Global Thermal Management Market - 2019-2026
発行: DataM Intelligence
Thermal management is the process of maintaining the appropriate required temperature of electronic devices, generator, aerospace systems, computers and many others to avoid the premature failure. Thus thermal management consist of wide range of cooling solutions like heat pipes, cooling fans, heat sinks, blowers, liquid cooling systems, heat exchangers, and phase change materials to keep electronics within their operating temperature range. This thermal management devices helps to improve the performance, efficiency and reduces the excessive cost of energy. Thermal management systems use a The global thermal management market valued USD XX million in 2018 and it is expected to grow at a CAGR of XX% to reach USD XX million by 2026.
The market is driven by the rising demand for the end users industry like automotive, electronics, aerospace & defense are boosting the growth of thermal management the market with rising global population. Thermal management technology has the the ability to control the temperature and noise level of a systems in the aerospace and defense industry. According to the Aerospace Industries Association in 2018, the global aerospace & defense manufacturing and sale is increasing with 7.4% annual growth for an estimated USD 150 billion per year for commercial aircraft and defense spending. This has been propelled the demand for the thermal management systems required in the aerospace and defense industry.
There is a rise in advanced next generation technology adoption for increasing the energy demand for industries like electronics, data centers with rising the launch of efficient systems by the leading companies may create huge opportunity for this market. For instance, 3rd Feb 2020, Honeywell Company had been launched next generation innovative cooling technology for end user industries like electronics, data centers. This platform of liquid heat transfer agent naming New Solstice E-Cooling provides efficient heat transfer for cooling data centers and other electronic applications with and reducing the environmental impact.
The global thermal management market is segmented based on fats type, oils type, End-uses, and region.
In terms of devices type the global thermal management marker is bifurcated into conduction cooling devices, convection cooling devices, advanced cooling devices and hybrid cooling devices. Among these convection cooling devices, segment has the highest market share in 2019 owing to increasing the sale of air conditioning systems with rising the consumer spending of the specially in the low and middle income from developing countries. According to the International Energy Agency in 2019, globally around 2 billion AC units are making space cooling for residential and commercial places which drives the demand for convection cooling devices segment.
Similarly, conduction cooling devices advanced cooling devices and hybrid cooling devices segments are also growing at faster pace owing to raising the global population and raising the launch of advanced technology devices around the globe. According to the AEA in 2019, eight solutions have been selected for reducing the global-warming effects in the environment including evaporative cooling, solid-state technologies, smart hybrid vapour-compression, and many others.
Depending on the service types, global thermal management market is divided into installation & calibration, optimization, and post-sales support. Among this installation & calibration segment has the highest share in 2019. This is primarily due to rising demand for the energy using the renewable sources like solar, wind etc which propels the thermal management devices for cooling purpose. According to the Oko-Institute organization in 2015, around 1,350 solar cooling systems were installed worldwide and this number is rapidly increasing between 40% and 70% annually with rising solar panel installation around the globe.
Similarly, optimization, and post-sales support segments are also growing at faster pace due to surge in demand for repair and maintenance of cooling systems around the globe with surge in the global population demand. According to the Oko-Institute organization, around 200 million air-conditioners of split-type are sold annually which require post installation services like repair, maintenance and optimization.
Depending on the end-uses, the global thermal management are segmented into aerospace & defense, automotive & electronics, telecommunications, renewable energy, data centers consumer, healthcare and others. Among this, automotive & electronics segment has the highest market share in 2019. This growth is anticipated due rise in sale of electronics and automotive due to rising consumers spending with surge in the global population. According to India Electronics & Semiconductor Association, the global market for electronics was valued at around USD 256 billion in 2018 and is projected to grow at a CAGR of 4% with estimation of USD 422 billion by 2032.
Similarly, aerospace & defense, telecommunications, renewable energy, data centers consumer, healthcare segment is also growing at faster pace owing to increase in the demand for thermal management for growing infrastructure, and energy utility with growing world population. According to an estimate of United Nation's, the global population in 2015 was 7 billion and is projected to reach over 9 billion by 2050
By region, the global Thermal management market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, Asia Pacific is the dominated region for the global thermal management market and expected to grow at the highest CAGR during the forecasted period due to presence of huge population with surge in manufacturing facilities of automotive and electronics consumers followed by North America region. According to the International Energy Agency in 2019, car sales in China, India and Japan were 25, 4 and 4 million respectively. Thus thermal management devices has significant use for the maintaining the car engine temperature at required level to avoid any failure.
North America is the also growing at faster pace for the thermal management market, owing to rising aerospace & defense spending with adoption of advanced technology in this region. According to the Aerospace Industry Association, in 2018, the United States has been contributed over USD 374 billion to the aerospace & defense industry followed by Europe region.
The global Thermal management market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition. Honeywell International, Sapa Group, Heatex, Pentair Thermal Management, Thermacore, Vertiv Co., Momentive Performance Materials, European Thermodynamics Ltd., Dau Thermal Solutions, Master Bond Inc, Advanced Cooling Technologies, Alcatel-Lucent, Aavid Thermalloy, LairdTech are the leading market players with significant market share.
Companies are entering into the collaborations, acquisitions, mergers, and licensing for increasing their market penetration. For instance, on 16th Jan 2018, Vertiv company has completed acquisition Energy Labs thermal management company. This acquisition had been increased the portfolio of thermal management systems like including direct and indirect evaporative cooling equipment, custom cooling hardware, as well as direct expansion air handling systems. Furthermore, on 24th July 2019, Boyd Corporation has been expanded liquid cooling product portfolio by acquiring Lytron Company. This acquisition with Boyd Company had been increased portfolio of Liquid Cooling Capacity & Thermal Technology Portfolio.