Temperature Control Unit Market Growing at Steady CAGR to 2030
The temperature control unit market is slated to grow at a CAGR of over 5% over the projected period, 2020-2030. The market growth will be mainly determined by demand from the food & beverage, pharmaceutical, and plastic industries.
“Despite the COVID-19 impact, the market recovery is anticipated towards the 2020 end. Post pandemic, rapid growth in food & beverage, plastic, chemical, and pharmaceutical industries is poised to generate higher market demand for temperature control units, thus contributing to market growth.” says the Fact.MR report.
Temperature Control Unit Market – Key Takeaways
- In terms of pump capacity, > 60 GPM will hold maximum sway in the market over the assessment period.
- In terms of end-use, the plastic industry will gain traction in the global market, recording a 4% CAGR throughout 2020-2030
- Based on the system, the water type category is likely to account for about 88% of the overall value prospects during 2020-2030.
- South Asia and East Asia hold over 52% of the overall market share in 2020 and will increase by 2030 end.
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Temperature Control Unit Market – Driving Factors
- Precise and consistent requirement of heat transfer from multiple industries to have a controlled output escalates the market demand.
- Industries are switching from traditional heating & cooling systems to temperature control units since these units permit precise temperature control.
- The market will gain substantial traction in emerging nations due to rapid industrialization and urbanization, which has prompted process manufacturing activities in these nations.
Temperature Control Unit Market – Constraints
- Rising worldwide price rivalry and competition in technology challenges the market growth.
- A slowdown in the worldwide economy is likely to restrict growth prospects.
Anticipated Market Impact by COVID-19 Outbreak
The COVID-19 outbreak has affected the majority of the sectors. The temperature control unit market has been affected profoundly that is lasting for consecutive three quarters in 2020. However, the resumption of manufacturing activities will ensue growth in market demand. Post COVID-19 crisis, producers will focus on boosting their market presence in emerging nations such as India and China, due to the positive outlook from pharmaceutical, food & beverage, and plastics industries.
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Major companies identified in the temperature control unit market are LP, WIKA Instrument, FRIGEL FIRENZE S.p.A., Toshiba Machine Co., Ltd., EUROCHILLER S.r.l, Carel Industries S.p.A., BOFA International Ltd., HB-Therm GmbH, SINGLE Temperiertechnik GmbH, Mokon Systems, Berg Chilling Systems Inc., Advantage Engineering, Inc., and Temptek, Inc.
More on the Report
The FACT.MR’s market research report provides in-depth insights into the Temperature Control Unit market. The market is scrutinized based on pump capacity (< 20 GPM, 21-30 GPM, 31-60 GPM, > 60 GPM), system (water type, oil type), and end-use industry (plastics, food & beverages, pharmaceuticals, printing, chemicals, energy, engineering and mechanical, others), across five major regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA)).