Top 50 Companies in Thermal Management Market Worldwide in 2025: Market Research Report (2024–2035)
RELEASE DATE: Aug 2025 Author: Spherical InsightsRequest Free Sample Speak to Analyst
Description
According to a research report published by Spherical Insights & Consulting, The Global Thermal Management Market Size is projected to Grow from USD 11.0 Billion in 2024 to USD 25.80 Billion by 2035, at a CAGR of 8.06% during the forecast period 2025–2035. The market for thermal management is driven by various factors, including rising demand for high-performance devices, rising power densities, and growth in electric vehicles.
Introduction
Thermal management is the process of managing and regulating the temperature of electrical equipment and systems to ensure that they function within safe and efficient thermal parameters. To remove excess heat and maintain thermal stability, a variety of approaches are used, including heat sinks, fans, thermal interface materials, and sophisticated liquid or phase change cooling systems. With the increasing use of reduced-size electronic components and increased power densities, effective thermal management is crucial for minimizing overheating, lowering energy consumption, and enhancing overall system dependability. The market is expanding rapidly, driven by rising usage of high-performance electronics in industries such as automotive, aerospace, consumer electronics, and data centers. The growth of data centers and cloud computing has increased the need for efficient cooling systems to control server heat loads. Furthermore, technologies like 5G, AI, and the Internet of Things (IoT) create significant heat, necessitating more sophisticated and integrated thermal solutions. As companies strive for greater efficiency and sustainability, thermal management has emerged as a critical facilitator of innovation and performance. Opportunities exist in the development of energy-efficient, environmentally friendly cooling systems, as well as the integration of intelligent thermal technologies in electric cars and next-generation smart gadgets.
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Thermal Management Market Size & Statistics
The Market Size for Thermal Management Was Estimated to be worth USD 11.0 Billion in 2024.
The Market Size is going to expand at a CAGR of 8.06% between 2025 and 2035.
The Global Thermal Management Market Size is anticipated to reach USD 25.80 Billion by 2035.
North America is expected to generate the highest demand during the forecast period in the Thermal Management Market
Asia Pacific is expected to grow the fastest during the forecast period in the Thermal Management Market.
Regional growth and demand
Asia Pacific is expected to grow the fastest during the forecast period in the thermal management market. The Asia-Pacific region is seeing rapid industrial expansion and urbanization, which increases the demand for appropriate thermal management systems. With fast technological advancement, there is a greater emphasis on cooling systems for data centres and thermal management in the automobile industry. Furthermore, the region's dedication to sustainability and energy efficiency is boosting the use of environmentally friendly thermal technologies, hence strengthening Asia-Pacific's position in the worldwide market.
North America is expected to generate the highest demand during the forecast period in the thermal management market. The thermal management market in North America is expanding rapidly, driven by the increased usage of sophisticated cooling systems in data centers, automotive, and aerospace. There is a strong trend toward more sustainable and energy-efficient thermal technology that corresponds with environmental goals. Furthermore, advances in EV thermal management are gaining pace to serve the region's fast-increasing electric car sector.
Top 10 trends in the Thermal Management Market
- Growth of the Electric Vehicle (EV) Market
- Data Center Expansion
- Miniaturization of Electronics
- Integration of AI and IoT
- Focus on Energy Efficiency and Sustainability
- Advanced Cooling Technologies
- Development of Advanced Materials
- Hybrid and Hydrogen Fuel Cell Systems
- Sophistication in Consumer Electronics
- Hybrid EMI Shielding and Thermal Management
1. Growth of the Electric Vehicle (EV) Market
The widespread use of electric vehicles has considerably boosted the demand for improved thermal management systems. EV batteries and power electronics create a significant amount of heat when charging and operating. Efficient heat control enhances battery performance, extends longevity, and increases safety. With governments pushing for EV adoption globally, this trend continues to be a significant driver in thermal technology innovation.
2. Data Center Expansion
The global boom in cloud computing, AI processing, and digital services has resulted in tremendous development in data centers. These facilities require effective thermal management to keep servers cool, minimize overheating, and preserve system efficiency. As data demand grows dramatically, businesses are investing extensively in energy-efficient cooling systems to save operational costs and satisfy environmental sustainability standards.
3. Miniaturization of Electronics
Modern electronics are growing smaller and more powerful, resulting in increased power densities. This downsizing causes tremendous heat generation in tight places, necessitating novel thermal solutions. Compact heat sinks, thermal interface materials, and micro cooling systems are increasingly employed to maintain ideal device temperatures without sacrificing design, making thermal management critical in consumer electronics, wearables, and industrial applications.
4. Integration of AI and IoT
AI-powered systems and the Internet of Things (IoT) have enabled a network of always-active gadgets, each of which generates heat during real-time processing. From smart homes to industrial automation, these gadgets require thermal solutions that are both efficient and scalable. Effective temperature control is critical for preserving performance, device longevity, and data accuracy in linked systems due to their complexity and density.
5. Focus on Energy Efficiency and Sustainability
As companies transition to greener practices, there is a major emphasis on lowering energy usage and environmental impact. Thermal management solutions are expanding to incorporate environmentally friendly materials, reduce power use, and promote renewable energy sources. Technologies like liquid cooling and phase-change materials are gaining popularity, enabling firms to accomplish their environmental goals while maintaining high system performance.
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Stay informed with the latest industry insights and market trends to identify new opportunities and drive growth in the thermal management market. To explore more in-depth trends, insights, and forecasts, please refer to our detailed report.
