Pune, India, Dec. 13, 2023 (GLOBE NEWSWIRE) -- The global thermal management system market size was valued at USD 54.28 billion in 2022 and is expected to reach the valuation of USD 56.72 billion in 2023. The market is expected to reach USD 85.49 billion by 2030 with a CAGR of 6.0% during the forecast period.
Thermal management system encapsulates various techniques and tools which are used to maintain the operating temperature of any system. The system finds its application in various industries such as automotive, aerospace, and batteries. One of the factors driving the market growth is growing demand for electric vehicles in the commercial sector. Fortune Business Insights™ shares this information in its report titled “Thermal Management System Market, 2023-2030.”
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Leading Players Featured in the Thermal Management System Market Research Report:
- 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)
- TAT Technologies (Israel)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 6.0% |
| 2030 Value Projection | USD 85.49 Billion |
| Market Size in 2023 | USD 56.72 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 250 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Thermal Management System Market Growth Drivers | Growing Demand of Electric Vehicles in Commercial Sector Boost the Growth of the Market |
| Growing Demand of Consumer Electronics Boost the Market Growth |
Browse Summary of this Research Report:
https://www.fortunebusinessinsights.com/thermal-management-system-market-108692
COVID-19 Impact:
Halt On Manufacturing And Closure Of Assembly Plants Negatively Impacted The Market Growth
The pandemic of COVID-19 impacted the market negatively due to lockdown restrictions imposed by governments. With lockdown, automotive industry suffered loss due to reduction in the manufacturing and closure of assembly plants. Post-pandemic, the market experienced growth with an increase in the demand for electronic devices. This also propelled the demand for the thermal management systems.
Segmentation:
Automobiles Segement to Lead Due to Increasing Number of Deliveries of EVS
On the basis of end user, the market is segmented into consumer electronics, naval & marine, industrial machineries, aviation, automobiles, medical equipment, agriculture equipment, construction equipment, and others. Automobiles segment holds the largest share and is expected to have fastest growth rate during the forecast period owing to increasing number of deliveries of EVS and other vehicles.
Heat Exchangers Led in 2022 With Its Increasing Rate of Adoption
Based on equipment, the market is segmented into heat exchangers, compressors, heat pipes and hoses, evaporators, pumps & control valves, accumulators & reservoirs, purge / fill systems, filters and motor controllers, and others. Increasing rate of adoption of heat exchangers components is expected to drive the segment growth. The heat exchangers also dominated the market in the year 2022.
Active Cooling Segment Led The Market As It Offers Better Cooling Efficiency
Based on technology, the market is segmented into active cooling and passive cooling. Active cooling segment led the market in 2022 owing to its various advantages such as compactness and better cooling efficiency.
Geographically, the market is studied across North America, Europe, Asia Pacific, Middle East and the Rest of the World.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Impact of the COVID-19 pandemic on the Global Thermal Management System Market
- Global Thermal Management System Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definition
- Market Analysis, Insights and Forecast – By Equipment
- Heat Exchangers
- Compressors
- Heat Pipes and Hoses
- Evaporators
- Pumps & Control Valves
- Accumulators & Reservoirs
- Purge / Fill Systems
- Filters and Motor Controllers
- Others
- Market Analysis, Insights and Forecast – By End Use
- Consumer Electronics
- Naval & Marine
- Industrial Machineries
- Aviation
- Automobiles
- Medical Equipment
- Agriculture Equipment
- Construction Equipment
- Others
- Market Analysis, Insights and Forecast – By Technology
- Active Cooling
- Passive Cooling
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia-pacific
- Middle East
TOC Continued...!
Report Coverage:
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
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Drivers and Restraints:
Increasing Demand For The Electrical Vehicles To Drive Market Trajectory
Increasing demand for the electrical vehicles is anticipated to drive global thermal management system market growth. With increasing demand for EVs, there has been a simultaneous increase in the demand for EV thermal systems as they are used to maintain the operating temperatures of the battery, the motor, and various sensitive electronic components. In addition, growing demand for the consumer electronics is also estimated to create the demand for these systems.
However, high costs of development and power costs of thermal management systems are set to hinder the market development.
Regional Insights:
With Developed Automotive Market, Asia Pacific is Expected to Lead the Market Share
Asia Pacific led the global thermal management system market share in 2022 due to rapid rate in consumer electronics and automobiles trade. The market was valued at USD 30.95 billion in 2022. The region is set to hold its dominant position during the forecast period due to presence of developed automotive market in India, Japan, China, and South Korea.
North America is set to grow significantly due to increasing number of investments for the development of advanced naval commercial and defense vessels.
Competitive Landscape:
Market Players to Gain Competitive Edge by Developing Modern Thermal Management Systems
Key industry players of the global thermal management system market have been focusing on developing next-generation thermal systems. The market is led by Advanced Cooling Technologies, AMETEK, Boyd, Henkel, Honeywell International, Larid Thermal Systems, Parker Hannifin Corp, and Raytheon Technology.
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Key Industry Development:
- June 2023: Triumph Group Inc., has been awarded a multi-year contract for its Systems Electronics and Controls by The Boeing Company for the AH-64 Apache Environmental Cooling System.
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