Extensive applications across multiple end-use industries is likely to propel market growth in a positive direction
ROCKVILLE, MD / ACCESSWIRE / January 27, 2021 /The global temperature control unit market is anticipated to register moderate gains in 2021 over 2020, with long-term expansion prospects appearing stable, registering a steady CAGR for the next decade, concludes Fact.MR. Growth was largely stunted as industrial activity entered a recessionary phase throughout 2020, attributed to government imposed lockdowns to contain the spread of the novel coronavirus disease.
The market has made unprecedented gains across the historical period, interspersed with numerous innovations across the plastic packaging industry. According to the U.S EPA, over 14 million tons of plastic containers and packaging were deployed in 2018 across multiple end-use industries. Hence, uptake of temperature control units to provide appropriate shape and size have registered a notable increase.
Manufacturers are thus leveraging a slew of product innovations and technologies to flood the market with new temperature control units. In February 2020, for instance, JUMO GmbH & Co. KG unveiled its gold-plated nickel layered platinum and metallized black temperature control sensors which significantly reduces response time, enabling highly precise temperature measurements.
"Growing need for precision-based temperature control is shifting focus away from conventional HVAC systems, prompting vendors to introduce highly advanced control based units. Furthermore, the need for energy and power conservation is accelerating need for temperature control units," comments the Fact.MR analyst.
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Key Takeaways from Fact.MR's Temperature Control Unit Report
- Water type temperature control unit systems to acquire high momentum, registering nearly nine out of ten sales
- Plastic manufacturing to remain primary industrial application area, attributed to the need to regulate temperatures in the injection molding process
- Pharmaceutical applications to emerge as one of the fastest growing segments through 2021
- Over 60 gallons per minute temperature control units likely to expand at a noteworthy CAGR
- U.S to generate a substantial market share for temperature control units in North America, attributed to an expanding plastic industry
- Increased pharmaceutical research to provide massive boost to the U.K temperature control unit market
- Germany and France to record stable growth, underpinned by surging EV popularity
- Japan and South Korea to remain bright growth hotspots
Temperature Control Unit Market- Key Drivers
- Rapid proliferation of the food & beverage industry is expected to propel temperature control unit sales to ensure longer shelf-life of finished products
- Manufacturers are targeting emerging economies such as India and China due to rapid industrialization and infrastructure development
- Key players are focusing on technological innovations, such as equipping high-quality thermostats, to bolster temperature control unit sales
Temperature Control Unit Market- Key Restraints
- Temperature control unit sales are limited to areas with heavy urbanization and infrastructure development
- High initial installation and mounting costs to restrict uptake of advanced temperature control unit devices
- Growth likely to remain moderate amid ceasing industrial activities and phased recovery stages due to the pandemic crisis
Discover more about the temperature control unit market with 142 figures and 82 data tables, along with the table of contents. You will also find detailed market segmentation onhttps://www.factmr.com/report/3424/temperature-control-unit-market
Prominent players profiled in Fact.MR's temperature control unit report include: WIKA Instruments LP, FRIGEL FIRENE S.p.A, EUROCHILLER S.r.l, Carel Industries S.p.A, BOFA International Ltd., HB-Therm GmbH, Mokon Systems, Advantage Engineering Inc., Temptek and Berg Chilling Systems to name a few. Expansion of manufacturing capacities along with new product launches, collaborations and acquisitions are some primary expansion strategies adopted by the aforementioned players.
In 2020, WIKA Instruments LP introduced a new variety of float switches: the RLS-1000 and RLS-2000 series respectively. These switches are especially designed for industrial applications, and are available with smaller process connections from G1/2 and floats with diameters beginning from 18 mm. Furthermore, their efficient designs require very little maintenance.
Also, in December 2020, FRIGEL FIRENZE S.p.A undertook a merger agreement with Green Box S.r.l which is expected to be completed by early 2021. This initiative is likely to assist the company in expanding its temperature controller business by expanding its production capacity in the long-run.
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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