according to a report by grand view research, inc., which was published on yahoo finance and other outlets, the global thermal management technologies market is expected to reach $20.14 billion (usd) by 2024. the report indicates that the growth will stem from the “miniaturization of electronic devices and components.”

from cpus to mobile technology, there is an increasing need for smaller components to squeeze into high density systems. these systems will require innovative and complex thermal management technologies, research, and solutions to ensure power and performance needs are met.

the report on yahoo finance said, “the key industry participants are extensively focusing on the development of optimized thermal management solutions that are cost-effective and are applicable across a range of end-use applications.”

the grand view research report also indicated regulations by the network equipment building systems (nebs) and the european telecommunications standards institute (etsi) will require manufacturers to meet “thermal management standards.”

software applications for thermal management, valued at more than $700 million (usd) in 2015, will continue to grow as will thermal management technologies in consumer electronics. the report stated that the electronic packaging trend will see a “significant rate [of growth] over the next eight years.”

the report continued, “north america accounted for close to 35 percent of the global market share in 2015 and is expected to remain one of the key revenue-generating regions over the forecast period. the steady escalation in the use of heat dissipation solutions in organizations is projected to impact the regional industry growth favorably.”

to read the full  “thermal management technologies market analysis by product (hardware, software, interface, substrates), by application (computers, consumer electronics, telecommunication, automotive electronics, renewable energy) and segment forecasts to 2024”  report by grand view research, visit  http://www.grandviewresearch.com/industry-analysis/thermal-management-technologies-industry.