Global Thermal Management Market Forecast to 2024: Rising Demand for Effective Thermal Management Solutions & Systems in Consumer Electronics

DUBLIN, Aug. 7, 2019 /PRNewswire/ -- The "Thermal Management Market by Material (Adhesives, Nonadhesive), Device (Conduction, Convection, Advanced, and Hybrid), Thermal Management Service, End-Use Industry, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

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.

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).

Companies Mentioned

• Aavid Thermalloy
• Advanced Cooling Technologies
• Amerasia International (AI) Technology
• API Heat Transfer
• Danfoss
• DAU Thermal Solutions
• Delta Electronics
• European Thermodynamics
• Gentherm
• Heatex AB
• Henkel AG
• Honeywell International
• Jaro Thermal
• Kelvion Holdings
• Laird
• LORD CORP.
• Master Bond
• Parker (Chomerics)
• Thermotek Inc.
• Vertiv Co.

For more information about this report visit https://www.researchandmarkets.com/r/whw8ca

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