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The thermal management market is expected to grow from USD 11.1 billion in 2019 to USD 16.2 billion by 2024, at a CAGR of 8.0%

NEW YORK, Nov. 11, 2019 /PRNewswire/ --

The overall thermal management market is expected to grow at a CAGR of 8% from 2019 to 2024

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The thermal management market is expected to grow from USD 11.1 billion in 2019 to USD 16.2 billion by 2024, at a CAGR of 8.0%. Major factors driving the thermal management market include the rising demand for effective thermal management solutions & systems in consumer electronics, increasing use of electronic devices in different end-use industries, and ongoing radical miniaturization of electronic devices. Further, the amount of heat generated from automobiles through engine, battery, brake, and lighting gives rise to the necessity of integrating proper thermal solutions.

The nonadhesive thermal management material market is expected to hold the largest share during the forecast period
Nonadhesive materials such as thermal pads, gap fillers, and grease are used widely in consumer electronics such as computers, laptops, and other handheld devices such as tablets.Thermal pads are used to fill the gaps between heat sinks and microprocessors.

They eliminate air gaps to reduce thermal resistance and provide low-stress vibration dampening. Elastomeric pads were developed as an alternative to grease-based solutions used earlier for thermal management.

The convection cooling devices is expected to hold the largest share of the thermal management market during the forecast period
Convection cooling devices are increasingly being used in electronic components, electronic circuits, and PCBs.These devices help lower the peak temperature of different systems wherein they are installed with natural and forced convection cooling technologies.

Devices such as loop heat pipes, heat pumps, heat sinks, and heat spreaders are used for effective cooling of processors and computers, among others.

The market for the automotive industry is expected to witness the highest growth from 2019 to 2024
The growth of this segment can be attributed to the increasing demand for thermal management solutions and systems in automobiles, owing to the downsizing of their engines to improve their fuel efficiency. Moreover, the deployment of navigation systems, dashboard displays, audio systems, etc. in automobiles is also increasing the consumption of battery power. Excessive use of batteries generates heat, which needs to be dissipated through proper conduction and shielding. Hence, thermal management of batteries is critical to maintain the safety standards and improve the overall life of automobiles.

APAC is likely to witness the highest growth during the forecast period
The region has emerged as a global focal point for large investments and business expansion opportunities.Moreover, increasing demand for effective thermal management solutions and systems from consumer electronics, automotive, defense, and healthcare sectors is also fueling the growth of the thermal management market in APAC.

Flourishing chip manufacturing companies in countries such as China and South Korea are contributing to the growth of the thermal management market in APAC. The region holds a major position in the global semiconductor chip manufacturing industry with China, Japan, South Korea, and Taiwan.

Break-up of the profiles of primary participants:
• By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
• By Designation: Directors – 35%, C-Level Executives – 25%, and Others – 40%
• By Region: North America – 45%, Europe – 30%, APAC – 20%, and RoW – 5%

A few thermal management ecosystem players are as follows: Honeywell International Inc. (US), Aavid Thermalloy LLC. (US), Vertiv Co. (US), European Thermodynamics Ltd. (UK), and Master Bond Inc. (US).

Research Coverage:
This research report segments the global thermal management market based on material, device, service, end-use industry, and region.The report discusses major drivers, restraints, challenges, and opportunities pertaining to the thermal management market and also include value chain.

The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report
The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall thermal management market and the sub-segments.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.

The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

Read the full report: https://www.reportlinker.com/p05804476/?utm_source=PRN

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