LED Thermal Products Market Size, Share, Growth, and Industry Analysis By Type (Heat Sink, Ceramic PCB, Fansink, Thermal Clad Board, Thermally Conductive Pad and Others) By Application (Residential, Office, Industrial, Shop, Automotive and Others), Regional Forecast To 2032

Updated On: 08 July 2024

LED Thermal Products Market REPORT OVERVIEW

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The global led thermal products market was USD 2218.7 million in 2023 and is projected to touch USD 5964.49 million by 2032, exhibiting a CAGR of 11.6% during the forecast period.

LED thermal products are LED-based thermal dissipaters that eliminate excessive heat from electronics. It boosts performance and improves heat management in home appliances such as fridges, microwaves, washing machines, and others. It improves reliability and improves the product's shelf-life. Manufacturers utilize heat sinks in several types of equipment to boost product performance drastically. These factors are likely to boost its adoption.  

Increasing demand for high-quality and effective heat dissipation solutions is expected to bolster its demand from the electronics sector. It effectively maintains temperatures in refrigerators and enhances lifespan drastically. Evolving consumer preferences and rising demand for technologically advanced products are expected to bolster the heat management chip's demand. These factors are likely to propel the growth of the LED thermal products market. 

COVID-19 Impact: Semiconductor Chipset Shortage and Lockdown Restrictions to Impede Market Progress

The COVID-19 pandemic has adversely affected several markets worldwide. The sudden spike in COVID-19 cases has led to the imposition of stringent lockdown by governments. The restrictions imposed on manufacturing activities lead to the shortage of semiconductor chipsets. Stringent norms imposed on travel lead to the shortage of raw materials required to produce chipsets. The lack of supply is expected to hinder the product's sales and lower sales. The rising demand for heat dissipating chipsets is expected to lower product demand drastically. However, lockdown relaxations lead to the adoption of reduced capacities, part-time shifts, and production machinery. These factors are likely to fuel market progress during the pandemic. 

LATEST TRENDS

"Increasing Adoption in Home Appliances to Foster Market Growth"

LED thermal products are used extensively in several home appliances because of their increasing adoption. The rising demand for advanced home appliances with a great lifespan and features is expected to boost the product's demand. The incorporation of internet and artificial technologies in refrigerators, washing machines, and others is expected to boost the adoption of effective heat dissipation methods. It boosts the performance of the equipment and prevents damages caused by excessive heat. It maintains the level of heat during operations and improves the product's reliability. Home appliance manufacturers incorporate these heating pads in their products to provide uncompromised performance and provide consistent performance throughout. It is extremely durable and lightweight, which, in turn, reduces space consumption and boosts the product's performance. 

Thermal management systems are extensively used in the electric stove because of their ability to accurately disperse heat and reduce excessive heating. The rising popularity of advanced cooling systems among electronic manufacturers is responsible for its rising demand. These factors can influence the growth of the LED thermal products market during the upcoming years. 

LED Thermal Products Market Segmentation

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• By Type Analysis

By type, the market is segmented into Heat Sink, Ceramic PCB, Fansink, Thermal Clad Board, Thermally Conductive Pad and Others.

Thermal clad board is the leading segment because of its adoption in circuit boards. It is the most effective means of cooling and is situated close to the circuit board. It effectively eliminates heat and maintains ideal temperatures in all temperatures. It is used in several home appliances because of its size, low energy consumption, and cooling efficiency. These factors are likely to boost the LED thermal products' market progress. 

• By Application Analysis

Based on applications, the market is classified into the Residential, Office, Industrial, Shop, Automotive and Others.

The home appliance segment is expected to hold the largest market share because of the extensive adoption of refrigerators, washing machines, and other appliances. Evolving consumer lifestyles and increasing product sales are expected to foster market growth drastically. Further, the adoption of advanced cooling by manufacturers is expected to facilitate industry progress. 

