Thermal Management Market
Thermal management is a process for controlling the temperature of systems through various technologies. Temperatures of various components are assessed through sensors and optimized with the help of a cooling system. The global thermal management market report by Market Research Future (MRFR) covers applications of the system for consumer electronics and large devices. It contains dynamic variables such as drivers and restraints for assessing market size and growth. The COVID-19 pandemic and its effects on the industry are also included in the report.
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Thermal Management Market Scope
The global thermal management market size can zoom to USD 15 billion by 2023, as per MRFR analysis. It can register 7% CAGR over the forecast period.
The market can expand owing to miniaturization of devices and demand for thermal management of consumer electronic devices. The heating up of devices due to excessive running of heavy application on personal desktops or smartphones can drive the market demand significantly. Developments in thermal management solutions for optimizing battery performance coupled with stringent policies can influence market growth. European Telecommunications Standards Institute (ETSI) and Network Equipment Building Systems (NEBS) standards and their compliance with industry standards can augment market size.
The COVID-19 pandemic had stalled the component production for large industrial sectors owing due to major manufacturers based in China. The impact on the supply chain as well as scarce access to raw materials can negatively impact market growth.
But technological complexities pertaining to components and systems can impede market growth.
Thermal Management Market Segmentation
On the basis of component, the market can be divided into hardware and software. The hardware can capture a large market share by implementation of heat dissipating solution in high heat-inducing devices. Concerns of energy conservation and efforts by manufacturers to pursue a holistic approach can enhance operational efficiency of latest devices and drive the segment growth.
By device, the market is segmented into convection, conduction, advanced, hybrid, and others. The convection segment is primed to gain huge demand in the market owing to these devices lowering temperature of different components in a system.
By end-users, the market is segmented into automotive, consumer electronics, aerospace & defense, food & beverage, healthcare, and others. The consumer electronics sector is expected to showcase stellar growth for the thermal management market owing to small size of packages and efforts to resolve frequent heating issues.
Thermal Management Market Competitive Scope
Aavid Thermalloy, LLC, AI Technology, Inc., API Heat Transfer, Jaro Thermal, Honeywell International Inc, LORD Corporation, Delta Electronics, Inc., LAIRD PLC, HEATEX AB, and Henkel AG & Co. KGaA are prominent players of the global thermal management market.
The market is highly competitive in nature with expansion gained through mergers, acquisitions, and product developments.
Thermal Management Market Regional Analysis
North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW) are major regions analyzed for measuring the growth of the global thermal management market.
North America can command a large market share over the forecast period. Adoption of thermal management solutions and increasing investments by various utility providers can drive the market demand. Moreover, the use of thermal management systems in large manufacturing units due to its low operational cost can augment regional market demand.
The APAC thermal management market can expand owing to presence of large manufacturers, government initiatives, and huge number of electronic manufacturers. Development of next-generation electronics and proposal for renewable energy plants can spur the huge market demand. Rising energy costs and investments by IT and telecommunication providers for pushing resources to the cloud can drive the market demand. Favorable conditions and cheap labor costs can encourage market growth in APAC.
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Thermal Management Market Industry News
AMAX and CoolIT Systems have agreed to enter into a partnership to deliver a thermal management solution for data centers. The need for high-density computing and efforts for curbing soaring energy bills are likely owing to development of a liquid cooling solution.