Portable Temperature Control - Market Size
The market size of the temperature control units market in the US is valued at $29.4 billion. Further details about the research are given below:
- The current estimated market size of the B2B temperature control units market in the US is valued at $29.4 billion in 2019.
Defining the Market
- A temperature control unit (TCU), aka temperature controller, is a system that is used to increase or decrease the temperature of a given process. TCUs are used for both heating and cooling purposes.
- The term 'portable' seems to be used for compact units that can be transported easily. However, the industry doesn't seem to differentiate portable TCUs because they are not made to stand out and are considered interchangeable with other types of TCUs. This is evident from the fact that even though portability is a special feature, such units are not portrayed as special and are generically called TCUs.
- Owing to this nature of the industry, portable temperature control units can be considered part of the overall temperature control units market. Furthermore, industry reports, e.g. this report, also do not segregate portable units from those that are not and consider them part of the same industry. Hence, the term 'Portable TCUs' can be used simply as TCUs.
- HVAC (Heating, Ventilation, and Air-Conditioning) "systems are, effectively, everything from your air conditioner at home to the large systems used in industrial complexes and apartment blocks." Hence, it can be said that these systems also qualify as TCUs and are part of that market and define that market.
- HVAC systems are also used in industrial applications such as computing and enterprise data centers.
- The overall HVAC market is segmented into residential, commercial, and industrial applications. Commercial applications include offices and buildings, supermarkets/hypermarkets, government, healthcare, hospitality, and transportation; whereas industrial applications include oil and gas, food and beverage, automotive, and energy and utilities.
We started our research in order to determine the current market size of the B2B segment of the US temperature control units market through renowned industry publications, however, no publications provided that information directly. We think that this is because these reports are paywalled and they only provided limited amounts of information as a preview and the rest of the information can be seen when the reports are purchased. We used available information to triangulate an estimate of the market as an alternative. The details of the triangulation can be found below.
- The HVAC market in the United States will is valued at $49 billion in 2019.
- The market has grown at a CAGR of 1.3% during 2014-2019.
- Since, the HVAC market is the same as the temperature control units market, the current size of the TCU market in the US is also $49 billion.
- This market size includes residential, commercial, and industrial applications. Now, the size of the B2B segment of this market can be calculated as follows:
Share of the residential segment of HVAC market = 40%
Share of the rest of the market = 100 - 40 = 60%
- If the residential segment's share is subtracted from the overall market, the remaining share represents commercial and industrial segments, which can be considered as B2B segments. Hence, the estimated share of the B2B segment is 60%.
- Please note that we have used the global market share of the residential segment for 2017 because of the unavailability of the current US-specific share of the residential segment. We assumed that the share represents all geographies and has stayed the same since then.
- Using this share, the current market size of the HVAC market in the US can be calculated as follows:
Current HVAC market size in the US = $49 billion
B2B segment share = 60%
Current HVAC market size in the B2B segment in the US = 49 * 0.6 = $29.4 billion.
- Since the HVAC market is the same as the temperature control units market, the current size of the B2B TCU market in the US is also $29.4 billion.