Thermal Management Market by Material Type, Device, Service, End-use

List of Tables

[199 Pages Report] The Thermal Management Market size was estimated at USD 14.39 billion in 2023 and expected to reach USD 15.81 billion in 2024, at a CAGR 9.99% to reach USD 28.03 billion by 2030.

Thermal management is the science and engineering of controlling and maintaining the temperature, heat flow, and thermal energy in various systems and devices. Effective thermal management is vital in achieving consistent performance of systems across varying environmental conditions, such as extreme cold and scorching hot temperature settings. Moreover, effective thermal management solutions contribute to energy savings and improved environmental standards by reducing the carbon footprint of devices and systems. However, high development costs associated with advanced cooling systems pose a challenge, especially for small-scale enterprises. Stringent environmental regulations restrict certain cooling technologies that use hazardous substances or contribute to greenhouse gas emissions. In addition, market players invest in research related to advanced cooling techniques that offer higher performance than traditional techniques.

KEY MARKET STATISTICS
Base Year [2023]	USD 14.39 billion
Estimated Year [2024]	USD 15.81 billion
Forecast Year [2030]	USD 28.03 billion
CAGR (%)	9.99%

Regional Insights

Increasing investment initiatives from private and government entities in the Americas have propelled research projects to develop next-generation thermal management technologies. In the Asia-Pacific region, rapid industrialization, growing consumer electronics sectors, and various government initiatives for thermal management have boosted the adoption of thermal management devices. In China, government initiatives such as Made in China 2025 have boosted investments in advanced manufacturing technologies, including thermal management solutions. Various electronics manufacturers in Japan, India, and China continually invest in R&D efforts to develop advanced cooling solutions, including efficient thermal management products. In the EMEA region, Europe exhibits a strong demand for thermal management products due to its robust automotive industry and increasing adoption of electric vehicles. The European Union's commitment to reducing greenhouse gas emissions has led to several initiatives promoting the development of efficient thermal management systems. Companies in the Middle East and Africa are investing in research efforts to improve climate control systems that can withstand harsh temperatures while maintaining energy efficiency.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Thermal Management Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers
- Trend of miniature consumer electronics and need for advanced heat dissipation solutions
- Increasing government initiatives promoting the adoption of renewable energy sources
- High demand for thermal management solutions from electric vehicle manufacturers

Market Restraints
- High development and operating cost associated with customized and battery thermal management solutions

Market Opportunities
- Ongoing initiatives to develop new thermal management solutions
- Evolution of customized thermal management solutions

Market Challenges
- Limited thermal performance of materials and problems related to thermal management

Market Segmentation Analysis
- Material Type: Growing usage of adhesive materials for thermal management solutions
- End-Use: Rapid adoption of thermal management in automotive and consumer electronics

Market Disruption Analysis
Porter's Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Thermal Management Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Thermal Management Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Marelli Presents New Integrated Thermal Management Module for Electric Vehicles, Improving Efficiency, Safety and Driving Range Up To 20%

Marelli Europe S.p.A., a major player in the automotive industry, has introduced its cutting-edge integrated thermal management module (iTMM) specifically designed for electric vehicles. This innovative solution streamlines various thermal circuits into a unified component, resulting in a more efficient thermal management system that enhances driving range, safety, and adaptability. Marelli's iTMM is poised to revolutionize thermal management in electric vehicles by offering an all-encompassing solution that meets growing market requirements while improving efficiency and reducing cost. [Published On: 2023-07-06]

Carrar and Gentherm Join Forces on the Delivery of Robust Two-Phase Immersion Thermal Management for Electric Vehicle (EV) Battery Modules

Carrar, an innovative thermal management solutions provider for electric vehicles (EVs), has entered into a strategic partnership with Gentherm Incorporated, the major player in cutting-edge automotive thermal management and pneumatic comfort technologies, as well as medical patient temperature management systems. This partnership aims to revolutionize the delivery of EV battery modules by employing a state-of-the-art two-phase immersion thermal management solution that ensures complete control of liquid level, vapor, and pressure at all times. This significant alliance is expected to accelerate advancements in two-phase thermal management for electric vehicles while bolstering both companies' co-product development agendas. Furthermore, this partnership expects to boost their joint go-to-market initiatives and investment strategies. [Published On: 2023-05-24]

The Heico Companies, Announces Acquisition of Precision Engineering to expand the Thermal Solutions Segment

Heico Companies has acquired Precision Engineering, a top-tier manufacturer specializing in sheet metal enclosures for global original equipment manufacturers (OEMs) within the aerospace, defense, and critical industrial sectors. This strategic acquisition allows Precision Engineering to become integral to Heico's Thermal Solution Segment (TSS), significantly expanding its existing thermal solutions offerings. Including Precision Engineering under the TSS umbrella fortifies Heico's position as a major provider of thermal management solutions. Furthermore, this acquisition is expected to enhance synergies between the two companies, promoting innovation and driving growth in the market. [Published On: 2023-01-20]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Thermal Management Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Thermal Management Market, highlighting leading vendors and their innovative profiles. These include 3M Company, ABB Ltd., Advanced Cooling Technologies, Inc., ALD Ltd., AMETEK, Inc., AVL List GmbH, BorgWarner Inc., Continental AG, CTS Corporation, Delta Electronics, Inc., EG Electronics Group, General Electric Company, Gentherm Incorporated, Honeywell International Inc., HYDAC International GmbH, Infineon Technologies AG, Inspiraz Technology Pte Ltd., Laird Technologies, Inc., Lubrizol Corporation, MAHLE GmbH, Melexis NV, Mitsubishi Heavy Industries, Ltd., Momentive Performance Materials Inc., Multi Circuit Boards Ltd., Noren Thermal Solutions, NORMA Group SE, Panasonic Holdings Corporation, Parker-Hannifin Corporation, Robert Bosch GmbH, Siemens AG, Stockwell Elastomerics Inc., TDK Corporation, The HEICO Companies LLC, Thermal Management Solutions Group, Vertiv Corporation, Webasto SE, and Ymer Technology AB.

Market Segmentation & Coverage

This research report categorizes the Thermal Management Market to forecast the revenues and analyze trends in each of the following sub-markets:

Material Type
- Adhesive Material
  - Adhesive Liquids
  - Films
  - Tapes

Non-adhesive Material
- Gap Fillers
- Grease
- Phase Change Materials
- Thermal Pads

Device
- Advanced Cooling Devices
- Conduction Cooling Devices
- Convection Cooling Devices
- Hybrid Cooling Devices

Service
- Installation & Caliberation
- Optimization & Post-Sale Support

End-use
- Aerospace & Defense
- Automotive
- Consumer Electronics
- Enterprises
- Healthcare
- Servers & Data Centers

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

Product Code: MRR-961BA04A2EEA

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Trend of miniature consumer electronics and need for advanced heat dissipation solutions
  - 5.1.1.2. Increasing government initiatives promoting the adoption of renewable energy sources
  - 5.1.1.3. High demand for thermal management solutions from electric vehicle manufacturers
- 5.1.2. Restraints
  - 5.1.2.1. High development and operating cost associated with customized and battery thermal management solutions
- 5.1.3. Opportunities
  - 5.1.3.1. Ongoing initiatives to develop new thermal management solutions
  - 5.1.3.2. Evolution of customized thermal management solutions
- 5.1.4. Challenges
  - 5.1.4.1. Limited thermal performance of materials and problems related to thermal management
5.2. Market Segmentation Analysis
- 5.2.1. Material Type: Growing usage of adhesive materials for thermal management solutions
- 5.2.2. End-Use: Rapid adoption of thermal management in automotive and consumer electronics
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Thermal Management Market, by Material Type

6.1. Introduction
6.2. Adhesive Material
6.3. Non-adhesive Material

7. Thermal Management Market, by Device

7.1. Introduction
7.2. Advanced Cooling Devices
7.3. Conduction Cooling Devices
7.4. Convection Cooling Devices
7.5. Hybrid Cooling Devices

8. Thermal Management Market, by Service

8.1. Introduction
8.2. Installation & Caliberation
8.3. Optimization & Post-Sale Support

9. Thermal Management Market, by End-use

9.1. Introduction
9.2. Aerospace & Defense
9.3. Automotive
9.4. Consumer Electronics
9.5. Enterprises
9.6. Healthcare
9.7. Servers & Data Centers

10. Americas Thermal Management Market

10.1. Introduction
10.2. Argentina
10.3. Brazil
10.4. Canada
10.5. Mexico
10.6. United States

11. Asia-Pacific Thermal Management Market

11.1. Introduction
11.2. Australia
11.3. China
11.4. India
11.5. Indonesia
11.6. Japan
11.7. Malaysia
11.8. Philippines
11.9. Singapore
11.10. South Korea
11.11. Taiwan
11.12. Thailand
11.13. Vietnam

12. Europe, Middle East & Africa Thermal Management Market

12.1. Introduction
12.2. Denmark
12.3. Egypt
12.4. Finland
12.5. France
12.6. Germany
12.7. Israel
12.8. Italy
12.9. Netherlands
12.10. Nigeria
12.11. Norway
12.12. Poland
12.13. Qatar
12.14. Russia
12.15. Saudi Arabia
12.16. South Africa
12.17. Spain
12.18. Sweden
12.19. Switzerland
12.20. Turkey
12.21. United Arab Emirates
12.22. United Kingdom

13. Competitive Landscape

13.1. Market Share Analysis, 2023
13.2. FPNV Positioning Matrix, 2023
13.3. Competitive Scenario Analysis
- 13.3.1. Marelli Presents New Integrated Thermal Management Module for Electric Vehicles, Improving Efficiency, Safety and Driving Range Up To 20%
- 13.3.2. Carrar and Gentherm Join Forces on the Delivery of Robust Two-Phase Immersion Thermal Management for Electric Vehicle (EV) Battery Modules
- 13.3.3. The Heico Companies, Announces Acquisition of Precision Engineering to expand the Thermal Solutions Segment
13.4. Strategy Analysis & Recommendation

14. Competitive Portfolio

14.1. Key Company Profiles
14.2. Key Product Portfolio