Thermal Management Industry worth $19.3 billion by 2028

(IT-NEWSWIRE.COM, January 12, 2023 ) The report "Thermal Management Market by Material, Device (Conduction Cooling Devices, Convection Cooling Devices), Service (Installation & Calibration, Optimization & Post-sales Support), End-user Industry and Region – Global Forecast to 2028" 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% during the forecast period. The rise in demand for thermal management is attributed to the increasing need for advanced heat dissipation solutions and thermal management components in consumer electronics and the growing use of miniature electronic devices.

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By Material: Non-adhesive materials segment to propel market growth

The non-adhesive materials segment accounted for the largest market share of ~73% in 2028. This growth is attributed to the wide use of non-adhesive materials, such as thermal pads, gap fillers, and grease, in consumer electronics such as computers, laptops, and other handheld devices, for example, tablets. These materials are significantly less vulnerable to high electrical currents and are highly efficient in controlling and regulating the temperature of the electronics in which they are used. The non-adhesive materials are also proficient in handling mechanical shocks and absorption, providing more security and reliability to users.

By Device: Convection cooling devices segment to capture largest share of thermal management market in 2028

The convection cooling devices segment accounted for the largest market share of ~45% in 2028. This growth is attributed to the increasing use of convection cooling devices in electronic components, circuits, and printed circuit boards (PCBs). Convection cooling involves the transfer of heat from a card into the ambient air using airflow. Convection cooling techniques can be applied in two ways: through natural airflow and by forced air flow via fans or blowers. The convection medium can be air or any other suitable thermal liquid. Thus, natural convection and forced air convection cooling are two types of convection cooling methods. Natural convection cooling devices do not require external sources, whereas forced air cooling devices require external sources such as pumps, fans, and suction devices for heat transfer. Heat sinks are attached to cooling devices in convection cooling to increase their dissipation area. This allows a large amount of heat to be transferred from devices to heat sinks and then to the ambient air.

By Service: In 2028, optimization & post-sales support segment to hold largest share of thermal management market

The optimization & post-sales support segment is expected to account for the largest market share of ~62% in 2028. Optimization & post-sales support services are provided for critical quality control in servers and data centers as high temperatures can damage them and result in the loss of vital information. Post-sales services typically lead to higher customer satisfaction, brand loyalty, word-of-mouth marketing, and even repeat sales. Optimization & post-sales support services include maintenance and service offerings to reduce downtime of systems, elevate their overall performance levels, and maximize their operational life. They also include flexible service plans that can be customized according to customer requirements, extended product warranties, and comprehensive maintenance and repair plans. These are some key factors contributing to the rising demand for optimization & post-sales support services.

By End-user Industry: Automotive industry to hold largest share of thermal management market in 2028

The automotive industry is likely to account for the largest market share of ~29% in 2028. The increasing use of electric vehicles (EVs), which enable e-mobility and compliance with CO2 emission regulations, is driving the growth of the automotive segment. In the automotive industry, the thermal management of HVAC systems, instrument panels, infotainment systems, satellite navigation systems, head-up displays, and engine and brake management systems is essential. The automotive industry is among the leading consumers of thermal management solutions and systems due to the increasing demand for cables and insulating jackets, chassis suspension systems, automotive hoses, and automotive connectors for effective thermal management in vehicles.

Asia Pacific likely to hold largest share of global thermal management market in 2028

Asia Pacific is expected to hold the largest share of ~41% of the thermal management market in 2028. Flourishing chip manufacturing companies in countries such as China and South Korea are contributing to the growth of the thermal management market in 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.

The thermal management market is dominated by a few globally established players, such as Henkel (Germany), Honeywell International Inc. (US), Vertiv Co (US), Delta Electronics, Inc. (Taiwan), Parker Chomerics (US), TAT Technologies Ltd. (Israel), Autoneum Holding AG (Switzerland), Boyd (US), European Thermodynamics Ltd. (UK), and Laird Thermal Systems (US).

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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Thermal Management Industry worth $19.3 billion by 2028