Thermal Management Market Projected To Hit USD 20.3 Billion at a 8.20% CAGR by 2030

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Market growth spurt for thermal management due to increasing demand in consumer electronics

New York, U.S., Sept. 21, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report from Market Research Future (MRFR), “Thermal Management MarketBy Component, By Device, By End-User – Forecast 2030” will reach $20.3 billion by 2030 at a CAGR of 8.20%.

Thermal Management Market Drivers

Increasing demand in consumer electronics to increase market growth

The rising demand for consumer electronics will boost the market growth during the forecast period. Consumer electronics generate too much heat. Effective thermal management is required to reduce failures and increase reliability due to this excess heat. Conduction, hybrid, and convection cooling devices are some examples of devices that can be used for thermal management.

Report scope:

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Market size by 2030

$20.3 billion


8.20% from 2022 to 2030

Important market opportunities

Nanoscale corresponding metal-oxide-semiconductor (CMOS)-based integrated circuits and inserted frames use chip cooling

Important market drivers

Expanding the use of electronic devices in various end-use projects,
Continuous extremist downsizing of electronics.

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Technological advances offer robust opportunities

Technological advances such as the development of jet impingement mechanisms, thermal vapor chambers, cooling chips, and cold plates will provide robust opportunities for the market during the forecast period.


Design complexities to act as market constraint

The design complexity of the components used in refrigeration systems may act as a market constraint during the forecast period.


Increasing strictness in emissions regulation as a market challenge

Increasing strictness of emission regulation to increase fuel consumption can act as a market challenge during the forecast period.

Browse the in-depth market research report (100 pages). Thermal Management Market:

Market Segmentation for Thermal Management

The global thermal management market is divided into two based on end-user, device and component.

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By components, hardware will lead the market during the forecast period.

Depending on the device, convection will dominate the market over the forecast period.

In terms of end users, the automotive industry will lead the market during the forecast period.

COVID-19 Analysis

The coronavirus affected the operations of several thermal management companies as well as the organizations of companies of the above companies. The global thermal management market has been impacted by reduced consumer electronics demand due to tight estimates. The thermal management industry is expected to suffer from the continued decline in global interest and vehicle shipments. In any case, the market for thermal management of heat supply needs to recover in order to stimulate demand from the medical supply sector. In any case, consumer demand for personal monitoring devices must increase during this pandemic season.

Regional analysis of the thermal management market

APAC the market leader in thermal management

Asia Pacific is expected to witness rapid growth through 2023. A large part of the global market share is contributed by nations such as Japan, China and India. The market is being driven by an increase in manufacturers, stringent government regulations, increasing use of renewable energy sources, and rising consumer awareness of environmentally friendly thermal management options. The thermal management market in Asia is driven by the growth of the consumer electronics sector in countries like China, South Korea, Japan and India. The area has also become a focal point for scale-up investment and commercial expansion capacity for major players in the thermal management industry. Favorable economic conditions and low labor costs are the most important factors for increasing business prospects in the region. The demand for electric and hybrid cars has risen sharply in the region in recent years.

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In addition, growing chipmakers in China and South Korea are driving the expansion of the APAC thermal management market. Due to the increasing deployment of electronic devices in various end-use industries in Asia-Pacific, which is currently leading the thermal management market, this region is expected to witness rapid expansion over the forecast period. Due to the increased need for efficient thermal management solutions and systems, the existence of multiple chip manufacturing companies, rising investments, and various business expansion tactics adopted by key players in the region, Asia Pacific would lead the market. Global Thermal Management Market will be dominated by Asia Pacific from 2021-2027. By 2027, Asia Pacific is projected to have the largest market share. The expansion of the consumer electronics market in Asian economies such as China, Japan, South Korea and India is driving the thermal management market in Asia Pacific. Leading thermal management market players are increasingly focusing on this area to enhance their capacity for investment and business expansion. The main reasons for the growing business opportunities in the region are the favorable business climate and low labor costs. Demand for electric and hybrid cars in the region has recently increased.

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The growth of this region in the global market will be mainly driven by these variables between 2021 and 2027 which is the forecast period. Due to the presence of several electronics manufacturers in this region and the increasing use of heat dissipation solutions for improved heat dissipation in demanding electronics, the Asia-Pacific region is expected to grow into an important revenue-generating market over the projected decade. In the near future, a variety of government initiatives supporting the use of renewable energy sources such as solar cells are expected to boost regional growth.

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North America will see significant growth in the thermal management market

North America accounted for the largest market share. The market share as a whole is heavily influenced by nations like the United States and Canada. The increased demand for data centers in several industries, including automotive, food and beverage, and others, is due to the expanding healthcare sector. Due to increasing investments in the research and development process as well as the introduction of solutions in this area, North America is expected to represent a significant part of the global thermal management market.

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Major Players of Thermal Management Market

Prominent market players profiled in the Thermal Management market report include API Heat Transfer (USA), AI Technology, Inc. (USA), Aavid Thermalloy, LLC (USA), Delta Electronics, Inc. (Taiwan), Honeywell International Inc (UNITED STATES). , Henkel AG & Co. KGaA (Germany), Jaro Thermal (USA), LAIRD PLC (UK), LORD Corporation (USA) and HEATEX AB (USA).

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About market research future:

Market Research Future (MRFR) is a global market research firm that prides itself on its services, offering a complete and accurate analysis of diverse markets and consumers worldwide. Market Research Future’s mission is to provide clients with research and granular research of the highest quality. Our market research studies by products, services, technologies, applications, end-users, and market players for market segments at global, regional, and country levels allow our clients to see more, know more, and do more to answer your most important questions.

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