New York, US, Sept. 21, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Thermal Management Market, By Component, By Device, By End-user - Forecast 2030”, will reach USD 20.3 billion at an 8.20% CAGR by 2030.
Thermal Management Market Drivers
Increasing Need in Consumer Electronics to Boost Market Growth
The increasing need in consumer electronics will boost market growth over the forecast period. Consumer electronics produce too much heat. Effective thermal management is needed to reduce failures and boost dependability due to this surplus heat. Conduction, hybrid, and convection cooling devices are a few examples of equipment that can be used for thermal management.
Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 20.3 Billion |
| CAGR | 8.20% From 2022 to 2030 |
| Key Market Opportunities | Nanoscale corresponding metal-oxide-semiconductor (CMOS) based incorporated circuits and inserted frameworks use chip cooling |
| Key Market Drivers | Expanding utilization of electronic gadgets in various end-use ventures, Continuous extremist scaling down of electronics. |
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Opportunities
Technological Advances to offer Robust Opportunities
Technological advances like the development of the jet impingement mechanisms, heat vapor chambers, cool chips, and cold plates will offer robust opportunities for the market over the forecast period.
Restraints
Design Complexities to act as Market Restraint
The design complexities of the components utilized in cooling systems may act as a market restraint over the forecast period.
Challenges
Rising Stringency in Emission Regulation to act as Market Challenge
The rising stringency in emission regulation to increase the fuel economy may act as a market challenge over the forecast period.
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Thermal Management Market Segmentation
The global thermal management market is bifurcated based on end user, device, and component.
By component, hardware will lead the market over the forecast period.
By device, convection will dominate the market over the forecast period.
By end user, automotive will spearhead the market over the forecast period.
COVID-19 Analysis
Coronavirus harmed the operations of several thermal management business ventures as well as the organizations of businesses from the aforementioned enterprises. The global market for heat management was impacted by the decreased demand in consumer electronics due to tight estimates. The thermal management industry is anticipated to suffer from the continuous decline in global interest and vehicle shipments. In any case, the market for thermal management of warm administration must recover in order to boost demands from the medical care sector. In any case, during these pandemic seasons, there has to be an increase in consumer demand for personal observing devices.
Thermal Management Market Regional Analysis
APAC to Lead Thermal Management Market
The Asia-Pacific area is anticipated to experience rapid growth to 2023. A major portion of the global market share is contributed by nations like Japan, China, and India. The market is being driven by an increase in manufacturers, strict government regulations, a rise in the use of renewable energy sources, and rising consumer awareness of eco-friendly heat management options. The thermal management market in Asia is driven by the growth of the consumer electronics sector in nations like China, South Korea, Japan, and India. A focal point for expanding investments and commercial expansion capacities for significant important players in the thermal management industry, the area has also emerged. The main determinants of rising business prospects in the area are favorable economic circumstances and low labor costs. In recent years, the region has seen a significant increase in demand for electric and hybrid automobiles.
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Additionally, growing chip manufacturing firms in China and South Korea are propelling the expansion of the APAC thermal management market. Due to the increased use of electronic equipment in various end-use industries in the Asia-Pacific region, which presently leads the thermal management market, this region is anticipated to experience rapid expansion over the course of the forecast period. Due to the increased need for efficient thermal management solutions & systems, the existence of several chip manufacturing businesses, rising investments, and various business expansion tactics adopted by key players in the area, the Asia Pacific would lead the market. The market for global thermal management is dominated by Asia Pacific from 2021 to 2027. By 2027, Asia Pacific is anticipated to have the biggest market share. The expansion of the consumer electronics market in Asian economies like China, Japan, South Korea, and India is what is driving the thermal management market in the Asia Pacific region. Leading thermal management market players are increasingly focusing on the area to improve their capacity for investment and business expansion. The main causes of the growing business opportunities in the area are the favorable economic climate and low labor costs. The demand for electric and hybrid cars in the area has increased recently.
The growth of this region in the global market is primarily driven by these variables between 2021 and 2027, the forecast period. Due to the presence of several electronics manufacturers in this region and the expanding use of heat dissipation solutions for improved heat dissipation in sophisticated electronics, the Asia Pacific is anticipated to grow as a major revenue-generating market over the projected decade. In the near future, it is anticipated that a variety of government initiatives supporting the use of renewable energy sources, such as solar cells, will boost regional growth.
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North America to Have Significant Growth in Thermal Management Market
The largest market share was accounted for by North America. The market share as a whole is heavily influenced by nations like the United States and Canada. The increased demand for data centers across several industries, including the automotive, food & beverage, and others, is attributable to the expanding healthcare sector. Due to rising investments in the research and development process as well as the adoption of solutions in the area, North America is anticipated to account for a sizeable portion of the worldwide thermal management market.
Thermal Management Market Key Players
Eminent market players profiled in the thermal management market report include API Heat Transfer (U.S.), AI Technology, Inc.(U.S.), Aavid Thermalloy, LLC (U.S.), Delta Electronics, Inc. (Taiwan), Honeywell International Inc (U.S.), Henkel AG & Co. KGaA (Germany), Jaro Thermal (U.S.), LAIRD PLC (U.K.), LORD Corporation (U.S.) and HEATEX AB (U.S.) among others.
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