Growing demand for energy-efficient and cost-effective cooling systems across different infrastructural projects is pushing sales in the global chilled beam system market. Future Market Insights (FMI) in its recent market survey projects the market to rise at a steady 5.5% CAGR over the estimated period 2021 to 2031.”
Product customisations in chilled beam systems, along with the establishment of robust after-sales market services, will continue encouraging growth, as the market attained a valuation of US$308.5 Mn in 2021.
Future Market Insights (FMI) in its recent market analysis, projects the global chilled beam systems market to reach US$ 308.5 Mn in 2021. With the increasing adoption of chilled beam systems in healthcare facilities, corporate offices, and universities across various countries, the market is anticipated to grow at a steady pace, exhibiting a 5.5% CAGR.
In 2020, the chilled beam systems market experienced decelerating sales because of the COVID-19 outbreak. However, FMI projects a positive demand outlook as the market experienced year-over-year growth of 3.9% between 2020-2021 with sales projected to reach 175’000 units during the forecast period.
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In addition, the development of smart cities, healthcare facilities, and renovation of residential and commercial spaces are expected to propel market growth in emerging economies such as India, China, Mexico, and Brazil.
As per FMI’s regional market survey, the U.S. is expected to dominate the North American chilled beam systems market. Being a relatively new ventilation concept, the adoption of chilled beam systems is expected to grow at a steady pace. Apart from this, the expansion of residential, corporate, and healthcare infrastructure will continue spurring demand for chilled beam systems in the U.S.
“Growing demand for energy-efficient solutions in construction projects, coupled with advanced after-sales services offered by chilled beam system market players, will create attractive prospects for the expansion of the global chilled beam systems market,” says the FMI analyst.
Key Takeaways:
- Based on product type, concealed chilled beam systems are projected to dominate the segment.
- In terms of design, we expected sales of standard chilled beam systems to remain high through 2031.
- Corporate offices will account for maximum applications of chilled beam systems in the forthcoming years.
- The U.S. is expected to lead the chilled beam systems market because of the growing demand for energy-efficient ventilation solutions in the country. FMI projects the North American chilled beam systems market to grow at a 5.6% CAGR.
- The U.K. is expected to exhibit a high demand for chilled beam systems, owing to rapid expansion in the hospitality and education sectors. The European chilled beam systems market is projected to expand at a 5.3% CAGR.
- Being one of the key exporters and producers of chilled beam systems, Germany will emerge as a lucrative market during the forecast period.
- The rapid development of smart cities and increasing adoption of modern cooling systems in India will place it as an attractive market through 2031.
- South Korea and Japan will collectively account for 9% of the total market share.
Competitive Landscape
Swegon AB, Barcol Air Group AG, MADEL Air Technical Diffusion S.E., Dadanco Europe, TROX GmbH, Emco Bau- und Klimatechnik GmbH & Co. KG, LTG Aktiengesellschaft, Roccheggiani S.p.A, FTF Group, Johnson Controls International Plc, Lindab International AB, Caverion Corporation, Halton Group, Mestek, Inc., FlaktGroup, Price Industries Inc., NuClimate Air Quality Systems, Inc., SAS International and Nijburg Industry Group are some of the prominent chilled beam systems market players profiled by FMI.
The top 5 players in the chilled beam systems market include SAS International Limited, Lindab International AB, Halton Group, Trox GmbH and Caverion Corporation, accounting for 58.5% of the total market share.
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As per FMI’s analysis, key players operating in the global chilled beam system market are focusing on product portfolio expansion, strategic collaborations, mergers and acquisitions, and intensive research and development as a part of their growth strategies. For instance:
- In August 2021, Halton Group acquired Nelbud Services Group, a leader specializing in life safety and health solutions, to expand its operations in local U.S. markets. The acquisition is aimed to enhance Halton Group’s global presence and product portfolio to cater to growing consumers’ demand.
- In April 2021, Mestek Inc. acquired Slant/Fin’s baseboard assets (a provider of hydronic baseboard radiation) and added the family business to Mestek’s growing product portfolio of HVAC solutions. The acquisition will allow Mestek to manufacture hydronic heating equipment for the residential and commercial sectors across North America.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
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