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.
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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 GPM units by the end of 2020.
- 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 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.
- < 20 GPM
- 21-30 GPM
- 31-60 GPM
- > 60 GPM
- Water Type
- Oil Type
- Food & Beverages
- Engineering & Mechanical
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa (MEA)
Temperature Control Unit Market: Competitive Landscape
The global temperature control unit market is fragmented in nature, with the presence of numerous local and regional players. Some of the players are WIKA Instrument, LP, FRIGEL FIRENZE S.p.A., EUROCHILLER S.r.l., and Carel Industries S.p.A. among others. Market players are focusing on expanding their footprints and increasing their product portfolio to gain a competitive advantage.
Examples of such expansion are: In 2019, Carel Industries S.p.A., opened a new plant in Suzhou, which is one of the innovative and important districts in China. With this new plant, the company is strengthening its production for the Chinese market, and also focusing on consolidating the group’s presence in the Asia Pacific region.