Thermal Management Technologies Market Will Propel at a 10.3% CAGR

The global thermal management technologies market was USD 10,412.8 million in 2022, and it will reach USD 22,862.1 million, propelling at a CAGR of 10.3%, by 2030.

This growth of this industry is because of the rising requirement for electronic equipment in several sectors, including healthcare, as well as the increasing demand for temperature control solutions. In addition, the rising requirement for miniatured electronic products is a major factor propelling the acceptance of thermal management solutions.

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The adhesive material category, based on material type, will advance at a significant rate during this decade. This can be because of the increasingly decreasing electronic systems and parts inside electronic and medical products, which create considerable amounts of heat, resulting in malfunctioning.

In 2022, the advanced cooling category, based on device type, was the highest revenue generator in the industry, and it will continue to advance at the highest rate during this decade. This can be because of the rising incorporation of direct-immersion cooling and microchannel cooling in data centers.

The optimization & post-sales support category, based on service, is expected to advance at the highest rate in the thermal management technologies market, in the years to come. A well-organized post-sales method will guarantee the consumer's satisfaction with the product. Moreover, it enables the manufacturer to recognize where the product is effective and where it requires an upgrade.

The consumer electronics category, based on end user, is likely to observe the fastest growth, in the years to come. This is mainly because of the development in the electronics sector. With the increasing miniaturization level of the fitted electronic parts, consumer electronics, including smart home products, tablets, smartphones, and smartwatches, are increasingly becoming more powerful.

In 2022, APAC accounted for the dominating share of the industry, approximately 35%, and it will also grow at the highest rate during this decade. This can be because of the increasing application of heat dissipation solutions in the healthcare industries, particularly in electronic medical devices.

Additionally, the rising rate of urbanization and industrialization, initiatives from the government to install EV charging stations, and the existence of major companies in the region, are also aiding the industry expansion.

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Europe will advance at a significant rate in the years to come. This can be attributed to the increasing need for electronic devices across the region. Additionally, the growing consciousness among the population in this region about the environment is likely to increase the acceptance of environment-friendly heat management solutions in different applications.

With the continuously growing electronic devices sector, as well as the increasing demand for advanced heat dissipation solutions, the thermal management technologies industry will continue to advance in the years to come.

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