Global Thermal Management Market Size Set to Cross USD 24.7 Billion by 2029

Published | 17 July 2023

Global thermal management market is flourishing because of the increasing use thermal management systems in aerospace & defense sector, rising need for advanced heat dissipation solution, and growing use of electronic devices in several industries, including healthcare and automobiles.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global thermal management market size at USD 11.94 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global thermal management market size to grow at a significant CAGR of 11.04% reaching a value of USD 24.71 billion by 2029. Major growth drivers for the global thermal management market include an increasing demand for advanced electronic devices with higher processing power, the rise in power densities and miniaturization of electronic components, and the growing need for thermal management solutions in data centers to handle the escalating data volumes. Various industries are progressively incorporating electronic devices into their day-to-day operational processes, ranging from individual-level essentials to large-scale industrial and manufacturing equipment. However, the utilization of these devices often leads to the generation of significant amounts of heat, which can pose risks and potentially result in failures or breakdowns. To prevent such occurrences and ensure reliable performance, effective thermal management is crucial. The expanding demand for electronic devices serves as a key driver for the growth of the thermal management market. Additionally, industries equipped with electrical systems and control panels face heightened risks of overheating, necessitating stringent regulation through effective thermal management to mitigate potential issues. Inadequate thermal assistance or management has previously led to losses and hazards in industries reliant on electronic control systems. Consequently, the awareness of the importance of industry maintenance has prompted End Users to adopt thermal solutions. These factors are expected to contribute to the overall expansion of the thermal management market. However, design complexities of component used in cooling system are anticipated to restrain the overall market growth.

Global Thermal Management Market – Overview

Thermal management encompasses the effective control and regulation of heat produced by systems, devices, or processes, with the aim of ensuring their optimal and dependable operation. It involves managing temperature, heat flow, and heat dissipation within the system to maintain the desired temperature range, thereby preventing any detrimental effects caused by overheating or inadequate heating. Heat generation typically arises from factors, such as electrical circuit resistance, mechanical system friction, or chemical reactions in chemical processes. To safeguard against system damage or failure, it is essential to extract the generated heat from the system.

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Impact of COVID -19 on Global Thermal Management Market

COVID-19 pandemic adversely affected the global thermal management market. The implementation of full or partial lockdowns in numerous countries deemed aviation and defense non-essential, leading to the shutdown of these sectors. Consequently, there was a decrease in manufacturing and sales within the defense and aerospace industry, negatively impacting the growth of thermal management systems. The pandemic also affected businesses in the thermal management sector, causing disruptions in their operations. Additionally, the industry's reliance on raw material suppliers, who were unable to operate during the lockdown, further impeded the growth of the global thermal management market. Moreover, the demand for electronic devices declined significantly due to the pandemic, resulting in a decrease in the thermal management market. However, as the healthcare sector and personal monitoring systems regain momentum following the pandemic, they are expected to drive the growth of the global thermal management market. The initial phase of the pandemic witnessed the market suffering due to China's complete lockdown. As the largest consumer and producer of electronics, the lack of demand for electronics in China had a significant impact. Also, when China resumed manufacturing activities, the rest of the world was still under complete lockdown, leading to supply and demand mismanagement and a decline in market growth. The automotive industry also faced challenges during the COVID-19 crisis, with reduced manufacturing activities in Europe and the closure of several assembly plants in the USA. Consequently, almost all sectors dependent on thermal management systems suffered, except for the healthcare sector, which managed to mitigate the significant decline in the market.

Global Thermal Management Market – By End User

On the basis of End User, the global thermal management market is divided into Automotive, Data Centers & Servers, Consumer Electronics, Healthcare, Enterprise, Aerospace & Defense, and Telecom segments. The automotive segment dominates the global thermal management market by End User. The integration of electronic systems in vehicles, coupled with their heavy-duty engines, results in significant heat generation, necessitating efficient thermal management. Automotive manufacturers prioritize thermal management to ensure optimal performance and prevent component failure. Compliance with regulations and safety standards also drives the demand for thermal management solutions in the automotive industry. With the rise of electric and hybrid vehicles, advanced thermal management becomes crucial for maintaining battery and power electronics temperature. Overall, the automotive sector's reliance on thermal management for heat dissipation, enhanced performance, and regulatory compliance positions it as the leading market segment.

Competitive Landscape

Major players operating in the global thermal management market include Honeywell International Inc., Vertiv Group Corp, Boyd, ebm-papst, Siemens, PARKER HANNIFIN CORP, Laird Thermal Systems Inc., TAT Technologies Ltd, European Thermodynamics Ltd, Autoneum, AI Technology Inc., Schneider Electric, DENSO CORPORATION, MAHLE GmbH, and Valeo. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Thermal Management Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Thermal Management Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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