The Thermal Management Technologies Market size is estimated at USD 12.62 billion in 2024, and is expected to reach USD 18.80 billion by 2029, growing at a CAGR of 8.30% during the forecast period (2024-2029).
The electronic packaging trend has resulted in increased performance and reduced product sizing. This has led to a significant increase in power consumption, which, in turn, demands thermal management for good system performance and reliability by removing the high heat flux generated by electronic devices.
The thermal management technologies market is significantly fragmented, with no player accounting for a significant market share. Also, the number of local players is increasing in this market, resulting in increasing competition.
In January 2022 - Parker Lord, a division of Parker Hannifin, expanded its portfolio of products for electric vehicle manufacturers to include new thermally conductive adhesives and one-component (1K) low-density gap fillers to support their product offering of thermal management encapsulants, adhesives, and gap fillers.
In June 2021 - Gentherm announced that it had emerged as the lead investor in a seed round of financing in Israel-based Carrar, a technology developer of advanced thermal management systems for the electric mobility market.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook