Market Insights

Thermal management demand in various consumer electronics, miniaturization of devices and various technological developments over the years are increasing, which contribute to the growth of the thermal management market. In addition, the development of the demand for thermal management fuels the growing developments in the electronic industry. However, the dynamics of thermal control components impede the growth of the overall market. The increased demand for solutions for thermal management directly depends on the growing demand for consumer electronics. Solutions are widely utilized among other things in laptops, gaming devices, tablets and smartphones. Processors and transistors are also protected against overheating. The technical challenges associated with the device and network, including the heat effect, are also the technological challenge for transistor operations. This problem is therefore expected in the forecast period to hinder the market growth.

Cool chips are an important cooling process, where chips serve as cooling elements in computers and vehicles for electronic devices. For instance, in the ICECool method of intra-chip / interchip cooling, chips are used in electronic devices to resolve issues of heat dissipation. This method is used to develop microfluid embedded systems. These microfluids are used in the early design phase to tackle thermal management challenges. This cooling technique is useful when designing and manufacturing micro-level chips to improve heat resistance and electronic device performance. Nanoscale optimized CMOS and embedded devices use chip-cooling for effective thermal control use complementary metal-oxide-semiconductor (CMOS).

Regionally, North-America accounted for the largest market share from countries such U.S. among others. The explanation for these solutions is the increased spending in thermal management technologies across various fields and the low running costs. However, over the projected period 2020-2027, Asia-Pacific is expected to grow. The main factor is that many electronics manufacturers are present, government initiatives are increasing and thermal solutions are increasingly being adopted in several sectors.

COVID-19 Impact on the Global Thermal Management Market

The thermal management market comprises major Tier 1 and Tier 2 suppliers, such as Honeywell International, Henkel, Laird, Delta Electronics, Vertiv, European Thermodynamics, Master Bond, Advanced Cooling Technologies and Parker. These manufacturers are assembled across Asia Pacific, Europe, North America , South America and RoW across different countries. Such firms produce thermal control products in end-use markets, including vehicles, consumer electronics, servers , data centers, healthcare and many more. COVID-19 not only affected the thermal management activities of the various industries, but also affected the companies of the industries mentioned above. Owing to shutdown initiatives, low demand for consumer electronic devices had a global impact on the thermal management market. The steady drop in global demand and export shipments for vehicles is also expected to adversely affect the thermal management market. However, the thermal management market is expected to recover as the healthcare sector raises competition. In the context of these pandemics, rising demand for personal tracking equipment is anticipated to push the market.

Key Players

Major players included in this report are Honeywell International Inc., PARKER HANNIFIN CORP, Delta Electronics, Inc., Kelvion Holding GmbH, Master Bond Inc., Henkel AG & Co. KGaA, LORD Corporation., Laird, HEATEX AB, AI Technology, Inc., GENTHERM, Miba AG, European Thermodynamics Ltd., INHECO Industrial Heating & Cooling GmbH, Boyd Corporation, ThermoTek, API Heat Transfer, Vertiv Group Corp., Aismalibar, Cool Innovations, and others. The market for thermal management technology is highly fragmented and there is no significant market share for any player. In fact, there is an rise in the number of local players, which contributes to intensified rivalry.

The global thermal management market is segmented as below:

Market Segmentation

Thermal Management Market By Material

Adhesive Material

Nonadhesive Material

Thermal Management Market By Device

Conduction Cooling Devices

Convection Cooling Devices

Advanced Cooling Devices

Hybrid Cooling Devices

Thermal Management Market By Service

Installation & Calibration

Optimization & Post-sales Support

Thermal Management Market By End-use Industry

Aerospace & Defense

Automotive

Servers & Data Centers

Consumer Electronics

Enterprises

Healthcare

Others

Thermal Management Market By Geography

North America

• U.S
• Canada

Europe

• UK
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa