Thermal Market

Thermal Market (Product: Liquid Cooling Systems, Thermoelectric, Heat Sinks, Compressors, Heating Equipment, Cooling Equipment, Thermal Interface Materials (TIMs), and Heat Transfer Components; and End-use Industry: Aerospace & Defense, Automotive, Chemicals & Petrochemicals, Consumer Electronics, Energy & Utilities, Food & Beverages, Healthcare, Heavy Metals & Machine Manufacturing, IT & Telecommunications, Oil & Gas, Paper & Pulp, Semiconductors & Electronics, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027

Thermal Market – Development of Novel Thermoelectric Materials Widens Expanse

In thermoelectric energy generation environments, the advent of a newer thermoelectric material for thermal products is a breakthrough to capture residual energy. This energy is usually lost during the regular process of the conversion of waste heat into electricity. Based on common semiconductor telluride, the new material is environmentally-stable, and is expected to capture 15 to 20 percent of waste heat into electricity. This strengthens the correlation between thermoelectric materials and the thermoelectric effect. Based on the merits exhibited, the new material is gauged to have a 2.2 thermoelectric figure of merit (ZT), the highest among thermoelectric materials available so far. Meanwhile, under laws of thermoelectricity, the higher ZT of a material connotes higher efficiency for converting heat into electricity.

Such developments point at a positive outlook for the uptake of thermoelectric-based HVAC cooling systems in industrial and commercial environments. For instance, HVAC cooling systems based on the Seebeck effect that create voltage from temperature difference are increasingly being installed. Such moves are aimed to comply with governmental guidelines for energy-efficient processes and to reduce wastage of energy.

Exponential growth of the IT & telecommunications sector has indirectly led to a spurt in the demand for thermal products. HVAC cooling systems that use thermal products find wide use for cooling servers and computers. This serves to boost the thermal market, indirectly. Expansion of the food and beverage sector in developing economies such as India has indirectly led to a spurt in demand within the thermal market. Strong macro-economic indicators, reforms, and liberalized foreign direct investment have massively expanded the scope of individual operations for the production of food and beverages. Food production, packaging, shipping, and distribution are some energy-hungry operations in the food and beverage sector. Such operations heavily depend upon HVAC systems to maintain optimum indoor temperatures on shop floors.

thermal market infographic

While thermoelectric systems are mostly used in cooling devices, these systems find use in the heating devices of HVAC systems. This further expands the scope of demand for thermal products, translating into growth for the thermal market.

Finding applications in high economic value end-use industries, thermal products and the associated thermal market are poised for significant growth. This aroused interest of Transparency Market Research to release a market intelligence publication of the thermal market. Following extensive research and employing standard analytical tools, TMR forecasts the global thermal market to rise at a ~5% CAGR during the forecast period of 2019 to 2027.

Thermal Market – Notable Trends

Serving High-economic Value End-use Industries, Cooling Equipment to Remain at the Fore

Among the key product types, the liquid cooling system segment is poised to display significant growth in the thermal market over the forecast period. The growth of this segment mainly stems to serve the demand of the IT & telecommunication sector, which is booming with digitalization in almost every walk of life. Serving this, liquid cooling systems are predicted to register a leading CAGR among other products in the thermal market during the forecast period.

On the other hand, the cooling equipment product segment holds a leading share in the thermal market, which is predicted to continue over the forecast period. This is because of the vast demand for cooling equipment from several end-use industries of high economic significance, including oil & gas, food & beverages, and chemicals & petroleum.

IT & Telecommunications End-use Industry Displays Leading Demand

By end-use industry, the heavy metals and manufacturing industry holds a lion’s share in the thermal market, and is predicted to maintain its share over the forecast period.

Nonetheless, the IT & telecommunications sector is predicted to emerge as a significant end-use industry in the thermal market. Vast expansion of the IT sector to support mammoth volumes of data generated from commercial, industrial, and domestic sectors has led to a stir in the demand for core and support equipment. IT systems of large organizations with multiple servers require 24x7 uptime to serve employees working from multiple locations. This requires reliable cooling equipment to minimize the downtime of these IT systems. Cooling equipment plays a key role here, which, in turn, stimulates the growth of the thermal market.

In a moving vehicles, a large amount of heat is generated in the engine every time the spark plug ignites fuel in each cylinder to propel the vehicle. A cooling system plays a crucial role here to control these high temperatures so as to maintain a comfortable interior temperature for the passengers.

Thermal Market segmentation

Thermal Market – Winning Imperatives

Changing Scope of Automotive Manufacturing Assembly to Instill Demand for Thermal Products

Changing consumer expectations from automobiles has led to a sea of change in the processes in the entire automotive ecosystem. Autonomous vehicles, biometric access for vehicles, and parameters of increased safety have led to requirements of several other energy-driven equipment and processes. This includes an array of thermal products such as heat sinks and heating equipment for the two-way transfer of heat. Such assemblies are examples of the Seebeck-Peltier effect for the transfer of heat and potential difference, and vice-versa.

The ceaseless adoption of consumer electronics is also creating demand for thermal products and equipment. Vast technological innovations and advancements in the manufacture of consumer electronics have led to newer assembly and manufacturing environments for these products.

Emergence of Cutting-edge Digital Technologies Extends Growth Opportunities

The reshaping of the telecom sector over the past few years and adoption of cutting-edge technologies such as cloud computing and 5G technology have influenced the demand for thermal products to a great extent, in turn, fueling the growth of the market. The scope of development of new thermal technologies serves to provide lucrative opportunities for players in the thermal market. To leverage this, extensive R&D to develop equipment for various ambient temperatures is what savvy players are banking on for growth.

Thermal Market – Competitive Landscape

From a competitive standpoint, the thermal market features a fragmented vendor landscape, including established and emerging players. Nonetheless, leading players having a long presence in the market hold ~one-third share of the overall thermal market. Keen players vying to consolidate their position are focused on R&D. These companies are striving to develop next-generation thermal products to be compatible with the manufacturing assembly lines of advanced automobile companies.

The development of novel thermal products to cut energy costs is also the focus of keen players in the thermal market. For example, DCX The Liquid Cooling Company is focused on saving the energy consumption of industrial systems by almost 50%, and cutting the CAPEX and OPEX costs of running IT and telecom infrastructures.

Acquisitions and collaborations are also some growth strategies that players in the thermal market have resorted to. In a recent industry development, SPX Corporation – an Illinois-based company, completed the acquisition of Sabik Marine and Obstruction lighting business.

