a recognized leader, having held various senior executive roles. Todd assumes the role of Chris Conley, who has decided to retire and enjoy some well-earned time after 30 years in the parking industry.

Before joining PRRS, Tucker served as President at Parking Logix and has been a leader in multiple tech companies focused on mobility solutions, with two leading to strategic and/or investment transaction outcomes Todd’s experience as a parking operations leader/expert and his roles spearheading the development and growth of innovative technology offerings focused on parking provide him with a unique ability to build solutions that meet the needs of today’s parking operations.

PRRS is uniquely positioned in gateless parking technology solutions through its machine vision-based technology, which identifies all vehicle activity, enhances compliance, and enables clients to expand their service capabilities. Our technology allows clients to gather valuable insights into operation and consumer activity while helping our clients improve their customer experience. With Tucker’s extensive expertise in parking technology and leadership, PRRS aims to broaden its services across North America, solidifying its status as the premier provider of gateless technology solutions to operators and facilities.

“Todd’s proven track record of driving innovation and his dedication to enhancing technology-based services make him the ideal candidate to lead PRRS into its next growth phase,” said Gabor Burchner, Managing Director, GB & Partners IM. “As the demand for adaptable technology solutions providers continues to rise, Todd’s leadership and collaborative approach will be invaluable.”

PRRS, in partnership with Asura, has successfully implemented the ARC solution and its compliance services at over 400 parking sites across 29 states. With ongoing investment from GB & Partners IM, PRRS is set to expand beyond its current identity as a “parking notice firm” to become the leading gateless technology solution for the future.

“I am thrilled to join PRRS and enhance the value we provide to our parking operating partners,” said Todd Tucker. “Throughout my career, I’ve consistently sought to challenge the status quo by delivering innovative solutions in an ever-evolving industry. PRRS is at the forefront of leveraging technology to enhance its services, and with GB & Partners IM participation, we will continue to deliver exceptional value to the parking sector and beyond. I look forward to joining the PRRS team and collaborating with our clients to push boundaries and innovate in compliance and facility monitoring services.”

About Parking Revenue Recovery Services

Parking Revenue Recovery Services, Inc. (PRRS) is North America’s leading Parking Compliance and Facility Monitoring technology provider. PRRS is on track to provide over 1,000 parking locations and proudly supports national, regional, and local parking operators throughout the United States. Our client owners and parking operators use our monitoring and compliance services in all properties, including commercial lots and garages, municipal facilities, college and university facilities, airports, hospitals, commercial properties, and residential buildings. PRRS creates exceptional value for its parking operator clients through increased overall customer compliance and enhanced visibility into operating activity and usage while delivering excellent customer service. We maximize the value provided to our clients through excellence, innovation, and efficiency in its compliance and monitoring services, delivered by an outstanding team of parking professionals dedicated to the highest levels of customers.

About Asura Technologies

Asura Technologies specializes in next-generation video analytics and license plate recognition software, utilizing AI to create smart parking, traffic management, frictionless tolling, and safety security applications. Active globally since 2018, Asura Technologies USA collaborates with PRRS to provide highly effective, automated parking enforcement solutions through innovative technology.

About GB & Partners IM

GB & Partners IM is an independent private equity and venture capital firm focused on innovative city technologies, fashion, fintech, medical technologies, and mechanical engineering. As the largest Hungarian-based firm in its sector, GB & Partners IM offers extensive leadership experience in private equity and venture capital investments, M&A transactions, and IPOs, providing operational support to investment entities by international standards. In 2019, GB & Partners IM became the first Hungarian venture capital firm to gain membership in Invest Europe.

View original content to download multimedia:https://www.prnewswire.com/news-releases/todd-tucker-joins-parking-revenue-recovery-services-as-chief-operating-officer-to-guide-growth-as-prrs-expands-as-a-vehicle-identification-and-monitoring-technology-platform-302295135.html

SOURCE Parking Revenue Recovery Services, Inc.

Technology

Connect and Converse Across Borders with Moii: Now Available Worldwide

Published

37 minutes ago

November 15, 2024

SEOUL, South Korea, Nov. 15, 2024 /PRNewswire/ — Moii, an innovative avatar-based interest-matching conversation service developed by tech startup illuni, has officially launched globally. Available on the Google Play Store and Apple App Store, Moii offers users a unique way to meet new friends, share stories and enjoy engaging conversations. The service allows people around the globe to experience safe, interest-based connections with like-minded people, fostering a sense of community across borders. Moii exemplifies illuni’s commitment to creating immersive digital experiences through advanced artificial intelligence (AI) technology.

