The North America Temperature Controlled System Market would witness market growth of 3.1% CAGR during the forecast period (2023-2031).
The US market dominated the North America Temperature Controlled System Market by Country in 2023 and would continue to be a dominant market till 2031; thereby, achieving a market value of $471 Million by 2031. The Canada market is experiencing a CAGR of 5.4% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 4.5% during (2024 - 2031).
A temperature-controlled system (TCS) is an integrated collection of technologies and equipment that monitor, manage, and maintain precise temperature conditions in a controlled environment. The food industry extensively uses temperature-controlled systems to preserve perishable commodities like fruits, vegetables, dairy products, meats, and seafood. Food products are kept fresh and safe for consumption along the supply chain by cold storage facilities, refrigerated trucks, and temperature-controlled warehouses.
Programmable thermostats, smart HVAC systems, and building automation technologies allow precise control over temperature settings in residential, commercial, and industrial buildings. For example, according to Statistics Canada, the 11-census metropolitan area (CMA) composite for residential building construction prices increased 7.6% year on average in 2023. There was considerable variation in cost increases among CMAs in 2023, with the largest increases occurring in Toronto (+12.7%), Halifax (+8.2%), and Vancouver (+7.8%).
According to data from the International Trade Administration (ITA), the installed capacity of Mexico's clean energy plants (renewable and non-renewable) was 31,369 MW in 2022, representing a 1.81 percent increase over the previous year, when the installed capacity of clean energy was 30,812MW. Hydro, wind, and photovoltaic solar PV plants accounted for most of the installed renewable energy capacity. Hence, the factors mentioned above will drive the regional market growth.
Free Valuable Insights: The Temperature Controlled System Market is Predict to reach USD 2.2 Billion by 2031, at a CAGR of 3.7%
Based on Type, the market is segmented into Closed Loop Control, and Open Loop. Based on End User, the market is segmented into Industrial Temperature Controlled System, Home Temperature Controlled System, and Others. Based on Application, the market is segmented into Refrigerators, Air Conditioning, Water Heater, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
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