Thermal Management Market

The study involved four major activities in estimating the size of the thermal management market. Exhaustive secondary research has been conducted to collect information on the market, the peer markets, and the parent market. Both top-down and bottom-up approaches have been employed to estimate the total market size. Market breakdown and data triangulation methods have also been used to estimate the market for segments and subsegments.

Secondary Research

Revenues of companies offering thermal management solutions and services have been obtained from the secondary data available through paid and unpaid sources. The revenues have also been derived by analyzing the product portfolio of key companies, and these companies have been rated according to the performance and quality of their products.

In the secondary research process, various sources have been referred to for identifying and collecting information for this study on the thermal management market. Secondary sources considered for this research study include government sources; corporate filings; and trade, business, and professional associations. Secondary data has been collected and analyzed to determine the overall market size, which has been further validated through primary research.  

Secondary research has been mainly used to obtain key information about the supply chain of thermal management to identify key players based on their products and prevailing industry trends in the thermal management market by material, device, service type, end-user industry, and region. Secondary research also helped obtain market information- and technology-oriented key developments undertaken by market players to expand their presence and increase their market share.  

Primary Research

Extensive primary research has been conducted after understanding and analyzing the current scenario of the thermal management market through secondary research. Several primary interviews have been conducted with the key opinion leaders from the demand and supply sides across four main regions—North America, Europe, Asia Pacific, and Rest of the World. Approximately 25% of the primary interviews have been conducted with the demand-side respondents, while approximately 75% have been conducted with the supply-side respondents. The primary data has been collected through questionnaires, emails, and telephonic interviews.

After interacting with industry experts, brief sessions have been conducted with highly experienced independent consultants to reinforce the findings from our primaries. This, along with the in-house subject-matter experts’ opinions, has led us to the findings as described in the remainder of this report. The breakdown of primary respondents is as follows:

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

The bottom-up procedure has been employed to arrive at the overall size of the thermal management market.

• Identifying approximate revenues of companies involved in the thermal management ecosystem
• Identifying different thermal management solutions offered by key market players
• Analyzing the global penetration of each thermal management solution through secondary and primary research 
• Conducting multiple discussion sessions with key opinion leaders to understand different thermal management solutions available in the market and their applications; analyzing the breakup of the work carried out by each key company  
• Verifying and crosschecking estimates at every level with key opinion leaders, including chief executive officers (CEO), directors, and operation managers, and then finally, with the domain experts at MarketsandMarkets
• Studying various paid and unpaid sources of information such as press releases, white papers, and databases of the company- and region-specific developments undertaken in the thermal management solutions market

The Top-Down Approach has been used to Estimate and Validate the Total size of the Thermal Management Market.

• Focusing initially on the top-line investments and expenditures made in the thermal management ecosystem; further splitting into offering and listing key developments in key market areas 
• Identifying a variety of thermal management solutions offered by all major players and verifying this data through secondary research and a brief discussion with industry experts
• Analyzing revenues, product mix, geographic presence, and thermal management solutions offered by all identified players to estimate and arrive at the percentage splits for all key segments
• Discussing these splits with industry experts to validate the information and identify key potential domains across all major segments
• Breaking down the total market based on verified splits and key growth domains across all segments

Data Triangulation

After arriving at the overall market size-using the market size estimation processes as explained above-the market has been split into several segments and subsegments. Data triangulation and market breakdown procedures have been employed, wherever applicable, to complete the entire market engineering process and arrive at the exact statistics of each market segment and subsegment. The data has been triangulated by studying various factors and trends from both the demand and supply sides in the thermal management market.

Report Objectives

• To describe and forecast the size of the thermal management market, by material type, device, service, and end-user industry, in terms of value
• To describe and forecast the market size of various segments across four key regions—North America, Europe, Asia Pacific, and Rest of the World (RoW), in terms of value 
• To provide the overall thermal management market size, in terms of volume
• To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the thermal management market
• To provide an overview of the value chain pertaining to the thermal management ecosystem, along with the average selling prices of thermal management solutions
• To strategically analyze the ecosystem, tariff and regulatory landscape, patent landscape, Porter’s five forces, regulations, import and export scenarios, trade landscape, and case studies pertaining to the market under study
• To strategically analyze micromarkets1 with regard to individual growth trends, prospects, and contributions to the overall market
• To analyze opportunities in the market for stakeholders by identifying high-growth segments
• To provide details of the competitive landscape for market leaders
• To analyze competitive developments such as product launches, expansions, partnerships, collaborations, agreements, contracts, and acquisitions in the thermal management market
• To profile key players in the thermal management market and comprehensively analyze their market ranking based on their revenue, market share, and core competencies2 
• Updated market developments of profiled players: The current report includes the market developments from April 2019 to October 2022.

Customization Options:

With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:

• Detailed analysis and profiling of additional market players based on various blocks of the supply chain

How is Convection Devices or Conduction Devices going to impact the Thermal Management Market?

