The thermal management market is projected to grow from USD 8.8 billion in 2020 to USD 12.8 billion by 2025; it is expected to grow at a CAGR of 8.2% from 2020 to 2025. The key factors fueling the growth of this market include rising demand for effective thermal management solutions & systems in consumer electronics, increasing use of electronic devices in different end-use industries, and ongoing radical miniaturization of electronic devices.
The thermal management market is dominated by key global established players such as Honeywell International (US), Aavid Thermalloy (US), Vertiv (US), European Thermodynamics (UK), Master Bond (US), Advanced Cooling Technologies (US), Henkel (Germany), Laird (UK), Delta Electronics (Taiwan), and Parker (US). These companies focus on adopting both organic and inorganic growth strategies, such as new product launches, partnerships, agreements, mergers and acquisitions, and expansions to strengthen their position in the market.
Vertiv (US) held the majority of the global thermal management market share in 2019. The company has an expertise in carrying out thermal management of servers and data centers and has started to expand its offerings in the commercial and industrial segments. Aavid Thermalloy (US) followed in second place with a wide product portfolio of thermal management solutions for power electronic devices. The increase in the demand for effective thermal management solutions globally along with the technological advancements in synthetic cooling systems and interface materials has led to the market growth of these companies.
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Vertiv (US) is a global provider of thermal management products for use in data centers and communication networks applications. The company primarily operates in 5 business segments, namely, Critical Power, Thermal Management, Racks & Enclosures, Monitoring & Management, and Services. In January 2018, Vertiv acquired Energy Labs (US), a manufacturer of custom air handling systems. This acquisition strengthened the position of Vertiv in the data center thermal management space and enabled its expansion into commercial and industrial segments with the industry-leading cooling solutions.
Another important player in the thermal management market is Aavid Thermalloy (US). Aavid Thermalloy (US) develops, produces, and markets thermal management products for manufacturers of electronic systems. In July 2019, Boyd Corporation (US), the parent company of Aavid Thermalloy, acquired Lytron (US), a thermal management company specializing in liquid cooling. This acquisition aligned with the commitment of Boyd to support the growing requirements of customers for liquid-cooled solutions with the development of a specific volume of liquid cold plates and heat exchangers for medical and aerospace applications. It is also dedicated to carrying out technology portfolio expansions with the addition of chiller system solutions. This acquired business is expected to operate under the specialty thermal division of Boyd.
Other major players in the thermal management market are mainly focusing on expanding their regional presence and new product launches to achieve continuous and sustainable development.
Thermal Management Market with COVID-19 impact analysis by Material, Device (Conduction, Convection, Advanced, and Hybrid), Service (Installation & Calibration and Optimization & Post-sales Support), End-Use Industry, and Region - Global Forecast to 2025
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