Thermal management systems is estimated to expand at a robust CAGR by 2025
The thermal management systems market is expected to grow from USD 12,274.9 million in 2018, to USD 24,755.6 million by 2025
China to be the Fastest Growing Market for Thermal Management Systems
The thermal management systems market was estimated at USD 11,150 million in 2017, and is anticipated to grow at a CAGR of over 10.5% from 2018 to 2025. The major factors influencing the growth of the global thermal management systems market are advancements in electronics, increasing industrial automation, growing electrical vehicle market, and rising aerospace activities.
Based on the data, the market for thermal management systems is expected to witness continued growth over the forecast period. North America is the largest market for thermal management systems, followed by Asia-Pacific. Asia-Pacific is the fastest market which is expected to grow at a CAGR of 12.4% by 2025. China and India are among the largest markets for thermal management systems and are expected to contribute towards the growth.
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Consumer Electronics Sector Held Largest Market Share
The consumer electronics sector contributes largely to the thermal management systems market. Every electronic device is equipped with the integrated circuit (IC’s), and due to the input electric current, the circuit’s temperature increases. To manage the increased temperature, thermal management of electronics is important. Thermal management increases reliability and life of an electronic device. With the increased disposable income in highly populated countries such as China and India, the consumption of electronics has also improved significantly. The advancements in electronics and increased use of electronics drive the thermal management systems market.
Hardware Segment is Projected to Hold Largest Share
The thermal management systems market is divided on the basis of its product type namely hardware, software, interface, and substrate. Hardware includes all devices and system involved into thermal management process such as air cooling, liquid cooling, vapor compression cooling, thermoelectric technologies, and others. These hardware types are widely used in automotive, telecommunication, aerospace & defense, electric & electronics, and other industrial sectors. Hardware segment held 58% share in the thermal management systems market in 2017.
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High deployment rate in the USA, Canada, and Mexico contributes to the highest growth. North America is expected to hold the largest share in the thermal management systems market, and accounted for 33% share of the total thermal management systems market during the forecast period. A high rate of deployment of these systems in the countries of USA, Canada and Mexico is projected to contribute to the highest growth in this region. This is caused by the growing demand from sectors such as, electric and hybrid electric vehicle, aerospace, and consumer electronics; this is considered as the key driving factors for the growth of thermal management systems market in this region.
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Some of the key market players of the global thermal management systems market are ebm-papst, Henkel, Vertiv, Boyd, nVent, Laird, Advanced Cooling Technologies, CPS Technologies, Dau Thermal Solutions, European Thermodynamics, and Inheco.