Saturday, 27 July 2024
According to our latest study on “Immersion Cooling for EV Batteries Market Forecast to 2030 – Global and Regional Share, Trends, and Growth Opportunity Analysis – by Type and Cooling Fluid Type,” the immersion cooling for EV batteries market size was valued at US$ 1.23 million in 2022 and is expected to reach US$ 156.90 million by 2030; it is estimated to record a CAGR of 91.1% from 2022 to 2030.
Immersion cooling for electric vehicle (EV) batteries has been a major part of ongoing research; hence, it has yet to be witnessed on a commercial scale. It 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 electric vehicle (EV) battery generates tremendous heat during the charging and discharging. The heat generation rate increases from 20% to 80%, particularly during the State of Charge. The performance of an EV’s battery is highly thermally coupled and thus 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 immersion cooled batteries, the casing is designed to be leakproof with pressure relief features, thus preventing air or moisture from penetrating the cell and compromising the performance of the battery system.
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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 heat of 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.
As the demand for high-capacity batteries is increasing in EVs in order to expand the driving range of vehicles, the need for efficient thermal management solutions such as immersion cooling is also growing across the globe. This is mainly because the immersion cooling process helps to manage increased heat from high-speed charging, thus preventing the propagation of thermal runaway. Furthermore, as immersion cooling can help extend the life of battery packs, the need to incorporate the system in road-going vehicles is increasing tremendously. To cater to this demand, various companies are working on the integration of technologies with EVs. For instance, in July 2023, TotalEnergies announced that they had incorporated an immersion-cooled battery into a Volvo XC90 plug-in hybrid. Thus, such developments by the companies are expected to fuel the growth of the immersion cooling for EV batteries market during the forecast period.
The demand for reliable EVs is continuously increasing across the globe. EVs are witnessing increasing momentum as companies and governments worldwide are taking various initiatives to promote fossil fuel-free transportation. To achieve this goal, the batteries need to become more powerful, which creates the need for more intense cooling regimes. As a result, various market players are working on incorporating immersion cooling to enhance their EV battery systems. In immersion cooling, a battery is submerged in dielectric fluid, which enables a more direct cooling approach than a water-glycol system. As fluid surrounds the battery cells directly, the cooling process occurs rapidly. If a battery fire occurs, the immersion cooling technique immediately helps to prevent the spread of heat in the entire battery pack, thus stopping other cells from going into thermal runaway. The technique also helps prevent battery degradation due to unexpected cell aging by quickly cooling the cells, thereby reducing the thermal runaway chances through effective heat dissipation. Also, this dielectric fluid helps prevent heat from propagating to adjacent cells, avoiding a cascade effect spreading within the entire battery pack. Thus, all the above advantages of immersion cooling are expected to create an opportunity for the growth of the immersion cooling for EV batteries market during the forecast period.
North America witnessed tremendous growth in EV sales in 2022. According to the IEA’s annual Global Electric Vehicle Outlook, EV sales increased by 55% in the US in 2022 compared to 2021. To further increase the adoption of EVs, governments of various countries in North America are taking several initiatives. Through the US Inflation Reduction Act, the US government is emphasizing strengthening domestic supply chains for EVs, batteries, and minerals. From August 2022 to March 2023, major EV and battery makers announced to invest ~US$ 52 billion in EV supply chains in the region. Thus, the growing sales and production of EVs and batteries in North America are boosting the demand for immersion cooling technology that helps increase the capacity of batteries.
The immersion cooling for EV batteries market is bifurcated on the basis of type and cooling fluid type. Based on 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 immersion cooling for EV batteries market share in 2022 and is anticipated to register the highest CAGR in the immersion cooling for EV batteries market during the forecast period. Based on cooling fluid type, the immersion cooling for EV batteries market is segmented into mineral oil, synthetic oil, and others. The synthetic oil segment held the largest immersion cooling for EV batteries market share in 2022 and is also anticipated to register the highest CAGR in the immersion cooling for EV batteries market during the forecast period.
Ricardo Plc, Mahle GmbH, Exoes SAS, Xing Mobility Inc, The Lubrizol Corp, SAE International, Rimac Technology Ltd, Cargill Inc, Engineered Fluids Inc, and M&I Materials Ltd are among the key stakeholders operating in the immersion cooling for EV batteries market. Various other companies are introducing new product offerings to contribute to the immersion cooling for EV batteries market size proliferation. Several other major companies have been analyzed during this research study to get a holistic view of the immersion cooling for EV batteries market ecosystem. The leading immersion cooling for EV batteries market players focus on feature upgrades, expansion and diversification, collaboration, and acquisition strategies, which enable them to grab new business opportunities.
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