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Temperature Controlled System Market Size, Share & Trends Analysis Report By Type (Closed Loop Control, and Open Loop), By End User, By Application (Refrigerators, Air Conditioning, Water Heater, and Others) By Regional Outlook and Forecast, 2024 - 2031

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    Report

  • 258 Pages
  • April 2024
  • Region: Global
  • Marqual IT Solutions Pvt. Ltd (KBV Research)
  • ID: 5953603
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.

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
By End User
  • Industrial Temperature Controlled System
  • Home Temperature Controlled System
  • Others
By Application
  • Refrigerators
  • Air Conditioning
  • Water Heater
  • Others
By Geography
  • 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
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Temperature Controlled System Market, by Type
1.4.2 Global Temperature Controlled System Market, by End User
1.4.3 Global Temperature Controlled System Market, by Application
1.4.4 Global Temperature Controlled System Market, by Geography
1.5 Methodology for the research
Chapter 2. Market at a Glance
2.1 Key Highlights
Chapter 3. Market Overview
3.1 Introduction
3.1.1 Overview
3.1.1.1 Market Composition and Scenario
3.2 Key Factors Impacting the Market
3.2.1 Market Drivers
3.2.2 Market Restraints
3.2.3 Market Opportunities
3.2.4 Market Challenges
Chapter 4. Competition Analysis - Global
4.1 Cardinal Matrix
4.2 Recent Industry Wide Strategic Developments
4.2.1 Partnerships, Collaborations and Agreements
4.2.2 Product Launches and Product Expansions
4.2.3 Acquisition and Mergers
4.3 Top Winning Strategies
4.3.1 Key Leading Strategies: Percentage Distribution (2020-2024)
4.3.2 Key Strategic Move: (Mergers & Acquisition: 2020, Apr - 2024, Jan) Leading Players
4.4 Porter’s Five Forces Analysis
Chapter 5. Global Temperature Controlled System Market by Type
5.1 Global Closed Loop Control Market by Region
5.2 Global Open Loop Market by Region
Chapter 6. Global Temperature Controlled System Market by End User
6.1 Global Industrial Temperature Controlled System Market by Region
6.2 Global Home Temperature Controlled System Market by Region
6.3 Global Others Market by Region
Chapter 7. Global Temperature Controlled System Market by Application
7.1 Global Refrigerators Market by Region
7.2 Global Air Conditioning Market by Region
7.3 Global Water Heater Market by Region
7.4 Global Others Market by Region
Chapter 8. Global Temperature Controlled System Market by Region
8.1 North America Temperature Controlled System Market
8.1.1 North America Temperature Controlled System Market by Type
8.1.1.1 North America Closed Loop Control Market by Region
8.1.1.2 North America Open Loop Market by Region
8.1.2 North America Temperature Controlled System Market by End User
8.1.2.1 North America Industrial Temperature Controlled System Market by Country
8.1.2.2 North America Home Temperature Controlled System Market by Country
8.1.2.3 North America Others Market by Country
8.1.3 North America Temperature Controlled System Market by Application
8.1.3.1 North America Refrigerators Market by Country
8.1.3.2 North America Air Conditioning Market by Country
8.1.3.3 North America Water Heater Market by Country
8.1.3.4 North America Others Market by Country
8.1.4 North America Temperature Controlled System Market by Country
8.1.4.1 US Temperature Controlled System Market
8.1.4.1.1 US Temperature Controlled System Market by Type
8.1.4.1.2 US Temperature Controlled System Market by End User
8.1.4.1.3 US Temperature Controlled System Market by Application
8.1.4.2 Canada Temperature Controlled System Market
8.1.4.2.1 Canada Temperature Controlled System Market by Type
8.1.4.2.2 Canada Temperature Controlled System Market by End User
