Global Thermal Management Technologies Market

Thermal Management Technologies Market Size, Share, Growth Analysis, By Type(Hardware, Software, Interface Products, Substrates), By Application(Computers, Consumer Electronics, Automotive Electronics, Telecommunications), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45K2104 | Region: Global | Published Date: April, 2024
Pages: 196 |Tables: 67 |Figures: 71

Thermal Management Technologies Market Insights

Global Thermal Management Technologies Market size was valued at USD 10.4 billion in 2022 and is poised to grow from USD 11.28 billion in 2023 to USD 21.67 billion by 2031, growing at a CAGR of 8.5% in the forecast period (2024-2031).

Thermal management technologies refer to the use of technologies that can effectively manage heat transfer to facilitate better functionality of the device or product they are used in. Increasing emphasis on increasing efficiency of all kinds of devices to comply with modern sustainability mandates is projected to bolster the demand for thermal management technologies across the forecast period and beyond. Advancements in electronics packaging technology and miniaturization of electronics are also slated to create new opportunities for thermal management technologies companies in the future. Growing consumer electronics sales, rising demand for energy efficiency and performance, and rising acceptance of advanced cooling solutions are slated to be other factors that could favor thermal management technologies market growth in the long run. However, complexities in design and integration are slated to emerge as key constraints for thermal management technologies market development across the forecast period and beyond.

Market snapshot - 2024-2031

Global Market Size

USD 10.4 billion

Largest Segment

Hardware

Fastest Growth

Substrates

Growth Rate

8.5% CAGR

Global Thermal Management Technologies Market ($ Bn)
Country Share for North America Region (%)
Global Thermal Management Technologies Market By Type ($ Bn)
Global Thermal Management Technologies Market By Type (%)

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Thermal Management Technologies Market Segmental Analysis

The global thermal management technologies market is segmented based on type, application, and region. In terms of type, the market is segmented into hardware, software, interface products, and substrates. Based on application, the market is bifurcated into computers, consumer electronics, automotive electronics, telecommunications, renewable energy, and other applications. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.

Analysis by Type

The hardware segment is projected to account for a dominant market share as most thermal management technologies are deployed in a hardware format to ensure maximum efficacy. Advancements in hardware development allow this segment to account for a dominant share of the global thermal management technologies market.

On the other hand, high investments in the research and development of novel thermal management materials are projected to make the substrate segment the fastest growing one in the global landscape. Thermal substrates can manage heat with unique materials properties and are easy to integrate with most applications, which is why their demand is slated to surge high going forward.

Analysis by Application

Computer applications account for a mammoth share of the global demand for thermal management technologies. Growing use of computing power in different industry verticals and advancements in computing technologies are projected to bolster the market growth via this segment. Rising personal and commercial computing loads are also contributing to this application segment's dominance.

Meanwhile, the demand for thermal management technologies in automotive electronics applications is slated to increase at a rapid pace over the coming years. Electrification of vehicles and growing use of power electronics in the automotive industry are slated to favor market growth via this segment. Rapidly increasing automotive production and sales also contribute to the surging sales of thermal management technologies.

Global Thermal Management Technologies Market By Type, 2023 (%)

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Thermal Management Technologies Market Regional Insights

North America is predicted to account for a major share of the global thermal management technologies marketplace across the forecast period. Growing investments in the development of new thermal management solutions and the presence of key market players such as Honeywell, Parker-Hannifin, Gentherm Inc., etc. Allow this region to hold prominence in the global landscape over the coming years. Surging sales of consumers electronics and rising number of electric vehicles in this region also favor market development. Canada and the United States are forecasted to spearhead thermal management technologies demand outlook in North America through 2031.

Meanwhile, the demand for thermal management technologies in the Asia Pacific region is slated to increase at a rapid pace over the coming years owing to the presence of robust electronics manufacturing industry and growing demand for advanced thermal management technologies in different industry verticals. Rising adoption of renewable energy and high demand for electric vehicles are also estimated to create high demand for thermal management technologies in the Asia Pacific region going forward. China, India, and Japan are slated to be the top markets for thermal management technologies providers in this region.

Global Thermal Management Technologies Market By Region, 2024-2031
  • Largest
  • Fastest

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Thermal Management Technologies Market Dynamics

Drivers

Growing Use of Electronics

  • Thermal management is highly crucial for proper functioning of any kind of electrical or electronic device and growing digitization has boosted the use of the same across the world. This is projected to favor the demand for thermal management technologies over the coming years.

High Focus on Energy Efficiency

  • Use of advanced thermal management technologies improves the energy efficiency of devices, and this is highly crucial in this increasingly sustainability-focused world. Surging demand for energy efficient electronics and products will promote thermal management technologies adoption in the future.

Restraints

Complexity and Costs

  • Thermal management technologies are usually highly complex and require a lot of expertise and R&D to develop and manufacture. These high expenses pile up and make thermal management technologies expensive thereby limited market growth scope.

Integration Challenges

  • Not all thermal management technologies are made for all types of applications, and this gives rise to interoperability and integration issues. Retrofitting legacy systems is a key restraint that could slow down the global thermal management technologies market development going forward.

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Thermal Management Technologies Market Competitive Landscape

Thermal management technology providers are projected to focus on enhancing heat dissipation efficiency to gain a competitive advantage over other market players. Thermal management technologies companies are also slated to invest heavily in the research and development of novel thermal management technologies that allow them to increase their application scope and sales potential. Development of advanced thermal management materials is another key area of interest for start-ups and established thermal management technologies market players worldwide.

Top Player’s Company Profiles

  • ANSYS, Inc.
  • Parker-Hannifin Corp.
  • Honeywell International Inc.
  • Autoneum Holding AG
  • Outlast Technologies LLC
  • Astron Technology Corporation
  • Pentair Thermal Management
  • ASUSTeK Computer, Inc.
  • Sapa Extrusions Inc.
  • Laird Technologies
  • CPS Technologies Corporation
  • Thermacore Inc.
  • Advanced Cooling Technologies
  • AllCell Technologies
  • Furukawa Electric Co., Ltd.
  • Gentherm Inc.

Recent Developments

  • In July 2022, Honeywell, a leading name in the industrial space announced that it had signed a Memorandum of Understanding (MoU) with Reaction Engines Limited to further advance the development of thermal management technologies.
  • In September 2022, Henkel, a renowned chemical company, announced that it had acquired Thermexit, the business arm of Nanoramic Laboratories specializing in thermal management materials. Henkel strengthened his stance in the thermal management space through this move.

Thermal Management Technologies Key Market Trends

  • Integration with Electric Vehicles: Thermal management technology providers could provide their products to automotive companies developing electric vehicles as these vehicles require proper thermal management to boost their range and efficiency. Growing sales and popularity of EVs is slated to open new opportunities for thermal management technologies companies in the long run.

Thermal Management Technologies Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

As per Skyquest analysis, rapidly increasing sales of consumer electronics and high adoption of advanced thermal management solutions are slated to bolster the demand for thermal management technologies over the coming years. Increasing electrification of the automotive industry is a key trend that will create new opportunities for thermal management technologies market players in the long run. However, complexity in design and integration is slated to impede thermal management technologies market growth in the long run. Demand for thermal management technologies in the Asia Pacific region is estimated to rise at the fastest pace owing to rapid industrialization and growing adoption of thermal management technologies in different industry verticals. Investments in R&D to improve the heat dissipation efficiency of thermal management technologies are crucial for all market players.

Report Metric Details
Market size value in 2023 USD 10.4 billion
Market size value in 2031 USD 21.67 billion
Growth Rate 8.5%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Hardware, Software, Interface Products, Substrates
  • Application
    • Computers, Consumer Electronics, Automotive Electronics, Telecommunications, Renewable Energy, and Other Applications
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • ANSYS, Inc.
  • Parker-Hannifin Corp.
  • Honeywell International Inc.
  • Autoneum Holding AG
  • Outlast Technologies LLC
  • Astron Technology Corporation
  • Pentair Thermal Management
  • ASUSTeK Computer, Inc.
  • Sapa Extrusions Inc.
  • Laird Technologies
  • CPS Technologies Corporation
  • Thermacore Inc.
  • Advanced Cooling Technologies
  • AllCell Technologies
  • Furukawa Electric Co., Ltd.
  • Gentherm Inc.
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Thermal Management Technologies Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Thermal Management Technologies Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Thermal Management Technologies Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Thermal Management Technologies Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Thermal Management Technologies Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Thermal Management Technologies Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

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FAQs

Thermal Management Technologies Market size was valued at USD 10.4 billion in 2022 and is poised to grow from USD 11.28 billion in 2023 to USD 21.67 billion by 2031, growing at a CAGR of 8.5% in the forecast period (2024-2031).

Thermal management technology providers are projected to focus on enhancing heat dissipation efficiency to gain a competitive advantage over other market players. Thermal management technologies companies are also slated to invest heavily in the research and development of novel thermal management technologies that allow them to increase their application scope and sales potential. Development of advanced thermal management materials is another key area of interest for start-ups and established thermal management technologies market players worldwide. 'ANSYS, Inc.', 'Parker-Hannifin Corp.', 'Honeywell International Inc.', 'Autoneum Holding AG', 'Outlast Technologies LLC', 'Astron Technology Corporation', 'Pentair Thermal Management', 'ASUSTeK Computer, Inc.', 'Sapa Extrusions Inc.', 'Laird Technologies', 'CPS Technologies Corporation', 'Thermacore Inc.', 'Advanced Cooling Technologies', 'AllCell Technologies', 'Furukawa Electric Co., Ltd.', 'Gentherm Inc.'

Thermal management is highly crucial for proper functioning of any kind of electrical or electronic device and growing digitization has boosted the use of the same across the world. This is projected to favor the demand for thermal management technologies over the coming years.

Integration with Electric Vehicles: Thermal management technology providers could provide their products to automotive companies developing electric vehicles as these vehicles require proper thermal management to boost their range and efficiency. Growing sales and popularity of EVs is slated to open new opportunities for thermal management technologies companies in the long run.

North America is predicted to account for a major share of the thermal management technologies marketplace across the forecast period. Growing investments in the development of new thermal management solutions and the presence of key market players such as Honeywell, Parker-Hannifin, Gentherm Inc., etc. Allow this region to hold prominence in the landscape over the coming years. Surging sales of consumers electronics and rising number of electric vehicles in this region also favor market development. Canada and the United States are forecasted to spearhead thermal management technologies demand outlook in North America through 2031.

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