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Temperature Control Unit Market – Key Insights
- The temperature control unit market which registered a CAGR of 5% during the 2013-2017 period. The constant and sudden fluctuations in global temperatures in the last decade forced companies across industries to become heavily reliant on artificial devices for maintaining an optimal temperature vital to their production and manufacturing throughput and was one of the key factors driving the growth of the temperature control unit market.
- As a consequence of the intensifying competition across industries, the temperature control unit industry players were seen increasingly investing in enhancing the quality of their products. Revenues from the temperature control unit market surpassed US$ 1.5 billion in 2018, and are estimated to register a Y-o-Y growth of more than 5.0% in 2019.
- East Asia is expected to hold the bulk of the temperature control unit market share, with China estimated to remain at the forefront owing to the presence of an overwhelming manufacturing industry in the country.
- South Asia is expected to emerge as the high-growth market for the temperature control unit. The World Economic Forum has estimated the region to witness a robust growth in the foreseeable future, succored by the presence of a vast skilled workforce, healthy economic growth, and the strengthening purchasing power of consumers.
What are the Key Dynamics Influencing Growth of the Temperature Control Unit Market?
- Stringent regulatory norms, and elevating emphasis on reducing the adverse impact of industrial processes on the environment have been creating a surge in the demand for temperature control units, in light of their better efficiency with lower energy consumption. Consequentially, key players in the temperature control unit industry are accelerating research efforts into the development of affordable and energy-efficient temperature control units, which effectively fulfill the requirements of various industries.
- Manufacturers in the temperature control unit are increasingly incorporating the Industrial Internet of Things (IIoT) technology to streamline their operations. Demand for temperature control units which can be controlled remotely is estimated to rise significantly while the use of sensors for effective maintenance of the systems is increasingly gaining traction in the market.
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The increasing demand for plastic in packaging, pharmaceuticals, food and beverages, and other industries is prompting manufacturers to accelerate production, while maintaining the quality of the products. Integration of blow molding machines with temperature control units is aiding manufacturers in the production of high-quality components at a faster rate which is, in turn, fueling the demand for portable and compact temperature control units with pump capacity 20GPM or less. Intensifying competition in plastic, food and beverages pharmaceuticals, printing, chemical, energy, engineering, and other industries is prompting companies to substantially amplify production which is a vital reason temperature control units with pump capacity greater than 60 GPM are finding widespread adoption.
Temperature control units with pump capacity between 21 and 30 GPM and 31 to 60 GPM are expected to witness a surge in demand as compact and portable temperature control units gain traction. Innovations in oil type temperature control unit and water type control unit are expected to uphold temperature control unit market proliferation.
The report on the temperature control unit market is a consequence of an elaborate and robust research methodology employed during the compilation of the report. A comprehensive two-step research process involving primary and secondary researches was conducted to obtain detailed insights into the temperature control unit market.
Primary research was conducted by interviewing experts from the temperature control unit market while secondary research involved thoroughly studying company press releases, trade journals, paid sources, and other publications related to the temperature control unit market. Results from both the steps were cross-referenced to filter out any erroneous information and create an accurate forecast of the temperature control unit market.
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