According to Market Research Future Analysis, Smart Temperature management has been valued at USD 5 billion by 2023 growing with 7% of CAGR during forecast period 2019 to 2023.
Temperature management protects the processors and transistors in various consumer electronics from overheating. The temperature management solutions are widely used in consumer electronics. Therefore, the increasing demand for electronics by consumers is boosting the growth of the smart temperature management solutions market.
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Smart temperature management market is driven by the implementation of these solution in various industries, large investments in the healthcare sector and also the need to obtain maximum efficiency. Furthermore, evolution of chips and technological advancements such as synthetic cooling methods acts as opportunities for the overall growth of the Smart Temperature Management Market. The market is expected to grow over the forecast period.
According to Market Research Future, market has been segmented into component, devices, end-users and region.
On the basis of devices, the market can be segmented in to convective and conductive systems. Out of these, conductive accounted for the largest market share, majorly due to increasing demand for systems in the healthcare sector. Also, convective is expected to grow at a fast pace over the forecast period, majorly due to high adoption of these systems by various domains.
On the basis of end-users, the market can be segmented into healthcare, consumer electronics, call centers and food and beverages among others. Out of these, healthcare accounted for the largest market share majorly due to the growing number of surgical procedures, technological advancements and the increasing number of product launches.
The key players in the global temperature management system market include-API Heat Transfer (U.S.), AI Technology, Inc.(U.S.), Aavid Thermalloy, LLC (U.S.), Delta Electronics, Inc.
(Taiwan), Honeywell International Inc (U.S.), Henkel AG & Co. KGaA (Germany), Jaro Thermal (U.S.), LAIRD PLC (U.K.), LORD Corporation (U.S.) and HEATEX AB (U.S.) among others.
By Region, MRFR analysis shows that, Asia-Pacific region is expected to grow over the forecast period, 2017-2023, majorly due to increasing implementations of various government initiatives for energy efficiency and large number manufacturers in this region. Countries such as China, Japan and India contributes largely to the overall growth of the market.
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Europe is expected to have a stable growth rate over the forecast period, majorly due to strict European Union regulations and increasing adoption of eco-friendly solution across various sectors.
However, North-America accounted for the largest market share. Countries such as U.S contributes largely to the overall growth of the market. The reason of this growth is attributed to increase in investment in the healthcare sector and increasing number of data centers.
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