Thermal Management Market

Global Thermal Management Market Research Report: By Device (Conduction Cooling Devices, Convection Cooling Devices, Advanced Cooling Devices, and Hybrid Cooling Devices), By Service (Installation & Calibration and Optimization & Post-Sales Support), By Material Type (Adhesive Materials and Non-adhesive Materials), By End-User (Consumer Electronics, Servers & Data Centers, Automotive, Aerospace & Defense, Enterprises, Healthcare, and Others), and Region (North America, Europe, Asia-Pacific, and Rest of the World) Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2023-2031.

Electronics & Semiconductor | September 2023 | Report ID: EMR00128 | Pages: 217

The Global Thermal Management Market, valued at USD 9.48 billion in 2022, is anticipated to reach approximately USD 20.09 billion by 2031, with a notable CAGR of 8.7% from 2023 to 2031. Thermal management encompasses the vital task of regulating and controlling the heat generated by electrical equipment and systems, ensuring they operate within optimal temperature ranges. This plays a crucial role in maintaining the reliability, performance, and lifespan of electronic components. To effectively address excess heat and achieve temperature balance, a range of techniques and technologies are employed, including heat sinks, fans, thermal interface materials, and liquid cooling systems. As electronic devices continue to experience higher power densities and undergo miniaturization, thermal management has emerged as an integral aspect of design and engineering. Its significance lies in mitigating the risks of overheating, reducing energy consumption, and enhancing overall system efficiency.

 

 

THERMAL MANAGEMENT MARKET: REPORT SCOPE & SEGMENTATION

Report Attribute

Details

Estimated Market Value (2022)

9.48 Bn

Projected Market Value (2031)

20.09 Bn

Base Year

2022

Forecast Years

2023 - 2031

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Material Type, By Device, By Service, By End-User, & Region

Segments Covered

By Material Type, By Device, By Service, By End-User, & Region

Forecast Units

Value (USD Billion or Million), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2023 to 2031

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.

 

Global Thermal Management Market Dynamics

Efficiency in thermal management systems is now necessary due to the rising demand for electronic devices with higher power densities and smaller sizes. There is a demand for thermal management systems that can efficiently disperse heat and cut energy consumption due to the increasing emphasis on energy economy and sustainability in a number of industries, including automotive, aerospace, and consumer electronics. The need for thermal management solutions has increased as a result of the growing popularity of data centers and cloud computing, which helps to keep servers and networking hardware at ideal temperatures and prevents overheating.

 

Global Thermal Management Market Drivers

  • Rising Demand for Electronics

The rising demand for electronics, such as smartphones, laptops, and tablets, is a significant driver in the thermal management market. As electronic devices become more powerful and compact, managing heat dissipation becomes crucial to ensure optimal performance and prevent overheating. This increasing demand for electronic products fuels the need for efficient thermal management solutions to maintain device reliability and longevity.

  • Increase in Industrial Automation

 

Restraints:

  • Lack of Standardization

The lack of standardization is a restraint in the thermal management market. Without industry-wide standards, there can be compatibility issues and uncertainty for potential buyers. The absence of clear guidelines and benchmarks makes it challenging for businesses to select the most suitable thermal management solutions for their specific needs. Standardization efforts are required to establish common practices, ensure interoperability, and foster confidence in adopting thermal management technologies across different industries and applications.

  • Limited Awareness and Expertise

 

Opportunities:

  • IoT-driven Solutions

IoT-driven solutions present opportunities in the thermal management market. By integrating Internet of Things (IoT) technology, real-time monitoring and predictive maintenance capabilities can be achieved. IoT-enabled thermal management systems can collect and analyze data related to temperature, humidity, and equipment performance, allowing for proactive measures to prevent overheating and optimize cooling efficiency. This data-driven approach enhances overall effectiveness, improves energy efficiency, and enables remote monitoring and control of thermal management systems, leading to increased operational efficiency and reduced downtime.

  • Renewable Energy Applications

 

Segment Overview

By Material Type

Based on material type, the global thermal management market is divided into adhesive materials and non-adhesive materials. The adhesive materials category dominates the market with the largest revenue share of around 64.3% in 2022, due to their outstanding bonding properties, adhesive materials enable effective heat transmission between components and heat sinks, which is one of the many aspects that contribute to their dominance in this industry. They provide dependable and long-lasting attachment solutions for a range of products, including electrical gadgets, automobile parts, and industrial machinery. Adhesive materials are adaptable and useful for a variety of industries because of their compatibility with a wide range of surfaces, including metals, ceramics, and plastics.

 

By End-User

Based on end-user, the global thermal management market is divided into consumer electronics, servers & data centers, automotive, aerospace & defense, enterprises, healthcare, and others. The servers & data centers anticipated to grow at a higher CAGR of 10.6% during the forecast period because the rapid growth of digital data, along with a rising reliance on cloud computing services, has resulted in an increase in the number and size of data centers globally. As these data centers grow in size, the need for effective thermal management systems to maintain ideal operating temperatures and prevent overheating becomes increasingly important.

