Global Thermal Management Market to Reach USD 32,847.34 Million by 2031 | CAGR of 10.2%
Category : Energy and Power | Published Date : Nov 2024 | Type : Press Release
Thermal Management Market Scope & Overview:
As per the Consegic Business Intelligence newly published report, the Thermal Management Market size was valued at USD 15,076.43 million in 2023 and is projected to grow at a CAGR of 10.2%, reaching USD 32,847.34 million by 2031. Thermal management encompasses technologies and strategies for controlling and regulating heat in various systems and devices, ensuring optimal performance, safety, and longevity. Effective thermal management enhances energy efficiency, minimizes thermal failures, and increases the operational lifespan of critical components in applications such as electronics, automotive, and aerospace.
The report comprises the Thermal Management Market Share, Size & Industry Analysis, based on Material (Adhesive, Non-Adhesive), Device (Conduction Cooling, Advanced Cooling), End-User (Automotive, Consumer Electronics, Healthcare, Aerospace & Defense, Telecom, Others), and Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa), and Forecast, 2024-2031.
The report contains detailed information on Thermal Management Market Trends, Opportunities, Value, Growth Rate, Segmentation, Geographical Coverage, Company Profiles, In-depth Expert Analysis, Revenue Forecast, Competitive Landscape, Growth Factors, Restraints or Challenges, Environment & Regulatory Landscape, PESTLE Analysis, PORTER Analysis, Key Technology Landscape, Value Chain Analysis, and Cost Analysis.
Increasing demand for compact, high-performance electronic devices and advancements in cooling technologies for electric vehicles drive market growth, while stringent thermal reliability standards in aerospace and defense pose challenges.
Segmental Analysis :
Based on material, the market is segmented into Adhesive and Non-Adhesive.
- The adhesive segment accounted for the largest revenue share in 2023, driven by its extensive use in electronics and automotive applications for efficient heat dissipation and improved device reliability.
- The non-adhesive segment is projected to grow at the fastest rate, fueled by demand for thermal pads and pastes in high-performance systems requiring repositionable solutions.
Based on device, the market is segmented into Conduction Cooling and Advanced Cooling.
- The conduction cooling segment held the largest market share in 2023, supported by its widespread adoption in consumer electronics and power modules for effective heat transfer.
- The advanced cooling segment is anticipated to grow rapidly, driven by innovations in liquid cooling and heat pipe systems for electric vehicles and data centers.
Based on end-user, the market is segmented into Automotive, Consumer Electronics, Healthcare, Aerospace & Defense, Telecom, and Others.
- The consumer electronics segment dominated the market in 2023, accounting for 31.82% of the revenue, driven by increasing demand for temperature management solutions in compact devices like smartphones and gaming consoles.
- The automotive segment is expected to grow at the fastest CAGR, fueled by rising adoption of thermal management systems in electric vehicles for battery efficiency and safety.
Based on regions, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
- Asia-Pacific: Dominated the market in 2023, with China accounting for 29.4% of the regional revenue, driven by investments in manufacturing and IT infrastructure.
- North America: Expected to grow significantly, supported by technological advancements in automotive thermal management solutions and increased adoption of EVs.
| Report Attributes | Report Details |
| Study Timeline | 2018-2031 |
| Market Size in 2031 | USD 32,847.34 Million |
| CAGR (2024-2031) | 10.2% |
| Material | Adhesive, Non-Adhesive |
| Device | Conduction Cooling, Advanced Cooling |
| End-User | Automotive, Consumer Electronics, Healthcare, Aerospace & Defense, Telecom, Others |
| By Region | North America(U.S., Canada, Mexico) Europe(U.K., Germany, France, Spain, Italy, Russia, Benelux, Rest of Europe) APAC(China, South Korea, Japan, India, Australia, ASEAN, Rest of Asia-Pacific) Middle East & Africa(GCC, Turkey, South Africa, Rest of MEA) LATAM(Brazil, Argentina, Chile, Rest of LATAM) |
Top Key Players & Competitive Landscape :
The competitive landscape encompasses major innovators, aftermarket service providers, industry giants, and niche players, all of which are thoroughly examined by Consegic Business Intelligence in terms of their strengths, weaknesses, and value-addition potential. This report includes detailed profiles of key players, market share analysis, mergers and acquisitions, resulting market fragmentation, and emerging partnership trends and dynamics.
List of prominent players in the Thermal Management Industry:
- Henkel (Germany)
- Honeywell International Inc. (United States)
- Vertiv Co (United States)
- Delta Electronics, Inc. (Taiwan)
- Parker Chomerics (United States)
- TAT Technologies Ltd. (Israel)
- Autoneum Holding AG (Switzerland)
- Boyd (United States)
- European Thermodynamics Ltd. (United Kingdom)
- Laird Thermal Systems (United States)
Recent Industry Developments :
- June 2023: Marelli launched an advanced thermal integrated module for enhanced efficiency in electric vehicles.
- June 2023: ZF introduced a cutting-edge heat management system to optimize EV performance and range.
- November 2024: ISRO partnered with IIT Madras to establish a research center focused on thermal management for launch vehicles.