  • According  to Transparency Market Research’s latest market report on the global thermal market for the historical year 2017 and the forecast period of 2019–2027, the rising demand for thermal products in the IT & telecommunications sector, and technological advancements in thermal products employed in various end-use industries, are expected to drive the global thermal market during the forecast period.
  • In terms of revenue, the global thermal market is estimated to reach a value of ~US$ 137 Bn by the end of 2019, expanding at a CAGR of ~5% throughout the forecast period. In terms of volume, the global market is estimated to reach ~545,000 thousand units by the end of 2019.

Increasing Use of Thermal Products in Food and Beverages a Key Market Driver

  • Food & beverages is one of the rapidly expanding industries. Strong macro-economic indicators, liberalized foreign direct investments (FDIs), and economic reforms have given rise to the development of the production, processing, marketing, and distribution of food and beverages.
  • The food & beverage industry requires appropriate heating and cooling devices for storage purposes. For this, the industry makes use of portable food containers, small refrigerators, beer cabinets, and chilled water dispensers.
  • Thus, food & beverages is expected to be a highly lucrative end-use industry segment of the global thermal market during the forecast period.

Development of Energy-efficient Systems Latest Trend Being Adopted by Key Market Players

  • Space heating and cooling requirements account for a significant portion of household energy bills, and this is a major deterrent for the end users of HVAC systems.
  • However, with governments enforcing stringent energy regulations and manufacturers developing more efficient systems, more number of consumers are expected to install HVAC systems in the near future.
  • Also, the introduction of energy-efficient air conditioning systems would help in reducing electricity bills and lower carbon emissions also.
    • Toshiba has developed a new air-conditioner under its super heat recovery ‘VRF’ category, which has a SEER rating of 8. Hitachi has also launched a new addition to its FSXN product series, which is the high-efficiency set-free FSXNH. The product has a higher energy efficiency ratio than its predecessors.

Sluggish Growth of Markets in Europe and North America a Major Challenge

  • Industrial expansions have considerably slowed down in several developed countries of Europe and North America.
  • Since several thermal products and equipment are largely used in industries, the thermal markets in these regions are expected to witness sluggish growth during the forecast period.

Global Thermal Market: Competition Landscape

  • Detailed profiles of the manufacturers of thermal products have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies.
  • Key players operating in the global thermal market are
    • Advanced Cooling Technologies
    • AHI Carrier
    • AranerLytron
    • Asetek
    • ASSMANN WSW Components GmbH
    • Bluestar Limited
    • CTS Corporation
    • DCX Sp. z.o.o.
    • DK Thermal Metal Circuit Technology
    • Ferrotec Corporation
    • Henkel AG & Co. KGaA
    • II-VI Incorporated
    • International Thermal Systems
    • JULABO GmbH
    • Keith Company
    • Kelk, Komatsu Ltd.
    • Laird Thermal
    • Lytron
    • Opticool Technologies
    • Polyscience
    • Radian Thermal Products
    • SMC Corporation
    • Subros Limited
    • Thermal Care, Inc.
    • Thermal Engineering Systems
    • Thermo Fisher Scientific
    • Weil-McLain.

Global Thermal Market: Key Developments

Manufacturers operating in the global thermal market, such as Blue Star Limited, Advanced Cooling Technologies, Inc., and ASSMANN WSW Components GmbH, are strengthening their market position by improving product quality and expanding their businesses. Certain key developments in the global thermal market are as follows:

  • In April 2018, Blue Star Limited announced that it would be starting the commercial production at its plant at Sri City, Andhra Pradesh (India), by the end of 2021. In June 2019, the company announced that it had received a contract from Mumbai Metro Rail Corporation Ltd. (MMRCL) for the supply of tunnel ventilation systems and environment control systems.
  • Advanced Cooling Technologies, Inc. consistently invests in research & development to develop new thermal control technologies. Currently, it is amongst the very few U.S.-based companies that manufactures heat pipes and related products for cryogenic, high-temperature, and space applications. Over the last few years, the company has filed more than 5 patents for products such as pumped two-phase air-to-air heat exchangers, constant conductance heat pipe assemblies for high heat flux, and hybrid heat pipes. The company further strategizes on investing in R&D activities for the innovation of new products.
  • In August 2017, ASSMANN WSW Components GmbH extended its product portfolio of finger-, attachable-, and small heat sinks by adding standard parts. These parts are used for the cooling of semiconductor components with low power heat losses in TO-247 and TO-220 packages.

The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global thermal market.

Thermal Market – Segmentation

Product

Liquid Cooling Systems

Thermoelectric

Heat Sinks

Compressors

Heating Equipment

Cooling Equipment

Thermal Interface Materials

Heat Transfer Components

End-use Industry

Aerospace & Defense

Automotive

Chemical & Petrochemical

Consumer Electronics

Energy & Utility

Food & Beverages

Healthcare

Heavy Metals & Machine Manufacturing

IT & Telecommunications

Oil & Gas

Paper & Pulp

Semiconductor & Electronics

Region

North America

Europe

Asia Pacific

Middle East & Africa

South America

    1. Preface
        1.1. Market Definition and Scope
        1.2. Market Segmentation
        1.3. Key Research Objectives
        1.4. Research Highlights
    2. Assumptions and Research Methodology
    3. Executive Summary: Global Thermal Market
    4. Market Overview

