December 01, 2020
According to the report titled ‘Global Thermal Management Market Size study by Material (Adhesive Material and Non-adhesive Material), by Device (Conduction Cooling Devices, Convection Cooling Devices, Advanced Cooling Devices and Hybrid Cooling Devices), by Service (Installation & Calibration and Optimization & Post-sales Support), by End-Use Industry (Aerospace & Defense, Automotive, Servers & Data Centers, Consumer Electronics, Enterprises, Healthcare and Others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global thermal management market was worth USD 8.1 billion in 2019 and is anticipated to record a 8.2% CAGR during 2020-2027.
Constant radical miniaturization in the field of electrical & electronics sector, growing usage of electronic devices, and surging demand for efficient thermal management solutions in consumer electronics are primarily driving the market growth. In addition, customer inclination towards electric vehicles, expanding EV charging infrastructure, and increased battery capacity are also stimulating global thermal management market outlook.
Notably, thermal management can control system temperature using technology based on heat transfer, radiation, condensation, convection, conduction, and thermodynamics.
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Growing advancements and planned alliances by major contenders will create lucrative prospects for worldwide thermal management industry expansion. Citing an instance, Laird Thermal Systems, in April 2020, introduced UltraTECTM UTX Series, new-gen high-performance thermoelectric cooler which provides 10% enhancement in heat pumping capacity, superior efficacy, and high temperature differential compared to conventional thermoelectric coolers.
On the downside, design complexities of components used in cooling systems is likely to restrain the industry growth over the study period.
Based on material terrain, the market is split into non-adhesive material, and adhesive material. Speaking of device type, global thermal management market is divided into hybrid cooling devices, advanced cooling devices, convection cooling devices, and conduction cooling devices.
Moving on to service type, the industry is bifurcated into optimization & post-sales support, and installation & calibration. Elaborating on end-use scope, global thermal management market is classified into healthcare, enterprises, consumer electronics, servers & data centers, automotive, aerospace & defense, and others.
Citing the regional landscape, worldwide thermal management industry sphere is segmented into Asia Pacific, Europe, Latin America, North America, and Rest of the World. The report claims that Asia Pacific currently holds considerable market share and is slated to grow substantially over the estimated timeframe, on account of surging demand for electric and hybrid vehicles.
Major players impacting global thermal management market trends are Parker (Chomerics Division), Advanced Cooling Technologies Inc., Delta Electronics Inc., Laird Thermal Systems, Master Bond Inc., Henkel AG & Co. KGaA, European Thermodynamics Ltd., Vertiv Co., Aavid Thermalloy (Boyd Corporation), and Honeywell International Inc.