8.1.4.2.3 Canada Temperature Controlled System Market by Application
8.1.4.3 Mexico Temperature Controlled System Market
8.1.4.3.1 Mexico Temperature Controlled System Market by Type
8.1.4.3.2 Mexico Temperature Controlled System Market by End User
8.1.4.3.3 Mexico Temperature Controlled System Market by Application
8.1.4.4 Rest of North America Temperature Controlled System Market
8.1.4.4.1 Rest of North America Temperature Controlled System Market by Type
8.1.4.4.2 Rest of North America Temperature Controlled System Market by End User
8.1.4.4.3 Rest of North America Temperature Controlled System Market by Application
8.2 Europe Temperature Controlled System Market
8.2.1 Europe Temperature Controlled System Market by Type
8.2.1.1 Europe Closed Loop Control Market by Country
8.2.1.2 Europe Open Loop Market by Country
8.2.2 Europe Temperature Controlled System Market by End User
8.2.2.1 Europe Industrial Temperature Controlled System Market by Country
8.2.2.2 Europe Home Temperature Controlled System Market by Country
8.2.2.3 Europe Others Market by Country
8.2.3 Europe Temperature Controlled System Market by Application
8.2.3.1 Europe Refrigerators Market by Country
8.2.3.2 Europe Air Conditioning Market by Country
8.2.3.3 Europe Water Heater Market by Country
8.2.3.4 Europe Others Market by Country
8.2.4 Europe Temperature Controlled System Market by Country
8.2.4.1 Germany Temperature Controlled System Market
8.2.4.1.1 Germany Temperature Controlled System Market by Type
8.2.4.1.2 Germany Temperature Controlled System Market by End User
8.2.4.1.3 Germany Temperature Controlled System Market by Application
8.2.4.2 UK Temperature Controlled System Market
8.2.4.2.1 UK Temperature Controlled System Market by Type
8.2.4.2.2 UK Temperature Controlled System Market by End User
8.2.4.2.3 UK Temperature Controlled System Market by Application
8.2.4.3 France Temperature Controlled System Market
8.2.4.3.1 France Temperature Controlled System Market by Type
8.2.4.3.2 France Temperature Controlled System Market by End User
8.2.4.3.3 France Temperature Controlled System Market by Application
8.2.4.4 Russia Temperature Controlled System Market
8.2.4.4.1 Russia Temperature Controlled System Market by Type
8.2.4.4.2 Russia Temperature Controlled System Market by End User
8.2.4.4.3 Russia Temperature Controlled System Market by Application
8.2.4.5 Spain Temperature Controlled System Market
8.2.4.5.1 Spain Temperature Controlled System Market by Type
8.2.4.5.2 Spain Temperature Controlled System Market by End User
8.2.4.5.3 Spain Temperature Controlled System Market by Application
8.2.4.6 Italy Temperature Controlled System Market
8.2.4.6.1 Italy Temperature Controlled System Market by Type
8.2.4.6.2 Italy Temperature Controlled System Market by End User
8.2.4.6.3 Italy Temperature Controlled System Market by Application
8.2.4.7 Rest of Europe Temperature Controlled System Market
8.2.4.7.1 Rest of Europe Temperature Controlled System Market by Type
8.2.4.7.2 Rest of Europe Temperature Controlled System Market by End User
8.2.4.7.3 Rest of Europe Temperature Controlled System Market by Application
8.3 Asia Pacific Temperature Controlled System Market
8.3.1 Asia Pacific Temperature Controlled System Market by Type
8.3.1.1 Asia Pacific Closed Loop Control Market by Country
8.3.1.2 Asia Pacific Open Loop Market by Country
8.3.2 Asia Pacific Temperature Controlled System Market by End User
8.3.2.1 Asia Pacific Industrial Temperature Controlled System Market by Country
8.3.2.2 Asia Pacific Home Temperature Controlled System Market by Country
8.3.2.3 Asia Pacific Others Market by Country
8.3.3 Asia Pacific Temperature Controlled System Market by Application
8.3.3.1 Asia Pacific Refrigerators Market by Country
8.3.3.2 Asia Pacific Air Conditioning Market by Country
