Thermal Management Technologies Market Expected to Reach $20 Billion By 2024

PALM BEACH, Fla., Nov. 30, 2021 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - The thermal management technologies market is evolving rapidly, especially in the case of consumer electronics and lithium batteries use. Increasing adoption of renewable energy resources is the major factor driving the thermal energy storage market with the rapid industrialization across the world has increased the need for continuous power supply, which positively leads to the growth of the overall thermal energy market during the forecast period. Developments in the electronics industry have culminated in a considerable surge in the power densities, which have led to the introduction of smaller, smarter products. These advancements in the industry have led to an increased need for innovative thermal management technologies as they improve the system performance and reliability by avoiding the heat generated by the devices. The electronic packaging trend has increased the performance and reduced the size of the product. This has led to a significant increase in the power consumption of the system. A report from Grand View Research said that the global thermal management technologies market size is expected to reach USD 20.14 billion by 2024, according to a new report by Grand View Research, Inc. The industry is primarily driven by the growth in the emerging trend of miniaturization of electronic devices and components.    Active stocks in news today include:  KULR Technology Group, Inc. (NYSE: KULR), Lucid Group, Inc. (NASDAQ: LCID), Plug Power Inc. (NASDAQ: PLUG), Tesla, Inc. (NASDAQ: TSLA), Livent Corporation (NYSE: LTHM).

The Grand View research report said: "Advanced technological research is expected to produce more efficient and cost-effective thermal management solutions in the future. 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. However, the industry is anticipated to witness various issues associated with modularity in designing and reliability of modeling, which are presumed to challenge the growth over the forecast period. Current cooling technologies, standard heat sinks, and fans are rapidly approaching their cooling capacity limit, and thermal management is becoming a critical step in enabling enhanced product functionality. The thermal management software is anticipated to exhibit a significant growth in the near future owing to the increasing adoption of the software heat removal techniques and simulations to reduce moments of peak heat impact and reduce the risk of failure."

KULR Technology Group, Inc. (NYSE American: KULR) BREAKING NEWS - KULR Receives Initial Passive Propagation Resistant Battery Safety Order  from Lockheed Martin - KULR Technology Group, (the "Company" or "KULR"), a leading developer of next-generation lithium-ion battery safety and thermal management technologies, today announced the Company has received an initial order totaling approximately $500,000 for its passive propagation resistant ("PPR") battery systems from the Lockheed Martin Corporation (NYSE: LMT) ("LMT"). This initial order is for immediate delivery and is the starting point in the partnership as LMT leverages KULR's technological advancements in PPR energy products for its Advanced Energy Systems.

KULR's PPR energy products include the Thermal Runaway Shield ("TRS"), the Internal Short Circuit ("ISC"), its full suite of proprietary battery design and testing methodologies, as well as the battery cell screening and monitoring system KULR developed for its aerospace and U.S. Department of Defense ("DoD") customers.

"KULR's heritage is hardware thermal energy management components incorporating our patented carbon fiber architecture," stated KULR CEO Michael Mo. "We are very pleased and honored to have Lockheed Martin Corporation as a partner advancing our integrated battery design, testing and management platform. As the industry leader serving DoD and aerospace customers, Lockheed Martin brings tremendous expertise and resources to help us perfect our solutions to serve the most mission critical applications in the world."  CONTINUED…  Read this entire press release and more news for KULR at:  https://www.financialnewsmedia.com/news-kulr 


In other industry news of note includes:

Lucid Group, Inc. (NASDAQ: LCID) recently announced financial results for the third quarter ending September 30, 2021.  Peter Rawlinson, CEO & CTO of Lucid, said, "We are tremendously excited by our accomplishments in our first quarter as a publicly traded company. We successfully began production of vehicles for customer deliveries, continued investing in capacity expansion of our manufacturing facility in Arizona, and opened new retail and service locations in advance of the Lucid Air launch. We were also pleased to receive independent validation by the EPA of our industry-leading range of over 500 miles for the Lucid Air. Our progress this quarter demonstrates our focus on execution, our cutting-edge technology, and our vision to help with solutions to address the climate challenges we all face. We look forward to ramping up production of our Grand Touring, Touring, and Pure models and expanding our footprint internationally."

Sherry House, CFO of Lucid, said: "Lucid's strong balance sheet following the closing of the merger enabled us to drive the growth of our business and execute on our larger mission to inspire the adoption of sustainable energy. Moving forward, we anticipate continuing vehicle deliveries to customers, investing in capacity and capabilities, and providing value to all of our stakeholders."

Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen market, recently announced it has been selected by Fertiglobe  the strategic partnership between OCI NV  and the Abu Dhabi National Oil Company (ADNOC) and Scatec ASA, the Sovereign Fund of Egypt and Orascom Construction, as the technology provider for a 100 megawatts electrolyzer to produce green hydrogen as feedstock for up to 90,000 tons of green ammonia production at EBIC in Ain Sokhna, Egypt.

Egypt is an ideal location to produce green hydrogen given its unique renewables profile with strong solar and wind loads, and close to markets with a hydrogen deficit. Green ammonia, produced from renewable energy such as solar and wind instead of natural gas, is a versatile product that is an ideal carrier fuel to store and transport hydrogen, and can help decarbonize numerous sectors which represent around 80% of current global Greenhouse Gas (GHG) emissions, including as an important alternative fuel in the power sector in Japan and other countries.

Tesla, Inc. (NASDAQ: TSLA) in the third quarter, produced approximately 238,000 vehicles and delivered over 240,000 vehicles.  We would like to thank our customers for their patience as we work through global supply chain and logistics challenges.

Our net income and cash flow results will be announced along with the rest of our financial performance when we announce Q3 earnings. Our delivery count should be viewed as slightly conservative, as we only count a car as delivered if it is transferred to the customer and all paperwork is correct. Final numbers could vary by up to 0.5% or more. Tesla vehicle deliveries represent only one measure of the company's financial performance and should not be relied on as an indicator of quarterly financial results, which depend on a variety of factors, including the cost of sales, foreign exchange movements and mix of directly leased vehicles.

Livent Corporation (NYSE: LTHM) recently announced its proprietary LIOVIX™ lithium metal product, a unique printable formulation of lithium metal and other specialty materials that can improve the performance of lithium-ion batteries, reduce manufacturing costs and enable the next generation of battery technology, all while enhancing safety and sustainability.

"Our customers continue to look to us for innovative and sustainable solutions that can improve battery performance, safety and manufacturing efficiency. We look forward to bringing LIOVIX™ to the market in the future as a product to help meet these growing requirements while opening pathways for the development of next generation battery technology," said Paul Graves, president and chief executive officer of Livent.

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