DRIVING FACTORS

"Excellent Heat Management of Cooling Pad to Foster Market Growth"

Increasing developments in technology and the production of high-quality heat management services are expected to boost product demand. The incorporation of the heat management chipset eliminates excessive heat and optimizes performance. It eliminates throttle and boosts performance drastically. The rising adoption of better components and chipsets in home appliances is expected to boost thermal dissipator demand. The adoption of advanced features, motors, and engines lead to the creation of heat. Thermal dissipators eliminate excessive heat and help the machine run smoothly without hiccups. It effectively cools off the machine and maintains necessary temperatures in all environmental conditions. It is situated in the heat sink compartment and enables appliances to effectively dissipate heat and capture electricity. These factors are likely to bolster LED thermal products market development during the upcoming years. 

"Increasing Popularity Regarding the Effectiveness and Cooling Speeds of Liquid Cooling to Boost Market Growth"

Liquid cooling LED thermal products to utilize specialized liquid or regular water to cool off several areas across the circuit board. It utilizes rigid water pipes that are in close contact with the board and cools the board quickly. Its cooling speed and effectiveness against heat are expected to increase its demand from several manufacturers. The incorporation of advanced features leads to the creation of excessive heat, which, in turn, increases the adoption of the technology. It is used extensively in refrigerators because of its lesser space requirement and quick cooling technology. It is the most reliable and effective means of cooling home appliances and maintaining their quality. It is used extensively in gaming PCs and systems in studios and offices. Liquid cooling eliminates problems such as excessive power consumption because of its use of liquids instead of electricity. These factors are likely to drive the LED thermal products market growth. 

RESTRAINING FACTORS

"High Installation Costs and Lack of Awareness Regarding the Product's Effectiveness "

High installation costs associated with LED thermal products are expected to impede its sales from the small industries. The cheaper costs of standard heat dissipation attract small industries, which, in turn, hamper the product's sales. Further, the lack of awareness regarding the benefits associated with the cooling efficiency of the product is expected to hinder market progress. 

LED Thermal Products Market REGIONAL INSIGHTS

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"Increasing Home Appliances Sales to Foster Market Growth in Asia-Pacific"

Regionally, the market is clubbed into Europe, North America, Asia-Pacific, South America, and the Middle East & Africa.

Asia-Pacific is projected to dominate the LED thermal products market share because of the increasing demand for high-quality home appliances. Rising per-capita income and evolving lifestyles lead to the adoption of high-quality appliances. The emergence of several industries and increasing focus on the development of thermal heat dissipation chipsets is expected to boost the market growth. 

North America is the second-largest market shareholder because of the presence of developed technological infrastructure. Increasing electronic sales is expected to boost LED thermal products' adoption. Additionally, the presence of several semiconductor manufacturers is expected to bolster market growth. 

In Europe, rapid urbanization and the presence of several industrial sectors are expected to boost LED thermal products' demand. The evolving consumer preferences and increased adoption of high-quality and reliable home appliances are expected to propel market growth. 

KEY INDUSTRY PLAYERS

"Incorporation of Strategies for Increasing Product's Adoption to Help Companies Grow"

Prominent companies operating in the market invest heavily in research and development to provide consumers with excellent cooling solutions that solve the problem of heating and throttling. It enables companies to improve their product's effectiveness and durability against uneven environments. Further, companies incorporate advanced production techniques to improve their operational efficiency, reduce labor costs, and increase production quantity. This strategy enables companies to increase their annual revenues and complete their goals. Additionally, the study of the latest market trends enables companies to undertake profitable ventures and establish a remarkable market position. 

List of Market Players Profiled

• Sunonwealth
• Aavid Thermalloy
• Cree Inc.
• 3M
• ebm-papst Group
• Bergquist
• t-Global Technology
• Molex, LLC
• Dialight
• Wakefield-Vette
• Ohmite
• TE Connectivity
• Advanced Thermal Solutions Inc.
• LEDdynamics Inc.

REPORT COVERAGE

The report provides an analysis of the recent trends and top segments. It comprehensively discusses the impact of COVID-19 and the driving and restraining factors. It observes the strategies devised by the key players and the regional developments. It enables the readers to gain knowledge about the crucial strategies that foster market growth.