Market Research Future published a research report on “Thermal Management Market Research Report – Global Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
The changing demand for various smartphones, laptops and tablets is boosting the growth of the thermal management market. Also, factors such as operational efficiency and usage of various synthetic cooling methods are projected to propel the growth of the thermal management market. The companies are investing in chip cooling solutions. Various manufacturers are working on new technological cooling solutions such as heat transfer technologies and thermodynamics. The market is expected to grow over the forecast period.
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The global thermal management market is expected to reach approximately USD 15 billion by the end of 2023 with 7% CAGR during forecast period 2017-2023.
The key players in the global Thermal Management Market include- API Heat Transfer (U.S.), AI Technology, Inc.(U.S.), Aavid Thermalloy, LLC (U.S.), Delta Electronics, Inc. (Taiwan), Honeywell International Inc (U.S.), Henkel AG & Co. KGaA (Germany), Jaro Thermal (U.S.), LAIRD PLC (U.K.), LORD Corporation (U.S.) and HEATEX AB (U.S.) among others.
Thermal Management Market – Segmentation
According to Market Research Future, market has been segmented into components, devices, end-users and region.
On the basis of end-user, the market has been segmented into automotive, aerospace & defense, food & beverages, healthcare and consumer electronics among others.
Out of these end-users, consumer electronics accounted for the largest market share majorly due to increasing demand by consumers and changing lifestyles. Also, the automotive sector is expected to grow over the forecast period. The reason is attributed as the increasing complexity in in the passenger as well as the commercial heavy-duty vehicles, increasing development of products and power efficiency.
Global Thermal Management Market – Regional Analysis
The global thermal management market is expected to grow significantly over the forecast period, 2017-2023. Consumer electronics and automotive segment of thermal management market globally drives the market majorly due to increasing demand for gadgets and smartphones. The market is expected to have higher growth rate as compared to the previous years.
Asia-Pacific region is expected to grow at a fast pace over the forecast period, 2017-2023. Countries such as Japan, China and India contributes largely to the overall market share. The factors driving the market are the increasing number of manufacturers, stringent government regulations, increasing adoption of renewable energy and also increasing awareness among consumers regarding environment friendly heat management solutions.
North-America accounted for the largest market share. Countries such as U.S. and Canada contributes largely to the overall market share. The reason is attributed to the growing healthcare sector and growing demand for data centers across various industries such as automotive, food & beverages among others.
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