Electronic Thermal Management Materials Market Size to Surpass $8.7B by 2026
As per the latest research conducted by Global Market Insights Inc., the Electronic Thermal Management Materials Market revenue is anticipated to cross USD 8.7 billion by 2026.
With the growing need for special solutions to remove excess heat in miniaturized electronic devices, the deployment of electronic thermal management materials has gained momentum worldwide. The burgeoning trend of miniaturization and the rapidly increasing power ratings of electronic modules have led to high heat flux, thus requiring complex thermal management techniques.
These increased product sales during the pandemic are asserting a positive influence on electronic thermal management materials market development in recent years.
The rising awareness about the reliability of thermal management materials is making them a sought-after solution for implementation in myriad industry verticals, including automotive and healthcare. Listed below are four factors spurring the electronic thermal management materials business for industrial applications:
Need for Temperature Monitoring of EV Batteries
In the electric vehicle industry, thermal management of the EV battery and systems is one of the major concerns. To solve a range of challenging management problems and allow the battery to operate efficiently and safely, the adoption of battery thermal management systems for electric vehicles has been a key focus of vehicle makers.
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Over the years, more and more auto companies have been emphasizing the expansion of their EV fleet. Ford, for example, unveiled plans to boost the production capacity of EVs to 600,000 units by 2023 globally. This, in turn, could fuel the demand for temperature monitoring systems designed for EV batteries, to increase the reliability, range, and robustness of the vehicles.
Mandatory Thermal Management Requirements of Space Vehicles
Space is considered one of the central technological platforms, with advanced electronics being a fundamental element in the aerospace sector. Over recent years, various aerospace companies have been increasingly developing orbital launch vehicles.
Citing an instance, in September 2020, Isar Aerospace commenced the production of launch vehicles in its promising segment of medium- and small-sized satellites and satellite constellation. Factors like these augment the growth of the electronic thermal management materials market. The precise thermal management of electronic devices used in space vehicles is mandatory for their efficient functioning.
Demand for Semiconductor Technology with Improved Thermal Performance
Over the years, government departments have been making significant investments to advance 5G wireless networking. In August 2021, the U.S. Department of Energy, for example, unveiled plans to invest $6 million in 5 research and development projects to boost 5G wireless networking for various science applications like environment and climate data gathering.
Despite the accelerating deployment of 5G networks, there are multiple challenges associated with thermal management materials. This factor could influence telecom service providers to adopt wide-bandgap semiconductors such as gallium nitride with improved thermal performance, contributing to electronics thermal management materials market expansion from telecom applications.
Importance of Thermal Management of Medical Devices
To boost domestic production and create a pipeline of innovative medical devices, several medical research bodies are undertaking strategic measures in emerging nations like India. For example, in November 2021, the ICMR (Indian Council of Medical Research) partnered with the IITs to develop centers of excellence. This initiative aimed to amplify the strategic Make in India product commercialization and development in the diagnostics and medical device sectors.
Since efficient thermal management is crucial for the reliability and performance of medical equipment, escalating product launch initiatives like these could support the growth of manufacturers of thermal management materials for medical electronics.
Disclaimer: The author is completely responsible for the content of this article. The opinions expressed are their own and do not represent IEEE’s position nor that of the Computer Society nor its Leadership.