        4.1. Introduction
        4.2. Market Dynamics
            4.2.1. Drivers
            4.2.2. Restraints
            4.2.3. Opportunities
        4.3. Key Trends Analysis
        4.4. Global Thermal Market Analysis and Forecast, 2017–2027
            4.4.1. Market Revenue Projection (US$ Mn)
            4.4.2. Market Volume Projection (Million Units)
        4.5. Porter’s Five Forces Analysis - Global Thermal Market
        4.6. Market Outlook
    5. Thermal Market Analysis and Forecast, By Product
        5.1. Overview & Definitions 
        5.2. Global Thermal Market Size (US$ Mn and Million Units) Forecast, by Product, 2017–2027
            5.2.1. Liquid Cooling Systems
                5.2.1.1. Liquid Heat Exchanger Systems
                5.2.1.2. Compressor-based Systems (Recirculating Chillers)
            5.2.2. Thermoelectric
            5.2.3. Heat Sinks
            5.2.4. Compressors
            5.2.5. Heating Equipment
                5.2.5.1. Furnaces
                5.2.5.2. Heaters
                5.2.5.3. Boilers
            5.2.6. Cooling Equipment 
                5.2.6.1. VRF
                5.2.6.2. Ducted Split/Packaged Units
                5.2.6.3. Split Units
                5.2.6.4. Others
            5.2.7. Thermal Interface Materials (TIMs)
            5.2.8. Heat Transfer Component
                5.2.8.1. Heat Pumps
                5.2.8.2. Fans
                5.2.8.3. Heat Pipes & Plates
        5.3. Product Comparison Matrix
        5.4. Global Thermal Market Attractiveness, by Product
    6. Global Thermal Market Analysis and Forecast, by End-use Industry
        6.1. Overview & Definitions 
        6.2. Global Thermal Market Revenue (US$ Mn) Forecast, by End-use Industry, 2017–2027
            6.2.1. Aerospace & Defense
            6.2.2. Automotive
            6.2.3. Chemicals & Petrochemicals
            6.2.4. Consumer Electronics
            6.2.5. Energy & Utilities
            6.2.6. Food & Beverages
            6.2.7. Healthcare
            6.2.8. Heavy Metals & Machine Manufacturing
            6.2.9. IT & Telecommunications
            6.2.10. Oil & Gas
            6.2.11. Paper & Pulp
            6.2.12. Semiconductors & Electronics
            6.2.13. Others
        6.3. End-use Industry Comparison Matrix
        6.4. Global Thermal Market Attractiveness, by End-use Industry
    7. Global Thermal Market Analysis and Forecast, by Region
        7.1. Key Findings
        7.2. Global Thermal Market Size (US$ Mn and Million Units) Forecast, by Region, 2017–2027
            7.2.1. North America
            7.2.2. Europe
            7.2.3. Asia Pacific
            7.2.4. Middle East & Africa
            7.2.5. South America
        7.3. Global Thermal Market Attractiveness, by Region
    8. North America Thermal Market Analysis and Forecast 
        8.1. Key Findings
        8.2. North America Thermal Market Size (US$ Mn and Million Units) Forecast, by Product, 2017–2027
            8.2.1. Liquid Cooling Systems
                8.2.1.1. Liquid Heat Exchanger Systems
                8.2.1.2. Compressors-based Systems (Recirculating Chillers)
            8.2.2. Thermoelectric
            8.2.3. Heat Sinks
            8.2.4. Compressors
            8.2.5. Heating Equipment
                8.2.5.1. Furnaces
                8.2.5.2. Heaters
                8.2.5.3. Boilers
            8.2.6. Cooling Equipment 
                8.2.6.1. VRF
                8.2.6.2. Ducted Split/Packaged Units
                8.2.6.3. Split Units
                8.2.6.4. Others
            8.2.7. Thermal Interface Materials (TIMs)
            8.2.8. Heat Transfer Component
                8.2.8.1. Heat Pumps
                8.2.8.2. Fans
                8.2.8.3. Heat Pipes & Plates
        8.3. North America Thermal Market Revenue (US$ Mn) Forecast, by End-use Industry, 2017–2027
            8.3.1. Aerospace & Defense
            8.3.2. Automotive
            8.3.3. Chemicals & Petrochemicals
            8.3.4. Consumer Electronics
            8.3.5. Energy & Utilities
            8.3.6. Food & Beverages
            8.3.7. Healthcare
            8.3.8. Heavy Metals & Machine Manufacturing
            8.3.9. IT & Telecommunications
            8.3.10. Oil & Gas
            8.3.11. Paper & Pulp
            8.3.12. Semiconductors & Electronics
            8.3.13. Others
        8.4. North America Thermal Market Size (US$ Mn and Million Units) Forecast, by Country, 2017–2027
            8.4.1. U.S.
            8.4.2. Canada
            8.4.3. Rest of North America
        8.5. North America Thermal Market Attractiveness Analysis 
            8.5.1. By Product
            8.5.2. By End-use Industry
            8.5.3. By Country/Sub-region
    9. Europe Thermal Market Analysis and Forecast 
        9.1. Key Findings
        9.2. Europe Thermal Market Size (US$ Mn and Million Units) Forecast, by Product, 2017–2027
            9.2.1. Liquid Cooling Systems
                9.2.1.1. Liquid Heat Exchanger Systems
                9.2.1.2. Compressors-based Systems (Recirculating Chillers)
            9.2.2. Thermoelectric
            9.2.3. Heat Sinks
            9.2.4. Compressors
            9.2.5. Heating Equipment
                9.2.5.1. Furnaces
                9.2.5.2. Heaters
                9.2.5.3. Boilers
            9.2.6. Cooling Equipment 
                9.2.6.1. VRF
                9.2.6.2. Ducted Split/Packaged Units
                9.2.6.3. Split Units
                9.2.6.4. Others
            9.2.7. Thermal Interface Materials (TIMs)
            9.2.8. Heat Transfer Component
                9.2.8.1. Heat Pumps
                9.2.8.2. Fans
                9.2.8.3. Heat Pipes & Plates
        9.3. Europe Thermal Market Revenue (US$ Mn) Forecast, by End-use Industry, 2017–2027
            9.3.1. Aerospace & Defense
            9.3.2. Automotive
            9.3.3. Chemicals & Petrochemicals
            9.3.4. Consumer Electronics
            9.3.5. Energy & Utilities
            9.3.6. Food & Beverages
            9.3.7. Healthcare
            9.3.8. Heavy Metals & Machine Manufacturing
            9.3.9. IT & Telecommunications
            9.3.10. Oil & Gas
            9.3.11. Paper & Pulp
            9.3.12. Semiconductors & Electronics
            9.3.13. Others
        9.4. Europe Thermal Market Size (US$ Mn and Million Units) Forecast, by Country, 2017–2027
            9.4.1. Germany
            9.4.2. U.K.
            9.4.3. France
            9.4.4. Rest of Europe
        9.5. Europe Thermal Market Attractiveness Analysis 
            9.5.1. By Product
            9.5.2. By End-use Industry
            9.5.3. By Country/Sub-region
    10. Asia Pacific Thermal Market Analysis and Forecast 
        10.1. Key Findings
        10.2. Asia Pacific Thermal Market Size (US$ Mn and Million Units) Forecast, by Product, 2017–2027
            10.2.1. Liquid Cooling Systems
                10.2.1.1. Liquid Heat Exchanger Systems
                10.2.1.2. Compressors-based Systems (Recirculating Chillers)
