Market Research Report
Chilled Beam System Market with COVID-19 impact by Design (Active, Passive, Multi-Service), Business (New Construction, Renovation), Application, Geography - Global Forecasts to 2025
|Published by||MarketsandMarkets||Product code||981907|
|Published||Content info||188 Pages
Delivery time: 1-2 business days
|Chilled Beam System Market with COVID-19 impact by Design (Active, Passive, Multi-Service), Business (New Construction, Renovation), Application, Geography - Global Forecasts to 2025|
|Published: January 8, 2021||Content info: 188 Pages||
The global chilled beam system market size is estimated at USD 203 million in 2020. It is projected to reach USD 298 million by 2025; it is expected to grow at a CAGR of 7.9% from 2020 to 2025. Increasing need for energy savings coupled with various benefits offered by chilled beam systems such as thermal comfort, floor to floor savings, and improved air quality over traditional HVAC systems are expected drive the chilled beam system market during the forecast period. Additionally, the increasing need for reduction in the building lifecycle cost would expand the scale and scope of the chilled beam market. However, factors such as lack of consumer awareness and high initial costs are expected to act as a restraint for market growth.
COVID-19 has affected the operations and financial condition of chilled beam system providers. The pandemic has resulted in a widespread health crisis, which is adversely affecting the financial markets and economies of countries and end-users. This is expected to lead to an economic downturn and significantly affect the chilled beam system market.
"The market for multi-service chilled beams to witness high-growth potential during the forecast period"
The market for multi-service chilled beams is projected to grow at the highest CAGR from 2020 to 2025. Multi-service chilled beam offers an alternative to suspended ceilings for ventilation, cooling, and heating, thereby fulfilling most needs for indoor climate. These chilled beams provide very economic cooling, acoustic baffling, as well as modern lighting and are incorporated with a variety of other services such as sprinkler systems, public address systems, Passive Infrared (PIR) sensors, smoke detectors, voice and data cables, and Closed-Circuit Television (CCTV). Increasing use of these products in commercial offices, hotels, and other applications is likely to drive the market for multi-service chilled beams.
"The chilled beam system market in hotel application to grow at highest CAGR during the forecast period"
The chilled beams can be fit in a way that it won't deter indoor ambiance or fixture of a hotel. Chilled beams offer low noise, great indoor air quality, and thermal comfort which are essential in a hotel environment. Thies makes the chilled beam systems as the most suitable indoor environment system for hotels thus compliementing the market growth.
"Europe to be the largest market for chilled beam system during the forecast period"
The chilled beam systems have become prevalent in the European commercial offices due to its various compelling benefits such as excellent performance, dramatic energy savings for little or no additional costs over conventional systems, and high cooling capacities. These products are also gaining popularity in other end-user applications such as laboratories, healthcare facilities, and retal stores. Moreover, increasing construction activities in Nordic and Eastern Europe regions is likely to drive the regional chilled beam market.
The COVID-19 pandemic has severely hit the chilled beam system market in Europe. The pandemic has caused bottlenecks in the chilled beam market's supply chain. As manufacturing plants were closed or reduced operation and staff were put on furlough, it resulted in logistical challenges and disrupted contractor/ distributor activities which largely reduced inventories and the ability to serve customers on time.
Key players in the market include Climate Technologies (Australia), FlaktGroup Holding GmbH (Germany), FTF Group (UK) , Halton Group (Finland), Lindab (Sweden), Price Industries (Canada), Swegon Group AB (Sweden), Systemair AB (Sweden), TROX GmbH (Germany), Johnson Controls International plc (Ireland), Titus (US), Krantz Limited (UK), Kiefer Klimatechnik GmbH (Germany), Barcol-Air Group AG (Switzerland), EB Air Control Inc. (Canada), Twa Panel Systems, Inc. (Canada), Carrier (US), AirFixture, LLC (US), Airvent (Hungary), NuClimate Air Quality Systems, Inc. (US), MADEL Air Technical Diffusion (US), Grada International (Belgium), Solid Air International (Netherlands), ROCCHEGGIANI SPA (Italy), and Caverion Corporation (Finland).
The global chilled beam system market is segmented on the basis of design type, business, application, and geography. The market based on design type is segmented into active chilled beams, passrive chilled beams, and multi-service chilled beams. Based on business, the market is segmented into new construction and renovation. Based on application, the market is segmented into commercial offices, educational institutions, healthcare facilities, hotels, and others. The chilled beam system market is segmented into four regions-North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).