Thermal Management Technologies Market Is Anticipated To Witness Lucrative Growth, Owing To Increased Application Across Automotive Industries Till 2024: Grand View Research, Inc.

The global thermal management technologies market size is expected to reach USD 20.14 billion by 2024, according to a new report by Grand View Research, Inc. The industry is primarily driven by the growth in the emerging trend of miniaturization of electronic devices and components.

Developments in the electronics industry have culminated in a considerable surge in the power densities, which have led to the introduction of smaller, smarter products. These advancements in the industry have led to an increased need for innovative thermal management technologies as they improve the system performance and reliability by avoiding the heat generated by the devices. The electronic packaging trend has increased the performance and reduced the size of the product. This has led to a significant increase in the power consumption of the system.

Advanced technological research is expected to produce more efficient and cost-effective thermal management solutions in the future. The key industry participants are extensively focusing on the development of optimized thermal management solutions that are cost-effective and are applicable across a range of end-use applications. However, the industry is anticipated to witness various issues associated with modularity in designing and reliability of modeling, which are presumed to challenge the growth over the forecast period.

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Further key findings from the report suggest:

  • Stringent regulations as defined by the Network Equipment Building Systems (NEBS) and the European Telecommunications Standards Institute (ETSI) require telecommunication industry organizations to comply with certain thermal management industry standards
  • Current cooling technologies, standard heat sinks, and fans are rapidly approaching their cooling capacity limit, and thermal management is becoming a critical step in enabling enhanced product functionality
  • The thermal management software is anticipated to exhibit a significant growth in the near future owing to the increasing adoption of the software heat removal techniques and simulations to reduce moments of peak heat impact and reduce the risk of failure. The segment was valued a little over USD 700 million in 2015.
  • The application of thermal management technologies in consumer electronics is expected to grow at a significant rate over the next eight years. The growth can be accredited to the emerging electronic packaging trend to reduce the size of electronic components and increase the performance of consumer electronic products, leading to the growth in the power consumption of the system.
  • North America accounted for close to 35% of the global market share in 2015 and is expected to remain one of the key revenue-generating regions over the forecast period. The steady escalation in the use of heat dissipation solutions in organizations is projected to impact the regional industry growth favorably.

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Grand View Research has segmented the thermal management technologies market on the basis of product, application, and region.

Thermal Management Technologies Product Outlook (Revenue, USD Million, 2014 – 2024)

  • Hardware
  • Software
  • Interface
  • Substrates

Thermal Management Technologies Application Outlook (Revenue, USD Million, 2014 – 2024)

  • Computers
  • Consumer Electronics
  • Telecommunication
  • Automotive
  • Renewable Energy
  • Others

Thermal Management Technologies Regional Outlook (Revenue, USD Million, 2014 – 2024)

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
  • MEA

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About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.


Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc


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