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 Size

Cold Plates Market size was valued at over USD 321 million in 2022 and is estimated to record more than 7.5% CAGR from 2023 to 2032. The rising utilization of electronic devices is anticipated to fuel cold plate demand. Cold plates cool down high-power electronic devices by offering direct contact with the heat source and dissipating the heat. The increasing adoption of Electric Vehicles (EVs) is creating a demand for efficient thermal management solutions to cool the batteries, power electronics, and electric motors. Cold plates are employed in EVs to effectively disperse the heat produced during charging & operation, improving the performance and life of vehicle components.
 

In the aerospace & defense sector, effective cooling solutions are needed for avionics, radar systems, electronic warfare equipment, and other critical electronics. Cold plates provide efficient thermal management in such applications, guaranteeing excellent functioning in challenging situations.

Cold plates offer customized designs as per the applications and adjust to different heat loads & configurations. The complex designs and customization can raise issues in terms of lead time, cost, and manufacturing. Thermal Interface Materials (TIMs) ensure effective heat transfer between the cold plate and the heat source, resulting in optimal thermal performance in applications. Cold plates commonly use liquid coolants to transfer heat, making them prone to potential issues including corrosion, leaks, and coolant compatibility risks. Incorporating cold plates into the existing systems or retrofitting them into legacy equipment can be difficult owing to space constraints, compatibility issues, and system modification requirements.
 

COVID-19 Impact

The COVID-19 pandemic led to supply chain disruptions owing to lockdowns, travel bans, and interim closures of production plants. Cold plate manufacturers encountered difficulties in sourcing raw materials and components, resulting in production delays & supply chain interruptions. During the pandemic, several industries witnessed slowdowns or suspensions of activities, hampering the cold plate demand. Major end-use industries, such as automotive, aerospace, and manufacturing, faced diminished production and investments, resulting in low demand for cooling solutions. Cold plates used in medical equipment and healthcare applications observed an increased demand owing to the emphasis on enhancing healthcare facilities and investing in medical technologies. Subsequently, the diminishing COVID-19 cases and enactment of strategies by government & non-government organizations are projected to boost market growth.
 

Cold Plates Market Trends

Liquid cooling solutions including cold plates are in high demand in current times compared to traditional air-cooling methods. Liquid cooling provides excellent heat dissipation, enabling more effective cooling of high-power electronics and closely arranged components. Microchannel cold plates are gaining traction due to their compactness, lower weight, and reliable heat transfer. Additive manufacturing including techniques such as 3D printing is being increasingly used to produce intricate cold plate designs. The technology allows for rapid prototyping, customization, and the production of intricate cooling structures, improving the overall effectiveness of cold plates. Such cold plates feature complicated channels that assist improved cooling performance and are suitable for space-constrained applications.
 

Cold Plates Market Analysis

Based on material type, the cold plates market is categorized into copper, aluminum, stainless steel, and others. The copper segment accounted for USD 186 million in 2022. Copper is known for its high thermal conductivity, ensuring effective heat transfer from the heat source to the cooling medium. As it is easily available, copper is considered cost-economical for the production of cold plates. Copper cold plates are utilized in high-power applications where excellent thermal conductivity is essential. Aluminum is lightweight and offers cost benefits compared to other metals. Stainless steel is corrosion-resistant, making it suitable for harsh or corrosive environments. Advanced materials, such as ceramics and composites, are being increasingly used in the production of cold plates.
 

Based on liquid cooling, the cold plates market is categorized into single phase and two phase. The single-phase segment held 60% of the market share in 2022 and is slates to grow at a significant pace by 2032. Single-phase liquid cooling cold plates are more generally utilized in several applications. They operate using a single liquid phase, mostly water or a coolant, which absorbs and dissipates heat from the heat source. Such plates are comparatively simpler in design and implementation than two-phase solutions. They are mostly suitable for applications requiring lower heat flux. Two-phase liquid cooling cold plates are commonly used in applications that require high heat flux, where single-phase cooling may not be effective.
 

Based on configuration, the cold plates market is categorized into tube, flat tube, vacuum brazed, hybrid, and others. The tube segment is expected to register gains at nearly 3.65% up to 2032. Tube cold plates offer superior heat dissipation, making them suitable for applications with high heat loads. Their designs vary as per the tube’s configuration to suit specific cooling requirements and optimize the thermal performance. Such plates are also customizable in terms of tube diameter, spacing, and layout, depending on the application. Brazed cold plates offer high thermal conductivity owing to the direct bonding of the heat transfer surfaces, resulting in enhanced cooling efficiency. The brazing process guarantees a strong bond between the components of cold plates, improving durability and reliability.
 

Based on application, the cold plates market is categorized into the electronics & semiconductor industry, automotive industry, medical industry, aerospace & defense industry, and power electronics industry. The electronics & semiconductor industry share is likely to be boost significantly. Cold plates are utilized to cool high-power electronic components including power electronics, amplifiers, and high-performance CPUs/GPUs. Effective cooling is essential to maintain optimal operating temperatures, prevent component overheating, and guarantee effective performance. Cold plates play a crucial role in cooling battery packs, power electronics, and EV drivetrains, ensuring efficient & reliable operations. They are used in aerospace & defense applications where extreme temperatures, vibrations, and high-altitude conditions are common.
 

U.S. cold plates market dominated the North America region with a major revenue share of USD 141 million in 2022 and is predicted to showcase lucrative pace by 2032. Data centers in North America are evolving to accommodate high-density computing equipment, which requires effective heat dissipation to ensure maximum performance. The region is a hub for the electronics & semiconductor industries, where constant technological advancements require effective cooling solutions such as cold plates. The rising adoption of EVs in North America requires reliable cooling solutions for battery packs, power electronics, and electric drivetrains, which is increasing the demand for cold plates.
 

Cold Plates Industry Leaders

Major players operating in the cold plates market include:

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

These companies concentrate on strategic partnerships, new product launches, and commercialization efforts for market expansion. They are heavily investing in research & development efforts to introduce advanced products and garner maximum market revenue.
 

The cold plates market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in (USD Million) & volume (Kilo Tons) from 2018 to 2032, for the following segments:

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Market, By Material Type

• Copper
• Aluminum
• Stainless Steel
• Others

Market, By Liquid Cooling

• Single Phase
• Two Phase

Market, By Configuration

• Tubed
• Flat Tube
• Vacuum-brazed
• Hybrid
• Others

Market, By Application

• Electronics & Semiconductor Industry
• Automotive Industry
• Medical Industry
• Aerospace & Defense Industry
• Power Electronics Industry

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Russia
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Indonesia
  • Malaysia 
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE