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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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Global Thermal Management Technologies Market

Product ID: SQMIG45K2104

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