Chilled Beam System Market to Grow at 5.5% CAGR Over 2031
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 analysis, projects the global chilled beam systems market to reach US$ 308.5 Mn in 2021. With increasing adoption of chilled beams 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, 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.
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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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Key Takeaways:
- 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.
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.
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 sector across North America.
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