            10.2.2. Thermoelectric
            10.2.3. Heat Sinks
            10.2.4. Compressors
            10.2.5. Heating Equipment
                10.2.5.1. Furnaces
                10.2.5.2. Heaters
                10.2.5.3. Boilers
            10.2.6. Cooling Equipment 
                10.2.6.1. VRF
                10.2.6.2. Ducted Split/Packaged Units
                10.2.6.3. Split Units
                10.2.6.4. Others
            10.2.7. Thermal Interface Materials (TIMs)
            10.2.8. Heat Transfer Component
                10.2.8.1. Heat Pumps
                10.2.8.2. Fans
                10.2.8.3. Heat Pipes & Plates
        10.3. Asia Pacific Thermal Market Revenue (US$ Mn) Forecast, by End-use Industry, 2017–2027
            10.3.1. Aerospace & Defense
            10.3.2. Automotive
            10.3.3. Chemicals & Petrochemicals
            10.3.4. Consumer Electronics
            10.3.5. Energy & Utilities
            10.3.6. Food & Beverages
            10.3.7. Healthcare
            10.3.8. Heavy Metals & Machine Manufacturing
            10.3.9. IT & Telecommunications
            10.3.10. Oil & Gas
            10.3.11. Paper & Pulp
            10.3.12. Semiconductors & Electronics
            10.3.13. Others
        10.4. Asia Pacific Thermal Market Size (US$ Mn and Million Units) Forecast, by Country, 2017–2027
            10.4.1. China
            10.4.2. India
            10.4.3. Japan
            10.4.4. Australia
            10.4.5. Rest of Asia Pacific
        10.5. Asia Pacific Thermal Market Attractiveness Analysis 
            10.5.1. By Product
            10.5.2. By End-use Industry
            10.5.3. By Country/Sub-region
    11. Middle East & Africa Thermal Market Analysis and Forecast 
        11.1. Key Findings
        11.2. Middle East & Africa Thermal Market Size (US$ Mn and Million Units) Forecast, by Product, 2017–2027
            11.2.1. Liquid Cooling Systems
                11.2.1.1. Liquid Heat Exchanger Systems
                11.2.1.2. Compressors-based Systems (Recirculating Chillers)
            11.2.2. Thermoelectric
            11.2.3. Heat Sinks
            11.2.4. Compressors
            11.2.5. Heating Equipment
                11.2.5.1. Furnaces
                11.2.5.2. Heaters
                11.2.5.3. Boilers
            11.2.6. Cooling Equipment 
                11.2.6.1. VRF
                11.2.6.2. Ducted Split/Packaged Units
                11.2.6.3. Split Units
                11.2.6.4. Others
            11.2.7. Thermal Interface Materials (TIMs)
            11.2.8. Heat Transfer Component
                11.2.8.1. Heat Pumps
                11.2.8.2. Fans
                11.2.8.3. Heat Pipes & Plates
        11.3. Middle East & Africa Thermal Market Revenue (US$ Mn) Forecast, by End-use Industry, 2017–2027
            11.3.1. Aerospace & Defense
            11.3.2. Automotive
            11.3.3. Chemicals & Petrochemicals
            11.3.4. Consumer Electronics
            11.3.5. Energy & Utilities
            11.3.6. Food & Beverages
            11.3.7. Healthcare
            11.3.8. Heavy Metals & Machine Manufacturing
            11.3.9. IT & Telecommunications
            11.3.10. Oil & Gas
            11.3.11. Paper & Pulp
            11.3.12. Semiconductors & Electronics
            11.3.13. Others
        11.4. Middle East & Africa Thermal Market Size (US$ Mn and Million Units) Forecast, by Country, 2017–2027
            11.4.1. GCC 
            11.4.2. South Africa
            11.4.3. Rest of Middle East & Africa
        11.5. Middle East & Africa Thermal Market Attractiveness Analysis 
            11.5.1. By Product
            11.5.2. By End-use Industry
            11.5.3. By Country/Sub-region
    12. South America Thermal Market Analysis and Forecast 
        12.1. Key Findings
        12.2. South America Thermal Market Size (US$ Mn and Million Units) Forecast, by Product, 2017–2027
            12.2.1. Liquid Cooling Systems
                12.2.1.1. Liquid Heat Exchanger Systems
                12.2.1.2. Compressors-based Systems (Recirculating Chillers)
            12.2.2. Thermoelectric
            12.2.3. Heat Sinks
            12.2.4. Compressors
            12.2.5. Heating Equipment
                12.2.5.1. Furnaces
                12.2.5.2. Heaters
                12.2.5.3. Boilers
            12.2.6. Cooling Equipment 
                12.2.6.1. VRF
                12.2.6.2. Ducted Split/Packaged Units
                12.2.6.3. Split Units
                12.2.6.4. Others
            12.2.7. Thermal Interface Materials (TIMs)
            12.2.8. Heat Transfer Component
                12.2.8.1. Heat Pumps
                12.2.8.2. Fans
                12.2.8.3. Heat Pipes & Plates
        12.3. South America Thermal Market Revenue (US$ Mn) Forecast, by End-use Industry, 2017–2027
            12.3.1. Aerospace & Defense
            12.3.2. Automotive
            12.3.3. Chemicals & Petrochemicals
            12.3.4. Consumer Electronics
            12.3.5. Energy & Utilities
            12.3.6. Food & Beverages
            12.3.7. Healthcare
            12.3.8. Heavy Metals & Machine Manufacturing
            12.3.9. IT & Telecommunications
            12.3.10. Oil & Gas
            12.3.11. Paper & Pulp
            12.3.12. Semiconductors & Electronics
            12.3.13. Others
        12.4. South America Thermal Market Size (US$ Mn and Million Units) Forecast, by Country, 2017–2027
            12.4.1. Brazil
            12.4.2. Rest of South America
        12.5. South America Thermal Market Attractiveness Analysis 
            12.5.1. By Product
            12.5.2. By End-use Industry
            12.5.3. By Country/Sub-region
    13. Competition Landscape
        13.1. Global Thermal Market Share Analysis, by Company (2018)
        13.2. Company Profiles (Details – Basic Overview, Recent Developments, Geographical Presence, Revenue, SWOT Analysis, and Strategy)
            13.2.1. Advanced Cooling Technologies
                13.2.1.1. Basic Overview
                13.2.1.2. Recent Developments
                13.2.1.3. Geographical Presence
                13.2.1.4. Revenue 
                13.2.1.5. SWOT Analysis
                13.2.1.6. Strategy
            13.2.2. AHI Carrier
                13.2.2.1. Basic Overview
                13.2.2.2. Recent Developments
                13.2.2.3. Geographical Presence
                13.2.2.4. Revenue 
                13.2.2.5. SWOT Analysis
                13.2.2.6. Strategy
            13.2.3. AranerLytron
                13.2.3.1. Basic Overview
                13.2.3.2. Recent Developments
                13.2.3.3. Geographical Presence
                13.2.3.4. Revenue 
                13.2.3.5. SWOT Analysis
                13.2.3.6. Strategy
            13.2.4. Asetek
                13.2.4.1. Basic Overview
                13.2.4.2. Recent Developments
                13.2.4.3. Geographical Presence
                13.2.4.4. Revenue 
