The Global Temperature Controlled System Market size is expected to reach $2.2 billion by 2031, rising at a market growth of 3.7% CAGR during the forecast period.
The Asia Pacific region is undergoing rapid urbanization and population growth, driving demand for residential, commercial, and industrial infrastructure. Therefore, the Asia Pacific region captured $617.04 million revenue in the market in 2022. For example, as per the State Council of China, urbanization has accelerated rapidly throughout China in recent years, with the National Bureau of Statistics estimating that the rate increased to 64.72 percent last year.
The major strategies followed by the market participants are Mergers & Acquisition as the key developmental strategy to keep pace with the changing demands of end users. For instance, In January, 2024, Daikin Air Conditioning UK Ltd., a subsidiary of Daikin Industries, Ltd., completed the acquisition of British service company Robert Heath Heating Ltd. Through this acquisition, Daikin Air Conditioning UK strengthened its residential heating service network in the UK. Additionally, in June, 2023, Johnson Controls International PLC completed the acquisition M&M Carnot. Through this acquisition, Johnson Controls strengthened its capability to provide highly sustainable industrial refrigeration solutions, enhancing its ability to cater to the expanding clientele in this sector.
Healthcare facilities, research laboratories, and biotechnology companies invest in temperature-controlled systems to preserve biological samples, tissues, and specimens for research, diagnosis, and treatment. Ultra-low-temperature freezers, cryogenic storage systems, and liquid nitrogen tanks provide the low-temperature environments necessary for the long-term preservation of biological materials, ensuring sample integrity and viability. Therefore, the market is expanding significantly due to the increase in healthcare expenditure.
The market competition in the Temperature Controlled System Market is generally robust, driven by factors such as technological advancements, product innovation, regulatory compliance, and the increasing demand for temperature-controlled solutions across various industries. Key players in the market continuously strive to enhance their product offerings, expand their geographical presence, and strengthen their market position through strategic initiatives such as mergers and acquisitions, partnerships, and product launches.
The Asia Pacific region is undergoing rapid urbanization and population growth, driving demand for residential, commercial, and industrial infrastructure. Therefore, the Asia Pacific region captured $617.04 million revenue in the market in 2022. For example, as per the State Council of China, urbanization has accelerated rapidly throughout China in recent years, with the National Bureau of Statistics estimating that the rate increased to 64.72 percent last year.
The major strategies followed by the market participants are Mergers & Acquisition as the key developmental strategy to keep pace with the changing demands of end users. For instance, In January, 2024, Daikin Air Conditioning UK Ltd., a subsidiary of Daikin Industries, Ltd., completed the acquisition of British service company Robert Heath Heating Ltd. Through this acquisition, Daikin Air Conditioning UK strengthened its residential heating service network in the UK. Additionally, in June, 2023, Johnson Controls International PLC completed the acquisition M&M Carnot. Through this acquisition, Johnson Controls strengthened its capability to provide highly sustainable industrial refrigeration solutions, enhancing its ability to cater to the expanding clientele in this sector.
Cardinal Matrix - Market Competition Analysis
Based on the Analysis presented in the Cardinal matrix; Siemens AG is the forerunner in the market. In October, 2021, Siemens AG took over Wattsense, a computer networking product manufacturing company. Through this acquisition, Siemens AG would enhance range of building automation solutions tailored for small and mid-sized buildings. Companies such as Honeywell International, Inc., Schneider Electric SE, Emerson Electric Co. are some of the key innovators in the market.
Market Growth Factors
Smart cities prioritize energy efficiency in buildings and infrastructure. Temperature-controlled systems, such as smart HVAC (Heating, Ventilation, and Air Conditioning), contribute to energy savings by optimizing heating and cooling operations based on occupancy, weather conditions, and building usage patterns. Thus, because of the development of smart cities and infrastructure, the market is anticipated to increase significantly.Healthcare facilities, research laboratories, and biotechnology companies invest in temperature-controlled systems to preserve biological samples, tissues, and specimens for research, diagnosis, and treatment. Ultra-low-temperature freezers, cryogenic storage systems, and liquid nitrogen tanks provide the low-temperature environments necessary for the long-term preservation of biological materials, ensuring sample integrity and viability. Therefore, the market is expanding significantly due to the increase in healthcare expenditure.
Market Restraining Factors
Complex maintenance procedures and repairs can result in extended downtime for temperature-controlled systems. When equipment is out of service for maintenance or repair, businesses may experience disruptions in operations, reduced productivity, and potential losses in revenue. Extended downtime can also impact service level agreements and customer satisfaction, damaging reputations. Thus, complexity of maintenance and repairs can slow down the growth of the market.By Type Analysis
On the basis of type, the market is segmented into open loop and closed loop control. In 2023, the closed loop control segment held 69.8% revenue share in the market. The precise temperature control provided by closed-loop systems helps maintain product quality and consistency throughout the supply chain. Higher consumer satisfaction and a better-known brand result from consistent temperature conditions, prolonged shelf life, and decreasing product quality variations.By End User Analysis
Based on end user, the market is categorized into industrial temperature controlled system, home temperature controlled system, and others. The home segment garnered 32.8% revenue share in the market in 2023. As homeowners increasingly prioritize comfort and convenience, there's a rising demand for residential HVAC systems to maintain comfortable indoor temperatures throughout the year.
