DALLAS — The global chilled beam system market, valued at $218.1 million in 2014, is forecast to grow at a compound annual growth rate (CAGR) of 11.14 percent between 2015 and 2020, reaching $406.8 million by 2020, according to a new market research report published by MarketsandMarkets.
The commercial offices sector constituted the largest application area for chilled beam systems in 2014 and is expected to continue to grow at a significant rate because of increasing implementation in the commercial offices segment across the globe. Educational institutions, health care facilities, and hotels are the next major application areas and are also expected to grow at a considerable rate.
The chilled beam system market players have been focusing on innovation in terms of technological advancements to cater to the specific needs of enterprises in air conditioning and ventilation. Multi-service chilled beam systems have been the emerging technologies in the market, which provide the functions of passive and active chilled beam systems along with additional features such as sprinkler systems, public address systems, smoke detectors, passive infrared (PIR) sensors, fresh air, building management system (BMS) cables, voice and data cables, closed-circuit television (CCTV), speaker, controls, and energy control. The market for these technologies is expected to grow at a significant rate during the forecast period because of the increasing adoption of chilled beam systems based on these technologies. Active chilled beam systems are expected to account for the major market share during the forecast period, due to their enhanced benefits compared to passive chilled beam systems.
Europe was the largest market in 2014. North America is expected to be the fastest growing region, followed by Asia-Pacific, which is also among the major regions playing a significant role in the growth of the chilled beam system market. The growth of the market in North America will be largely driven by the U.S., which accounted for 73.1 percent of the total North American market in 2014. The Asia-Pacific market is expected to be driven by Japan, Australia, China, and India. The commercial offices and health care sectors along with hotels are likely to provide a huge growth opportunity for chilled beam system in these regions. The market will also be fueled by the increase in focus of the major players to expand their product and service offerings in the Asia-Pacific region, as this region is expected to witness major growth over the next decade.
For more information on the chilled beam system market report, click here.
Publication date: 6/1/2015