Market Size and Growth

• The heating and air conditioning equipment manufacturing industry in the US is valued at $49 billion in 2019. It has grown at a CAGR of 1.3% during 2014-2019. This market includes residential, commercial, and industrial heating, ventilation, air-conditioning, and refrigeration (HVACR) equipment.
• The global industrial temperature controllers market will grow to $812.5 million by 2021.
• Asia Pacific contributes largely to the global industrial temperature controllers market and generated a revenue of $368 million in 2017, which is projected to go up to $429 million by 2023.
• Sales in the global temperature control unit market are projected to surpass 510,000 units in 2019.

Trends

• The top three emerging trends in the global industry include "Miniaturization of temperature controllers , temperature controllers display[ing] trend charts and allow[ing] data logging , and [the] use of computers to program controllers and maintain data."
• Water-type temperature control units are gaining popularity in several industries due to their compactness and operational support in a wide range of environments/temperatures.
• Other industrial trends include opportunity due to the increase in oil and gas exploration activities, companies taking advantage of specific opportunities in the industry to drive sales, market growth due to burgeoning craft beer production, etc.