Cold Plate Market Overview
The Cold Plate Market Size was estimated at 2.13 (USD Billion) in 2022. The Cold Plate Industry is expected to grow from 2.25 (USD Billion) in 2023 to 3.7 (USD Billion) by 2032. The Cold Plate Market CAGR (growth rate) is expected to be around 5.7% during the forecast period (2024 - 2032).
Key Cold Plate Market Trends Highlighted
The Cold Plate Market is witnessing substantial growth driven by the proliferation of data centers and the increasing demand for high-performance computing (HPC) applications.
The rising adoption of liquid cooling systems in data centers to enhance cooling efficiency is a major market driver.
Additionally, the growing adoption of cold plates in automotive and aerospace applications to manage thermal dissipation in electronic components is creating significant growth opportunities.
The market is also influenced by the trend towards miniaturization and increased integration in electronic devices, which requires efficient thermal management solutions.
The integration of cold plates with advanced materials and manufacturing techniques is expected to open new avenues for market growth.
Furthermore, the growing demand for energy-efficient cooling solutions in industrial applications is another key driver.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Cold Plate Market Drivers
Increasing Demand for Advanced Thermal Management Solutions
The rapid advancement of electronic devices and systems has led to a surge in demand for efficient thermal management solutions. Cold plates offer a high-performance and reliable approach to dissipating heat from electronic components, ensuring optimal performance and extending their lifespan.
The growing adoption of cold plates in various industries, including data centers, telecommunications, and automotive, is a major driver of the cold plate market.
As electronic devices continue to miniaturize and become more powerful, the need for effective thermal management solutions is expected to increase further, driving demand for cold plates.
Expansion of the Data Center Industry
A data center is one of the most important parts of digital infrastructure vital to the economy. Hosting terabytes of data supports the work of various online services. Nowadays, with the rapid growth of data traffic and cloud computing, numerous data centers have appeared all over the world.
The equipment in data centers consists of numerous high-density servers and networking gear, which requires effective cooling to function correctly and prevent a breakdown.
To this end, cold plates are used which help to transfer the heat produced by servers away from them and maintain the optimal operating temperature.
Advancements in Automotive Thermal Management
The automotive industry has been significantly transformed due to the emergence of electric vehicles and autonomous driving technologies. As a result, these innovations have led to new thermal management challenges, because, unlike internal combustion engines, electric vehicles produce less waste heat.
Therefore, cold plates have become a compact and effective solution to thermal management for electric vehicles, ensuring that batteries operate at their best performance and extend vehicle range.
Moreover, advanced driver assistance systems and autonomous driving innovations emphasize the requirements for reliable thermal management of new systems and electronic components, such as sensors, cameras, and so on.
In summary, cold plates are expected to be important for meeting such thermal management needs due to the ongoing developments in the automotive industry.
Cold Plate Market Segment Insights
Cold Plate Market Material Insights
The Cold Plate Market segmentation by Material includes Copper, Aluminum, Stainless Steel, Graphite, and Carbon Fiber.
Aluminum is another popular material for cold plates due to its lightweight and durability, with a projected CAGR of 5.5% over the same period.
Stainless Steel offers excellent corrosion resistance and is used in applications where hygiene is a concern, contributing to its estimated CAGR of 5.3%.
Graphite possesses exceptional thermal conductivity and is gaining traction in high-performance applications, leading to a CAGR of 6.1%.
Carbon Fiber is known for its strength and lightweight, making it suitable for aerospace and automotive applications, resulting in a CAGR of 5.9%.
The Cold Plate Market revenue for copper is projected to reach USD 1.2 billion by 2032, while Aluminum is anticipated to garner USD 0.9 billion.
Stainless Steel is expected to account for USD 0.7 billion, followed by Graphite at USD 0.6 billion and Carbon Fiber at USD 0.3 billion by 2032.
These materials offer unique advantages and cater to specific application requirements, driving the growth of the Cold Plate Market.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Cold Plate Market Heat Transfer Mechanism Insights
The Cold Plate Market is segmented based on Heat Transfer Mechanism into Single-Phase Liquid Cooling, Two-Phase Liquid Cooling, and Air Cooling.
Among these, the Single-Phase Liquid Cooling segment held the largest market share in 2023 and is expected to remain dominant throughout the forecast period. The growth of this segment is attributed to increasing demand for highly efficient cooling solutions in high-power electronics applications.
Two-Phase Liquid Cooling is also a promising segment, which is expected to experience substantial growth during the upcoming years.
This may be attributed to the fact that Two-Phase Liquid Cooling can provide higher heat transfer rates compared to Single-Phase Liquid Cooling. Air Cooling is expected to remain a niche segment throughout the forecast period due to lower cooling efficiency than liquid cooling techniques.
