Temperature Control Unit Market
Temperature Control Unit Market By System (Water Type, Oil Type), By End-use Industry (Plastics, Food & Beverages, Pharmaceuticals, Printing, Chemicals, Energy), By Region - Global Mraket Forecast 2020-2030
Temperature Control Unit Market Overview
The temperature control unit market is poised to expand 1.8X in terms of value, at a CAGR of over 5% during the forecast period (2020 to 2030). Temperature control units are widely used in multiple industries such as plastics, food & beverages, pharmaceuticals, and chemicals, to name a few. These industries require precise and consistent heat transfer throughout their processes in order to have a controlled output, thereby raising the requirement for temperature control units.
However, the COVID-19 crisis is having a negative impact on the sales of temperature control units, as the demand for these units is contingent on the growth of end-use industries such as plastics, chemicals, pharmaceuticals, and food & beverages. The imposition on shutdowns of manufactories, coupled with operational restrictions and disrupted supply of components is significantly impacting the expansion of the temperature control unit market size.
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Temperature Control Unit Market Analysis by System
The market for water type temperature control units will account for nearly 88% of the overall value opportunity during the forecast period. These temperature control units use water as their fluid to heat the application and control the temperature of the process. This enables the operator to cater to higher efficiency for end-use products. Further, water type units are widely used in small- and mid-scale facilities, as they are more efficient than oil temperature control units.
Further, water temperature control units cost less to set up, and owing to their significant operating temperature range, they are expected to gain more popularity than oil temperature control units. However, for higher temperature ranges, water type temperature control units do not serve well, which creates the need for oil temperature control units for such high temperature requirements.
Temperature Control Unit Market Analysis by End-use Industry
The plastic industry is foreseen as the most remunerative segment in the global temperature control unit market, expanding at a significant CAGR of nearly 4% in terms of value across the forecast period. In the plastic industry, the need for controlled temperature is crucial to obtain the desired output.
For instance, for manufacturing plastic-related products, plastic injection molding techniques are used, thereby requiring a suitable temperature that can be achieved with a temperature control unit. In addition, with increasing disposable income, plastic products have witnessed sufficient growth in the past, which has indirectly created demand for temperature control units in the global market.
Regional Outlook of Temperature Control Unit Market
Collectively, East Asia and South Asia are estimated to account for more than 52% of the total temperature control unit market share in 2020. Manufacturers are optimistic that post coronavirus lockdowns, upsurge in processed food utilization and varying cooling needs of pharmaceutical industries will increase the demand for temperature control units in these regions by the end of 2020.
In addition, developing countries such as China, along with other Asian countries, are considered leaders in the plastic industry. Thus, the need for temperature control units arises, as they enable the molding process of plastics, which is foreseen to support the industrial growth prospects of the temperature control unit market. Based on these above-mentioned facts, collectively, East Asia and South Asia are anticipated to create an absolute $ opportunity of US$ 776 Mn during the forecast period of 2020-2030.
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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.
COVID-19 Impact on Temperature Control Unit Market
The outbreak of COVID-19 has presented multiple challenges for industrial equipment companies. The effects on these industrial companies will be profound and lasting due to restrictions imposed on manufacturing activities, scarcity of labor, and volatile demand for temperature control units. Effects of the pandemic are expected to last for a minimum of three consecutive quarters of 2020. Resumption of production activities in the food and beverage industry along with the pharma industry will result in a spike in demand for temperature control units.
Post COVID-19 crisis, manufacturers will focus on increasing their presence in developing countries such as China and India, owing to the positive outlook from plastics, food & beverage, and pharmaceutical industries. As per a recent report published by Fact.MR, it is estimated that, the temperature control unit market will be stagnant till the end of 2020, and as the virus situation is contained, the market will regain its normal growth trajectory.
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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.”
Global Temperature Control Unit Market: Scope of the Report
The recent global temperature control unit market report by Fact.MR offers a 10-year forecast from 2020 to 2030. The report elaborates on the key drivers, restraints, opportunities, and threats to the expansion of the global temperature control unit market. A detailed segmental analysis, based on pump capacity, system, and end-use industry has been provided in the report.
Regional analysis in terms of supply chain analysis, business execution, and market value analysis provides an in-depth perspective about the future scope of the global temperature control unit market. In addition, a separate section on the market structure has also been provided. The section provides detailed analysis of key market players and the strategies for expansion in the temperature control unit market space.
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)