Thermal Systems Market Size and Growth Forecast for Businesses 2025–2029

November 14, 2025 by The Business Research Company

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#What Are The Current (2025) And Forecast (2029) Sizes Of The Thermal Systems Market?

The thermal systems market has experienced consistent expansion lately, projected to increase from a value of $49.44 billion in 2024 to $50.61 billion the following year, reflecting a 2.4% compound annual growth rate. This upward trend throughout the historical period stems from several factors, including increasing industrial activity, soaring energy demands, governmental pushes toward energy efficiency, heightened attention to ecological sustainability, the burgeoning construction industry, accelerating rates of urbanization, and the increasing use of combined heat and power (CHP) technologies.

Projections indicate that the thermal systems market will experience consistent expansion over the coming years, reaching a value of $59.91 billion by the year 2029, driven by a compound annual growth rate (CAGR) of 4.3%, with primary growth stimulants being the increasing focus on electrification, the wider implementation of geothermal heating and cooling solutions, the rise of green building mandates, collaborative industry partnerships, and the escalating need for precise temperature-controlled warehousing.

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What Are The Main Drivers Boosting The Thermal Systems Industry’s Expansion?

The increasing need for electrically powered automobiles is projected to fuel the growth of the market for thermal systems in the near future, as these Battery Electric Vehicles (BEVs) run on electric motors instead of traditional combustion engines, necessitating thermal systems for essential temperature regulation across battery assemblies, power electronic inverters, and the motors themselves, alongside general environmental temperature control within the vehicles; this trend is substantiated by data from March 2023, when the Paris-based International Energy Agency indicated a major surge in electric car purchases in 2022, surpassing the 10 million sales mark, capturing 14% of the total new vehicle registrations, up substantially from approximately 9% the previous year, consequently making the escalating adoption of electric vehicles the primary impetus behind the expansion witnessed in the thermal systems sector.

What Are The Key Segments In The Thermal Systems Market?

The thermal systems market covered in this report is segmented –

1) By Component: Air Filter, Condenser, Compressor, Water Pump, Motor, Heat Exchanger, Heater Control, Thermoelectric Generator, Other Components

2) By Vehicle: Internal Combustion Engines (ICE), Electric, Off-Vehicle And ATV

3) By Application: Front And Rear A Or C, Powertrain, Seat, Steering, Battery, Motor, Power Electronics, Waste Heat Recovery, Sensor

Subsegments:

1) By Air Filter: HEPA Filters, Electrostatic Filters, Activated Carbon Filters

2) By Condenser: Air-Cooled Condensers, Water-Cooled Condensers, Shell And Tube Condensers

3) By Compressor: Reciprocating Compressors, Rotary Compressors, Scroll Compressors

4) By Water Pump: Centrifugal Pumps, Positive Displacement Pumps, Submersible Pumps

5) By Motor: AC Motors, DC Motors, Servo Motors

6) By Heat Exchanger: Shell And Tube Heat Exchangers, Plate Heat Exchangers, Air-Cooled Heat Exchangers

7) By Heater Control: Thermostats, Control Valves, Electronic Controllers

8) By Thermoelectric Generator: Module-Based Generators, System-Based Generators

9) By Other Components: Expansion Valves, Sensors And Thermocouples, Ducts And Fittings

Which Trends Are Impacting The Thermal Systems Market?

Innovations in technology constitute the principal burgeoning movement within the market for thermal systems, compelling key industry participants to roll out novel solutions to secure their competitive standing. As an illustration of this trend, in April 2022, Alfalevel, a Swedish firm specializing in superior offerings across separation, heat transfer, and fluid management sectors, unveiled its E-PowerPack; this device facilitates energy conservation and regulatory adherence by generating electricity directly from wasted heat, employing Organic Rankine Cycle (ORC) technology to transform thermal remnants into usable, clean electrical energy. A notable feature of the E-PowerPack is its capability to derive power from heat sources across a broad spectrum, spanning from moderate temperatures like 75°C jacket cooling water up to intense heat such as 550°C engine exhaust gas, accomplished via a liquid-gas transition process, further augmented by its modular design permitting the assembly of larger configurations from smaller units, each capable of yielding a net electrical output up to either 100 kW or 200 kW.

Which Leading Players Are Enhancing Their Thermal Systems Market Presence Worldwide?

Major companies operating in the thermal systems market are Continental AG, Denso Corporation, Dana Incorporated, Grayson Thermal Systems, Gentherm Inc., Hanon Systems, Lennox International Inc., Modine Manufacturing Company Inc., MAHLE GmbH, Robert Bosch GmbH, Valeo SA, Visteon Corporation, Schaeffler Technologies AG & Co. KG, Johnson Electric Holding Ltd., Sanden Corp., Diakin Industries Ltd., Calsonic Kansei Corp., BorgWarner Inc., ZF Friedrichshafen AG, Honeywell International Inc., Parker Hannifin Corporation, Siemens AG, Aavid Thermalloy LLC, Advanced Cooling Technologies Inc., Boyd Corporation, Delta Electronics Inc., Laird Technologies Inc., Lytron Inc., Nortek Air Solutions LLC, Thermacore Inc., Thermotek Inc., Vertiv Co., Wakefield-Vette Inc.

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What Are The Regional Market Dynamics Impacting The Thermal Systems Industry?

North America was the largest region in the thermal systems market in 2024. The regions covered in the thermal systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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