With 9.7% CAGR, Thermal Management Market Growth to Surpass USD 19.3 billion

The global thermal management market was valued at USD 10.7 billion in 2022 and is projected to reach USD 19.3 billion by 2028, registering a CAGR of 9.7% from 2023 to 2028. The growing adoption of miniature electronic devices and the increasing need for advanced heat dissipation solutions drive the demand for thermal management solutions.

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The non-adhesive materials segment accounted for the largest market share (~67%) in 2022 and a similar trend is likely to be observed during the forecast period. Non-adhesive materials, such as pads and gap fillers, are commonly used to fill the gaps between heat sources and dissipating components. These materials also carry out mechanical shock absorption. Non-adhesive materials include thermal pads, gap fillers, phase change materials, and grease. Thermal pads or other applicants, such as gap fillers, can structure their physical characteristics according to the requirements of electronic devices.

The convection cooling devices segment accounted for the largest market share (~47%) in 2022, and a similar trend is expected to be observed in the coming years. Convection cooling involves the transfer of heat from a card into the ambient air. Convection cooling can be carried out in two ways: with the help of natural airflow and artificial/forced air flow via fans or blowers. Forced convection is more effective than natural convection, but with the added complexity and reliability challenges of air movers. During the cooling process, the heat causes fluid expansion and density reduction. The convection cooling technique depends on various factors, including temperature difference between the surrounding fluids and hot objects; shape, size, and surface of hot objects; and the thermal expansion rate of surrounding fluids. Convection cooling devices can be classified into heat sinks, heat spreaders, forced air and natural cooling devices, and heat pumps.

The optimization & post-sales support segment accounted for the largest market share (~59%) in 2022. With increasing competition in the thermal management ecosystem, optimal after-sales service is key to building customer loyalty and growing the chances of creating a community of satisfied customers and worth-of-mouth referrals. Optimization & post-sales support services are crucial in the thermal management market. There are two types of optimization methods: active and passive thermal management. Passive thermal management solutions refer to cooling technologies that rely solely on the thermodynamics of conduction, convection, and radiation to complete the heat transfer process. These technologies are inexpensive and easy to use. Passive thermal management solutions generally determine the choice of materials, the size of enclosures, the location of enclosures and their wall insulations, power load arrangements, placement of passive electric loads outside enclosures, cable layouts, airflow management, natural airing or convection, natural heat dissipation, and air circulation. Whereas the active thermal management system uses a rotary valve system to distribute coolant through the engine in a targeted manner. It sends heat where it's needed to warm up the engine, thereby reducing friction and heating the cabin, or cooling when needed for high power operation.

The automotive end-user industry accounted for the largest market share (~27%) in 2022. The quantity, value, and complexity of electronic components used in vehicles are rising gradually. Temperature control is an issue for effective thermal management and heating, ventilation, and air conditioning (HVAC) in vehicles. Hence, heat management solutions or systems, such as cable insulations and jackets, chassis suspension systems, automotive hoses, and automotive connectors, are used in vehicles to control their temperature. These products offer efficient and effective cooling in automobiles and have exceptional strength and durability.

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Asia Pacific held the largest share of ~39% in the thermal management market in 2022. The market in Asia Pacific has further been segmented into China, Japan, India, South Korea, and Rest of Asia Pacific. The thermal management market in Asia Pacific is rapidly growing owing to the increasing demand for these services in countries such as China, Japan, India, South Korea, and Rest of Asia Pacific. The region has become a global focal point for large investments and business expansion opportunities. Moreover, increased demand for effective thermal management solutions and systems from consumer electronics, automotive, defense, and healthcare sectors is also boosting the growth of the thermal management market in Asia Pacific.

News also Covered: https://www.prnewswire.com/news-releases/thermal-management-market-worth-19-3-billion-by-2028---exclusive-report-by-marketsandmarkets-301714229.html

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This release was published on openPR.