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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https://www.alliedmarketresearch.com/request-sample/A234567
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
|
Base Year
|
2022
|
Market Size in
2022
|
$1.8 billion
|
Market Size in
2032
|
$2.5 billion
|
CAGR
|
3.9 %
|
No. of Pages in
Report
|
320
|
Segments
covered
|
Type, Application, End
User, and Region
|
Drivers
|
Rising adoption in
various industries, such as logistics and transportation
Surging demand for
integrity and quality of products
Increasing demand in
pharmaceuticals sector
|
Opportunities
|
Continuous
technological advancements
Expansion of healthcare
infrastructure in emerging markets
|
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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