May 07, 2021
According to a research report titled ‘Global Thermal Management Market - Analysis By Materials (Adhesive, Non-Adhesive), Devices, End Users, By Region, By Country (2021 Edition): Market Insights, Covid-19 Impact, Competition and Forecast (2021-2026)’, available with Market Study Report, global thermal management market was valued at USD 44.75 billion in 2020 and is expected to grow at a significant rate throughout the forecast period 2021-2026.
As per the findings of the report, rising disposable income in highly populated countries, and increased demand for electronics are augmenting worldwide thermal management market valuation. Moreover, advancements in the consumer electronics sector which is fueled by increased demand for mobility, wireless connectivity and innovative features compelled the development of various products such as servers, hybrid routers, laptops, and data centers, in turn, have expanded the industry remuneration scope.
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Based on material type, global thermal management market is classified into adhesive and non-adhesive materials. The non-adhesive material segment value is anticipated to bolster at a rapid pace during the forecast period. This growth can be attributed to product benefits such as better temperature control features, optimum mechanical shock absorption capacity, and ability to recharge in tandem with the changing temperature.
By devices, global thermal management industry is split into conduction, convection, advanced and hybrid cooling devices. Among these, advanced thermal management devices are witnessing an increased demand in the market due to factors such as reduction in fuel consumption of conventional vehicles, increased mileage for electric vehicles, better safety and temperature controls, and improved user comfort.
Moving on to the end user spectrum, the market space is comprised of aerospace & defense, automotive, servers & data centers, healthcare and consumer electronic segments. Automotive thermal management systems sector is anticipated to grow at a remarkable CAGR during the forecast period. Automotive thermal management system helps in optimization, matching and control of vehicle engine, battery, air-conditioner, motor and other related subsystems to effectively rectify thermal-related problems of the vehicle.
Speaking of the geographical scope, major avenues for the overall thermal management industry growth are Americas, Asia Pacific, and Europe. Of these, Asia Pacific grabbed a significant market share in 2020, with countries like Japan and China being the primary contributors to the regional market. Increasing adoption of EVs, especially in China, is adding substantial traction to regional market development.
Major market players in global thermal management market sphere are Denso Corp., Mahle GmbH, Hanon Systems, Gentherm Inc., Valeo S.A., Delta Electronics Inc., Vertiv Holdings, Co., Honeywell International Inc., Boyd Corp., and Henkel AG & Co. KGaA.