Thermal Market to Reach a Value of ~US$ 205 Bn by 2027
Transparency Market Research delivers key insights into the global thermal market. In terms of revenue, the global thermal market is estimated to expand at a CAGR of ~5% during the forecast period, owing to numerous factors, regarding which, TMR offers thorough insights and forecasts in its report on the global thermal market.
The thermal market covers a wide range of liquid cooling systems, thermoelectric assemblies, heat sinks, compressors, heating equipment, cooling equipment, thermal interface materials, and heat transfer components. These thermal products are employed in various end-use industries such as automotive, chemicals & petrochemicals, consumer electronics, food & beverages, healthcare, heavy metals & machine manufacturing, IT & telecommunications, oil & gas, and semiconductor & electronics. In industries, machines and other equipment generate heat, which increases the temperature. For controlling the excessive heat generated by these equipment and maintaining the temperature at an optimum level, different types of thermal products are employed.
In this research report, TMR proposes that, the liquid cooling systems segment is estimated to outpace other product segments of the global thermal market by 2027. The growing use of liquid cooling systems in IT and telecommunication equipment is the key reason for the increasing demand for liquid cooling systems across the globe. Also, technological advancements and growth of the commercial and industrial sectors are driving the global thermal market. For instance, in September 2018, DCX The Liquid Cooling Company announced the launch of a liquid cooling system called the Next Gen Direct Liquid Cooling System, for enterprises and SMB customers.
This is a revolutionary direct-to-chip liquid cooling solution that delivers significant savings in the costs incurred for datacenter cooling, infrastructure, and maintenance. However, sluggish growth of the markets in Europe and North America is likely to adversely impact the global thermal market during the forecast period. However, increasing technological advancements in end-use industries, such as automotive, consumer electronics, and IT & telecommunications, are expected to augment the global thermal market during the forecast period.
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Global Thermal Market: Prominent Regions
Asia Pacific is estimated to present prominent growth opportunities to the thermal market in the near future, owing to better growth of the industrial sector, in terms of output, due to increase in outsourcing and rise in domestic demand. This growth can be attributed to the rise in construction activities led by economic growth. Also, increasing use of telecommunications and growth of the food & beverages industry in economies such as China, India, and Japan are promoting the thermal market in Asia Pacific. In the developed regions of North America and Europe, growth of IT & telecommunications and automotive industries plays a significant role in driving the thermal market. The Middle East and South America are expected to present moderate growth opportunities to the thermal market in the near future.