Market Overview —
Thermal Management refers to the ability to monitor and control the temperature of an electrical system, with the help of technology based on heat transfer and thermodynamics. The term Thermal Management includes all possible means and procedures, such as heat transfer, convection, conduction, condensation, and radiation to control the temperature and the temperature distribution of a specified electrical system. The thermal management systems are highly complex. The modern electronic packaging trend has resulted in improved performance and reduced product sizing. This has led to a considerable rise in power consumption, which, in turn, increases the demand for thermal management.
The thermal management system helps in eliminating high heat flux generated in the electronic devices, which further improves the system reliability and performance. Automobile engineers are actively focusing on strategies to improve vehicle efficiency and performance while reducing costs, this factor is further expected to drive the demand for advanced thermal management systems. The thermal management market for hybrid and electric automobiles is prospering due to the improved battery power & performance, innovation and improvements in charging infrastructure, and rising consumer inclination towards electric vehicles. Thermal management technology proliferation is a primary factor that can drive the market.
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Factors, such as design complexities in components utilized in thermal management, particularly in the electronic devices, and high installation cost of thermal systems are expected to impede the market growth. Rising adoption of modern renewable energy resources is another crucial factor driving the thermal management system market. Rapid industrialization across the globe has intensified the demand for continuous power supply, which is further expected to drive the thermal management system market. Increasing demand for consumer electronics is expected to support the thermal management market growth.
The global thermal management market can be segmented on the basis of types and major application areas.
Major types of thermal management systems-
Passive thermal management systems
Active thermal management systems
Based on the major application areas, the global thermal management system market can be segmented into-
Aerospace and Defense
Some advanced thermal management systems, such as convection cooling devices, are used in electronic circuits and printed circuit boards. This fact further increases the demand for thermal management systems in the consumer electronics industries.
The thermal management systems have complex design models. These systems comprise of specialized software, hardware units, substrates, and interfaces that can help organizations in controlling the temperature of electronic devices, thereby improving the device efficiency and performance.
North America, Europe, Asia Pacific, and Southeast Asia are the major regions driving the thermal management system market. The Asia-Pacific region is anticipated to notice considerable growth in the thermal management market, due to the advancements in the semiconductor and electronics industries. The region has witnessed an increased demand for thermal management systems from the automotive industries. Significant demand for improving the efficiency and performance of commercial/passenger vehicles, in China, is expected to propel the growth of the Asia Pacific thermal management system market. Increasing industrialization and rising number of end-user industry verticals, in emerging countries, such as India and China, are expected to offer numerous growth opportunities to the market players operating in the thermal management industry.
In April 2019, Gentherm, the international market leader and developer of advanced thermal management technologies, was recognized at Automotive News PACE Awards. The organization was awarded for its efficient battery thermal management system. The prestigious PACE Award recognized several automotive suppliers for their exceptional product innovation, technological advancement and improvements, and business performance.
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