Thermal Market 2019 | Size, Latest COVID-19 Impact Analysis, Growth, Demand, Opportunities & Forecast To 2027

Thermal Market – Development of Novel Thermoelectric Materials Widens Expanse

In thermoelectric energy generation environments, the advent of a newer thermoelectric material for thermal products is a breakthrough to capture residual energy. This energy is usually lost during the regular process of the conversion of waste heat into electricity. Based on common semiconductor telluride, the new material is environmentally-stable, and is expected to capture 15 to 20 percent of waste heat into electricity. This strengthens the correlation between thermoelectric materials and the thermoelectric effect. Based on the merits exhibited, the new material is gauged to have a 2.2 thermoelectric figure of merit (ZT), the highest among thermoelectric materials available so far. Meanwhile, under laws of thermoelectricity, the higher ZT of a material connotes higher efficiency for converting heat into electricity.

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Such developments point at a positive outlook for the uptake of thermoelectric-based HVAC cooling systems in industrial and commercial environments. For instance, HVAC cooling systems based on the Seebeck effect that create voltage from temperature difference are increasingly being installed. Such moves are aimed to comply with governmental guidelines for energy-efficient processes and to reduce wastage of energy.

Exponential growth of the IT & telecommunications sector has indirectly led to a spurt in the demand for thermal products. HVAC cooling systems that use thermal products find wide use for cooling servers and computers. This serves to boost the thermal market, indirectly. Expansion of the food and beverage sector in developing economies such as India has indirectly led to a spurt in demand within the thermal market. Strong macro-economic indicators, reforms, and liberalized foreign direct investment have massively expanded the scope of individual operations for the production of food and beverages. Food production, packaging, shipping, and distribution are some energy-hungry operations in the food and beverage sector. Such operations heavily depend upon HVAC systems to maintain optimum indoor temperatures on shop floors.

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While thermoelectric systems are mostly used in cooling devices, these systems find use in the heating devices of HVAC systems. This further expands the scope of demand for thermal products, translating into growth for the thermal market.

Finding applications in high economic value end-use industries, thermal products and the associated thermal market are poised for significant growth. This aroused interest of Transparency Market Research to release a market intelligence publication of the thermal market. Following extensive research and employing standard analytical tools, TMR forecasts the global thermal market to rise at a ~5% CAGR during the forecast period of 2019 to 2027.

Thermal Market – Notable Trends

Serving High-economic Value End-use Industries, Cooling Equipment to Remain at the Fore

Among the key product types, the liquid cooling system segment is poised to display significant growth in the thermal market over the forecast period. The growth of this segment mainly stems to serve the demand of the IT & telecommunication sector, which is booming with digitalization in almost every walk of life. Serving this, liquid cooling systems are predicted to register a leading CAGR among other products in the thermal market during the forecast period.

On the other hand, the cooling equipment product segment holds a leading share in the thermal market, which is predicted to continue over the forecast period. This is because of the vast demand for cooling equipment from several end-use industries of high economic significance, including oil & gas, food & beverages, and chemicals & petroleum.

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IT & Telecommunications End-use Industry Displays Leading Demand

By end-use industry, the heavy metals and manufacturing industry holds a lion’s share in the thermal market, and is predicted to maintain its share over the forecast period.

Nonetheless, the IT & telecommunications sector is predicted to emerge as a significant end-use industry in the thermal market. Vast expansion of the IT sector to support mammoth volumes of data generated from commercial, industrial, and domestic sectors has led to a stir in the demand for core and support equipment. IT systems of large organizations with multiple servers require 24×7 uptime to serve employees working from multiple locations. This requires reliable cooling equipment to minimize the downtime of these IT systems. Cooling equipment plays a key role here, which, in turn, stimulates the growth of the thermal market.

In a moving vehicles, a large amount of heat is generated in the engine every time the spark plug ignites fuel in each cylinder to propel the vehicle. A cooling system plays a crucial role here to control these high temperatures so as to maintain a comfortable interior temperature for the passengers.

Thermal Market – Winning Imperatives

Changing Scope of Automotive Manufacturing Assembly to Instill Demand for Thermal Products

Changing consumer expectations from automobiles has led to a sea of change in the processes in the entire automotive ecosystem. Autonomous vehicles, biometric access for vehicles, and parameters of increased safety have led to requirements of several other energy-driven equipment and processes. This includes an array of thermal products such as heat sinks and heating equipment for the two-way transfer of heat. Such assemblies are examples of the Seebeck-Peltier effect for the transfer of heat and potential difference, and vice-versa.

The ceaseless adoption of consumer electronics is also creating demand for thermal products and equipment. Vast technological innovations and advancements in the manufacture of consumer electronics have led to newer assembly and manufacturing environments for these products.

Emergence of Cutting-edge Digital Technologies Extends Growth Opportunities

The reshaping of the telecom sector over the past few years and adoption of cutting-edge technologies such as cloud computing and 5G technology have influenced the demand for thermal products to a great extent, in turn, fueling the growth of the market. The scope of development of new thermal technologies serves to provide lucrative opportunities for players in the thermal market. To leverage this, extensive R&D to develop equipment for various ambient temperatures is what savvy players are banking on for growth.

