Thermal Management System Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Thermal Management System Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Thermal Management System Market

The thermal management system market size was valued at USD 56.72 billion in 2023, and the market is now projected to grow from USD 59.73 billion in 2024 to USD 95.64 billion by 2032, exhibiting a CAGR of 6.1% during the forecast period of 2024-2032.

Many markets feel slight Covid-19 effects. Since many countries around the world continued to witness total or partial lockdowns, aviation, and defense services were closed and classified as non-essential. This led to a decrease in production and sales of defense and aerospace products. This had a detrimental effect on the thermal management systems market growth in global countries in the period influenced by COVID-19

The adoption of fully electric vehicles has also been on the rise since people require a change to reduce Green House Gas (GHG) emissions to respond to the climate change problem. There are good improvements in the battery aspect which has enhanced its density as well as charged time. This has in turn led to the need to incorporate more sophisticated means of heating. Every chip, every microprocessor, and every advanced power converter that is incorporated in electronic devices produces heat, and shedding that heat is critical for the proper and long-lasting usage of those gadgets. The effectiveness of such a design increases with the efficiency that comes from miniaturization for electronic packages and points out the fact that thermal load distribution is one of the critical areas of design. The vital application segment driving the thermal management system market share is electric vehicles and consumer electronics.

This is due to the size and compactness of the higher signal device where issues on heat dissipation will arise as well as shielding from electromagnetic interference. There are also new thermal interference solutions that also have EMI protection for quite many companies.

Comprehensive Analysis of Thermal Management System Market

Going through a brief analysis of the thermal management systems market, one can easily identify its segmentation by the end user, equipment, and technology. By end user, the market is divided into agriculture equipment, automobiles, aviation, construction equipment, consumer electronics, industrial machinery, medical equipment, naval & marine, and others. Heat exchangers, compressors, heat pipes, and hoses, evaporators, pumps & control valves, accumulators & reservoirs, purge/fill systems, filters and motor controllers and other systems make up the equipment required by the industry while categorized by technology it is divided into active cooling technology and passive cooling technology.

In 2022, the Asia Pacific held the maximum market share this value being USD 30. 95 billion. The market is forecasted to expand due to the steady increase of economizing societies in the region and the increasing consumer electronics & automobile market. APAC is anticipated to lead the market because of the primary original equipment manufacturers of automotive thermal systems, along with the growing automobile need in China, India, Japan, and South Korea.

Advanced Cooling Technologies (U.S.), AMETEK (U.S.), Boyd (U.S.), Henkel (Germany), Honeywell International (U.S.), Larid Thermal Systems (U.S.), Parker Hannifin Corp (U.S.), Raytheon Technology (Collins Aerospace) (U.S.), Sumitomo Precision Products (Japan), and TAT Technologies (Israel) are some major players in this industry. These groups of companies who are leaders within the discipline offer a stage playing field for all their competitors as they guarantee increase and set requirements for the arena.

In August 2023, BorgWarner signed an agreement with a worldwide company of thermal and energy management solutions for the car industry to supply high-voltage coolant expanders (HVCH) to be used in 3 electric powered vehicle (EV) cease-consumer collection for a major OEM.

Segmentation Table

Global Thermal Management System Market Scope

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 6.1% from 2024 to 2032

Unit Value (USD Billion)

By End User Agriculture Equipment

Automobiles

Aviation

Construction Equipment

Consumer Electronics

Industrial Machineries

Medical Equipment

Naval & Marine

Others

By Equipment Heat Exchangers

Compressors

Heat Pipes and Hoses

Evaporators

Pumps & Control Valves

Accumulators & Reservoirs

Purge / Fill Systems

Filters and Motor Controllers

Others

By Technology Active Cooling

Passive Cooling

By Region North America (By End User, Equipment, Technology, and Country)

- U.S. (By End User)

- Canada (By End User)

Europe (By End User, Equipment, Technology, and Country)

- U.K. (By End User)

- Germany (By End User)

- France (By End User)

- Russia (By End User)

- Nordic Countries (End User)

- Rest of Europe (By End User)

Asia Pacific (By End User, Equipment, Technology, and Country)

- China (By End User)

- Japan (By End User)

- India (By End User)

- South Korea (By End User)

- Australia (By End User)

- Rest of Asia Pacific (By End User)

Middle East (By End User, Equipment, Technology, and Country)

- UAE (By End User)

- Saudi Arabia (By End User)

- Israel (By End User)

- Rest of the Middle East (By End User)

Rest of the World (By End User, Equipment, Technology, and Sub Region)

- Latin America (By End User)

- Africa (By End User)


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