By Application Analysis
By application, the market is bifurcated into refrigerators, air conditioning, water heater, and others. In 2023, the refrigerators segment witnessed 32.9% revenue share in the market. Refrigeration systems are extensively used in the food industry to store and preserve perishable goods such as fruits, vegetables, dairy products, meats, and seafood. Maintaining optimal temperature conditions in refrigerated warehouses, cold storage facilities, and commercial refrigeration facilitates the extension of food products' shelf-life and the prevention of spoilage.By Regional Analysis
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the North America region acquired 30.7% revenue share in the market. North America experiences various climatic conditions, including hot summers and cold winters. The construction industry in North America is witnessing steady growth, with increasing residential, commercial, and industrial development projects.Market Competition and Attributes
The market competition in the Temperature Controlled System Market is generally robust, driven by factors such as technological advancements, product innovation, regulatory compliance, and the increasing demand for temperature-controlled solutions across various industries. Key players in the market continuously strive to enhance their product offerings, expand their geographical presence, and strengthen their market position through strategic initiatives such as mergers and acquisitions, partnerships, and product launches.
Recent Strategies Deployed in the Market
- Mar-2024: Daikin Industries Ltd. unveiled an upgraded version of its Navigator WWV water-cooled screw chiller, now featuring a low-global warming potential (GWP) refrigerant, R-513A. Alongside its industry-leading performance, customers have the option to complement the new chiller with an optional Templifier TWV water heater, offering an energy-efficient and cost-effective heat recovery solution. This combination of utilizing a low-GWP refrigerant and integrating heat recovery capabilities empowers building owners and operators to reduce utility expenses while expediting their initiatives towards sustainability and decarbonization.
- Jan-2024: Daikin Air Conditioning UK Ltd., a subsidiary of Daikin Industries, Ltd., completed the acquisition of British service company Robert Heath Heating Ltd., a heating and gas services company. Through this acquisition, Daikin Air Conditioning UK strengthened its residential heating service network in the UK. Additionally, this acquisition assisted Daikin to become a total solutions provider in the heating, ventilation, air conditioning, and refrigeration (HVAC-R) market and deliver excellent customer experiences.
- Jan-2024: Carrier Global Corporation came into an agreement with Montana Technologies LLC, an atmospheric thermal energy and water harvesting technology company. Under this agreement, the companies introduced the AirJoule dehumidification and cooling technology of Montana. AirJoule's innovative dehumidification method significantly enhances the efficiency of air conditioning systems by extracting water and thermal energy from the air, thereby representing a notable advancement in the field.
- Oct-2023: Siemens AG came into a partnership with Microsoft Corporation, an American multinational technology corporation. Under this partnership, the Siemens Industrial Copilot, an AI-powered assistant used for improving collaboration between humans and machines, was introduced. Additionally, the partnership assisted in the combination of Siemens Teamcenter software and Microsoft Teams to develop the way for enabling the industrial metaverse.
- Jul-2023: AirReps, a subsidiary of Daikin Comfort Technologies North America, Inc., a subsidiary of Daikin Industries Ltd., completed the acquisition of Integrated Systems and Controls, LLC, a company providing hardware and software solutions, and InControl, a company providing a variety of services and applications. Through this acquisition, the companies satisfied the demand for integrated services in the commercial market. Additionally, the acquisition offered several services to the customers.
List of Key Companies Profiled
- Carrier Global Corporation
- Daikin Industries Ltd.
- Johnson Controls International PLC
- Siemens AG
- Emerson Electric Co.
- Honeywell International, Inc.
- Mitsubishi Electric Corporation
- Schneider Electric SE
- LG Electronics, Inc. (LG Corporation)
- Delta Electronics, Inc.
Market Report Segmentation
By Type- Closed Loop Control
- Open Loop
- Industrial Temperature Controlled System
- Home Temperature Controlled System
- Others
- Refrigerators
- Air Conditioning
- Water Heater
- Others
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. Global Temperature Controlled System Market by Type
Chapter 6. Global Temperature Controlled System Market by End User
Chapter 7. Global Temperature Controlled System Market by Application
Chapter 8. Global Temperature Controlled System Market by Region
Chapter 9. Company Profiles
Companies Mentioned
- Carrier Global Corporation
- Daikin Industries Ltd.
- Johnson Controls International PLC
- Siemens AG
- Emerson Electric Co.
- Honeywell International, Inc.
- Mitsubishi Electric Corporation
- Schneider Electric SE
- LG Electronics, Inc. (LG Corporation)
- Delta Electronics, Inc.
Methodology
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