Thermal Management Market Highlights:
Market Research Future (MRFR) reveals that the global thermal management market is likely to register a CAGR of 7% over the forecast period (2017-2023). Consumer electronics is a high end-user of thermal management technology. MRFR identified, a hike in the sales volume of consumer electronics as a major factor that is expected to surge the global thermal management market.
In the report, published on the global Thermal Management Market, MRFR states the market is poised to touch a substantial valuation of approximately USD 15 billion by 2023.
MRFR profiled some of the eminent companies which are operating in the market. They are; LORD Corporation (U.S.), Delta Electronics, Inc. (Taiwan), API Heat Transfer (U.S.), Honeywell International Inc (U.S.), AI Technology, Inc.(U.S.), Aavid Thermalloy, LLC (U.S.), Henkel AG & Co. KGaA (Germany), LAIRD PLC (U.K.), Jaro Thermal (U.S.), and HEATEX AB (U.S.)
MAHLE, a manufacturer of automotive parts designed an EV battery with thermal management solutions to increase its rapid charging capability.
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The high demand for thermal management systems and solutions is likely to encourage the growth of the global thermal management market. Several industrial accidents have been recorded due to the lack of heat management. The rising need for industrial safety is surging the adoption of thermal management solutions across different industries, which is expected to intensify the global thermal management market growth.
The growing number of consumers of electronic devices such as smartphones, laptops, personal computers, refrigerator, and gaming devices that require cooling system is anticipated to surge the global thermal market. The automobile sector is a prominent end-user of thermal management techniques. The increase in number of automobiles sales is likely to cast a positive impact on the thermal management market growth. The incorporation of effective thermal management solutions in consumer electronics and automobiles extends their shelf-lives, which can reduce the maintenance cost. The rising popularity of thermal management solutions is expected to encourage the growth of global thermal management market growth.
The global thermal management market has been segmented on the basis of component, device, and end-user.
- By component, the global thermal management market has been segmented into software and hardware.
- By device, the global thermal management market has been segmented into conduction, convection, advanced, hybrid, and others.
- By end-user, the global thermal management market has been segmented into consumer electronics, aerospace and defence, food and beverage, healthcare, automotive, and others. The consumer electronics segment is anticipated to attain the highest revenue over the evaluation period, followed by the automotive segment.
By region, the thermal management market has been analysed across North America, Asia Pacific, Europe, and the Rest of the World (RoW).
MRFR reveals that North America is anticipated to lead in the global thermal management market over the forecast period. The inclination of people towards a luxurious lifestyle is boosting the sales volume of consumer electronics such as smartphones, refrigerator, and other gadgets are expected to spur the growth of the thermal management market in North America. The United States and Canada are likely to contribute significantly to the fast-paced expansion of the North American thermal management market over the evaluation period. Another reason that is likely to favor the expansion of the thermal management market is the well-established automobile sector in North America.
The Asia Pacific thermal management market is anticipated to grow to a lucrative valuation by the end of the forecast period. The increase in the number of end-users and the growing number of consumer electronics and automobile producers are factors that are expected to encourage the APAC thermal management market growth. The high demand for thermal management in the manufacturing of electronics and automobiles in emerging economies like India, China, and Japan is expected to spur the market growth.
Table of Contents
1 Market Introduction
1.2 Scope of Study
1.2.1 Research Objective
1.3 Market Structure
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List of Tables
Table 1 Thermal Management Market, By Component
Table 2 Thermal Management Market, By Device
Table 3 Thermal Management Market, By End-Users
List of Figures
Figure 1 Research Methodology
Figure 2 Thermal Management Market, By Component (%)
Figure 3 Thermal Management Market, By Device (%)
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