United States Thermal Management Market 2025 | Growth Drivers, Key Players & Investment Opportunities

Market Size and Growth

Thermal Management Market is forecasted to reach at a CAGR of 8.5% during the forecast period (2024-2031).

Key Development:

United States: Recent Industry Developments

✅ In September 2025, Johnson Controls was named to Fortune's 2025 Change the World list for its breakthrough innovations in data center cooling, specifically the YORK® YVAM Air-Cooled Magnetic Bearing Chiller. This chiller is engineered for hyperscale and AI-intensive data centers, reducing power consumption, consuming zero on-site water, and operating at low noise levels, demonstrating how advanced technology can drive sustainability and deliver meaningful societal benefits.

✅ In September 2025, Trane Technologies announced two groundbreaking developments: AI Control and ARIA, leveraging advanced technology to keep customers at the forefront of building optimization and energy management. These innovations aim to revolutionize smart building operations by integrating artificial intelligence for enhanced efficiency and sustainability.

✅ In September 2025, Corintis, a Swiss chip-cooling startup, raised $24 million in a Series A funding round, boosting its total funding to $33.4 million. The company specializes in advanced liquid cooling for semiconductors, with its technology channeling liquid through microchannels etched into chips for more efficient heat management. Microsoft, a Corintis customer, found the system to be up to three times more efficient than traditional cooling methods.

Japan: Recent Industry Developments

✅ In August 2025, researchers from the University of Tokyo developed a new cooling solution that uses water's changing phases to make it more efficient at removing heat. The system's efficiency may foster a new generation of compact, passive cooling solutions aligned with evolving semiconductor technologies.

✅ In July 2025, researchers from the University of Tokyo developed an innovative chip cooling technology that is seven times more effective than conventional methods. This new approach utilizes water's phase change from liquid to gas, effectively enhancing heat dissipation.

✅ In April 2025, researchers from the University of Tokyo developed an innovative chip cooling technology that utilizes water's phase change from liquid to gas, enhancing heat dissipation. This new approach achieved a coefficient of performance (COP) of 100,000, ten times higher than typical single-phase systems, offering a compact and energy-efficient design crucial for managing rising heat density in electronic

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Thermal management refers to the control and regulation of temperature in systems, devices, or materials to ensure optimal performance, safety, and longevity. It is crucial in electronics, automotive, aerospace, and energy sectors to prevent overheating, improve efficiency, and maintain operational stability.

Recent Mergers and acquisitions:

United States: Recent M&A in Thermal Management
✅ October 2025 - Active Thermal Solutions Acquires D&B Heat Transfer Products: Active Thermal Solutions, backed by LDR Partners, has acquired D&B Heat Transfer Products, a Michigan-based manufacturer of industrial heat exchangers. This acquisition expands Active's national footprint and enhances its service capabilities in the industrial cooling sector.

✅ July 2025 - LDR Partners Acquires Active Radiator: LDR Partners acquired Active Radiator, a U.S.-based manufacturer and distributor of heavy-duty cooling equipment. This acquisition forms the largest U.S. heavy manufacturing platform for aluminum industrial heat exchangers, operating under the unified Active Thermal Solutions platform.

✅ May 2025 - Modine Acquires L.B. White: Modine, a global leader in thermal management technology, announced the acquisition of L.B. White, a provider of specialty heating solutions for agriculture, construction, and special events. This acquisition diversifies Modine's HVAC offerings.

✅ May 2025 - Trane Technologies Acquires BrainBox AI: Trane Technologies acquired BrainBox AI, a pioneer in autonomous HVAC controls and generative AI building technology. This acquisition combines BrainBox AI's AI technology with Trane Technologies' building management capabilities.

✅ April 2025 - nVent Completes Sale of Thermal Management Business: nVent completed the sale of its thermal management business, receiving approximately $1.4 billion in net after-tax proceeds. The company plans to use the proceeds for acquisitions and share repurchases.

Japan: Thermal Management Industry Highlights

✅ In October 2025, Mitsubishi Heavy Industries (MHI) received the prestigious GOOD DESIGN AWARD for its Hyper Multi LXZ series multi-split air conditioner. The system utilizes R32 refrigerant and features a refined design that harmonizes seamlessly with various installation environments, blending into urban spaces.

✅ In October 2025, Japan's thermal management technologies market was characterized by moderate growth, driven by advancements in miniaturized electronics, battery thermal management for hybrid and electric vehicles (EVs), and semiconductor cooling solutions. Increased demand for nanomaterials, advanced TIMs, and heat pipe technologies contributed to this growth, supported by government investments in smart cities and energy-efficient cooling infrastructure.

Key Players:

=> Honeywell International, Sapa Group, Heatex, Pentair Thermal Management, Thermacore, Vertiv Co, European Thermodynamics Ltd, Dau Thermal Solutions, Master Bond Inc, Alcatel-Lucent, LairdTech, Aavid Thermalloy, and many others.

Growth Forecast Projected:

The Global Thermal Management Market is anticipated to rise at a considerable rate during the forecast period, between 2024 and 2031. In 2023, the market is growing at a steady rate, and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.

Research Process:

Both primary and secondary data sources have been used in the global Thermal Management Market research report. During the research process, a wide range of industry-affecting factors are examined, including governmental regulations, market conditions, competitive levels, historical data, market situation, technological advancements, upcoming developments, in related businesses, as well as market volatility, prospects, potential barriers, and challenges.

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Key Segments:

➥ By Devices: Conduction Cooling Devices, Convection Cooling Devices, Advanced Cooling Devices, Hybrid Cooling Devices

➥ By Services: Installation and Calibration, Optimization, Post-Sales Support Online

Regional Analysis for Thermal Management Market:

⇥ North America (U.S., Canada, Mexico)

⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)

⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)

⇥ South America (Colombia, Brazil, Argentina, Rest of South America)

⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

Benefits of the Report:

Chapter 1: Sets the stage by outlining the report's coverage, summarizing key market segments by region, product type, and application. Presents a snapshot of market sizes, growth potential across segments, and anticipated industry evolution both short and long term.

Chapter 2: Highlights pivotal market insights and uncovers the most significant emerging trends driving change within the industry.

Chapter 3: Offers an in-depth look at the competitive landscape among Thermal Management producers, including revenue shares, strategic moves, and recent mergers and acquisitions.

Chapter 4: Presents comprehensive profiles of the market's key players, delving into details such as revenue, profit margins, product portfolios, and company milestones.

Chapters 5 & 6: Analyze Thermal Management revenue at both regional and country levels, providing quantitative breakdowns of market sizes, growth opportunities, and development prospects worldwide.

Chapter 7: Focuses on different market segments by type, examining their individual sizes and potential, guiding readers toward high-impact, untapped market areas.

Chapter 8: Explores segmentation by application, evaluating industry growth potential in various downstream markets and pinpointing promising sectors for expansion.

Chapter 9: Provides a thorough review of the industry's supply chain mapping out both upstream and downstream activities.

Chapter 10: Concludes with a summary of the report's key findings and highlights the most critical takeaways for industry stakeholders.

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FAQ

Q: What is the growth rate of the Thermal Management Market?

A: The market is projected to expand at a compound annual growth rate (CAGR) of 8.5% during the forecast period from 2024 to 2031.

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