Pune, Jan. 28, 2020 (GLOBE NEWSWIRE) -- The global water chillers market is anticipated to gain impetus from the rising demand for district cooling over conventional cooling systems. The demand for chillers from the food and beverage, as well as the plastic & rubber industries, is also set to affect the market positively in the coming years. Fortune Business Insights™ provided this information in a recently published report, titled, “Water Chillers Market Size, Share & Industry Analysis, By Type (Scroll, Screw, Centrifugal), By Capacity (0 – 100 Kw, 101 – 350 Kw, 351 – 700 Kw, >700 Kw), By Industry (Plastic & Rubber, Food & Beverage, Chemical & Petrochemical, Pharmaceuticals and other) and Regional Forecast, 2019-2026.” The report further states that the global water chillers market size is projected to reach USD 7.13 billion by 2026, thereby exhibiting a CAGR of 4.4% during the forecast period. However, it stood at USD 5.07 billion in 2018.
What Does This Report Contain?
- Elaborate information about the water chillers market trends, growth drivers, hindrances, opportunities, and related challenges.
- Strategical profiling of the key players and analysis of their core competencies business strategies.
- In-depth information about the micro-markets.
- List of all the segments present in the market.
To gain more insights into the market with detailed table of content and figures, click here: https://www.fortunebusinessinsights.com/water-chiller-market-101990
Rising Need to Improve Industrial Processes Will Propel Growth
In the early 1900s, utilization of the first centrifugal chiller gradually gave rise to the extensive usage of water chillers. Components, such as refrigerants, compressors, condensers, and evaporators, are used in water chillers to enhance the industrial processes and to prevent the hampering of the cooling process. Apart from that, the crucial parameters of chillers, namely, the requirement of small space, vibration-less operation, lower maintenance cost, and high thermal conductivity of water, are anticipated to augment the water chillers market growth during the forthcoming period.
Rising Demand for Frozen Food Items to Favor Growth in Asia Pacific
In terms of region, the market is segregated into Latin America, North America, Asia Pacific, the Middle East and Africa, and Europe. Amongst these, Asia Pacific is expected to showcase the highest CAGR owing to the expansion of the industrial sector in this region. Besides, the awareness programs regarding energy-efficient products are increasing. Coupled with this, the rising demand for frozen food would also accelerate the growth of this market. Besides, the pre-existing market players present in this region are aiming to improve their businesses owing to the availability of numerous industrial projects.
Europe, on the other hand, is projected to grow considerably by acquiring a high water chillers market revenue. This growth is attributable to the presence of various industry giants, namely, Panasonic Corporation, Daikin Industries, Ltd., and Carrier Corporation in this region. Also, the ongoing technological advancements would contribute to the growth. North America is set to experience significant growth in the coming years backed by the increasing utilization of water chillers in the petroleum and food & beverage industries.
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Key Players Focus on Novel Product Launches to Gain Competitive Edge
The market consists of many small, medium, and large enterprises. Most of these enterprises are aiming to gain the maximum water-cooled chillers market share by launching new products with the help of extensive research and development activities. Below are a couple of the latest industry developments:
- January 2019: Johnson Controls, a multinational conglomerate headquartered in Ireland, announced that it has broadened the capacity range of YORK YZ magnetic bearing centrifugal chiller. It can now include up to 1,350 tons (4747 kW) of refrigeration. The old version of the product was first released in 2018. The extended capacity uses an advanced magnetic bearing, technology. This unique technology requires 80% lesser moving parts as compares to the refrigerant or traditional oil-lubricated drivelines.
- July 2018: Daikin Industries, Ltd., a Japanese multinational air conditioning manufacturing company, announced the launch of an innovative centrifugal oil-free water-cooled inverter chiller series with R-1234ze(E) and R134a refrigerants. These products would help end users and specifiers to stay one step ahead of surging energy costs and EU legislation.
Fortune Business Insights™ lists out the most renowned companies operating in the water chillers market. They are as follows:
- Daikin Industries, Ltd.
- Thermax Global
- Trane
- Carrier Corporation
- Toshiba Machines Co Ltd.
- Robert Bosch LLC
- Hitachi, Ltd.
- Panasonic Corporation
- Johnson Controls
- Blue Star Limited
- Other key market players
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Table of Content:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Global Water Chillers Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Type (Value)
- Scroll
- Screw
- Centrifugal
- Market Sizing Estimations and Forecasts – By Capacity (In Kw) (Value)
- 0 - 100
- 101 - 350
- 351 - 700
- >700
- Market Sizing Estimations and Forecasts – By Industry (Value)
- Plastic & Rubber
- Food & Beverage
- Chemical & Petrochemical
- Pharmaceuticals
- Other (Metal Forming, etc.)
- Market Analysis, Insights and Forecast – By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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