Thermal Market – Competitive Landscape

From a competitive standpoint, the thermal market features a fragmented vendor landscape, including established and emerging players. Nonetheless, leading players having a long presence in the market hold ~one-third share of the overall thermal market. Keen players vying to consolidate their position are focused on R&D. These companies are striving to develop next-generation thermal products to be compatible with the manufacturing assembly lines of advanced automobile companies.

The development of novel thermal products to cut energy costs is also the focus of keen players in the thermal market. For example, DCX The Liquid Cooling Company is focused on saving the energy consumption of industrial systems by almost 50%, and cutting the CAPEX and OPEX costs of running IT and telecom infrastructures.

Acquisitions and collaborations are also some growth strategies that players in the thermal market have resorted to. In a recent industry development, SPX Corporation – an Illinois-based company, completed the acquisition of Sabik Marine and Obstruction lighting business.

  • According  to Transparency Market Research’s latest market report on the global thermal market for the historical year 2017 and the forecast period of 2019–2027, the rising demand for thermal products in the IT & telecommunications sector, and technological advancements in thermal products employed in various end-use industries, are expected to drive the global thermal market during the forecast period.
  • In terms of revenue, the global thermal market is estimated to reach a value of ~US$ 137 Bn by the end of 2019, expanding at a CAGR of ~5% throughout the forecast period. In terms of volume, the global market is estimated to reach ~545,000 thousand units by the end of 2019.

Increasing Use of Thermal Products in Food and Beverages a Key Market Driver

  • Food & beverages is one of the rapidly expanding industries. Strong macro-economic indicators, liberalized foreign direct investments (FDIs), and economic reforms have given rise to the development of the production, processing, marketing, and distribution of food and beverages.
  • The food & beverage industry requires appropriate heating and cooling devices for storage purposes. For this, the industry makes use of portable food containers, small refrigerators, beer cabinets, and chilled water dispensers.
  • Thus, food & beverages is expected to be a highly lucrative end-use industry segment of the global thermal market during the forecast period.

Development of Energy-efficient Systems Latest Trend Being Adopted by Key Market Players

  • Space heating and cooling requirements account for a significant portion of household energy bills, and this is a major deterrent for the end users of HVAC systems.
  • However, with governments enforcing stringent energy regulations and manufacturers developing more efficient systems, more number of consumers are expected to install HVAC systems in the near future.
  • Also, the introduction of energy-efficient air conditioning systems would help in reducing electricity bills and lower carbon emissions also.
    • Toshiba has developed a new air-conditioner under its super heat recovery ‘VRF’ category, which has a SEER rating of 8. Hitachi has also launched a new addition to its FSXN product series, which is the high-efficiency set-free FSXNH. The product has a higher energy efficiency ratio than its predecessors.

Sluggish Growth of Markets in Europe and North America a Major Challenge

  • Industrial expansions have considerably slowed down in several developed countries of Europe and North America.
  • Since several thermal products and equipment are largely used in industries, the thermal markets in these regions are expected to witness sluggish growth during the forecast period.

Global Thermal Market: Competition Landscape

  • Detailed profiles of the manufacturers of thermal products have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies.
  • Key players operating in the global thermal market are
    • Advanced Cooling Technologies
    • AHI Carrier
    • AranerLytron
    • Asetek
    • ASSMANN WSW Components GmbH
    • Bluestar Limited
    • CTS Corporation
    • DCX Sp. z.o.o.
    • DK Thermal Metal Circuit Technology
    • Ferrotec Corporation
    • Henkel AG & Co. KGaA
    • II-VI Incorporated
    • International Thermal Systems
    • JULABO GmbH
    • Keith Company
    • Kelk, Komatsu Ltd.
    • Laird Thermal
    • Lytron
    • Opticool Technologies
    • Polyscience
    • Radian Thermal Products
    • SMC Corporation
    • Subros Limited
    • Thermal Care, Inc.
    • Thermal Engineering Systems
    • Thermo Fisher Scientific
    • Weil-McLain.

Global Thermal Market: Key Developments

Manufacturers operating in the global thermal market, such as Blue Star Limited, Advanced Cooling Technologies, Inc., and ASSMANN WSW Components GmbH, are strengthening their market position by improving product quality and expanding their businesses. Certain key developments in the global thermal market are as follows:

  • In April 2018, Blue Star Limited announced that it would be starting the commercial production at its plant at Sri City, Andhra Pradesh (India), by the end of 2023. In June 2019, the company announced that it had received a contract from Mumbai Metro Rail Corporation Ltd. (MMRCL) for the supply of tunnel ventilation systems and environment control systems.
  • Advanced Cooling Technologies, Inc. consistently invests in research & development to develop new thermal control technologies. Currently, it is amongst the very few U.S.-based companies that manufactures heat pipes and related products for cryogenic, high-temperature, and space applications. Over the last few years, the company has filed more than 5 patents for products such as pumped two-phase air-to-air heat exchangers, constant conductance heat pipe assemblies for high heat flux, and hybrid heat pipes. The company further strategizes on investing in R&D activities for the innovation of new products.
  • In August 2017, ASSMANN WSW Components GmbH extended its product portfolio of finger-, attachable-, and small heat sinks by adding standard parts. These parts are used for the cooling of semiconductor components with low power heat losses in TO-247 and TO-220 packages.

The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global thermal market.

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