The Global Thermal Management market size was valued at US$ 9 billion in 2021 and is expected to reach US$ 14.3 Billion by 2028, at a CAGR of 8.7% during the forecast period 2021 to 2028. With the increased disposable income in highly populated countries such as China and India, the consumption of electronics has also improved significantly. The advancements in electronics and increased use of electronics drive the thermal management systems market. In this era of communications and entertainment, growth of consumer electronics is exploding with demand for increased mobility, wireless connectivity and advanced features demand paving the way for a variety of new products, including servers, laptops, ruggedized laptops, hybrid routers, data Centers and cameras.
Thermal management is the ability to control the temperature and noise level of a system by means of technology based on thermodynamics and heat transfer. Advancements in the electronics industry have led to an increased need for innovative thermal management technologies to improve the system performance and reliability by removing high heat flux generated in the electronic devices.
In application, Thermal Management downstream is wide and recently Thermal Management has acquired increasing significance in various fields of Automotive, Aerospace and Defense, Servers and Data Centers, Consumer Electronics and others. Globally, the Thermal Management market is mainly driven by growing demand for Automotive which accounts for nearly 85% of total downstream consumption of Thermal Management.
The vehicle thermal management system integrates the correlation matching, optimization and control of the vehicle engine, air-conditioner, battery, and motor and other related components and subsystems from the perspective of the vehicle to effectively solve the thermal-related problems of the vehicle, and make the functional modules at the optimal temperature operating range, which improves the economic and dynamic property of the vehicle and ensures the safe operation of the vehicle.
Advanced thermal management technology can reduce the fuel consumption of conventional vehicles, increase the mileage of electric vehicles; improve the safety of the vehicle, ensure that the battery operates at a suitable temperature; and improve the comfort of drivers and passengers.
Servers & Data Centers is expected to witness the second largest market growth during the forecast period
Servers & Data Centers is expected to have the second largest market growth during the forecast period, by end-user application. Data centers consist of thousands of data processing equipment such as servers, switches, and routers, which radiate large quantities of energy and heat. The heat generated in these data centers must be properly dissipated to prevent rise in their temperature and consequent degradation of their reliability, which leads to additional maintenance costs. In data centers, thermal management is necessary to carry out smooth operations such as data placement, data migration, data replication, and data access task distribution as well as scheduling and controlling disk speeds.
Convection cooling devices: The largest growing device type of the thermal management market.
Convection cooling devices is expected to account for the largest share of the thermal management market during the forecast period.Convection cooling devices are increasingly being used in electronic components, electronic circuits, and PCBs.
These devices help lower the peak temperature of different systems wherein they are installed with natural and forced convection cooling technologies. Devices such as loop heat pipes, heat pumps, heat sinks, and heat spreaders are used for effective cooling of processors and computers, among others.
Optimization & post-sales support: The largest and fastest growing segment of thermal management market, by service.
Optimization & post-sales support segment is estimated to be the fastest growing segment of the thermal management market, by service.Optimization & post-sales support services are required periodically to verify the operating conditions, reduce downtime of systems, elevate their overall performance levels, and maximize their operational life and efficiency.
These services are generally used as a critical quality control tool in servers & data centers as high temperatures can damage them and can result in loss of the vital information.
APAC is projected to become the largest and fastest geographical market
Asia Pacific region holds the major Thermal Management market share in 2020 with countries such as China and Japan being the major contributors to the regional market. Increasing adoption of EVs in the region, especially in China, is the major growth-driving factor.
The market growth in this region can be attributed to the factors such as presence of several chip manufacturing companies in China and South Korea, highly-developed automotive sector in Japan, increasing investments and business expansion opportunities available in China and India, and the increasing disposable income of the middle-class population in the region.
Moreover, increasing demand for effective thermal management solutions and systems from emerging economies such as China and India are also fueling the growth of the thermal management market in APAC.
Non-adhesive materials segment is expected to hold largest share of Thermal Management market. The factors can be attributed to their benefits such as mechanical shock absorption capacity, getting recharged in tandem with the changing ambient temperature, and making them ideal for various applications that require temperature control.
The major vendors covered:
By End-use Industry:
In this study, the years considered to estimate the market size of Thermal Management are as follows:
The Thermal Management market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Thermal Management market for the base year 2021 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Thermal Management market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Thermal Management market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Thermal Management market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Thermal Management market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Thermal Management market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Thermal Management industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Thermal Management market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Thermal Management market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Thermal Management market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Thermal Management market. These factors have benefited the growth of the global market for Thermal Management. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Thermal Management. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
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- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
Primary research represents a bulk of research efforts, supplemented by extensive secondary research. Annual reports, press releases, and relevant documents of key players operating in various application areas have been reviewed for competition analysis and market understanding.
Secondary research also includes recent trends, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. These have proved to be reliable, effective, and successful approaches for obtaining precise market data, capturing market participants’ insights, and recognizing business opportunities.
Scope of the Report