Cold Plates Market - By Material Type (Copper, Aluminum, Stainless Steel, Others), By Liquid Cooling Type (Single Phase, Two Phase), By Configuration (Tube, Flat Tube, Vacuum Brazed, Hybrid, Others), By Application & Forecast, 2023 - 2032

Cold Plates Market - By Material Type (Copper, Aluminum, Stainless Steel, Others), By Liquid Cooling Type (Single Phase, Two Phase), By Configuration (Tube, Flat Tube, Vacuum Brazed, Hybrid, Others), By Application & Forecast, 2023 - 2032

Global cold plates market size is poised to record 4.3% CAGR from 2023-2032. With the rising rate of EV adoption worldwide, the demand for efficient cooling solutions has significantly soared. As per IEA's annual Global Electric Vehicle Outlook, over 10 million electric cars were sold across the world in 2022. The increasing adoption of cold plates in cooling the batteries as well as powering several electronics in these vehicles will favor the market development.

The overall cold plates industry is segmented based on material type, liquid cooling type, configuration, application, and region.

As per material type, the market share from the stainless steel segment is slated to record 7.5% CAGR through 2032 due to rising usage in beverage dispensing equipment. Stainless steel cold plates efficiently transfer heat, resist corrosion and are easy to clean. Growing application scope in storing temperature-sensitive materials, medications, and biological samples in research and healthcare settings will also drive the market growth.

Based on configuration, the cold plates market size from vacuum brazed segment is anticipated to expand at 9% CAGR over 2023-2032. The growth can be attributed to growing adoption in military electronics, avionics, and radar systems to manage heat in demanding and harsh environments. Also vacuum brazed cold plates witness higher usage in renewable energy applications, such as concentrated solar power (CSP) systems in cooling heat transfer fluids and improving overall system efficiency due to their enhanced thermal performance and durability.

With respect to application, the medical segment will witness significant growth rate of 8.5% over the forecast period, on account of rising usage of cold plates to cool components within medical imaging devices, including CT scanners, MRI machines, and X-ray machines. Several surgical instruments used in minimally invasive procedures, are also equipped with cold plates for ensuring optimal operating conditions and patient safety.

Regionally, Asia Pacific cold plates market is expected to generate 9.2% CAGR from 2023-2032 due to the surging focus on energy-efficient cooling solutions in various industries. The escalating rate of electronics manufacturing, such as consumer electronics, smartphones, and industrial equipment has led to the large demand for cold plates to cool electronic components. The rise in R&D investments in advanced cold plate technologies will also open new growth opportunities for the regional market players.