Thermal Management Market to Reach $24.51B by 2030

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Data Bridge Market Research has analyzed the thermal management market and found that it was valued at $12.21 billion in 2022 and is expected to reach $24.51 billion by 2030, registering a CAGR of 9.10% during the forecast period of 2023 to 2030. 

The rising demand for effective thermal management systems and solutions, as well as the growing usage of electronic devices in numerous end-use industries, are likely to enhance the market growth during the forecast period. Furthermore, the ongoing radical shrinking of electronic and artificial cooling systems anticipates a market lift in the coming years. The increased demand for natural refrigerants and also the introduction of cool chips for thermal management in electronic devices are foretold to enhance the market growth throughout the forecasted years.

Thermal management is the capability to maintain a system’s temperature by using technologies based on heat transfer and thermodynamics. All electronic circuitry and devices need thermal management to minimize early failure and improve reliability. The rate of temperature output is equivalent to power input if there are not any other energy exchanges. Thermal management materials are a varied group of products developed to proficiently dissipate heat in electronic applications.

Drivers of the market include advancements that will help produce more efficient and cost-effective thermal management systems. This technology can overcome thermal management problems during the early stage of designing electronic components. Moreover, the miniaturization of electronic devices leads to extreme power dissipation, ultimately producing more heat. Thus miniaturization and technology advancements will be expected to drive the market’s growth during the forecast period.

Surging demand for thermal management in various end-use industries will also owe to the increasing demand for thermal management systems and solutions in numerous end-use industries such as healthcare, automotive, aerospace, and military. The growing usage of high-power devices in the healthcare industry for analytical and treatment applications is driving the demand for thermal management and boosting the market growth during the forecast period 2023-2030.

The report shows that demand for thermal management technologies is increasing rapidly, particularly in consumer electronics because of its superior processing capacity. For instance, numerous smartphones are being prepared with this thermal management technology. Thus, increasing usage of thermal management technologies in consumer electronics will be expected to create immense opportunities for the growth of the market.

In addition to market drivers and demand, the analysis also covers possible restraints, recent developments, and market scope.