Cold Plate Market Design Insights
The Cold Plate Market is segmented based on design into Pin Fin, Microchannel, Thermosiphon, and Heat Pipe. The Pin Fin segment held the largest market share in 2023 and is projected to continue to dominate the market throughout the forecast period.
The growth of this segment can be attributed to the increasing demand for high-performance cooling solutions in various industries, including electronics, automotive, and aerospace.
The Microchannel segment is expected to witness significant growth over the forecast period, owing to its advantages such as high heat transfer efficiency and compact size.
The Thermosiphon segment is also expected to experience steady growth, driven by its ability to provide efficient cooling without the use of external power.
The Heat Pipe segment is projected to have a moderate growth rate due to its high cost and complexity compared to other design types.
In 2023, the Cold Plate Market revenue for the Pin Fin segment was valued at USD 1.25 billion, and is projected to reach USD 1.9 billion by 2032, exhibiting a CAGR of 5.3%.
The Microchannel segment is expected to grow from USD 0.7 billion in 2023 to USD 1.2 billion by 2032, at a CAGR of 6.1%.
The Thermosiphon segment is projected to have a CAGR of 4.7%, growing from USD 0.2 billion in 2023 to USD 0.3 billion by 2032.
The Heat Pipe segment is expected to witness a CAGR of 3.8%, growing from USD 0.1 billion in 2023 to USD 0.15 billion by 2032.
Cold Plate Market Application Insights
The Cold Plate Market is segmented by Application into Electronics Cooling, Automotive Cooling, Aerospace Cooling, and Data Center Cooling.
The Electronics Cooling segment is expected to account for the largest share of the market in 2023, owing to the increasing demand for cold plates in electronic devices such as smartphones, laptops, and servers.
The Automotive Cooling segment is expected to witness significant growth over the forecast period, driven by the rising demand for electric vehicles and the need for efficient thermal management systems.
The Aerospace Cooling segment is expected to hold a significant share of the market, as cold plates are essential for maintaining optimal temperatures in aircraft and spacecraft.
The Data Center Cooling segment is anticipated to experience steady growth, driven by the increasing adoption of cloud computing and the need for efficient cooling solutions in data centers.
Cold Plate Market Size Insights
The Cold Plate Market is segmented by size into Small (less than 100 mm), Medium (100-500 mm), and Large (greater than 500 mm).
The Small segment accounted for the largest share of the market in 2023 and is expected to continue to grow at a steady pace, driven by the increasing demand for small, portable electronic devices.
The Medium segment is also expected to witness significant growth due to the rising adoption of cold plates in automotive and industrial applications.
The Large segment is expected to grow at a slower pace but will still contribute a sizable share of the overall market revenue.
Cold Plate Market Regional Insights
The Cold Plate Market revenue is expected to reach USD 3.7 billion by 2032, exhibiting a CAGR of 5.7% during the forecast period 2024-2032. Regionally, North America dominated the Cold Plate Market in 2023 and is expected to maintain its dominance throughout the forecast period.
The growth in this region is attributed to the presence of major data center operators and the increasing adoption of high-performance computing (HPC) and artificial intelligence (AI) applications. Europe is the second-largest market for Cold Plate, followed by APAC.
The APAC region is expected to witness significant growth in the coming years due to the rapid expansion of the data center industry in countries such as China, India, and Japan.
South America and MEA are relatively smaller markets for Cold Plate, but they are expected to grow at a steady pace during the forecast period.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Cold Plate Market Key Players and Competitive Insights
Major players in the Cold Plate Market are continuously investing in research and development activities to enhance their product portfolio and strengthen their market position. Leading Cold Plate Market players are focusing on developing innovative solutions to meet the evolving needs of their customers.
The Cold Plate Market competitive landscape is characterized by the presence of both established and emerging players. These players are competing intensely to gain market share and establish a strong foothold in the industry.
Merger and acquisition activities are expected to intensify in the coming years as companies seek to expand their geographical reach and product offerings.
Parker Hannifin is a leading Cold Plate Market player with a presence. The company offers a wide range of cold plates for various applications, including electronics cooling, data centers, and medical devices. Parker Hannifin is known for its high-quality products and strong customer support.
The company has a strong distribution network and a team of experienced engineers to support its customers.
Another leading Cold Plate Market player is Aavid, Thermalloy. The company specializes in the design and manufacturing of thermal management solutions, including cold plates. Aavid, Thermalloy has a strong track record of innovation and has developed several patented technologies.
The company's cold plates are known for their superior performance and reliability. Aavid, Thermalloy has a presence and serves a wide range of customers in various industries.
Key Companies in the Cold Plate Market Include
- Hitachi Metals Ltd.
- Sanken Electric Co., Ltd.
- Aavid Thermalloy
- Nidec Copal Electronics Corp.
- Mitsubishi Electric Corp.
- Thermacore International Inc.
