According to the latest report by IMARC Group “Thermal Management Technologies Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global thermal management technologies market size reached US$ 12.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 20.0 Billion by 2028, exhibiting a growth rate (CAGR) of 7.79% during 2023-2028.
Thermal management technologies are used to monitor, control, and regulate temperatures generated by devices in electrical enclosures. They rely on several substrates within the circuitry for efficient heat dissipation, which aids in improving reliability and preventing premature failure of electronic devices. As a result, they find applications in data centers, consumer electronics, and automobiles across the globe.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Significant growth in the electronics industry, along with the escalating demand for miniaturized devices with effective thermal management solutions in consumer electronics, represents one of the key factors positively influencing the market. Apart from this, the increasing adoption of thermal management technologies in hybrid electric vehicles (HEVs) is strengthening the market growth. Furthermore, technological advancements, such as cool chips, cold plates, heat vapor chambers, and jet impingement mechanisms, are bolstering the market growth. Moreover, leading players are investing in research and development (R&D) activities to develop advanced thermal management technologies that help minimize fuel consumption, increase mileage, provide optimal safety, and enhance the comfort level of passengers.
Breakup by Product:
Breakup by Application:
- Consumer Electronics
- Renewable Energy
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Cooling Technologies Inc.
- Autoneum Holding AG
- Gentherm Inc.
- Heatex Inc. (Madison Industries)
- Henkel AG & Co. KGaA
- Honeywell International Inc.
- Laird Thermal Systems Inc.
- Momentive Performance Materials Inc.
- Parker-Hannifin Corp.
- Thermal Management Technologies.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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