(MENAFN- GetNews) According to new report available with Million Insights, the global thermal management technology industry is expected to grow owing to the high demand for superior heat dissipation solutions in smarter and smaller products over the forecast period.
The global thermal management technologies market size is projected to value at USD 20.14 billion by 2024, according to a new report published by Million Insights. The market is predominantly driven by the rising trend of miniaturization of electronic components and devices.
Advancements in the industry have imputed a significant growth in the power densities, thus, resulting in the launch of smarter and smaller products. These innovations in the electronics industry have resulted in fueling demand for advanced thermal management technologies as they provide a better system performance and accountability by preventing the heat generated by the devices. The rising trend for electronic packaging has minimized the size of the product and increased its efficiency. This has resulted in a substantial increase in the power consumption of the system.
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Technological advancements are anticipated to develop cost-effective and efficient thermal management solutions in the upcoming years. The major industry players are increasingly emphasizing on the deployment of superior thermal management solutions that have end-user application and are cost-effective. However, the market is expected to observe various obstacles relating to the reliability of modeling and modularity in designing, which are expected to challenge the thermal management technologies market growth over the projected period.
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Further key findings from the report suggest:
• Strict regulations by the European Telecommunications Standards Institute (ETSI) and Network Equipment Building Systems (NEBS) need telecommunication industry organizations to adhere to certain industry standards.
• Current standard heat sinks, fans, and cooling technologies are significantly reaching their cooling capacity limit, thus, thermal management is reaching a major step in enhancing product functionality.
• The thermal management software is expected to witness substantial growth over the forecast period due to the rising simulations for reducing moments of peak heat impact and risk failure and the use of the software heat removal techniques. The segment valued over USD 700 million in 2015.
• The electronics application segment is anticipated to register a significant growth rate in the next eight years due to the rising trend of electronic packaging to lower the size of electronic components and enhance the performance of electronic products, thereby, augmenting the growth in the power consumption of the system.
• North America held a market share of around 35% in 2015 and is anticipated to remain one of the major revenue-generating regions in the near future. The rapid rise in the adoption of heat dissipation solutions in companies is expected to positively impact regional market growth.
Million Insights has segmented the global thermal management technologies market on the basis of product, application, and region :
Thermal Management Technologies Product Outlook (Revenue, USD Million, 2014 – 2024)
• Hardware
• Software
• Interface
• Substrates
Thermal Management Technologies Application Outlook (Revenue, USD Million, 2014 – 2024)
• Computers
• Consumer Electronics
• Telecommunication
• Automotive
• Renewable Energy
• Others
Thermal Management Technologies Regional Outlook (Revenue, USD Million, 2014 – 2024)
• North America
• U.S.
• Canada
• Europe
• Germany
• UK
• Asia Pacific
• China
• Japan
• India
• Latin America
• MEA
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