The report, "Thermal Management Systems Market by Type (Hardware, Software, Thermal Interface Materials, and Substrates), Application (Consumer Electronics, Medical Equipment, Telecommunication, Automotive electronics, and Aerospace & Defense) - Global Opportunity Analysis & Forecast to 2025," published by Converged Markets® states, the thermal management systems market size was projected to grow from USD 11.1 billion in 2017, to reach USD 24.8 billion by 2025, growing at a CAGR of 10.5% from 2018 to 2025.
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The thermal management systems market experiences significant growth due to the rise in its demand from various sectors such as automotive, aerospace, and electric & electronic industry. Development in thermal management technology is driven by advancements in consumer electronics and automotive segments, which fuel the demand for thermal management devices such as hardware, software, interface materials, and substrates. The availability of standardized and specialized equipment in the sector aims to improve industry participation and increase in demand for the manufacturing equipment.
Thermal Interface Material Expected to Witness Highest Growth till 2025
The major factors driving the growth of thermal interface materials is the growing demand for temperature resistance materials such as grease, phase change materials, and adhesives, especially from various end use industries such as electric & electronics, automotive, aerospace, telecommunications, and medical electronics. Furthermore, the rising demand for sophisticated electronics such as batteries, chargers, converters and transformers, seamless connectivity such as wireless network, and the growing LED market are driving the growth of this segment.
Consumer Electronics Segment to Dominate Thermal Management Systems Market By 2025
The use of thermal management devices in consumer electronics observed a considerable increase over the past decade, with the adoption of smart devices. The consumer electronics industry occupied largest share of the thermal management systems market in 2017. The increase in demand for conventional cooling devices, which are highly used in printed circuit boards and electronics circuits, is the key driver behind the segment's growth. The market for consumer electronics is heavily prevalent across the region. The close proximity to the end-user factories makes the region appropriate. The exponentially increasing demand for mobility and wireless connectivity such as smartphones and laptops is driving the growth of consumer electronics segment. The affable manufacturing policies and tax benefits adds to the manufacturer's advantage. The high number of consumer electronics manufacturers in the region adds to further business generation and benefits the overall segment.
Asia-Pacific to Lead Global Thermal Management Systems Market
Asia-Pacific is projected to be the fastest growing region in the thermal management systems market. Countries such as China, India, and Japan are among the key contributors towards the growth in the region. Major thermal management device manufacturer participation further aids the growth in the sector. The manufacture and sale of standardized equipment has helped improve business interests both, locally and globally. The thermal management systems market is led by China, which holds the largest share in the region. It is the fastest growing country led by developments in the manufacturing sector. This development encourages many companies to set up operations in the country and sell to local clients and exporters. Furthermore, the growing automation industry in countries such as China and India contributes towards the growth of this region in the market.
The major players include ebm-papst, Boyd, nVent, Vertiv, Advance Cooling Technology, European Thermodynamics, Lytron, Henkel, Inheco, Laird PLC, and Celsia. These companies adopted strategies such as acquisitions, expansions, agreements, partnership & collaborations, and new product launches to strengthen their position in the market.
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What was the market size, in terms of value (USD million) of the thermal management systems market in 2017, and growth rate during the forecast period, 2018-2025?
What was the revenue generation of thermal management systems market in 2017 and what is their growth prospect?
What is the market size of different segments considered in the study such as type, and application, and their respective growth prospects?
What is the thermal management systems market size for different regions such as North America, Europe, Asia-Pacific, and Rest of the World?
What are the key trends and opportunities in the market, pertaining to countries included in different geographical regions?
How attractive is the market for different stakeholders present in the industry by analyzing the futuristic scenario of thermal management systems?
What are the major driving forces that tend to increase the demand for thermal management systems during the forecast period?
What are the major challenges inhibiting the growth of the global lithium thermal management systems market?
What kind of new strategies is being adopted by the existing market players to make a mark in the industry?
What is the competitive strength of the key players in the thermal management systems market by analyzing through market share analysis?
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