Cold Plate Market By Type (Formed Tube Cold Plate, Deep Drilled Cold Plate, Machined Channel Cold Plate), Application (High Power Electronic Equipment, Laser Device, Power Conversion Equipment), & Region for 2024-2031

Cold Plate Market Valuation – 2024-2031

The growing demand for cold plates is primarily driven by the fast expansion of sectors that require efficient thermal management solutions. Cold plates are crucial for heat management in various high-performance electronics and power equipment including data centers, electric vehicles (EVs), and renewable energy systems. As these industries grow, the demand for innovative cooling solutions increases to ensure the dependability and lifetime of electronic components. In data centers, for example, cold plates are used to cool servers and other hardware preventing overheating and preserving optimal performance by enabling the market to surpass a revenue of USD 6.98 Billion valued in 2024 and reach a valuation of around USD 10.17 Billion by 2031.

The mission for renewable energy sources such as solar and wind power has also boosted demand for cold plates. In renewable energy systems, cold plates are used to cool power conversion equipment such as inverters which are critical for transforming generated energy into usable electricity. As governments and organizations worldwide emphasize the significance of lowering carbon emissions and switching to greener energy sources, the renewable energy sector is rapidly expanding. This, in turn, increases demand for effective thermal control technologies such as cold plates by enabling the market to grow at a CAGR of 5.32% from 2024 to 2031. 

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Cold Plate Market: Definition/ Overview

A cold plate is a device used in a variety of sectors to cool electronic components or other heat sources. It operates by transferring heat from these components to a liquid coolant that circulates through channels embedded in the plate. The cold plate is typically composed of highly conductive materials such as aluminum or copper which easily transfer heat. The liquid coolant, which is often water or a specific cooling fluid absorbs heat as it travels through the cold plate’s channels and transports it away from the components.

They are crucial components in thermal management systems, especially in electronics and high-power devices where efficient heat dissipation is required. Their principal application is to cool electronic components like as CPUs, GPUs, power semiconductors, and other heat-sensitive equipment. As electronic devices get more powerful and compact, the heat created during operation rises demanding appropriate cooling solutions to avoid overheating which can result in performance degradation or even component failure.

Cold plates, a key component of thermal management systems are projected to gain popularity in the coming years across a wide range of sectors. As electronic gadgets grow in power, they produce more heat necessitating the use of appropriate cooling methods. Cold plates, which are commonly used to dissipate heat from high-power electronics are becoming increasingly important in industries such as data centers, electric vehicles (EVs), and renewable energy systems.

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Will the Growing Demand for Efficient Thermal Management Solutions in Electronics and Automotive Sectors Drive the Cold Plate Market?

The increasing demand for effective thermal management solutions in the electronics and automotive industries is a primary driver of the cold plate industry. As electronic gadgets become more powerful and compact, they produce more heat needing improved cooling methods. Cold plates are an excellent way to dissipate heat in a variety of applications including data centers, electric vehicles, and industrial equipment. According to research by the United States General Services Administration, the global market for data centers is expected to reach $519.34 billion in 2025. This expansion is coupled with an increased demand for efficient cooling systems as data centers consume roughly 1% of global electricity with cooling accounting for up to 40% of total energy consumption.

In the automotive sector, the electric vehicle (EV) market is rapidly expanding with the International Energy Agency estimating that global EV sales would reach 6.6 million units in 2021 up 108% from 2020. As EVs rely largely on efficient thermal management to improve battery performance and durability, the demand for cold plates in this industry is likely to increase. Furthermore, the U.S. Department of Energy claims that sophisticated cooling technologies such as cold plates can increase energy efficiency in industrial operations by up to 15%, contributing to market growth in the industrial sector.

Will High Manufacturing Costs and the Complexity of Integrating Cold Plates Hamper the Cold Plate Market?

High manufacturing costs and the complexity of integrating cold plates are important challenges that may impede the growth of the cold plate industry. Cold plates which are crucial for heat management in a variety of applications such as electronics, aerospace, and automotive are frequently manufactured utilizing complex materials and processes which contributes to their high production costs. To ensure optimal thermal conductivity and reliability, these components are often designed with precision and made of high-quality materials. Metal bonding, fluidic channel construction, and accurate machining are all sophisticated techniques that add to the cost of manufacturing. As a result, cold plates can be a significant expenditure, especially for sectors that operate on a limited budget.

The difficulties of incorporating cold plates into existing systems inhibit their broad use. The integration process frequently necessitates considerable changes to the architecture and layout of electronic systems or other machinery to accommodate these components. To ensure compatibility and performance, bespoke engineering solutions may be required as well as specialist knowledge. These complications can result in longer development times and greater costs for system modifications or new designs preventing some potential customers from using cold plate solutions. Furthermore, the integration procedure may involve continuous maintenance and changes which increase overall operational costs.

Category-Wise Acumens

Will Superior Performance and Versatility Drive Growth in the Type Segment?

The machined channel cold plate is currently the dominant type due to its greater performance and adaptability. Machined channel cold plates are preferred due to their high thermal conductivity and efficiency in heat dissipation which is vital in industries such as electronics and aircraft. These cold plates are made using a precision machining process that forms channels within a solid metal plate allowing for excellent cooling by flowing coolant via these channels. This design provides for excellent heat transfer making machined channel cold plates ideal for high-performance applications requiring precise operating temperatures.

