Increasing Disposable Income, Plastic Products Are Major Factors for Boosting Demand of Temperature Control Units and Expanding At a Significant CAGR of Nearly 4% at a Healthy Rate
The temperature control unit market is poised to expand at a value CAGR of close to 5%, and is expected to create an absolute dollar opportunity of US$ 1.1 Bn during the forecast duration of 2020-2030. The outbreak of COVID-19 has decelerated the demand for temperature control units for various industrial applications due to the unavailability of components because of major supply chain disruptions. Further, government-mandated shutdowns of several end-use industries such as printing, chemicals, and engineering & mechanical are resulting in declining sales of temperature control units.
The Analyst’s Viewpoint
“With the ongoing COVID-19 crisis, demand for temperature control units will remain stagnant until the end of 2020. However, manufacturers are focusing on technological developments to increase the efficiency of temperature control units, increase their lifespan, and improve their aftermarket services, which will yield positive returns in the near future. Moreover, rising food & beverage sector and plastic industry in developing economies such as China and India is foreseen to bolster the growth of the temperature control unit market.”
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Facility Expansion to Enhance Market Resiliency
Key players in the temperature control unit market are WIKA Instrument, LP, FRIGEL FIRENZE S.p.A., EUROCHILLER S.r.l, Toshiba Machine Co., Ltd., Carel Industries S.p.A., HB-Therm GmbH, BOFA International Ltd., SINGLE Temperiertechnik GmbH, Berg Chilling Systems Inc., Mokon Systems, Temptek, Inc., and Advantage Engineering, Inc., among others. Prominent market players are focusing on expanding their manufacturing facilities to increase their reach in the global market. For instance,
In 2019, Toshiba Machine Ltd., established a local subsidiary in Italy. With this new subsidiary, the company is focusing on enhancing its sales and service support systems in the European market.
In 2019, FRIGEL FIRENZE S.p.A. announced the opening of new subsidiary in Poland. With this strategic investment, the company will have direct access to the Polish market for intelligent process cooling solutions in plastic, beverage, and die casting industries.
In 2019, Carel Industries S.p.A., completed the expansion of its plant in Manheim, Pennsylvania, USA. Through this expansion, the company will focus on increasing its presence in the U.S., Canada, and Mexican markets.
Key Segments of Temperature Control Unit Market
Fact.MR’s study on the temperature control unit market offers information divided into four key segments-pump capacity, system, end-use industry, and region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
Pump Capacity
< 20>
21-30 GPM
31-60 GPM
> 60 GPM
System
Water Type
Oil Type
End-use Industry
Plastics
Food & Beverages
Pharmaceuticals
Printing
Chemicals
Energy
Engineering & Mechanical
Others
Region
North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East & Africa (MEA)
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Key Takeaways from Temperature Control Unit Market Study
Under the impact of COVID-19, the global temperature control unit market is expected to reach a market valuation of US$ 2.7 Bn by the end of 2030.
By pump capacity, > 60 GPM (gallons per minute) temperature control units are projected to expand at a value CAGR of 6.7%, and to be valued 3.5X than < 20>
By end-use industry, the pharmaceuticals segment is anticipated to expand 2.1X by 2030-end, gaining 293 BPS over the course of the forecast duration.
By system, water-based temperature control units are projected to create an absolute $ opportunity of US$ 980 Mn from 2020 and 2030.
By region, South Asia is expected to emerge as the fastest-growing temperature control unit market, and is projected to surpass a market valuation of US$ 620 Mn by the end of 2030.
Key Questions Answered in Fact.MR’s Temperature Control Unit Market Report
Which regions will continue to remain the most profitable regional markets for temperature control unit market players?Which factors will induce a change in the demand for temperature control units during the assessment period?How will changing trends impact the temperature control unit market?How can market players capture the low-hanging opportunities in the temperature control unit market in developed regions?Which companies are leading the temperature control unit market?What are the winning strategies of stakeholders in the temperature control unit market to upscale their position in this landscape?
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About the Industrial Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million plus data points, the team has analyzed industrial components industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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