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Heat sinks are also known as heat exchangers. These are the mechanical devices that are used in electronic products and devices for heat exchange. Owing to the increasing transfer of data, computation process and exchange of information digitally, the market for heat sinks is increasing. This is because these heat sinks enable the devices to process the information faster. The increased dissipated power per unit area from the electrical components are fueling the growth of the market. Furthermore, with the current rate of miniaturization of electronic devices such as laptops, cellphones, smartwatches and other devices, the amount of heat generated is expected to strengthen the market size. The increased market of the heat sinks is also owed to the increasing requirement of high-performance electric components.
Heat sinks are broadly classified into two types that are active heat sinks and passive heat sinks. Active heat sinks assemblies operates with the help of powered devices such as, blowers or fans to remove the latent heat present at the source. Owed to this, active heat sinks are more efficient with small size and space requirement. On the other hand, passive heat sinks do not rely on any powered devices and the sinks are shaped in fin arrays exposed to the outside air. Besides, the type market is segmented based on the substance from which the sinks are made such as aluminium, copper, and others which includes composite materials, beryllium copper, etc. Out of these the aluminium heat sinks are widely used owing to its lightweight, ease of manufacturing and cost-effectiveness.
Key Market Driver -
• Increasing Demand for Thermal Management in Medical Equipment & Electronics • Rising miniaturization of electronic equipment
Key Market Restraint -
• Complexity of Components & Designs of the Cooling Systems
Moreover, the increasing global trade increased the spending power of the customers, and miniaturization of the devices is expected to enhance the demand of heat sinks. Also, amplified demand for goods and products of various industries such as automobiles, consumer electronics, medical equipment, etc. is expected to boost the growth of the market.
Key players in the market have a dominant presence in the thermal management market, thus having goodwill and brand name to capture the unidentified regional heat sinks market. Moreover, these players are expected to have significant expansion in their business owing to the robust business strategies such as targeting developing countries and economies for increased market share.
Some of the key competitors in the Heat Sinks market include Boyd Corporation, Shenzhen Lori Technology Co., Ltd, ABB, C&H Technology, Inc., Priatherm, Bluecore Heatsinks, PA International., AMETEK, Inc., Alpha Company Ltd., Wakefield-Vette & Advanced Thermal Solutions, Inc...
Asia Pacific is expected to hold the largest market share along with the highest growth rate in the coming years. This is owed to the continuous increase in the investments done by the companies in the region to increase the production capacity. Furthermore, Asia Pacific has the largest market of automobiles and electronics industry, which also stimulates the growth of the market. Moreover, this region is the hotspot for the majority of the key players to gather enhanced market share. This is owed to the increased manufacturing activities in the countries such as China, India, Japan, & Korea.
Similarly, Middle East & Africa and Latin America are expected to be the prominent regions for the growth of the heat sinks market. This is owed to the presence of capital intensive companies, along with the low cost of labour in the region. Moreover, in the past 5 years, the region has invested a lot in industrial development, in order to increase the trade and volume of import and export of consumer goods. Europe and North America, on the other hand, has shown steady growth with minimal changes in the market structure. Also, the companies in the market are shifting their manufacturing facilities to developing economies, thus this region is expected to exhibit minor volatility in the coming years.
The ongoing COVID-19 pandemic is expected to impact the market slightly for the year 2020 owing to the halt in manufacturing activities across the globe. Other than this, the market will further broaden with increased technological adoption in the manufacturing processes, such as automation, robotics, etc.
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