The sort of cold plate used can vary depending on the specific use shaped tube cold plates which use tubes shaped into a plate structure for coolant flow are also popular due to their ease of manufacturing and inexpensive cost. They are frequently used in applications where financial constraints are more severe. Deep-drilled cold plates provide excellent thermal performance by utilizing deep, precision-drilled channels for coolant flow but they are typically more expensive and harder to construct. Pocketed folded-fin cold plates incorporate fins within the plate design increasing surface area for heat dissipation, however, they are less popular due to their increased complexity and cost.

Will Long Life and Low Maintenance Cost Drive the Application Segment?

The high-power electronic equipment category dominated the cold plate market owing to its vital function in regulating thermal loads in high-performance applications. This segment is expected to maintain its dominance with forecasts indicating that it would reach USD 125.24 million by 2030. The inherent advantages of high-power electronic equipment such as high efficiency and dependability drive the segment’s growth. These devices are intended to withstand high power loads while minimizing energy losses resulting in efficient thermal management systems. Their efficiency is derived from the use of sophisticated materials and designs that minimize power loss.

The medical equipment segment is expected to have the highest compound annual growth rate (CAGR) over the projection period. This predicted growth is due to the growing demand for dependable and effective cooling solutions in medical devices. The medical sector is rapidly expanding with improved diagnostic and treatment equipment that requires good thermal management to ensure correct performance and patient safety. Medical gadgets frequently work under harsh conditions and require precise temperature regulation to perform properly. Cold plates used in medical equipment must meet high reliability and efficiency standards to handle the thermal loads created by these devices.

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Country/Region-wise Acumens

Will the Rising Adoption of EVs Drive the Market in the North American Region?

The North American cold plate market is primarily driven by the rapid adoption of electric vehicles (EVs) in the region. This dominance is due to the increasing consumer demand for environmentally friendly transportation options and supportive government policies promoting EV adoption. The increasing adoption of electric vehicles is a significant driver of the cold plate industry in North America, particularly in the United States and Canada.

According to the US Department of Energy, EV sales in the United States have increased rapidly with over 800,000 EVs sold in 2022 alone, a 65% increase over 2021. Government subsidies and improved charging infrastructure are among the factors driving this boom in EV adoption. According to the US Environmental Protection Agency, transportation accounts for approximately 29% of total US greenhouse gas emissions making the transition to EVs critical for carbon footprint reduction. As a result, cold plates are in high demand for thermal management systems in electric vehicles which ensure optimal battery performance and durability.

Will the Rapid Expansion of the Electronics and Automotive Sectors Drive the Market in the Asia Pacific Region?

The Asia Pacific region is expected to be the fastest-growing market for cold plates driven primarily by the rapid expansion of the electronics and automotive industries. This expansion is due to the region’s thriving manufacturing capabilities, technological breakthroughs, and expanding need for effective thermal management systems. The electronics sector is a primary driver of the cold plate market in Asia Pacific. According to the International Trade Administration, China’s electronics sector is predicted to reach $1.9 trillion by 2023, rising at a 7.6% CAGR between 2020 and 2023. This expansion is being driven by the increased manufacture of smartphones, tablets, and other consumer devices. The India Brand Equity Foundation estimates that the electronics manufacturing sector in India will be worth $300 billion by 2026.

The increase in data centers throughout the region also adds to the demand for cold plates. The Australian Trade and Investment Commission predicts that the Asia Pacific data center industry will develop at a CAGR of 12.1% between 2021 and 2026. This increase demands specialized cooling methods such as cold plates to handle the heat produced by high-performance computing systems. Furthermore, the automobile industry plays an important role in pushing the cold plate market.

Competitive Landscape

The Cold Plate Market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support. The organizations are focusing on innovating their product line to serve the vast population in diverse regions.

Some of the prominent players operating in the cold plate market include:

• Boyd Corporation
• Lytron
• Aavid Thermalloy
• Wakefield-Vette
• Heatron
• Laird Thermal Systems
• Delta T Corporation
• Advanced Cooling Technologies
• Wieland Thermal Solutions

Latest Developments

• In August 2024, Boyd Corporation purchased Aavid Thermacore International, Inc., a prominent provider of thermal management systems. This acquisition is crucial because Boyd Corporation wants to extend its thermal management skills and improve its product offerings in the electronics cooling industry. By combining Aavid Thermacore’s experience in cold plates and other thermal solutions, Boyd Corporation is better positioned to meet the growing need for advanced cooling solutions in industries such as data centers, aircraft, and electric cars.
• In March 2024, Advanced Thermal Solutions, Inc. Advanced Thermal Systems, Inc. (ATS) amalgamated with Global Thermoelectrics, a high-performance cooling systems provider. This combination brings together ATS’s well-established cold plate technology and Global Thermoelectrics’ thermoelectric cooling advances. The combination is projected to improve the firm’s ability to provide full thermal management solutions by combining cold plates with modern thermoelectric cooling systems, thereby catering to emerging markets in high-performance computer and electric vehicle applications.

Report Scope

Cold Plate Market, By Category

Type:

• Formed Tube Cold Plate
• Deep Drilled Cold Plate
• Machined Channel Cold Plate
• Pocketed Folded-fin Cold Plate
• Others

Application:

• High Power Electronic Equipment
• Laser Device
• Power Conversion Equipment
• Medical Equipment
• LED
• Others

Region:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

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