FMI, Dubai: Growing demand for energy-efficient and cost-effective cooling systems across various infrastructural projects is driving sales in the global chilled beam system market. Future Market Insights (FMI) in its recent market survey projects the market to expand at a steady 5.5% CAGR over the assessment period 2021 to 2031.
Product customizations in chilled beam systems, along with establishments of robust aftersales market services will continue facilitating growth, as the market reached a valuation of US$ 308.5 Mn in 2021.
In 2020, chilled beam systems market experienced decelerating sales due to the COVID-19 outbreak. However, FMI projects a positive demand outlook as the market experienced year-over-year growth at 3.9% between 2020-2021 with sales projected to reach 175’000 units during the forecast period.
In addition, 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 anticipated to dominate the North America chilled beam systems market. Being a relatively new ventilation concept, adoption of chilled beam systems is expected to grow at a steady pace. Apart from this, 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.
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- Based on product type, concealed chilled beam systems are projected to dominate the segment.
- In terms of design, sales of standard chilled beam systems are anticipated to remain high through 2031.
- Corporate offices will account for maximum applications of chilled beam systems in the forthcoming years.
- The U.S. is anticipated to lead the chilled beam systems market due to growing demand for energy-efficient ventilation solutions in the country. FMI projects the North America chilled beam systems market to grow at a 5.6% CAGR.
- The U.K. is expected to exhibit 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.
- 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.
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As per FMI’s market analysis, top 5 players operating in the chilled beam systems market comprise SAS International Limited, Lindab International AB, Halton Group, Trox GmbH, and Caverion Corporation, holding 58.5% of the total market share.
Prominent players operating in the chilled beam systems market are emphasizing strategic collaborations and partnerships to expand their global footprint. Apart from this, product portfolio expansion and robust aftersales services will remain key growth strategies among leading players. For instance:
- In August 2021, Johnson Controls, a global leader in smart and sustainable building solutions, announced a strategic collaboration with Apollo Global Management, a leading global asset manager, to provide sustainable and energy-efficient solutions various sectors to address decarbonization and high operational costs in buildings.
- In July 2021, Caverion Corporation acquired GTS Immobilien GmBH, a leading building automation service provider in Austria. Through this acquisition, Caverion is aiming to strengthen its market position in smart technologies and building automation solutions for diverse end-uses.
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Key Points Covered in Chilled Beam System Market Survey
- Market estimates and forecast 2021-2031
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Chilled Beam System and how to Navigate
- Recommendation on Key Winning Strategies
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