The thermal management technologies market size was valued at USD 10.12 billion in 2015. Advancements in the electronics industry have led to a significant increase in the power densities, which, in turn, have driven the development of smaller and smarter products. The increasing need for advanced heat dissipation solutions in these smaller products is expected to drive the industry growth soon.
In the past few years, the traditional electronic and electrical industry has become technology savvy, where consumer demands and needs are driving the manufacture and design of products. The industry responded to the demand with innovations, providing systems with enhanced power and by meeting the needs of consumers.
North America thermal management technologies market by application, 2014 - 2024 (USD Million)
The chip-cooling solutions have evolved over the past few years to accommodate the increase in heat flux. Manufacturers are working on the development of advanced cooling solutions based on multi-phase heat transfer technologies. Technologies, such as jet impingement mechanisms, cold plates, and heat vapor chambers, have revolutionized the future of these systems.
However, various components and system-level technological issues, such as heat effect on transistor operation, spatial and temporal variation in the heat load, multiple heat transfer interface, and acoustic noise emissions, are presumed to challenge technological advancements. These challenges are expected to impact market growth negatively over the forecast period.
Thermal management hardware is expected to remain the leading segment over the next eight years owing to the increase in the production of miniaturized microprocessors. The hardware product segment has benefited significantly from the increased implementation of heat removal solutions in high-volume commodity systems. A major portion of products in the hardware segment has matured in the growing electronic applications market. Industrialists are increasingly concerned about reducing the energy consumption and carbon footprints of facilities and enhancing their operational efficiency.
Thermal management interface products are estimated to witness significant growth over the forecast period. The growth in this segment can be attributed to the increasing implementation of interfaces in the automated assembly. These interfaces are regarded as the key heat dissipation solutions for portable and compact electronic devices. The smartphone and the tablet material market have witnessed considerable growth in the past decade. Owing to the sensitivity towards the weight and the costs, these markets are envisioned to rely largely on advanced materials for cooling solutions rather than secondary heat sinks.
The applications analyzed in the report include computers, renewable energy, automotive, telecommunication, and consumer electronics. Computers dominated the overall industry share in 2015 and are expected to retain their dominance over the next few years. This growth can be attributed to the increasing demand for these solutions to optimize the computer-cooling process to control a large amount of heat produced during the operation. The rise in the operating frequencies for improved performance and the continued reduction in the size of ICs and other components are anticipated to drive the growth in the coming years.
Automotive electronics are expected to witness significant growth over the forecast period owing to the rising complexity, value, and quantity of electronics in the passenger as well as the commercial heavy-duty vehicles. This rise has led to the development of advanced products that offer adequate heat dissipation, grounding, and shielding to the components, as well as the equipment. The development of electric vehicles has driven the need for heat removal in electric motors. Heat dissipation is presumed to be a critical factor in the efficient vehicle development processes due to the stringent federal legislation for the reduction of air conditioning fuel over-consumption and efficient dissipation of waste heat.
The Asia Pacific is envisioned to emerge as a key revenue-generating region over the forecast period owing to the presence of a large number of electronics manufacturers in the region coupled with the increasing adoption of heat dissipation solutions to improve the heat dissipation in next-generation electronics. In addition to this, increasing government initiatives promoting the adoption of renewable energy sources, such as solar cells, are presumed to drive the regional industry in the coming years.
Europe is expected to witness significant growth over the forecast period owing to its compliance with stringent EU regulations and directives about the usage of thermal interface materials in various electronic devices. The increased awareness among the regional population regarding the environment is predicted to boost the adoption of eco-friendly heat management solutions across various applications. The region encompasses several advanced electronic designing and R&D facilities in countries, such as Germany and the UK, which in turn is presumed to boost the adoption of these technologies in the region.
The industry is highly fragmented with no player accounting for a significant market share. The key companies include LairdTech, Pentair Thermal Management, Thermal Management Technologies, Advanced Cooling Technologies, Thermacore, Dau Thermal Solutions, Heatex, Momentive Performance Materials, Honeywell International, Sapa Group, Alcatel-Lucent, and Aavid Thermalloy.
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The global electronics devices market (including consumer electronics and industrial electronics devices) is expected to be impacted significantly by COVID-19 as China is one of the major suppliers for the raw materials (used to manufacture devices) as well as the finished products. The industry is on the brink of facing a reduction in production, disruption in supply, and price fluctuations. While this can vastly encourage local manufacturers to step up and address the growing demand, the scarcity of raw material can still pose a challenge to this industry. The sales of prominent electronic companies is expected to be affected in the near future. The report will account for Covid19 as a key market contributor.
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