The thermal management market is poised for substantial growth, with an estimated valuation of USD 12.8 billion in 2024. Over the next decade, it is anticipated to expand at a robust compound annual growth rate (CAGR) of 8.1%, reaching a projected market value of USD 27.9 billion by 2034. This growth trajectory is driven by increasing demand for efficient thermal management solutions across various industries, including electronics, automotive, and aerospace, where the need to manage heat effectively is critical for the performance and longevity of advanced technologies.
The growing automotive market is the primary market driver fueling the subject market. The automotive industry is shifting toward EVs, which search for efficient heat dissipaters and thermal management systems. Therefore, this is a key market driver.
Technological evolution fuels market advancement. It not only leverages the efficiency of thermal management systems but also reduces their cost to an extent. Hence, this is another key market driver.
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Governments have been supporting start-ups through different investments and policies. Due to this, organizations are encouraged to expand and innovate. Therefore, this propels the subject market.
Key Takeaways from the Market Study
· North America leads the global thermal management market, and the United States of America holds the largest market size. It forecasts a US$ 5 billion market valuation at a CAGR of 8.3%.
· South Korea registers the world's highest advancement rate, with the market propelling at a CAGR of 9.6%.
· China is leading the Asia-Pacific region with a market valuation of US$ 4.4 billion and the advancement at a CAGR of 8.5%.
· The adhesive materials segment is the highest-growing, forecasting a CAGR of 7.8%.
“The global thermal management systems find it difficult to dispose of various electronic components. Their improper disposal creates environmental hazards. Hence, this is a key market challenge,” says an FMI analyst.
Competitive Landscape
Key marketers have employed many strategies to attain a satisfactory market space in the fiercely competitive landscape. Mergers and acquisitions are the most effective strategy for diversifying the product portfolio. Organizations also strategically collaborate to innovate in the given competitive landscape. These strategies help them create a better market position, gaining a competitive edge.
The following are some key market developments that occurred recently in the given competitive landscape:-
· In August 2023, Honeywell International Inc. launched an airfield Ground Lighting (AGL) manufacturing facility in India. This will help the business establish its position in an emerging market like India. The organization proposes to initiate a 41000 square foot project in Gurugram, India.
· In August 2023, European Thermodynamics Ltd. actively participated in the SYNTECS project. It was a joint event from the European Union's Horizon Europe research and innovation program and the Innovate United Kingdom program. It aimed to develop a flexible laser surface texturing optical module.
Top Key Players in the Market
Honeywell International Inc.
Aavid Thermalloy LLC.
European Thermodynamics Ltd.
Master Bond Inc.
Laird PLC
More Valuable Insights Available
Future Market Insights offers an unbiased global thermal management market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034.
The subject market is segmented by Material (Adhesive Materials and Non-adhesive Materials) and End User (Automotive, Aerospace, Consumer Electronics, Servers and Data Centers, Aerospace and Defense, and Healthcare).