Both convection and conduction devices play an important role in thermal management, which involves managing the heat generated by electronic devices and preventing overheating. Here are some ways that convection and conduction devices are likely to impact the thermal management market:

Increased efficiency: Convection and conduction devices can both help to improve the efficiency of thermal management systems by providing effective ways to transfer heat away from electronic components. Convection devices, such as fans and heat sinks, use air flow to dissipate heat, while conduction devices, such as thermal interface materials and heat pipes, use materials with high thermal conductivity to transfer heat.

Growing demand for compact and portable devices: With the increasing trend towards smaller and more portable electronic devices, there is a growing need for thermal management solutions that are compact and lightweight. Both convection and conduction devices are important for achieving this, as they can be designed to be small and efficient.

Expansion of applications: Convection and conduction devices are used in a wide range of industries, from automotive to aerospace to medical devices. As new applications emerge, there is likely to be growing demand for thermal management solutions that can meet the unique requirements of each industry.

Integration with other technologies: As the Internet of Things (IoT) and other connected technologies continue to evolve, there is likely to be growing demand for thermal management solutions that can be integrated with these systems. For example, smart thermostats and other IoT devices could be used to monitor and control the temperature of electronic components, helping to optimize performance and reduce energy consumption.

Outlook and Growth of Thermal Management and Conduction Devices Market

The thermal management and conduction devices market is expected to experience strong growth in the coming years, driven by a range of factors, including the increasing use of electronic devices in a wide range of industries, growing demand for compact and portable solutions, and ongoing technological advancements. Here are some key trends that are likely to shape the outlook for this market:

Increasing demand for thermal management solutions: With the rapid growth of industries such as automotive, aerospace, and consumer electronics, there is a growing need for thermal management solutions that can help to prevent overheating and ensure reliable performance. This is driving demand for a range of conduction and convection devices, such as heat sinks, fans, and thermal interface materials.

Growing trend towards miniaturization: As electronic devices become smaller and more complex, there is a growing need for thermal management solutions that are compact and lightweight. This is driving innovation in the development of new materials, designs, and manufacturing techniques for conduction devices, such as heat pipes and vapor chambers.

Advancements in technology: As technology continues to evolve, there are many new opportunities for growth and innovation in the thermal management and conduction devices market. For example, the use of advanced materials and manufacturing processes is enabling the development of more efficient and reliable thermal solutions, while the integration of IoT technologies is enabling real-time monitoring and control of temperature.

Increasing focus on energy efficiency: With growing concerns about climate change and energy consumption, there is an increasing focus on the development of energy-efficient thermal management solutions. This is driving the adoption of new technologies, such as phase change materials and advanced heat exchangers, which can help to reduce energy consumption and improve overall system efficiency.

Industries That Will Be Impacted in the Future by Convection Devices

Convection devices, such as fans and heat sinks, are important components of thermal management systems, which are used to manage the heat generated by electronic devices and prevent overheating. Here are some examples of the industries that are likely to be impacted by convection devices in the future:

Electronics: The electronics industry is one of the primary users of convection devices, as they are essential for managing the heat generated by components such as microprocessors and graphic cards. As the demand for high-performance computing and smaller, more compact devices continues to grow, there is likely to be increasing demand for more efficient and effective thermal management solutions.

Automotive: As the automotive industry continues to adopt more advanced electronics, there is a growing need for thermal management solutions that can ensure reliable performance and prevent overheating. Convection devices, such as fans and heat sinks, are essential for achieving this, and are used in a range of applications, from engine control units to infotainment systems.

Aerospace: The aerospace industry is another major user of convection devices, particularly for avionics and other electronic components used in aircraft. With the increasing focus on reducing weight and improving efficiency in aerospace design, there is likely to be growing demand for more compact and lightweight thermal management solutions.

Medical devices: Medical devices such as imaging equipment and diagnostic tools generate a significant amount of heat, which must be managed to ensure accurate and reliable performance. Convection devices, such as fans and heat sinks, are often used in these applications to ensure that the devices operate within their designed temperature range.

Data centers: With the growth of cloud computing and other data-intensive applications, there is a growing need for efficient and effective thermal management solutions in data centers. Convection devices, such as fans and heat sinks, are often used to manage the heat generated by servers and other electronic equipment, helping to ensure reliable performance and minimize downtime.

Top companies in conduction devices market

The conduction devices market is dominated by companies that produce heat sinks, heat pipes, thermal interface materials, and other thermal management solutions. Honeywell International, Laird Thermal Systems, Delta Electronics, Fujipoly America Corporation, and Wakefield-Vette are some of the top companies in the conduction devices market, serving a wide range of industries, including electronics, automotive, aerospace, medical, and telecommunications. The demand for conduction devices is likely to continue to grow as the demand for high-performance electronics and more efficient, reliable devices continues to increase.