Market Overview:
The thermal management market is projected to grow at a CAGR of 7% during the forecast period. As per the thermal management market research report, the global market for thermal management is projected to grow swiftly by US$15 billion by 2023. According to analysts, increasing demand for thermal management as well as technological advancements will drive the market growth during the forecast period. The thermal management market research report offers a comprehensive analysis of the global thermal management market and its device, end-users, region, and component segments. The complexities in components along with technological issues associated with the component are the elements that could influence the thermal management market advancement throughout the forecast period. The thermal management market research report by expert analysts is developed to assist organizations in the thermal management market.
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Industry News
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Key Players
The key players in the global Thermal Management Market include- API Heat Transfer (U.S.), AI Technology, Inc.(U.S.), Aavid Thermalloy, LLC (U.S.), Delta Electronics, Inc. (2308) (Taiwan), Honeywell International Inc (HON) (U.S.), Henkel AG & Co. KGaA (MRK) (Germany), Jaro Thermal (U.S.), LAIRD PLC (U.K.), LORD Corporation (U.S.) and HEATEX AB (U.S.) among others.
Thermal Management Market – Segmentation
According to Market Research Future, market has been segmented into components, devices, end-users and region.
On the basis of end-user, the market has been segmented into automotive, aerospace & defense, food & beverages, healthcare and consumer electronics among others.
Out of these end-users, consumer electronics accounted for the largest market share majorly due to increasing demand by consumers and changing lifestyles. Also, the automotive sector is expected to grow over the forecast period. The reason is attributed as the increasing complexity in in the passenger as well as the commercial heavy-duty vehicles, increasing development of products and power efficiency.
Global Thermal Management Market – Regional Analysis
The global thermal management market is expected to grow significantly over the forecast period, 2017-2023. Consumer electronics and automotive segment of thermal management market globally drives the market majorly due to increasing demand for gadgets and smartphones. The market is expected to have higher growth rate as compared to the previous years.
Asia-Pacific region is expected to grow at a fast pace over the forecast period, 2017-2023. Countries such as Japan, China and India contributes largely to the overall market share. The factors driving the market are the increasing number of manufacturers, stringent government regulations, increasing adoption of renewable energy and also increasing awareness among consumers regarding environment friendly heat management solutions.
North-America accounted for the largest market share. Countries such as U.S. and Canada contributes largely to the overall market share. The reason is attributed to the growing healthcare sector and growing demand for data centers across various industries such as automotive, food & beverages among others.
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