According to a research report published by Azoth Analytics in March 2021, the Global Thermal Management Market was valued at USD 44.7 billion in the year 2020. 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. In this era of communications and entertainment, growth of consumer electronics is exploding. Consumer demand for increased mobility, wireless connectivity and advanced features demand has paved the way for a variety of new products, including servers, laptops, ruggedized laptops, hybrid routers, data centers and cameras.
Non-adhesive materials segment is expected to hold largest share of Thermal Management market. The factors can be attributed to their benefits such as mechanical shock absorption capacity, getting recharged in tandem with the changing ambient temperature, and making them ideal for various applications that require temperature control.
Asia Pacific region holds the major Thermal Management market share of around 38.89% in 2020. Countries, such as China and Japan, are the major contributors to the regional market. Increasing the adoption of EVs in the region, especially in China, is the major growth-driving factor.
Consumer electronics is the leading end user for thermal management market. The major factors influencing the growth of the global thermal management market are advancements in electronics, increasing industrial automation, growing electrical vehicle market, and rising aerospace activities. Convection cooling devices is the leading segment of the thermal management market. These devices help to reduce the peak temperature of different components wherein they are installed utilizing natural and forced convection cooling technologies.
The Azoth Analytics research report titled Global Thermal Management Market has analysed and segmented the Thermal Management Market by Value (USD Million). The report has further analysed the Thermal Management Market by Materials (Adhesive Materials, Non-Adhesive Materials), by End Users (Automotive, Servers and Data Centers, Aerospace & Defense, Consumer Electronics, Healthcare), by Devices (Conduction Cooling Devices, Convection Cooling Devices, Hybrid Cooling Devices, Advanced Cooling Devices). The Global Thermal Management Market has been analysed By Region (Americas, Europe, Asia Pacific, MEA) and By Country (United States, Canada, Mexico, Germany, France, Italy, China, Japan, India, South Korea) for the historical period of 2016-2020 and the forecast period of 2021-2026.
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