Global Thermal Management Technologies Market to Reach US$ 24.8 Billion by 2032, Propelled by Significant Growth in Electronics Industry

April 04, 2023 | Electronics and Semiconductors

According to the latest report by IMARC Group, titled “Thermal Management Technologies Market Report by Product (Hardware, Software, Interface, Substrates), Application (Computers, Consumer Electronics, Telecommunication, Automotive, Renewable Energy, and Others), and Region 2024-2032," the global thermal management technologies market size reached US$ 13.8 Billion in 2023. Thermal management technologies refer to techniques utilized to control and manage the temperature of electronic components and machinery. It includes fans, blowers, heat sinks, liquid cooling systems, thermoelectric coolers, and various thermal interface materials (TIMs), such as greases and silicones. They are widely used in computers, smartphones, home appliances, automobiles, aircraft, industrial machinery, solar panels, medical equipment, and laboratory instruments. Thermal management technologies enhance device safety, prolong service life, and prevent the risk of overheating, failures, accidents, and fires. They are cost-effective, reliable, and versatile solutions that improve device performance, increase processing speed, reduce maintenance costs, and minimize environmental impact. 

Global Thermal Management Technologies Market Trends:

The significant growth in the electronics industry across the globe is one of the key factors creating a positive outlook for the market. Thermal management technologies are widely used in smartphones, laptops, tablets, computers, data centers, and light-emitting diode (LED) lighting to maintain optimal temperature, prevent overheating, and improve performance. Furthermore, the widespread technology utilization in various automotive components, such as engine control units, battery packs, transmission, exhaust systems, brakes, motors, sensors, and infotainment systems to dissipate heat, extend product life, and reduce energy consumption is providing an impetus to the market growth. Additionally, the recent development of advanced thermal interface materials (TIMs), such as graphene, which offers excellent thermal conductivity, high flexibility, low contact resistance, and improved mechanical strength for harsh cooling applications, is positively influencing the market growth. Apart from this, the introduction of microchannel heat exchangers that are compact, cost-effective, and corrosion-resistant and offer a high heat transfer rate with minimum energy consumption is favoring the market growth. Moreover, the increasing technology adoption in the healthcare industry for patient warning systems, cryotherapy, medical imaging equipment, and pharmaceutical storage is propelling the market growth. Other factors, including rising technology utilization in renewable energy generation, rapid industrialization activities, and the increasing investment in the research and development (R&D) of advanced thermal management technologies, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 24.8 Billion by 2032, exhibiting a CAGR of 6.6% during 2024-2032. 

Market Summary:

  • On the basis of the product, the market has been divided into hardware, software, interface, and substrates.
  • Based on the application, the market has been classified into computers, consumer electronics, telecommunication, automotive, renewable energy, and others.
  • On a regional basis, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
  • The competitive landscape of the industry has also been examined, with some of the key players being Advanced Cooling Technologies Inc., Autoneum Holding AG, Gentherm Inc., Heatex Inc. (Madison Industries), Henkel AG & Co. KGaA, Honeywell International Inc., Laird Thermal Systems Inc., Momentive Performance Materials Inc., Parker-Hannifin Corp. and Thermal Management Technologies.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Product, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Advanced Cooling Technologies Inc., Autoneum Holding AG, Gentherm Inc., Heatex Inc. (Madison Industries), Henkel AG & Co. KGaA, Honeywell International Inc., Laird Thermal Systems Inc., Momentive Performance Materials Inc., Parker-Hannifin Corp. and Thermal Management Technologies
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

134 N 4th St.
Brooklyn, NY 11249, USA
Americas:- +1 631 791 1145 | Africa and Europe :- +44-753-713-2163 | Asia: +91-120-433-0800

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Global Thermal Management Technologies Market to Reach US$ 24.8 Billion by 2032, Propelled by Significant Growth in Electronics Industry
Purchase options

Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us

Phone: +1-631-791-1145


Phone: +91-120-433-0800


Phone: +44-753-713-2163


Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More