Top 25 Companies Leading the Thermal Management Market
- Henkel
- Honeywell International Inc.
- Vertiv Co.
- Delta Electronics, Inc.
- Parker Chomerics
- TAT Technologies Ltd.
- Boyd
- European Thermodynamics Ltd.
- Laird Thermal Systems
- Advanced Cooling Technologies Inc.
- Gentherm Inc.
- Autoneum Holding AG
- AllCell Technologies
- Thermacore Inc.
- Pentair Thermal Management
- Outlast Technologies LLC
- Aavid Thermalloy, LLC
- Fujikura Ltd.
- Master Bond Inc.
- Siemens AG
- STMicroelectronics
- Wakefield-Vette, Inc.
- Cooler Master Technology Inc.
- Dow Chemical Company
- Dau Thermal Solutions Inc.
1. Henkel
Headquarters: Düsseldorf, Germany
Henkel based in Düsseldorf, Germany, is a global leader in adhesive and material technology. Henkel offers sophisticated thermal management solutions under the LOCTITE Bergquist trademark, which includes thermal gap fillers, phase change materials, and adhesive pads. These materials provide effective heat dissipation in electronics, automotive, telecommunications, and industrial applications. Henkel's products improve device performance, dependability, and lifetime. The firm has a global footprint, operating in about 75 countries, allowing specialized service and technical support for customers globally.
2. Honeywell International Inc.
Headquarters: Charlotte, North Carolina, USA
Honeywell International Inc., headquartered in Charlotte, North Carolina, USA, operates in over 95 countries and is a prominent participant in the thermal management sector. The firm provides cutting-edge thermal interface materials such as phase change materials, thermally conductive pads, and graphite-based heat spreaders. These devices find widespread usage in aircraft, automotive electronics, defence, and data center cooling applications. Honeywell focuses on environmentally friendly and energy-efficient solutions to address the changing needs of modern high-density systems. Its unique materials not only promote heat dissipation and minimize energy consumption, but also safeguard the durability and dependability of mission-critical electronic devices.
3. VERTIV CO.
Headquarters: Columbus, Ohio, USA,
Vertiv Co., located in Columbus, Ohio, USA, is a global leader in data center cooling with operations in over 130 countries. The firm provides precision thermal management solutions for telecom, hyperscale, and enterprise data centers, including rack-based and liquid cooling units. As demand for edge computing, 5G networks, and cloud-based infrastructure grows, Vertiv offers scalable and energy-efficient thermal control solutions to minimize overheating and enhance uptime. Its experience in creating smart thermal infrastructure enables it to satisfy the performance and sustainability requirements of current digital ecosystems, making it an invaluable partner in mission-critical applications.
4. Delta Electronics, Inc.
Headquarters: Taipei, Taiwan
Delta Electronics, Inc., headquartered in Taipei, Taiwan, operates in over 200 sites across five continents and is a prominent player in the worldwide thermal management environment. Delta, known for its creative and compact thermal solutions, offers heat sinks, fans, blowers, thermal modules, and liquid cooling systems for a variety of industries, including EVs, data centers, telecom, and industrial automation. All of the company's products are designed with great energy efficiency and environmental responsibility in mind. Delta addresses the issues of thermal performance in tiny and high-power electronics, ensuring optimal heat control and contributing to sustainable and dependable system operation in varied applications.
5. Parker Chomerics
Headquarters: Woburn, Massachusetts, USA
Parker Chomerics, a division of Parker Hannifin Corporation located in Woburn, Massachusetts, USA, operates in over 50 countries and is well-known for its high-performance thermal interface and EMI shielding products. Gap fillers, thermal gels, pastes, and thermal pads are among the goods that the firm offers to crucial industries such as aerospace, automotive, consumer electronics, and military. Chomerics solutions, designed to endure harsh circumstances and provide continuous heat dissipation, are critical for regulating thermal stress in sensitive electronic systems. As electronics become more powerful and smaller, Parker Chomerics continues at the forefront, producing tailored materials that assure safety, reliability, and efficiency in worldwide markets.
Are you ready to discover more about the thermal management market?
The report provides an in-depth analysis of the leading companies operating in the global thermal management market. It includes a comparative assessment based on their product portfolios, business overviews, geographical footprint, strategic initiatives, market segment share, and SWOT analysis. Each company is profiled using a standardized format that includes:
Company Profiles
- Henkel
- Business Overview
- Company Snapshot
- Products Overview
- Company Market Share Analysis
- Company Coverage Portfolio
- Financial Analysis
- Recent Developments
- Merger and Acquisitions
- SWOT Analysis
- Honeywell International Inc.
- VERTIV CO.
- Delta Electronics, Inc.
- Parker Chomerics
- TAT Technologies Ltd.
- Boyd
- European Thermodynamics Ltd.
- Laird Thermal Systems
- Others.
Conclusion
The global thermal management market is quickly expanding due to increased demand in industries such as electric cars, data centers, consumer electronics, and aerospace. Increasing power densities, device downsizing, and the integration of AI, IoT, and 5G are pushing the demand for effective heat control. Henkel, Honeywell, Vertiv, Delta Electronics, and Parker Chomerics are market leaders for creative, energy-efficient solutions. These players, which operate in 50 to 200 countries, help to accelerate worldwide acceptance. With a strong emphasis on sustainability and energy efficiency, the industry offers several potential opportunities for environmentally friendly technology, establishing thermal management as a critical enabler of next-generation electronic systems.
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