The global thermal management technologies market is projected to generate USD 22,862.1 million revenue by 2030, advancing at a CAGR of 10.3% during 2022–2030. This can be ascribed to the growing need for advanced heat dissipation solutions and the continuously expanding electronic devices sector. Moreover, in the healthcare industry, various sources of big data, such as the medical records of patients, hospital records, results of medical examinations, and patient monitoring devices, now utilize the internet of things. This factor leads to market expansion by driving the number of semiconductor-laden systems in use, which are at a perpetual risk of overheating.
The thermal management process involves regulating the heat transfer between devices and their assemblies and enclosures. It ensures that the heat moves away from the machine, so that it can be used safely. The equipment could become unsafe or even burst into flames without proper thermal management. To keep the internal temperature of the equipment at acceptable levels, various technologies are used.
Heat is considered the worst enemy of electronics. Electrical devices tend to generate a lot of heat; hence, using heat management solutions to enhance their performance become necessary. For instance, to regulate the temperature inside a computer, cooling fans and heat sinks are used.
The healthcare field is constantly expanding with new discoveries and innovative technologies, which has become a key driver for the demand for thermal management systems. Advanced technologies play a significant role in the treatment for most patients. Healthcare devices require many heat considerations, as they need to function properly, to help patients in critical conditions. Heat regulation is essential for all electrically powered medical devices in order to avoid their overheating and breakdown.
Additionally, medical imaging devices require precise temperature control. Scanning equipment works more efficiently when the temperature inside remains stable. Heat exchangers are, thus, used to transfer heat from one fluid to another, so that the device functions at an optimum temperature.
The market in the automotive category is expected to hold a significant market share and witness the second-highest CAGR during the forecast period, due to the rising demand for luxury vehicles. Moreover, heat management plays a vital role in electromobility, as an optimum internal temperature is needed to run the electric vehicle efficiently.
Moreover, in hybrids and ICE vehicles, thermal management systems help control emissions. Effective temperature control could lead to a reduction in fuel consumption by 2–7.5% in the next 10 years, depending on the thermal management system integrated into the vehicle powertrain.
Asia-Pacific leads the market, accounting for a revenue share of around 35% in 2022. This is due to the rapidly increasing rate of urbanization and industrialization and the rising investment by market players in innovative technologies in various sectors, such as electronics, automotive, and healthcare. In addition to this, the continuous decrease in the size of solar cells, along with an increase in their energy absorption capacity, results in more heat generation, which can negatively affect their power conversion Efficiency. Thus, there is a need to control solar cell temperature. For instance, in 2022, DDC Delhi collaborated with RMI India to develop the framework to accelerate the adoption of renewable energy solutions in Delhi, especially solar energy. Initiatives like these would create a high demand for temperature control solutions in the renewable energy sector.
Moreover, Europe holds a significant market share due to the rising demand for consumer electronics and surging penetration of electrical equipment. The U.K. is expected to be the fastest-growing country in the European thermal management market.
The major players operating in the thermal management technologies market include Parker Hannifin Corporation, Siemens AG, Boyd Corporation, Henkel AG & Co KGaA, Honeywell International Inc., European Thermodynamics Ltd., Gentherm Incorporated, Autoneum Holding AG, Robert Bosch GmbH, and Laird Thermal Systems.