The increasing adoption of temperature-controlled systems in various industries, such as logistics transportation, & pharmaceuticals and technological advancements are expected to drive the global temperature controlled system market’s growth during the forecast period. The North America region is projected to hold major market share by 2032.
PORTLAND, Ore., April 17, 2024 /PRNewswire/ — Allied Market Research has recently published a report, titled, “Temperature Controlled System Market Size, Share, Competitive Landscape and Trend Analysis Report by Type (Open Loop, Closed Loop Control), by Application (Air conditioning, Water Heater, Refrigerators, Others), by End User (Industrial Temperature Controlled System, Home Temperature Controlled System, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global temperature controlled system market generated $1.8 billion in 2022, and is anticipated to generate $2.5 billion by 2032, rising at a CAGR of 3.9% from 2023 to 2032.
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Prime Determinants of Growth
The growing adoption of temperature controlled systems in various industries, such as logistics transportation, & pharmaceuticals, and the surging demand for integrity & quality of products are the factors expected to drive the growth of the global temperature controlled system market in the forecast period from 2023 to 2032. However, the high initial costs and the limited infrastructure in developing regions. On the contrary, the integration of advanced technologies in temperature-controlled systems and the expansion of healthcare infrastructure worldwide are expected to offer remunerative opportunities for the expansion of the market during the forecast period.
Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
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Base Year |
2022 |
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Market Size in 2022 |
$1.8 billion |
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Market Size in 2032 |
$2.5 billion |
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CAGR |
3.9 % |
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No. of Pages in Report |
320 |
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Segments covered |
Type, Application, End User, and Region |
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Drivers |
Rising adoption in various industries, such as logistics and transportation Surging demand for integrity and quality of products Increasing demand in pharmaceuticals sector |
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Opportunities |
Continuous technological advancements Expansion of healthcare infrastructure in emerging markets |
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Restraints |
High initial and operation cost |
COVID-19 Scenario
The COVID-19 pandemic outbreak had a significant impact on the global temperature controlled system market’s growth. With the urgent need for vaccine distribution and storage, pharmaceutical companies and logistics providers faced the formidable challenge of ensuring the safe transportation and storage of vaccines at ultra-low temperatures.
The pandemic highlighted the significance of flexibility and agility within temperature-controlled systems. With a significant surge in demand for items like vaccines, the industry had to respond rapidly, emphasizing the necessity for modular and scalable temperature-controlled systems capable of swift adaptation to evolving requirements.
Type: Closed Loop Control Sub-segment to Witness Propelling Growth During the Forecast Period
The closed loop control sub-segment accounted for the largest global temperature controlled system market share of 61.7% in 2022 and is expected to grow at the highest CAGR of 4.2% during the forecast period from 2023 to 2032. This is majorly owing to the continuous advancements in sensor technology, particularly high-precision sensors, which enables the generation of precise real-time data. Besides, the integration of smart sensors with IoT technology enhances the capabilities of closed-loop control systems by enabling remote monitoring and control.
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Application: Refrigerators Sub-segment to be the Most Dominant by 2032
The refrigerators sub-segment accounted for the largest market share of 34.8% in 2022 and is expected to rise at the highest CAGR of 4.6% during the forecast period. This is mainly due to the rising trend of globalization of food supply chain, which has driven the adoption of refrigeration technologies to ensure the integrity of the cold chain from farm to fork. In addition, the rising demand for temperature controlled spaces and the increasing health concerns are driving the adoption of refrigerators. Moreover, technological advancements in refrigeration systems have led to the development of features, such as temperature-controlled compartments, humidity control, and air filtration systems in contemporary refrigerators.
End User: Industrial Temperature Controlled System Sub-segment to Flourish Immensely by 2032
The industrial temperature controlled system sub-segment of the global market accounted for the highest share of 44.4% in 2022 and is projected to rise at the highest CAGR of 4.5% by 2032. This is primarily owing to the increasing usage of temperature controlled systems in industrial operations. In addition, precise control offered by temperature-controlled systems helps in reducing the likelihood of faulty or poor-quality items, thus lowering total waste. Moreover, temperature-controlled systems play a vital role in extending the shelf life of products, especially in industries like food and pharmaceuticals.
Region: North America Market to Hold Major Market Share by 2032
The temperature controlled system market in the North America region accounted for the largest share of 33.3% in 2022 and is predicted to continue to hold major market share by 2032. This growth is mainly because the temperature-controlled system in the region is versatile and serves a wide range of industries, including medicines, biotechnology, and the food & beverage industry. Besides, the temperature-controlled system in the North America region facilitates global connections by enabling seamless transportation of items across borders. The temperature-controlled system contributes significantly to the facilitation of global trade and commerce.
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Leading Players in the Temperature Controlled System Market:
LG Electronics Inc.
Daikin Industries, Ltd.
Mitsubishi Electric Corporation
Delta Controls Inc.
Siemens AG
Ingersoll Rand
Schneider Electric SE
Carrier Global Corporation
Johnson Controls International PLC
Emerson Electric Co.
Honeywell International Inc.
The report provides a detailed analysis of the key players of the global temperature controlled system market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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