The global Thermal Management Technologies Market size is expected to reach USD 20.14 billion by 2024, according to a new report by Grand View Research, Inc. The industry is primarily driven by the growth in the emerging trend of miniaturization of electronic devices and components.
Developments in the electronics
industry have culminated in a considerable surge in the power densities, which
have led to the introduction of smaller, smarter products. These advancements
in the industry have led to an increased need for innovative thermal management
technologies as they improve the system performance and reliability by avoiding
the heat generated by the devices. The electronic packaging trend has increased
the performance and reduced the size of the product. This has led to a
significant increase in the power consumption of the system.
Advanced technological research is
expected to produce more efficient and cost-effective thermal management
solutions in the future. The key industry participants are extensively focusing
on the development of optimized thermal management solutions that are
cost-effective and are applicable across a range of end-use applications.
However, the industry is anticipated to witness various issues associated with
modularity in designing and reliability of modeling, which are presumed to
challenge the growth over the forecast period.
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Further key findings from
the report suggest:
- Stringent
regulations as defined by the Network Equipment Building Systems (NEBS)
and the European Telecommunications Standards Institute (ETSI) require
telecommunication industry organizations to comply with certain thermal
management industry standards
- Current
cooling technologies, standard heat sinks, and fans are rapidly
approaching their cooling capacity limit, and thermal management is
becoming a critical step in enabling enhanced product functionality
- The
thermal management software is anticipated to exhibit a significant growth
in the near future owing to the increasing adoption of the software heat
removal techniques and simulations to reduce moments of peak heat impact
and reduce the risk of failure. The segment was valued a little over USD
700 million in 2015.
- The
application of thermal management technologies in consumer electronics is
expected to grow at a significant rate over the next eight years. The
growth can be accredited to the emerging electronic packaging trend to
reduce the size of electronic components and increase the performance of
consumer electronic products, leading to the growth in the power
consumption of the system.
- North
America accounted for close to 35% of the global market share in 2015 and
is expected to remain one of the key revenue-generating regions over the
forecast period. The steady escalation in the use of heat dissipation
solutions in organizations is projected to impact the regional industry
growth favorably.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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