The thermal management systems market is expected to witness significant growth from 2018-2025, and transform into a multi-billion dollar industry, worldwide. The well-established players in this market include ebm-papst, Henkel, Vertiv, nVent, Boyd, Laird PLC, Advanced Cooling Technologies, CPS Technologies, Dau Thermal Solutions, European Thermodynamics, and Inheco. These companies hail from the developed countries in North America and Europe, and have an extensive global presence.
The North American economy occupies the largest share in the global thermal management systems market, a position that it has commanded consistently. The strong presence of manufacturers in the region as well as the high number of customers adds to the sector’s strength. The USA is the largest, whereas Canada is the fastest growing market in the North American region.
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North America gained momentum due to the increase in manufacturers’ presence and their efforts to expand operations. USA holds the largest number of manufacturers in the equipment manufacturing business. Rise in consumption of electronics, rise in electric vehicle market, and increase in aerospace activities attributed to the largest share of the market. Various companies such as Advanced Cooling Technologies, CPS Technologies are based in the North America region.
Asia-Pacific is the fastest growing region, which has witnessed considerable growth over the past few years. The increase in household income and increased middle-class population has led to the increased consumption of electronics devices. Defense is another area where the region has grown significantly and thermal management systems find wide applications in this industry.
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According to the Population Reference Bureau, the fastest-growing consumer markets of China, India, and other Asia-Pacific countries had a combined population exceeding four million people (as of 2016), which is projected to become an increasingly important driver for the global consumption of electronic products and electric cars over the next two decades. This is projected to lead to growth of thermal management systems market.