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(Health-NewsWire.Net, May 07, 2021 ) This study involved four major activities in estimating the current size of the medical equipment cooling market. Exhaustive secondary research was done to collect information on the market and its different subsegments.
The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation procedures were used to estimate the size of the segments and subsegments.
Expected Revenue Growth:
The global medical equipment cooling market is projected to reach USD 233 million by 2024 from USD 193 million in 2019, at a CAGR of 3.8%.
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Growth in the medical equipment cooling market can be attributed to factors such as economic benefits offered by cooling systems, technological advancements in diagnostic imaging modalities, rising geriatric population, and a growing number of diagnostic centers and hospitals. On the other hand, the risk of corrosion in cooling systems may also pose a major challenge to market growth in the coming years.
The major players operating in the medical equipment cooling market include Glen Dimplex Group (Ireland), Legacy Chiller Systems Inc. (US), Filtrine Manufacturing Company, Inc. (US), Laird Technologies, Inc. (US), Cold Shot Chillers (US), KKT Chillers (Germany), General Air Products, Inc. (US), Drake Refrigeration, Inc. (US), Lytron, Inc. (US), Motivair Corporation (US), American Chillers (US), Parker Hannifin Corp (US), Whaley Products Inc. (US), Johnson Thermal Systems (US), and Haskris (US).
An analysis of the market developments between 2016 and 2018 revealed that several growth strategies such as product enhancements and expansions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the medical equipment cooling market.
Glen Dimplex (Ireland) is a leading player in the medical equipment cooling systems market. The company manufactures and delivers a wide range of chillers and cooling solutions across the medical, food packaging, plastics, and semiconductor industries in the US and internationally. Glen Dimplex offers active and passive cooling solutions either in integrated or stand-alone modes, for a wide range of medical equipment such as CT, MRI, linear accelerators, and medical laser technology. Along with high-quality products the company also offers a comprehensive range of tailored services to meet customer needs. The company has a global presence and a prominent after-sales service network, with locations across the US, China, Germany, and Ireland.
Legacy Chillers (US), a leading process chiller manufacturer in the US, offers cooling, heating, and ventilation solutions for residential, commercial, and industrial applications. Legacy introduced the Nexus technology in the market to produce process cooling solutions that use outdoor air as the primary cooling medium. The company uses a patented economizer technology, which significantly increases the end user's electrical cost savings. Legacy also offers excellent key services, including chiller system design services and offers training programs such as the chiller system training webinar series.
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