Temperature Control Unit Market Will See Decline in Sales in Near Term Due to COVID-19, But Long-term Outlook Remains Positive, as per Fact.MR
Published : 18 Aug 2020 Industry: Industrial Goods
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.
Over the forecast period, the growth of the temperature control unit market will be primarily influenced by demand from plastic, pharmaceutical, and food & beverage industries. In addition, industry users are transitioning from conventional heating and cooling systems to temperature control units in industrial applications, as these units allow precise temperature control. Further, the market in developing countries is expected to gain significant traction due to rapid urbanization and industrialization, which has led to increasing process manufacturing activities in these countries.
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.
“Despite the impact of COVID-19, recovery of the temperature control unit market is expected by the end of 2020. Post pandemic, swift growth in plastic, food & beverage, pharmaceutical, and chemical industries is expected to create high demand for temperature control units, thereby contributing to market growth,”says a Fact.MR analyst.
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.
More Valuable Insights on Temperature Control Unit Market
Fact.MR, in its new offering, presents an unbiased analysis of the global temperature control unit market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the temperature control unit market on the basis of 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 seven regions.
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