Global Chilled Beam System Market to Grow at a CAGR of 7.37% until 2026
The increasing trend of using energy-efficient heating or cooling systems in commercial buildings is expected to drive the growth of the Global Chilled Beam System Market.
According to TechSci Research report, “Global Chilled Beam System Market, By Design (Multi-service, Active and Passive), By Type (Concealed and Exposed), By Business (Renovation and New Construction), By Application (Healthcare Facilities, Educational Institutions, Commercial Offices, Hotels and Others), By Region, Competition, Forecast & Opportunities, 2016-2026F”, the Global Chilled Beam System Market is forecast to grow at a CAGR of 7.37% to reach USD280.51 million by 2026. Growth in the market can be attributed to the increasing trend of energy-efficient heating or cooling systems. The chilled beam systems provide several benefits over conventional heating, ventilation, and air conditioning (HVAC) systems. An active chilled beam system typically allows for smaller ductwork and smaller air-handling units which allows to save floor-to-floor space (height) in the buildings. The resulting less space to heat or cool decreases the ecological footprint and thus is expected to increase the adaptation of the Global Chilled Beam System Market.
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The Global Chilled Beam System Market is segmented based on design, type, business, application, and region. In terms of Design, the market can be segregated into Active, Passive and Multi-service. Out of these, the multi-service segment registered a market share of 48.36% in 2020 due to its additional features of acoustic baffling, modern lighting and incorporation with a variety of other services such as sprinkler systems, smoke detectors, Passive Infrared (PIR) sensors, etc.
Based on Type, the market is segmented into Concealed and Exposed. The Concealed segment had a share of 73.30% in 2020. This segment is expected to show growth in the future as well because the concealed beams are much more aesthetic than exposed ones.
On the basis of Business, the market is divided into Renovation and New Construction. The Renovation Business led the market with a share of 53.64% in 2020. The Renovation Business is expected to show significant growth in the future owing to it being a cost-effective way to retrofit older buildings having limited floor-to-floor heights with up-to-date technology that pays back the upgrade and saves the owner money in the long run. However, it is also suitable for new constructions, but the huge initial investment is a big challenge in the installation of the chilled beam systems in new constructions.
Based on the application, the market is segmented into Healthcare Facilities, Educational Institutions, Commercial Offices, Hotels and Others. Healthcare Facilities is the dominating segment with a 42.49% market share in 2020. The chilled beam systems are ideal for healthcare facilities as their hydronic sensible cooling regulates space temperature while allowing constant-volume delivery of supply and ventilated air.
In the Global Chilled Beam Systems Market, Europe has been the largest contributor with 52.50% of market shares in 2020. The chilled beam systems are widely used in the European commercial offices due to their benefits such as energy saving for little or no additional costs over conventional systems, and high cooling capacities. However, the market in the Asia-Pacific region is expected to grow at the largest CAGR in the forecast period. The major factors driving the demand for chilled beams in the Asia-Pacific region include the increasing commercial floor space, rising energy consumption in the commercial sector for applications such as space cooling and heating and ventilation.
Swegon AB, Lindab International, Caverion Corporation, Mestek, Inc., Frenger Systems Limited, Halton Marine Oy Company, FläktGroup Holding GmbH, Roccheggiani S.p.A., TROX GmbH, FTF Group, etc. are among the leading players operating in the Global Chilled Beam Systems Market. Companies operating in the market are using organic strategies, partnerships and collaborations to boost their shares in the Global Chilled Beam Systems Market. Significant players in the market are concentrating on accomplishing ideal operational expenses, upgrading the system efficiency, enhancing precision in responses, boosting productivity with high funding in R&D, and merging with small players to support the competitive Global Chilled Beam System Market.
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“The rising trend of enforcing strict building codes by government agencies in order to reduce carbon footprints can increase the demand for the Global Chilled Beam System Market in the forecast period. The chilled beam system is a relatively new technology and is often overlooked by building owners. But with increasing infrastructure investment and rising concern for indoor air quality (IAQ), the Global Chilled Beam System Market is expected to grow in the post COVID-19 pandemic period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Chilled Beam System Market, By Design (Multi-service, Active and Passive), By Type (Concealed and Exposed), By Business (Renovation and New Construction), By Application (Healthcare Facilities, Educational Institutions, Commercial Offices, Hotels and Others), By Region, Competition, Forecast & Opportunities, 2016-2026F” has evaluated the future growth potential of the chilled beam systems in the Global Chilled Beam System Market and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the Global Chilled Beam System Market.
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