8.3.3.3 Asia Pacific Water Heater Market by Country
8.3.3.4 Asia Pacific Others Market by Country
8.3.4 Asia Pacific Temperature Controlled System Market by Country
8.3.4.1 China Temperature Controlled System Market
8.3.4.1.1 China Temperature Controlled System Market by Type
8.3.4.1.2 China Temperature Controlled System Market by End User
8.3.4.1.3 China Temperature Controlled System Market by Application
8.3.4.2 Japan Temperature Controlled System Market
8.3.4.2.1 Japan Temperature Controlled System Market by Type
8.3.4.2.2 Japan Temperature Controlled System Market by End User
8.3.4.2.3 Japan Temperature Controlled System Market by Application
8.3.4.3 India Temperature Controlled System Market
8.3.4.3.1 India Temperature Controlled System Market by Type
8.3.4.3.2 India Temperature Controlled System Market by End User
8.3.4.3.3 India Temperature Controlled System Market by Application
8.3.4.4 South Korea Temperature Controlled System Market
8.3.4.4.1 South Korea Temperature Controlled System Market by Type
8.3.4.4.2 South Korea Temperature Controlled System Market by End User
8.3.4.4.3 South Korea Temperature Controlled System Market by Application
8.3.4.5 Singapore Temperature Controlled System Market
8.3.4.5.1 Singapore Temperature Controlled System Market by Type
8.3.4.5.2 Singapore Temperature Controlled System Market by End User
8.3.4.5.3 Singapore Temperature Controlled System Market by Application
8.3.4.6 Malaysia Temperature Controlled System Market
8.3.4.6.1 Malaysia Temperature Controlled System Market by Type
8.3.4.6.2 Malaysia Temperature Controlled System Market by End User
8.3.4.6.3 Malaysia Temperature Controlled System Market by Application
8.3.4.7 Rest of Asia Pacific Temperature Controlled System Market
8.3.4.7.1 Rest of Asia Pacific Temperature Controlled System Market by Type
8.3.4.7.2 Rest of Asia Pacific Temperature Controlled System Market by End User
8.3.4.7.3 Rest of Asia Pacific Temperature Controlled System Market by Application
8.4 LAMEA Temperature Controlled System Market
8.4.1 LAMEA Temperature Controlled System Market by Type
8.4.1.1 LAMEA Closed Loop Control Market by Country
8.4.1.2 LAMEA Open Loop Market by Country
8.4.2 LAMEA Temperature Controlled System Market by End User
8.4.2.1 LAMEA Industrial Temperature Controlled System Market by Country
8.4.2.2 LAMEA Home Temperature Controlled System Market by Country
8.4.2.3 LAMEA Others Market by Country
8.4.3 LAMEA Temperature Controlled System Market by Application
8.4.3.1 LAMEA Refrigerators Market by Country
8.4.3.2 LAMEA Air Conditioning Market by Country
8.4.3.3 LAMEA Water Heater Market by Country
8.4.3.4 LAMEA Others Market by Country
8.4.4 LAMEA Temperature Controlled System Market by Country
8.4.4.1 Brazil Temperature Controlled System Market
8.4.4.1.1 Brazil Temperature Controlled System Market by Type
8.4.4.1.2 Brazil Temperature Controlled System Market by End User
8.4.4.1.3 Brazil Temperature Controlled System Market by Application
8.4.4.2 Argentina Temperature Controlled System Market
8.4.4.2.1 Argentina Temperature Controlled System Market by Type
8.4.4.2.2 Argentina Temperature Controlled System Market by End User
8.4.4.2.3 Argentina Temperature Controlled System Market by Application
8.4.4.3 UAE Temperature Controlled System Market
8.4.4.3.1 UAE Temperature Controlled System Market by Type
8.4.4.3.2 UAE Temperature Controlled System Market by End User
8.4.4.3.3 UAE Temperature Controlled System Market by Application
8.4.4.4 Saudi Arabia Temperature Controlled System Market
8.4.4.4.1 Saudi Arabia Temperature Controlled System Market by Type
8.4.4.4.2 Saudi Arabia Temperature Controlled System Market by End User
8.4.4.4.3 Saudi Arabia Temperature Controlled System Market by Application
8.4.4.5 South Africa Temperature Controlled System Market