                13.2.4.5. SWOT Analysis
                13.2.4.6. Strategy
            13.2.5. ASSMANN WSW Components GmbH
                13.2.5.1. Basic Overview
                13.2.5.2. Recent Developments
                13.2.5.3. Geographical Presence
                13.2.5.4. Revenue 
                13.2.5.5. SWOT Analysis
                13.2.5.6. Strategy
            13.2.6. Bluestar Limited
                13.2.6.1. Basic Overview
                13.2.6.2. Recent Developments
                13.2.6.3. Geographical Presence
                13.2.6.4. Revenue 
                13.2.6.5. SWOT Analysis
                13.2.6.6. Strategy
            13.2.7. CTS CORPORATION
                13.2.7.1. Basic Overview
                13.2.7.2. Recent Developments
                13.2.7.3. Geographical Presence
                13.2.7.4. Revenue 
                13.2.7.5. SWOT Analysis
                13.2.7.6. Strategy
            13.2.8. DCX Sp. z.o.o.
                13.2.8.1. Basic Overview
                13.2.8.2. Recent Developments
                13.2.8.3. Geographical Presence
                13.2.8.4. Revenue 
                13.2.8.5. SWOT Analysis
                13.2.8.6. Strategy
            13.2.9. DK THERMAL METAL CIRCUIT TECHNOLOGY
                13.2.9.1. Basic Overview
                13.2.9.2. Recent Developments
                13.2.9.3. Geographical Presence
                13.2.9.4. Revenue 
                13.2.9.5. SWOT Analysis
                13.2.9.6. Strategy
            13.2.10. Ferrotec Corporation
                13.2.10.1. Basic Overview
                13.2.10.2. Recent Developments
                13.2.10.3. Geographical Presence
                13.2.10.4. Revenue 
                13.2.10.5. SWOT Analysis
                13.2.10.6. Strategy
            13.2.11. Henkel AG & Co. KGaA
                13.2.11.1. Basic Overview
                13.2.11.2. Recent Developments
                13.2.11.3. Geographical Presence
                13.2.11.4. Revenue 
                13.2.11.5. SWOT Analysis
                13.2.11.6. Strategy
            13.2.12. II-VI Incorporated
                13.2.12.1. Basic Overview
                13.2.12.2. Recent Developments
                13.2.12.3. Geographical Presence
                13.2.12.4. Revenue 
                13.2.12.5. SWOT Analysis
                13.2.12.6. Strategy
            13.2.13. International Thermal Systems
                13.2.13.1. Basic Overview
                13.2.13.2. Recent Developments
                13.2.13.3. Geographical Presence
                13.2.13.4. Revenue 
                13.2.13.5. SWOT Analysis
                13.2.13.6. Strategy
            13.2.14. JULABO GmbH
                13.2.14.1. Basic Overview
                13.2.14.2. Recent Developments
                13.2.14.3. Geographical Presence
                13.2.14.4. Revenue 
                13.2.14.5. SWOT Analysis
                13.2.14.6. Strategy
            13.2.15. Keith Company
                13.2.15.1. Basic Overview
                13.2.15.2. Recent Developments
                13.2.15.3. Geographical Presence
                13.2.15.4. Revenue 
                13.2.15.5. SWOT Analysis
                13.2.15.6. Strategy
            13.2.16. Kelk
                13.2.16.1. Basic Overview
                13.2.16.2. Recent Developments
                13.2.16.3. Geographical Presence
                13.2.16.4. Revenue 
                13.2.16.5. SWOT Analysis
                13.2.16.6. Strategy
            13.2.17. Komatsu Ltd.
                13.2.17.1. Basic Overview
                13.2.17.2. Recent Developments
                13.2.17.3. Geographical Presence
                13.2.17.4. Revenue 
                13.2.17.5. SWOT Analysis
                13.2.17.6. Strategy
            13.2.18. Laird Thermal
                13.2.18.1. Basic Overview
                13.2.18.2. Recent Developments
                13.2.18.3. Geographical Presence
                13.2.18.4. Revenue 
                13.2.18.5. SWOT Analysis
                13.2.18.6. Strategy
            13.2.19. Lytron
                13.2.19.1. Basic Overview
                13.2.19.2. Recent Developments
                13.2.19.3. Geographical Presence
                13.2.19.4. Revenue 
                13.2.19.5. SWOT Analysis
                13.2.19.6. Strategy
            13.2.20. Opticool Technologies
                13.2.20.1. Basic Overview
                13.2.20.2. Recent Developments
                13.2.20.3. Geographical Presence
                13.2.20.4. Revenue 
                13.2.20.5. SWOT Analysis
                13.2.20.6. Strategy
            13.2.21. Polyscience
                13.2.21.1. Basic Overview
                13.2.21.2. Recent Developments
                13.2.21.3. Geographical Presence
                13.2.21.4. Revenue 
                13.2.21.5. SWOT Analysis
                13.2.21.6. Strategy
            13.2.22. Radian Thermal Products
                13.2.22.1. Basic Overview
                13.2.22.2. Recent Developments
                13.2.22.3. Geographical Presence
                13.2.22.4. Revenue 
                13.2.22.5. SWOT Analysis
                13.2.22.6. Strategy
            13.2.23. SMC Corporation
                13.2.23.1. Basic Overview
                13.2.23.2. Recent Developments
                13.2.23.3. Geographical Presence
                13.2.23.4. Revenue 
                13.2.23.5. SWOT Analysis
                13.2.23.6. Strategy
            13.2.24. Subros Limited
                13.2.24.1. Basic Overview
                13.2.24.2. Recent Developments
                13.2.24.3. Geographical Presence
                13.2.24.4. Revenue 
                13.2.24.5. SWOT Analysis
                13.2.24.6. Strategy
            13.2.25. Thermal Care, Inc.
                13.2.25.1. Basic Overview
                13.2.25.2. Recent Developments
                13.2.25.3. Geographical Presence
                13.2.25.4. Revenue 
                13.2.25.5. SWOT Analysis
                13.2.25.6. Strategy
            13.2.26. THERMAL ENGINEERING SYSTEMS
                13.2.26.1. Basic Overview
                13.2.26.2. Recent Developments
                13.2.26.3. Geographical Presence
                13.2.26.4. Revenue 
                13.2.26.5. SWOT Analysis
                13.2.26.6. Strategy
            13.2.27. Thermo Fisher Scientific
                13.2.27.1. Basic Overview
                13.2.27.2. Recent Developments
                13.2.27.3. Geographical Presence
                13.2.27.4. Revenue 
                13.2.27.5. SWOT Analysis
                13.2.27.6. Strategy
            13.2.28. Weil-McLain
                13.2.28.1. Basic Overview
                13.2.28.2. Recent Developments
                13.2.28.3. Geographical Presence
                13.2.28.4. Revenue 
                13.2.28.5. SWOT Analysis
                13.2.28.6. Strategy
    14. Key Takeaway0073