- Zalman Tech Co. Ltd.
- Fujitsu General Limited
- Delta Electronics
- Panasonic Corp.
- Corning Inc.
- Toshiba Corp.
- Laird Thermal Systems
Cold Plate Market Developments
The increasing demand for high-performance cooling solutions in data centers, telecommunications, and aerospace applications is driving the growth of the market. Additionally, the growing adoption of liquid cooling systems in high-power electronic devices is further boosting the demand for cold plates.
Some recent news developments in the cold plate market include
In January 2023, Asetek announced the launch of its new generation of cold plates, featuring enhanced cooling performance and reduced pressure drop.
In March 2023, CoolIT Systems announced a partnership with Dell Technologies to provide liquid cooling solutions for Dell's PowerEdge servers.
In May 2023, LiquidCool Solutions announced the launch of its new line of cold plates designed for high-density computing applications.
These developments indicate the growing importance of cold plates in the cooling of high-power electronic devices and the increasing adoption of liquid cooling solutions in various industries.
Cold Plate Market Segmentation Insights
-
Cold Plate Market Material Outlook
- Copper
- Aluminum
- Stainless Steel
- Graphite
- Carbon Fiber
-
Cold Plate Market Heat Transfer Mechanism Outlook
- Single-Phase Liquid Cooling
- Two-Phase Liquid Cooling
- Air Cooling
-
Cold Plate Market Design Outlook
- Pin Fin
- Microchannel
- Thermosiphon
- Heat Pipe
-
Cold Plate Market Application Outlook
- Electronics Cooling
- Automotive Cooling
- Aerospace Cooling
- Data Center Cooling
-
Cold Plate Market Size Outlook
- Small (less than 100 mm)
- Medium (100-500 mm)
- Large (greater than 500 mm)
-
Cold Plate Market Regional Outlook
-
North America
-
Europe
-
South America
-
Asia Pacific
-
Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
2.13(USD Billion) |
| Market Size 2023 |
2.25(USD Billion) |
| Market Size 2032 |
3.7(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
5.7% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Hitachi Metals Ltd., Sanken Electric Co., Ltd., Aavid Thermalloy, Nidec Copal Electronics Corp., Mitsubishi Electric Corp., Thermacore International Inc., Zalman Tech Co. Ltd., Fujitsu General Limited, Delta Electronics, Panasonic Corp., Corning Inc., Toshiba Corp., Laird Thermal Systems |
| Segments Covered |
Material, Heat Transfer Mechanism, Design, Application, Size, Regional |
| Key Market Opportunities |
Growing demand for data center cooling Increasing adoption of cold plates in high-power electronics Advancements in cold plate technology Rising need for energy efficiency in industries Expanding applications in aerospace and defense |
| Key Market Dynamics |
Technological advancements Growing demand for data centers Miniaturization of electronic devices High heat dissipation Government regulations on energy efficiency |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The cold plate market is estimated to be valued at USD 2.25 billion in 2023 and is projected to reach USD 3.7 billion by 2032, exhibiting a CAGR of 5.7% during the forecast period.
North America is expected to dominate the cold plate market throughout the forecast period due to the presence of major data center operators and increasing demand for high-performance computing.
Cold plates find extensive applications in various industries, including data centers, telecommunications, and industrial machinery. In data centers, cold plates are used to cool high-density servers and racks, ensuring optimal performance and reliability.
Some of the key players operating in the cold plate market include Rittal, Schneider Electric, nVent, Vertiv, and CoolIT Systems. These companies offer a wide range of cold plate solutions tailored to meet the specific requirements of different applications.
The growth of the cold plate market is primarily driven by the increasing demand for data centers and high-performance computing. The rising adoption of cloud computing and artificial intelligence is also contributing to the market growth.
One of the major challenges faced by the cold plate market is the high cost of manufacturing and materials. Additionally, the increasing complexity of data center designs and the need for higher cooling capacities pose challenges for cold plate manufacturers.
The cold plate market is witnessing the emergence of several trends, including the integration of advanced materials and technologies for improved cooling efficiency. Additionally, the adoption of liquid immersion cooling techniques is gaining traction, providing enhanced cooling capabilities for high-power applications.
The COVID-19 pandemic had a mixed impact on the cold plate market. While the demand for cold plates in data centers surged due to increased remote work and online activities, the supply chain disruptions and economic slowdown affected the market growth to some extent.
The future of the cold plate market is expected to be driven by the continuous expansion of the data center industry and the growing adoption of high-performance computing. The increasing focus on energy efficiency and sustainability is also expected to drive the demand for cold plates that offer improved cooling performance.
When selecting a cold plate, factors such as cooling capacity, pressure drop, form factor, and compatibility with the cooling system should be considered. Additionally, the specific application requirements, such as the heat load and space constraints, play a crucial role in determining the optimal cold plate solution.
