BIGGEST MARKET OPPORTUNITIES FOR THERMAL MANAGEMENT TECHNOLOGIES
Many industries rely on effective thermal management systems to support the growth of their technologies. With continually increasing consumer and performance demands within a number of industries, there are ample opportunities for innovative cooling technologies to support this growth.
From materials and components through to complete systems, thermal management is a growing industry, predicted to be worth $17.08 billion by 2026. With that in mind, understanding which industries will require advanced technologies will be key to this growth.
Let’s take a look at some of these:
A key growth technology for this sector is the electric vehicle (EV) market. Although thermal management is a challenge in the architecture of all types of vehicles, EV batteries offer a particular challenge when it comes these vehicles operating at their optimal performance whilst also ensuring safety, where battery cooling technologies are critical to facilitating this.
The EV sector of course relies heavily on the energy storage market, as above. However, energy storage technologies are not only used in the electrification of vehicles. Lithium-ion batteries, are present also present within other transportation applications (such as aerospace) as well as in portable electronics (such as mobile phones). Further, alongside the growth of clean energy and emission reduction, energy storage will become central to many other sectors requiring efficient power systems. As a result, thermal management will be central in supporting this.
Driven by consumer demands, existing and emerging electronic products are generally following a trend whereby they are becoming smaller, lighter and more compact in addition to having higher power requirements. What this means is that there is also a requirement to mitigate system failure or thermal runaway posed by high temperatures of the operating system.
Aerospace is an industry which benefits from thermal management not only for applications in electronics and battery components, but also throughout the system’s hardware. When operating in extreme environments, materials which can withstand high temperatures and protect a spacecraft (such as ceramics) are critical.
Although each market may have different thermal management requirements for their technology, what is at the core of each is the need for the most effective system possible. At the Thermal Management Expo Conference, we understand the value in cross-sector networking between these industries, and sharing knowledge on which can help to drive innovation. You can find out from expert speakers from all of the above sectors, as well as industry leaders from across the thermal management supply chain. Register here for the free to attend event in Cleveland, OH, taking place from August 30-31.