8.4.4.5.1 South Africa Temperature Controlled System Market by Type
8.4.4.5.2 South Africa Temperature Controlled System Market by End User
8.4.4.5.3 South Africa Temperature Controlled System Market by Application
8.4.4.6 Nigeria Temperature Controlled System Market
8.4.4.6.1 Nigeria Temperature Controlled System Market by Type
8.4.4.6.2 Nigeria Temperature Controlled System Market by End User
8.4.4.6.3 Nigeria Temperature Controlled System Market by Application
8.4.4.7 Rest of LAMEA Temperature Controlled System Market
8.4.4.7.1 Rest of LAMEA Temperature Controlled System Market by Type
8.4.4.7.2 Rest of LAMEA Temperature Controlled System Market by End User
8.4.4.7.3 Rest of LAMEA Temperature Controlled System Market by Application
Chapter 9. Company Profiles
9.1 Carrier Global Corporation
9.1.1 Company Overview
9.1.2 Financial Analysis
9.1.3 Segmental and Regional Analysis
9.1.4 Research & Development Expenses
9.1.5 Recent strategies and developments:
9.1.5.1 Partnerships, Collaborations, and Agreements:
9.1.5.2 Product Launches and Product Expansions:
9.1.5.3 Acquisition and Mergers:
9.1.6 SWOT Analysis
9.2 Daikin Industries Ltd.
9.2.1 Company Overview
9.2.2 Financial Analysis
9.2.3 Segmental and Regional Analysis
9.2.4 Research & Development Expenses
9.2.5 Recent strategies and developments:
9.2.5.1 Product Launches and Product Expansions:
9.2.5.2 Acquisition and Mergers:
9.2.6 SWOT Analysis
9.3 Johnson Controls International PLC
9.3.1 Company Overview
9.3.2 Financial Analysis
9.3.3 Segmental & Regional Analysis
9.3.4 Research & Development Expenses
9.3.5 Recent strategies and developments:
9.3.5.1 Acquisition and Mergers:
9.3.6 SWOT Analysis
9.4 Siemens AG
9.4.1 Company Overview
9.4.2 Financial Analysis
9.4.3 Segmental and Regional Analysis
9.4.4 Research & Development Expense
9.4.5 Recent strategies and developments:
9.4.5.1 Partnerships, Collaborations, and Agreements:
9.4.5.2 Product Launches and Product Expansions:
9.4.5.3 Acquisition and Mergers:
9.4.6 SWOT Analysis
9.5 Emerson Electric Co.
9.5.1 Company Overview
9.5.2 Financial Analysis
9.5.3 Segmental and Regional Analysis
9.5.4 Research & Development Expense
9.5.5 Recent strategies and developments:
9.5.5.1 Product Launches and Product Expansions:
9.5.5.2 Acquisition and Mergers:
9.5.6 SWOT Analysis
9.6 Honeywell International, Inc.
9.6.1 Company Overview
9.6.2 Financial Analysis
9.6.3 Segmental and Regional Analysis
9.6.4 Research & Development Expenses
9.6.5 Recent strategies and developments:
9.6.5.1 Partnerships, Collaborations, and Agreements:
9.6.5.2 Product Launches and Product Expansions:
9.6.6 SWOT Analysis
9.7 Mitsubishi Electric Corporation
9.7.1 Company Overview
9.7.2 Financial Analysis
9.7.3 Segmental and Regional Analysis
9.7.4 Research & Development Expense
9.7.5 Recent strategies and developments:
9.7.5.1 Partnerships, Collaborations, and Agreements:
9.7.5.2 Acquisition and Mergers:
9.7.6 SWOT Analysis
9.8 Schneider Electric SE
9.8.1 Company Overview
9.8.2 Financial Analysis
9.8.3 Segmental and Regional Analysis
9.8.4 Research & Development Expense
9.8.5 SWOT Analysis
9.9 LG Electronics, Inc. (LG Corporation)
9.9.1 Company Overview
9.9.2 Financial Analysis
9.9.3 Regional & Segmental Analysis
9.9.4 Research & Development Expenses
9.9.5 Recent strategies and developments:
9.9.5.1 Product Launches and Product Expansions:
9.9.6 SWOT Analysis
9.10. Delta Electronics, Inc.
9.10.1 Company Overview
9.10.2 Financial Analysis
9.10.3 Research & Development Expense
9.10.4 Recent strategies and developments:
9.10.4.1 Partnerships, Collaborations, and Agreements:
9.10.4.2 Acquisition and Mergers:
9.10.5 SWOT Analysis
Chapter 10. Winning Imperatives of Temperature Controlled System Market

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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