 

By Service Type

Based on service type, the global thermal management market is divided into installation & calibration and optimization & post-sales support. The installation & calibration and optimization category is anticipated to grow at a higher CAGR of 8.3% during the forecast period. This expansion may be ascribed to the fact that as modern technologies improve, there is a greater demand for exact system and equipment installation and calibration. Additionally, improving these systems' effectiveness and performance has become a crucial demand. Businesses are looking for expert services to guarantee appropriate installation, calibration, and optimization of their systems in light of the quick adoption of technologies like automation, AI, and IoT.

 

Global Thermal Management Market Overview by Region

The global thermal management market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World based on regions. In 2022, Asia-Pacific emerged as the dominant region, capturing approximately 33.5% of the global market share. The demand for efficient thermal management systems in this region is primarily driven by the increasing usage of consumer electronics, mobile devices, and automotive electronics. The rapid industrialization and urbanization of countries like India and Southeast Asian nations have further fueled the growth of industries such as manufacturing, information technology, and telecommunications, resulting in a higher demand for thermal management solutions. Additionally, the region's substantial investments in data centers and reliance on cloud computing services have amplified the need for reliable thermal management systems to ensure optimal performance and prevent overheating.

 

 

Global Thermal Management Market Competitive Landscape

A limited number of key players dominate the industry and possess a strong regional presence. These prominent companies are deeply committed to ongoing research and development initiatives, and actively engage in strategic growth endeavors such as product innovation, launching new products, forming partnerships, and establishing joint ventures. By implementing these strategies, these organizations aim to strengthen their market position, expand their customer base, and capture a significant share of the market.

 

Some of the leading companies operating in the global thermal management market include Honeywell International Inc., Vertiv Co., Delta Electronics, Inc., Parker Chomerics, TAT Technologies Ltd., Henkel, Boyd, European Thermodynamics Ltd., Laird Thermal Systems, Pentair Thermal Management, Advanced Cooling Technologies Inc., Gentherm Inc., Autoneum Holding AG, Sapa Extrusions Inc., AllCell Technologies, Thermacore Inc., and various other key players.

 

Global Thermal Management Market Recent Developments

In September 2022, Henkel enhanced its foothold in the growing thermal interface material (TIM) sector through the acquisition of Thermexit, Nanoramic Laboratories' division dedicated to thermal management materials. This strategic move bolstered Henkel's standing and heightened its prominence within the TIM market.

 

Scope of the Global Thermal Management Market Report

Thermal Management Market Report Segmentation

ATTRIBUTE

DETAILS

By Material Type

  • Adhesive Materials
  • Non-adhesive Materials

 

By Device

  • Conduction Cooling Devices
  • Convection Cooling Devices
  • Advanced Cooling Devices
  • Hybrid Cooling Devices

 

By Service

  • Installation & Calibration
  • Optimization & Post-Sales Support

 

By End-User

  • Consumer Electronics
  • Servers & Data Centers
  • Automotive
  • Aerospace & Defense
  • Enterprises
  • Healthcare
  • Others

By Geography

  • North America (USA, and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request

Pricing

  • Available upon request

 

Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

 

  • Global Thermal Management Market Size and Forecast:

To identify and estimate the market size for the global thermal management market segmented by material type, by device, by service, by end-user, region and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of thermal management between 2019 and 2031.

 

  • Market Landscape and Trends:

To identify and infer the drivers, restraints, opportunities, and challenges for the global thermal management market

 

  • Market Influencing Factors:

To find out the factors which are affecting the sales of thermal management among consumers

 

  • Impact of COVID-19:

To identify and understand the various factors involved in the global thermal management market affected by the pandemic

 

  • Company Profiling:

To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.

 

Intended Audience

  • Thermal Management Manufacturers
  • Raw Material Suppliers
  • Retailers, Wholesalers, and Distributors
  • Governments, Associations, and Industrial Bodies
  • Investors and Trade Experts

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

The global thermal management market forecast period is 2023 - 2031
According to thermal management market research, the market is expected to grow at a CAGR of ~8.7% over the coming years.
Asia-Pacific is expected to register the highest CAGR during 2023 - 2031
Asia-Pacific held the largest share in 2022
The major companies operating in the global thermal management market include Honeywell International Inc., Vertiv Co., Delta Electronics, Inc., Parker Chomerics, TAT Technologies Ltd., Henkel, Boyd, European Thermodynamics Ltd., Laird Thermal Systems Gentherm Inc., Autoneum Holding AG, Sapa Extrusions Inc., AllCell Technologies, Thermacore Inc., and others.