Thermal Management Market is Projected To Reach USD 78300 Million By 2028 At A CAGR of 3.8% - Valuates Reports

BANGALORE, India, Jan. 24, 2022 /PRNewswire/ -- Thermal Management Market is segmented By Type - Conduction Cooling Devices, Convection Cooling Devices, Hybrid Cooling Devices, Others, By Application - Automotive, Aerospace and Defense, Servers and Data Centers, Consumer Electronics, Medical Equipment, Others. Global Opportunity Analysis and Industry Forecast 2022 - 2028. It is published in Valuates Reports under the Heavy Machinery Category.

The global Thermal Management market size is projected to reach USD 78300 million by 2028, from USD 60120 million in 2021, at a CAGR of 3.8% during 2022-2028.

Major Factors Driving The Growth Of The Thermal Management Market Are:

The demand for effective heat management solutions and systems in consumer electronics, Aerospace and Defense, Servers and Data Centers, Consumer Electronics, and Medical Equipment is driving the growth of the thermal management market.

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TRENDS INFLUENCING THE GROWTH OF THERMAL MANAGEMENT MARKET

The Thermal Management Market is predicted to increase due to the continued radical downsizing of electronics and the demand for quieter cooling solutions. Conduction is a reliable cooling alternative in cases when there is enough space, a sealed enclosure, or no audible noise is required. Conduction works without the use of pumps or fans, relying instead on direct physical contact to transmit heat between portions of a continuum.

The growing need for effective thermal management systems in automobiles is expected to increase the growth of Thermal Management Market during the forecast period. Air cooling by natural convection, air cooling by forced convection, and liquid water cooling are the three main cooling techniques used in the automotive industry. Forced convection implies that an air turbine and a cooling air housing are constructed around the engine, whereas natural convection means that fins are installed on the cylinder and cylinder heads to enable efficient convection and conduction. The coolant in both circumstances is air, which is the only fluid capable of removing calories.

Cool chips for thermal control in electrical systems are projected to create lucrative growth opportunities for Thermal Management Market players. Cool chips are a type of active cooling technology that uses chips to cool electronic components in computers and autos. This cooling technology can be used to increase the thermal resistance and performance of electronic devices in the design and production of microlevel chips. Chip cooling is used in nanoscale complementary metal-oxide-semiconductor (CMOS) integrated circuits and embedded systems for effective temperature management.

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THERMAL MANAGEMENT MARKET SHARE ANALYSIS

Based on region, China is expected to hold the largest market share of about 25%. China is followed by the United States and EU, both holding a share of over 40 percent. The thermal management market in Asia is driven by the growth of the consumer electronics industry in Asian economies such as China, Japan, South Korea, and India. The region has also emerged as a focal point for leading companies in the thermal management market to increase their investment and business expansion capabilities.

Based on product type, Conduction Cooling Devices held the largest segment, with a share of about 40%. 

Based on application, the largest segment is Automotive, followed by Aerospace and Defense, Servers and Data Centers, Consumer Electronics, Medical Equipment, etc.

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Thermal Management Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

Thermal Management Market By Company

• DENSO
• Valeo
• MAHLE
• Hanon Systems
• Honeywell
• Vertiv
• Gentherm
• Delta
• Laird
• Boyd Corporation
• Heatex
• European Thermodynamics
• Advanced Cooling Technologies
• Dau Thermal Solutions

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SIMILAR REPORTS

• The global Electric Vehicle Thermal Management System market size is projected to reach USD million by 2028, from USD million in 2021, at a CAGR of % during 2022-2028.
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• The global Electronic Thermal Management Materials market size is projected to reach USD 266.6 million by 2027, from USD 179.1 million in 2020, at a CAGR of 5.4% during 2021-2027.
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