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The global thermal management system market is anticipated to reach USD 84.49 billion by 2030, with a projected CAGR of 6.10% during the forecast period.
Business Expansion Strategies Drive Growth Opportunities for Key Players
Players within the thermal management system industry are actively pursuing business expansion strategies aimed at advancing next-generation thermal systems. The market, characterized by a high degree of fragmentation, hosts numerous manufacturing companies. Leading players boast robust product portfolios and expansive distribution networks across both developed and developing regions. Currently, Advanced Cooling Technologies, AMETEK, Boyd, Henkel, Honeywell International, Larid Thermal Systems, Parker Hannifin Corp, and Raytheon Technology dominate the market.
August 2023 – BorgWarner entered an agreement with a global provider of thermal and energy management solutions for the automotive industry to supply high-voltage coolant expanders (HVCH) for use in three electric vehicle (EV) series for a major OEM, enhancing battery pack and cabin heating in battery electric vehicles (BEVs).
June 2023 - Triumph Group, Inc.'s Systems Electronics and Controls business in West Hartford, Connecticut, secured a multi-year contract from The Boeing Company for the AH-64 Apache Environmental Cooling System. February 2023 – Lockheed Martin was awarded a USD 172 million contract by the U.S. Naval Air Systems to support F-35 aircraft production, covering material handling, testing, tooling equipment, and addressing power and thermal management system-related life limits.
August 2022 - Cooper Standard and Industrie Saleri Italo S.p.A (Saleri) formed a joint development agreement to create a new line of high-performance cooling controls for the battery electric vehicle (EV) market, aimed at streamlining EV architectures and enhancing performance and range.
July 2022 - Archer Aviation Inc collaborated with Honeywell to integrate flight control and thermal management technologies, enhancing the cabin experience for passengers aboard the Archer 12 Tilt 6 configuration.
Adhesive Materials
Non-adhesive Materials
Automotive
Aerospace
Consumer Electronics
Servers and Data Centers
Aerospace and Defense
Healthcare
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
The global thermal management system market is anticipated to reach USD 84.49 billion by 2030
a projected CAGR of 6.10% during the forecast period.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65640
Published on :
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