    List of Tables

    Table 01: Global Thermal Market Revenue (US$ Mn) Forecast, by Product, 2017–2027
    Table 02: Global Thermal Market Volume (Thousand Units) Forecast, by Product, 2017–2027
    Table 03: Global Thermal Market Revenue (US$ Mn) Forecast, by Product, by Liquid Cooling Systems, 2017–2027
    Table 04: Global Thermal Market Volume (Thousand Units) Forecast, by Product, by Liquid Cooling Systems, 2017–2027
    Table 05: Global Thermal Market Revenue (US$ Mn) Forecast, by Product, by Heating Equipment, 2017–2027
    Table 06: Global Thermal Market Volume (Thousand units) Forecast, by Product, by Heating Equipment, 2017–2027
    Table 07: Global Thermal Market Revenue (US$ Mn) Forecast, by Product, by Cooling Equipment, 2017–2027
    Table 08: Global Thermal Market Size (Thousand Units) Forecast, by Product, by Cooling Equipment, 2017–2027
    Table 09: Global Thermal Market Revenue (US$ Mn) Forecast, by Product, by Heat Transfer Component, 2017–2027
    Table 10: Global Thermal Market Volume (Thousand Units) Forecast, by Product, by Heat Transfer Component, 2017–2027
    Table 11: Global Thermal Market Revenue (US$ Mn) Forecast, by End-use Industry, 2017–2027
    Table 12: Global Thermal  Market Revenue Forecast, by Region, 2017–2027 (US$ Mn)
    Table 13: Global Thermal  Market Volume Forecast, by Region, 2017–2027 (Thousand Units)
    Table 14: North America Thermal Market Revenue Forecast, by Product, 2017–2027 (US$ Mn)
    Table 15: North America Thermal Market Volume Forecast, by Product, 2017–2027 (Thousand Units)
    Table 16: North America Thermal Market Size Forecast, by Product, by Liquid Cooling Systems, 2017–2027 (US$ Mn) 
    Table 17: North America Thermal Market Volume Forecast, by Product, by Liquid Cooling Systems, 2017–2027 (Thousand Units)
    Table 18: North America Thermal Market Size Forecast, by Product, by Heating Equipment, 2017–2027 (US$ Mn) 
    Table 19: North America Thermal Market Volume Forecast, by Product, by Heating Equipment, 2017–2027 (Thousand Units)
    Table 20: North America Thermal Market Size Forecast, by Product, by Cooling Equipment, 2017–2027 (US$ Mn) 
    Table 21: North America Thermal Market Volume Forecast, by Product, by Cooling Equipment, 2017–2027 (Thousand Units)
    Table 22: North America Thermal Market Size Forecast, by Product, by Heat Transfer Component, 2017–2027 (US$ Mn) 
    Table 23: North America Thermal Market Volume Forecast, by Product, by Heat Transfer Component, 2017–2027 (Thousand Units)
    Table 24: North America Thermal Market Revenue Forecast, by End-use Industry, 2017–2027 (US$ Mn)
    Table 25: North America Thermal  Market Revenue Forecast, by Country/Sub-region, 2017–2027 (US$ Mn)
    Table 26: North America Thermal  Market Volume Forecast, by Country/Sub-region, 2017–2027 (Thousand Units)
    Table 27: Europe Thermal Market Revenue Forecast, by Product, 2017–2027 (US$ Mn)
    Table 28: Europe Thermal Market Volume Forecast, by Product, 2017–2027 (Thousand Units)
    Table 29: Europe Thermal Market Size Forecast, by Product, by Liquid Cooling Systems, 2017–2027 (US$ Mn) 
    Table 30: Europe Thermal Market Volume Forecast, by Product, by Liquid Cooling Systems, 2017–2027 (Thousand Units)
    Table 31: Europe Thermal Market Size Forecast, by Product, by Heating Equipment, 2017–2027 (US$ Mn) 
    Table 32: Europe Thermal Market Volume Forecast, by Product, by Heating Equipment, 2017–2027 (Thousand Units)
    Table 33: Europe Thermal Market Size Forecast, by Product, by Cooling Equipment, 2017–2027 (US$ Mn) 
    Table 34: Europe Thermal Market Volume Forecast, by Product, by Cooling Equipment, 2017–2027 (Thousand Units)
    Table 35: Europe Thermal Market Size Forecast, by Product, by Heat Transfer Component, 2017–2027 (US$ Mn) 
    Table 36: Europe Thermal Market Volume Forecast, by Product, by Heat Transfer Component, 2017–2027 (Thousand Units)
    Table 37: Europe Thermal Market Revenue Forecast, by End-use Industry, 2017–2027 (US$ Mn)
    Table 38: Europe Thermal  Market Revenue Forecast, by Country/Sub-region, 2017–2027 (US$ Mn)
    Table 39: Europe Thermal  Market Volume Forecast, by Country/Sub-region, 2017–2027 (Thousand Units)
    Table 40: Asia Pacific Thermal Market Revenue Forecast, by Product, 2017–2027 (US$ Mn)
