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$12.8 Bn Thermal Management Market 2020-2025 and COVID-19 Impact Analysis

Dublin, Aug. 10, 2020 (GLOBE NEWSWIRE) — The “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” report has been added to’s offering.

The global thermal management market is estimated to be USD 8.8 billion in 2020 and is projected to reach 12.8 billion by 2025, at a CAGR of 8.2% during the forecast period.

The market is dominated by a few globally established players such as Honeywell International (US), Aavid Thermalloy (US), Vertiv (US), European Thermodynamics (UK), and Master Bond (US).

Growing consumer electronics market and cooling technology enhancement in server and datacenter is set to drive the thermal management market.

The market has a promising growth potential due to several factors, including the rising demand for effective thermal management solutions & systems in consumer electronics, increasing demand for electric and hybrid vehicles, increasing use of electronic devices in different end-use industries, and ongoing radical miniaturization of electronic devices.

The COVID-19 outbreak generated both demand-side and supply-side shocks rumbling across the global economy. Leading US-based thermal management solution providers such as Vertiv and Aavid Thermalloy have incurred significant losses owing to the pandemic spread. The strong actions such as imposing country-wide lockdown taken by governments globally to curb the spread of COVID-19 is expected to have a severe impact on the entire manufacturing industry. This is dragging down the demand of customers for thermal management solutions, thereby affecting the revenue of the key players in the thermal management market.

Convection cooling devices: The largest growing device type of thermal management market.

Convection cooling devices are expected to account for the largest share of the thermal management market during the forecast period. Convection cooling devices are increasingly being used in electronic components, electronic circuits, and PCBs. These devices help lower the peak temperature of different systems wherein they are installed with natural and forced convection cooling technologies. Devices such as loop heat pipes, heat pumps, heat sinks, and heat spreaders are used for the effective cooling of processors and computers, among others.

Optimization & post-sales support: The largest and fastest-growing segment of the thermal management market, by service.

Optimization & post-sales support segment is estimated to be the fastest-growing segment of the thermal management market, by service. Optimization & post-sales support services are required periodically to verify the operating conditions, reduce downtime of systems, elevate their overall performance levels, and maximize their operational life and efficiency. These services are generally used as a critical quality control tool in servers & data centers as high temperatures can damage them and can result in loss of vital information.

APAC is projected to become the largest and fastest geographical market between 2020 and 2025.

APAC is expected to dominate the thermal management market between 2020 and 2025. The market growth in this region can be attributed to the factors such as the presence of several chip manufacturing companies in China and South Korea, the highly-developed automotive sector in Japan, increasing investments and business expansion opportunities available in China and India, and the increasing disposable income of the middle-class population in the region. Moreover, increasing demand for effective thermal management solutions and systems from emerging economies such as China and India are also fueling the growth of the thermal management market in APAC.

Market Dynamics


  • Rising Demand for Effective Thermal Management Solutions and Systems in Consumer Electronics
  • Increasing Use of Electronic Devices in Different End-Use Industries
  • Ongoing Radical Miniaturization of Electronic Devices


  • Design Complexities of Components Used in Cooling Systems


  • Technological Advancements Such as the Development of Synthetic Cooling Systems and Interface Materials
  • Advent of Cool Chips for Thermal Management in Electronic Devices
  • Increased Demand for Natural Refrigerants


  • High Development Costs of Customized Thermal Management Solutions and Systems
  • Increase in Supply and Demand Gap Owing to COVID-19 Pandemic

Companies Profiled

  • Aavid Thermalloy (Boyd Corporation)
  • Advanced Cooling Technologies, Inc.
  • Amerasia International (AI) Technology
  • API Heat Transfer
  • Danfoss
  • Dau Thermal Solutions
  • Delta Electronics
  • European Thermodynamics
  • Gentherm
  • Heatex
  • Henkel
  • Honeywell
  • Jaro Thermal
  • Kelvion
  • Laird
  • Lord Corporation
  • Master Bond
  • Parker (Chomerics Division)
  • Thermotek
  • Vertiv

For more information about this report visit

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Laura Wood, Senior Press Manager
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