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Battery Cooling Plate Market | Redefining Efficiency and Performance in Electric Vehicles and Renewable Energy Storage

The global battery cooling plate market size is expected to reach USD 5.01 billion by 2030, growing at a CAGR of 37.4% from 2023 to 2030, according to a new report by Grand View Research, Inc. The increasing demand for electric vehicles (EVs) because of the ongoing decarbonization efforts and green energy initiatives is anticipated to be the key driver for market growth during the forecast period.

Battery Cooling Plate Market Report Highlights

Based on process indirect cooling is anticipated to register the fastest CAGR of 37.5%, in terms of revenue, from 2023 to 2030. This cooling type is widely used in electric vehicles (EVs) because of its established technology, widely available coolant liquid, and economical cost

Based on application, BEV is anticipated to register the fastest CAGR of 42.1% in terms of revenue, during the forecast period. BEVs are purely battery-operated vehicles with zero carbon emissions and attract tax incentives for their production and purchase

Based on region, Asia Pacific is expected to register the fastest CAGR of 39.2%, in terms of revenue, over the forecast period. Various government initiatives are propelling the growth. For instance, the region is part of the Electric Vehicles Initiative (EVI), a forum to accelerate the adoption of EVs worldwide

In September 2021, MAHLE GmbH developed a new system for cooling batteries. The immersion cooling technology helps reduce charging time for EVs; thus, batteries can be smaller, resulting in more resource-efficient and low-cost EVs

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Battery electric vehicles (BEV) are anticipated to drive volume demand in the market. The BEVs use a battery pack to store electrical energy to power their motors. Battery cooling plates are widely utilized as heat dissipation is extremely important for the safety and optimum performance of the vehicle. The battery cooling plates are mainly used in liquid cooling, a widely used battery thermal management system technology.

The increase in the production of EV batteries is fueling market growth. For instance, as of June 2023, GM and Samsung SDI are building a new EV battery plant worth USD 3 billion in Indiana, U.S., as a joint venture. This will be GM’s fourth battery plant in the U.S. In addition, in May 2023, Hyundai and LG Energy announced a new EV battery plant in the U.S., worth USD 4.3 billion.

Indirect cooling held the largest revenue share of the market in 2022, and it is likely to continue its dominance during the forecast period. Like traditional internal combustion engines, the liquid coolant circulates through a system of pipes embedded into a battery cooling plate. It is the most widely used commercial technology, readily utilized by EVs. There is ongoing R&D to develop more efficient cooling methods.

[electronalytics]

Lead Acid Battery for ESS Market Business Trends, Demand, Outlook by 2032

Market Overview:

Lead-acid batteries have been a traditional and widely used technology in various applications, including Energy Storage Systems. ESS with lead-acid batteries plays a crucial role in providing backup power, load leveling, and grid stabilization in both off-grid and on-grid settings. These batteries are known for their cost-effectiveness, reliability, and ability to handle high current loads, making them suitable for many energy storage applications.

Lead Acid Battery for ESS Market size was valued at USD 7.36 billion in 2021 and is projected to reach USD 9.73 billion by 2031, exhibiting a CAGR of 3.6% Forecast period 2022-2032.

Key Trends for Lead Acid Battery for ESS Market:

Growing Renewable Energy Integration: With the increasing integration of renewable energy sources like solar and wind into the power grid, there is a growing need for energy storage solutions to balance the intermittent nature of these renewable resources. Lead-acid batteries offer a cost-effective solution for storing excess energy generated during peak production and supplying it during periods of low generation.

Remote and Off-Grid Applications: Lead-acid batteries are commonly used in remote and off-grid locations where access to the main power grid is limited or unreliable. ESS with lead-acid batteries provides a stable and dependable power supply for critical applications in remote areas, such as telecommunications, rural electrification, and isolated industrial sites.

Advancements in Battery Technologies: While lead-acid batteries remain relevant, there have been ongoing developments in battery technologies, including lithium-ion batteries and other advanced chemistries. Lithium-ion batteries, in particular, have gained traction in certain ESS applications due to their higher energy density and faster response times. However, lead-acid batteries continue to be preferred in specific scenarios due to their cost advantage and proven track record.

Demand for Energy Storage in Commercial and Industrial Sectors: The commercial and industrial sectors are increasingly adopting energy storage solutions to manage peak demand, reduce energy costs, and enhance power reliability. Lead-acid batteries, with their established performance and lower upfront costs, have been favored in various industrial applications for these purposes.

Recycling and Sustainability: Environmental concerns have led to an increased focus on battery recycling and sustainability. Lead-acid batteries are highly recyclable, and the industry has made significant strides in recycling processes, making them an environmentally responsible choice for ESS applications.

Research and Development: Research efforts continue to improve lead-acid battery technology, aiming to enhance their energy storage capacity, cycle life, and performance characteristics. This ongoing research is expected to maintain the competitiveness of lead-acid batteries in the ESS market.

We recommend referring our Stringent datalytics firm, industry publications, and websites that specialize in providing market reports. These sources often offer comprehensive analysis, market trends, growth forecasts, competitive landscape, and other valuable insights into this market.

By visiting our website or contacting us directly, you can explore the availability of specific reports related to this market. These reports often require a purchase or subscription, but we provide comprehensive and in-depth information that can be valuable for businesses, investors, and individuals interested in this market.

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Market Segmentations:

Global Lead Acid Battery for ESS Market: By Company • Axion Power • C&D Technologies • EaglePicher Technologies • EnerSys • Exide Technologies • Ecoult • Princeton Power Systems • Redflow • Surrette Battery Company Global Lead Acid Battery for ESS Market: By Type • Utility-owned Model • Custom-owned Model • Third-party-owned Model Global Lead Acid Battery for ESS Market: By Application • Commercial • Household • Industrial • Military Global Lead Acid Battery for ESS Market: Regional Analysis The regional analysis of the global Lead Acid Battery for ESS market provides insights into the market's performance across different regions of the world. The analysis is based on recent and future trends and includes market forecast for the prediction period. The countries covered in the regional analysis of the Lead Acid Battery for ESS market report are as follows: North America: The North America region includes the U.S., Canada, and Mexico. The U.S. is the largest market for Lead Acid Battery for ESS in this region, followed by Canada and Mexico. The market growth in this region is primarily driven by the presence of key market players and the increasing demand for the product. Europe: The Europe region includes Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe. Germany is the largest market for Lead Acid Battery for ESS in this region, followed by the U.K. and France. The market growth in this region is driven by the increasing demand for the product in the automotive and aerospace sectors. Asia-Pacific: The Asia-Pacific region includes Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, and Rest of Asia-Pacific. China is the largest market for Lead Acid Battery for ESS in this region, followed by Japan and India. The market growth in this region is driven by the increasing adoption of the product in various end-use industries, such as automotive, aerospace, and construction. Middle East and Africa: The Middle East and Africa region includes Saudi Arabia, U.A.E, South Africa, Egypt, Israel, and Rest of Middle East and Africa. The market growth in this region is driven by the increasing demand for the product in the aerospace and defense sectors. South America: The South America region includes Argentina, Brazil, and Rest of South America. Brazil is the largest market for Lead Acid Battery for ESS in this region, followed by Argentina. The market growth in this region is primarily driven by the increasing demand for the product in the automotive sector.

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In general, market research studies offer companies and organisations useful data that can aid in making decisions and maintaining competitiveness in their industry. They can offer a strong basis for decision-making, strategy formulation, and company planning.

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