    Table 41: Asia Pacific Thermal Market Volume Forecast, by Product, 2017–2027 (Thousand Units)
    Table 42: Asia Pacific Thermal Market Size Forecast, by Product, by Liquid Cooling Systems, 2017–2027 (US$ Mn) 
    Table 43: Asia Pacific Thermal Market Volume Forecast, by Product, by Liquid Cooling Systems, 2017–2027 (Thousand Units)
    Table 44: Asia Pacific Thermal Market Size Forecast, by Product, by Heating Equipment, 2017–2027 (US$ Mn) 
    Table 45: Asia Pacific Thermal Market Volume Forecast, by Product, by Heating Equipment, 2017–2027 (Thousand Units)
    Table 46: Asia Pacific Thermal Market Size Forecast, by Product, by Cooling Equipment, 2017–2027 (US$ Mn) 
    Table 47: Asia Pacific Thermal Market Volume Forecast, by Product, by Cooling Equipment, 2017–2027 (Thousand Units)
    Table 48: Asia Pacific Thermal Market Size Forecast, by Product, by Heat Transfer Component, 2017–2027 (US$ Mn) 
    Table 49: Asia Pacific Thermal Market Volume Forecast, by Product, by Heat Transfer Component, 2017–2027 (Thousand Units)
    Table 50: Asia Pacific Thermal Market Revenue Forecast, by End-use Industry, 2017–2027 (US$ Mn)
    Table 51: Asia Pacific Thermal  Market Revenue Forecast, by Country/Sub-region, 2017–2027 (US$ Mn)
    Table 52: Asia Pacific Thermal  Market Volume Forecast, by Country/Sub-region, 2017–2027 (Thousand Units)
    Table 53: Middle East & Africa Thermal Market Revenue Forecast, by Product, 2017–2027 (US$ Mn)
    Table 54: Middle East & Africa Thermal Market Volume Forecast, by Product, 2017–2027 (Thousand Units)
    Table 55: Middle East & Africa Thermal Market Size Forecast, by Product, by Liquid Cooling Systems, 2017–2027 (US$ Mn) 
    Table 56: Middle East & Africa Thermal Market Volume Forecast, by Product, by Liquid Cooling Systems, 2017–2027 (Thousand Units)
    Table 57: Middle East & Africa Thermal Market Size Forecast, by Product, by Heating Equipment, 2017–2027 (US$ Mn) 
    Table 58: Middle East & Africa Thermal Market Volume Forecast, by Product, by Heating Equipment, 2017–2027 (Thousand Units)
    Table 59: Middle East & Africa Thermal Market Size Forecast, by Product, by Cooling Equipment, 2017–2027 (US$ Mn) 
    Table 60: Middle East & Africa Thermal Market Volume Forecast, by Product, by Cooling Equipment, 2017–2027 (Thousand Units)
    Table 61: Middle East & Africa Thermal Market Size Forecast, by Product, by Heat Transfer Component, 2017–2027 (US$ Mn) 
    Table 62: Middle East & Africa Thermal Market Volume Forecast, by Product, by Heat Transfer Component, 2017–2027 (Thousand Units)
    Table 63: Middle East & Africa Thermal Market Revenue Forecast, by End-use Industry, 2017–2027 (US$ Mn)
    Table 64: Middle East & Africa Thermal  Market Revenue Forecast, by Country/Sub-region, 2017–2027 (US$ Mn)
    Table 65: Middle East & Africa Thermal  Market Volume Forecast, by Country/Sub-region, 2017–2027 (Thousand Units)
    Table 66: South America Thermal Market Revenue Forecast, by Product, 2017–2027 (US$ Mn)
    Table 67: South America Thermal Market Volume Forecast, by Product, 2017–2027 (Thousand Units)
    Table 68: South America Thermal Market Size Forecast, by Product, by Liquid Cooling Systems, 2017–2027 (US$ Mn) 
    Table 69: South America Thermal Market Volume Forecast, by Product, by Liquid Cooling Systems, 2017–2027 (Thousand Units)
    Table 70: South America Thermal Market Size Forecast, by Product, by Heating Equipment, 2017–2027 (US$ Mn) 
    Table 71: South America Thermal Market Volume Forecast, by Product, by Heating Equipment, 2017–2027 (Thousand Units)
    Table 72: South America Thermal Market Size Forecast, by Product, by Cooling Equipment, 2017–2027 (US$ Mn) 
    Table 73: South America Thermal Market Volume Forecast, by Product, by Cooling Equipment, 2017–2027 (Thousand Units)
    Table 74: South America Thermal Market Size Forecast, by Product, by Heat Transfer Component, 2017–2027 (US$ Mn) 
    Table 75: South America Thermal Market Volume Forecast, by Product, by Heat Transfer Component, 2017–2027 (Thousand Units)
    Table 76: South America Thermal Market Revenue Forecast, by End-use Industry, 2017–2027 (US$ Mn)
    Table 77: South America Thermal  Market Revenue Forecast, by Country/Sub-region, 2017–2027 (US$ Mn)
    Table 78: South America Thermal  Market Volume Forecast, by Country/Sub-region, 2017–2027 (Thousand Units)

