Chilled Beams Market size will likely reach USD 431 million by 2026; according to a new research report by Global Market Insights Inc.
Increasing building and construction activities to escalate product demand
Chilled beams are used in residential and commercial buildings to provide cooling or heating to internal spaces. The product is increasingly being used in the industry due to its higher energy efficiency than other HVAC systems. Furthermore, it has very few moving parts and requite very little maintenance as well. Floor to floor height can easily be reduced by using chilled beams in buildings. Hence many commercial and residential buildings are now being equipped with these systems.
Global non housing construction sector is anticipated to increase in coming years owing to rising dynamism in office buildings sector. Although commercial construction sectors have been following a declining trend from retail sector, but it is partly compensated by growth from e-business. As office buildings are the largest application sector of chilled beams, the demand is projected to growth with increasing construction activities in the sector. However, product demand is expected to be low in the year 2020 due to ongoing COVID 19 crises throughout the world. Fear of attracting corona virus by airflow from air conditioning systems along with reduced new construction spending are the major factor resulting in a reduced demand of chillers in most of the Asian countries.
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Multi service beams as the most lucrative product segment
Multi services chilled beams market will witness gains of 4.4% CAGR on account of its unique features and advantages of the product. These systems offer plug and play solutions, which mean that the system can provide water driven heating, cooling, sensors, fresh air and many other building services. The product provides additional services than other product types such as smoke detection, lightening controls & fixtures, speakers, occupancy sensors etc. Owing to additional advantage offered by these systems, product demand is expected to growth a higher rate than other alternatives.
Browse key industry insights spread across 136 pages with 119 market data tables & 12 figures & charts from the report, “Chilled Beams Market Size By Product (Active, Passive, Multiservice), By Material (Gypsum, Metal, Aluminum, Plastering), By Application (Offices, Retail, Hotel & Leisure, Industrial), By Business (New Construction, Renovation), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Metals having a significant share in chilled beams market
Metals accounts for a share of over 25% in the year 2019. The segment mainly comprises of cooper and its alloys. Substantial segment share is attributed to the natural resistance to biofouling than several metals used in the industry. Some of the other metals used as heat exchangers in the chillers system are stainless steel, titanium, etc.
Hotels and leisure registering a high chilled beams market demand
Chilled beam systems are increasingly being more flexible for the leisure and hotel sector. Significant demand share of hotel sector is due to essential used of HVAC systems along with need to maintain esthetics. Fan coils are still a choice for hotel designers, but it too creates designing issues. As fan coils are installed inside the room, it creates a dark climate inside and hence is not very attractive. Therefore, designers are now switching to alternatives which can achieve good indoor comfort and high-performance cooling as well. Also, increasing regulations for achieving less energy goals in commercial buildings is expected to fuel the chilled beams market growth till the forecast time frame.
Renovation sector expected to attain a high demand in future
Renovation segment in the chilled demand market is likely experience gains of 4.3% CAGR, as reducing energy consumption of buildings is one of the primary concerns worldwide, building sector is increasingly being adopting retrofitting activities with latest technologies. The segment is anticipated to achieved high momentum in the coming year attributed to increasing awareness and regulations regarding energy efficiency of buildings.
China dominates Asia Pacific chilled beam market
China hold a majority share of over 40% in Asia Pacific chilled beams market. A large share is attribute to presence of many manufacturing companies in the country coupled with increasing awareness for energy efficiency. East china is noted to remain as the largest chillers market followed by North & South china. Increasing building and construction activities in Asia Pacific is another factor fueling product demand in the region. India being an emerging nation is expected to register a high demand growth in coming years on account of increasing urbanization and commercial construction in the nation.
Innovative product launched to escalate industry growth
Several players are concerned towards launching new and innovative product solutions to increase their customer base and market share in the HVAC systems industry. For instance, Trox introduced a new type of active chilled beams which can easily be used with low ceilings by providing enhanced cooling as well. This launch will make company’s product portfolio strong and unique among other industry players.