To create heartfelt connections, download Moii from the Google Play Store (https://play.google.com/store/apps/details?id=com.illuni.moii&hl=en-US) and Apple App Store (https://apps.apple.com/us/app/moii-heartfelt-connections/id6456406927).

Create Moiiments, Connect Globally

In a world where genuine interaction can feel rare, Moii provides a space for simple, meaningful conversations without the pressure of video or photo sharing. By connecting users based on shared interests, Moii creates a relaxed environment for spontaneous chats, whether someone is looking for a listening ear, a language exchange, or a fresh global perspective. With engaging features such as avatar costumes and singing content in virtual karaoke – introduced in a recent November update – the app continues to attract a growing user base of young adults seeking meaningful connections beyond small talk.

“Since our global launch on the 1st of November, users from over 30 countries have come together on Moii to share interests, create unique content and enjoy friendly conversations,” said Byung-Hwa Park, CEO of Illuni. “We are thrilled by the enthusiasm for Moii as people around the world find it to be a fun and welcoming platform.”

Aimed at users in their 20s and 30s, Moii allows users to interact in a fully customizable 3D environment. Instead of revealing their actual appearance, users create avatars that reflect their personalities and interests, providing a sense of anonymity, security, and comfort. Once matched, users can personalize their avatars, use conversation cards, and enjoy mini games, making every interaction fun and engaging.

With a mission to create comfortable spaces for conversation, Moii promotes cross-cultural and language exchange on a global scale. Whether users want to make foreign friends, practice a new language, or simply chat with a friendly listener, Moii offers a low-pressure, refreshing way to connect.

Looking ahead, Illuni plans to expand Moii’s language support, making it accessible to even more users across the globe.

For more information about Moii, visit https://www.moii.net/en

About illuni

Illuni is a forward-thinking startup focused on developing immersive digital experiences through advanced AI technology. The company is committed to building innovative mixed-reality services that redefine user engagement in digital spaces. Alongside Moii, illuni’s portfolio includes Storyself (https://storyself.com), an interactive storybook app that transforms users’ pictures into story characters, allowing them to become the protagonists of various tales—making it both engaging and educational for children.

To learn more about illuni and its suite of mixed-reality projects, visit: https://www.illuni.com/en

For media inquiry, please contact: illuni Communications, e-mail: contact@illuni.com

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/connect-and-converse-across-borders-with-moii-now-available-worldwide-302306704.html

SOURCE illuni

Technology

LONGi’s Solar Panels Enhance Sustainability in Bengaluru’s Residential Complex

Published

37 minutes ago

November 15, 2024

BANGALORE, India, Nov. 15, 2024 /PRNewswire/ — LONGi, in partnership with SolarSquare, has completed a 342 kW solar project using advanced Hi-MO 5 solar panels for a residential apartment complex in Bengaluru.

Launched seven months ago, this solar project is set to save the residential complex up to $47,736 annually and has already generated an impressive 340,000 units of electricity. Thanks to the high efficiency of the solar modules, significant economies of scale, and the inherent advantages of rooftop solar, the project is projected to reach its break-even point within just 4.75 years.

Before the installation of the rooftop solar panels, residents faced annual electricity costs of approximately $143,305. The switch to solar energy is expected to result in annual savings between $47,768–$53,768, effectively reducing their electricity expenses by around 33%.

Nikhil Nahar, Co-founder and Director of SolarSquare, stated, “Through our strategic partnership with LONGi over the years, our customers have gained access to state-of-the-art technology for their projects. LONGi’s solar panels consistently deliver performance and help our customers save on electricity bills. With a shared vision to accelerate the mass adoption of renewable energy and enhance sustainability, our partnership has continually provided innovative solutions, earning the trust of our customers.”

LONGi remains committed to delivering advanced solar technology and helping more residential complexes achieve energy independence through its highly efficient and reliable products.

About LONGi

Founded in 2000, LONGi is committed to being the world’s leading solar technology company, focusing on customer-driven value creation for full scenario energy transformation.

Under its mission of ‘making the best of solar energy to build a green world’, LONGi has dedicated itself to technology innovation and established five business sectors, covering mono silicon wafers cells and modules, commercial & industrial distributed solar solutions, green energy solutions and hydrogen equipment. The company has honed its capabilities to provide green energy and has more recently, also embraced green hydrogen products and solutions to support global zero carbon development. www.longi.com

View original content:https://www.prnewswire.com/in/news-releases/longis-solar-panels-enhance-sustainability-in-bengalurus-residential-complex-302306744.html