    List of Figures

    Figure 01: North America Thermal Market CAGR
    Figure 02: Europe Thermal Market CAGR
    Figure 03: Asia Pacific Thermal Market CAGR
    Figure 04: Middle East & Africa Thermal Market CAGR
    Figure 05: South America Thermal Market CAGR
    Figure 06: Global Thermal Market Revenue Projection, 2017–2027 (US$ Mn)
    Figure 07: Global Thermal Market Volume Projection, 2017–2027 (Thousand Units)
    Figure 08: Global Thermal Market, by Product (2019)
    Figure 09: Global Thermal Market, by Region (2019)
    Figure 10: Global Thermal Market, by End-use Industry (2019)
    Figure 11: Global Thermal Market Value Share Analysis, by Product, 2019 and 2027
    Figure 12: Global Thermal Market, by Product, Liquid Cooling Systems
    Figure 13: Global Thermal Market, by Product, Thermoelectric
    Figure 14: Global Thermal Market, by Product, Heat Sinks
    Figure 15: Global Thermal Market, by Product, Compressors
    Figure 16: Global Thermal Market, by Product, Heating Equipment
    Figure 17: Global Thermal Market, by Product, Cooling Equipment
    Figure 18: Global Thermal Market, by Product, Thermal Interface Materials 
    Figure 19: Global Thermal Market, by Product, Heat Transfer Component
    Figure 20: Segment Growth Matrix, 2019–27 (%)
    Figure 21: Segment Revenue Contribution, 2019–27 (%)
    Figure 22: Segment Compounded Growth Matrix (CAGR %)
    Figure 23: Global Thermal Market Attractiveness Analysis, by Product
    Figure 24: Global Thermal Market Value Share Analysis, by End-use Industry, 2019 and 2027
    Figure 25: Global Thermal Market, by End-use Industry, Aerospace & Defense
    Figure 26: Global Thermal Market, by End-use Industry, Automotive
    Figure 27: Global Thermal Market, by End-use Industry, Chemicals & Petrochemicals
    Figure 28: Global Thermal Market, by End-use Industry, Consumer Electronics
    Figure 29: Global Thermal Market, by End-use Industry, Energy & Utilities
    Figure 30: Global Thermal Market, by End-use Industry, Food & Beverages
    Figure 31: Global Thermal Market, by End-use Industry, Healthcare
    Figure 32: Global Thermal Market, by End-use Industry, Heavy Metals & Machine Manufacturing
    Figure 33: Global Thermal Market, by End-use Industry, IT & Telecommunications
    Figure 34: Global Thermal Market, by End-use Industry, Oil & Gas
    Figure 35: Global Thermal Market, by End-use Industry, Paper & Pulp
    Figure 36: Global Thermal Market, by End-use Industry, Semiconductor & Electronics
    Figure 37: Global Thermal Market, by End-use Industry, Others
    Figure 38: Segment Growth Matrix, 2019–27 (%)
    Figure 39: Segment Revenue Contribution, 2019–27 (%)
    Figure 40: Segment Compounded Growth Matrix (CAGR %)
    Figure 41: Global Thermal  Market Attractiveness Analysis, by End-use Industry 
    Figure 42: Global Thermal  Market, by Region, North America
    Figure 43: Global Thermal  Market, by Region, Europe
    Figure 44: Global Thermal  Market, by Region, Asia Pacific
    Figure 45: Global Thermal  Market, by Region, Middle East & Africa
    Figure 46: Global Thermal  Market, by Region, South America
    Figure 47: Global Thermal  Market Attractiveness Analysis, by Region
    Figure 48: North America Thermal Market Revenue (US$ Mn) Forecast, 2017–2027
    Figure 49: North America Thermal Market Volume (Thousand Units) Forecast, 2017–2027
    Figure 50: North America Thermal Market Value Share Analysis, by Product, 2019 and 2027
    Figure 51: North America Thermal Market Value Share Analysis, by End-use Industry, 2019 and 2027
    Figure 52: North America Thermal Market Value Share Analysis, by Country/Sub-region, 2019 and 2027
    Figure 53: North America Thermal Market Attractiveness Analysis, by Product
    Figure 54: North America Thermal Market Attractiveness Analysis, by End-use Industry
    Figure 55: North America Thermal Market Attractiveness Analysis, by Country/Sub-region
    Figure 56: Europe Thermal Market Revenue (US$ Mn) Forecast, 2017–2027
    Figure 57: Europe Thermal Market Volume (Thousand Units) Forecast, 2017–2027
    Figure 58: Europe Thermal Market Value Share Analysis, by Product, 2019 and 2027
    Figure 59: Europe Thermal Market Value Share Analysis, by End-use Industry, 2019 and 2027
    Figure 60: Europe Thermal Market Value Share Analysis, by Country/Sub-region, 2019 and 2027
    Figure 61: Europe Thermal Market Attractiveness Analysis, by Product
    Figure 62: Europe Thermal Market Attractiveness Analysis, by End-use Industry
    Figure 63: Europe Thermal Market Attractiveness Analysis, by Country/Sub-region 
    Figure 64: Asia Pacific Thermal Market Revenue (US$ Mn) Forecast, 2017–2027
    Figure 65: Asia Pacific Thermal Market Volume (Thousand Units) Forecast, 2017–2027
    Figure 66: Asia Pacific Thermal Market Value Share Analysis, by Product, 2019 and 2027
    Figure 67: Asia Pacific Thermal Market Value Share Analysis, by End-use Industry, 2019 and 2027
    Figure 68: Asia Pacific Thermal Market Value Share Analysis, by Country/Sub-region, 2019 and 2027
    Figure 69: Asia Pacific Thermal Market Attractiveness Analysis, by Product
    Figure 70: Asia Pacific Thermal Market Attractiveness Analysis, by End-use Industry
    Figure 71: Asia Pacific Thermal Market Attractiveness Analysis, by Country/Sub-region 
    Figure 72: Middle East & Africa Thermal Market Revenue (US$ Mn) Forecast, 2017–2027
    Figure 73: Middle East & Africa Thermal Market Volume (Thousand Units) Forecast, 2017–2027
    Figure 74: Middle East & Africa Thermal Market Value Share Analysis, by Product, 2019 and 2027
    Figure 75: Middle East & Africa Thermal Market Value Share Analysis, by End-use Industry, 2019 and 2027
    Figure 76: Middle East & Africa Thermal Market Value Share Analysis, by Country/Sub-region, 2019 and 2027
    Figure 77: Middle East & Africa Thermal Market Attractiveness Analysis, by Product
    Figure 78: Middle East & Africa Thermal Market Attractiveness Analysis, by End-use Industry
    Figure 79: Middle East & Africa Thermal Market Attractiveness Analysis, by Country/Sub-region
    Figure 80: South America Thermal Market Revenue (US$ Mn) Forecast, 2017–2027
    Figure 81: South America Thermal Market Volume (Thousand Units) Forecast, 2017–2027
    Figure 82: South America Thermal Market Value Share Analysis, by Product, 2019 and 2027
    Figure 83: South America Thermal Market Value Share Analysis, by End-use Industry, 2019 and 2027
    Figure 84: South America Thermal Market Value Share Analysis, by Country/Sub-region, 2019 and 2027
    Figure 85: South America Thermal Market Attractiveness Analysis, by Product
    Figure 86: South America Thermal Market Attractiveness Analysis, by End-use Industry
    Figure 87: South America Thermal Market Attractiveness Analysis, by Country/Sub-region
    Figure 88: Global Thermal Market Share Analysis, by Company (2018)

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