Pune, India, March 31, 2021 (GLOBE NEWSWIRE) -- The global chillers market will grow considerably driven by recent product advancements and wider application scope. According to a report published by Fortune Business Insights, titled “Chillers Market Size, Share & Industry Analysis, By Type (Screw Chillers, Scroll Chillers, Centrifugal Chillers, and Others), By Application (Chemicals and Petrochemicals, Food and Beverages, Plastics, Rubber, Medical, and Others), and Regional Forecast, 2019-2026,” the market was valued at USD 9.65 billion in 2018 and is projected to reach USD 13.25 billion by 2026, exhibiting a CAGR of 4.1% during the forecast period (2019 – 2026).
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Chillers are used in large commercial and industrial spaces, where a huge amount of heat is generated. The mechanism of a chiller is to generate cold water and circulate it through tubes, subsequently dehumidifying the vapor. This helps regulate the temperature inside the space. In larger spaces, air conditioners tend to have lesser impact. Since chillers can be used as an excellent alternative to air conditioners, they will witness huge demand in the coming years. The growing demand in several industrial sectors will have a direct impact on the growth of the global market in the forthcoming years.
The report provides a detailed analysis of the market and focuses on key aspects such as leading companies, major product types, and leading applications of the product. Besides, the report offers insights into the ongoing chillers market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market in recent years. Based on extensive research methods, forecast values have been drawn for the period of 2019-2026.
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Driven by High Product Demand, Market to Witness Several New Products
The growing industrialization in several countries across the world has led to an increase in the number of industrial manufacturing units. This, in turn, has led to a subsequent demand for the product. The increasing investment towards the development of chillers will yield several new products. In 2018, Daikin announced the launch of new product to its range of chillers. The company introduced a new series of highly advanced and compact DZ chillers. The products were equipped with eco-friendly features, a factor that will lead to rapid adoption for the device in the coming years. The report identifies several product launches, similar to Daikin’s latest range of chillers and gauges the impact of these products on the market.
Asia Pacific to Emerge as a Dominant Market
The report classifies the market based on regional demographics into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. Among these regions, Asia Pacific will witness highest product demand due to the rapidly rising industrialization. Improving industrial facilities and high investment in betterment of existing industrial infrastructures will aid growth of the market in this region. The exceptional demand for chillers in densely populated countries such as China and India will create several growth opportunities for the companies operating in this region. As of 2018, the market in Asia Pacific was valued at USD 4.84 Bn.
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Some of the leading companies that are operating in the global market are:
- Daikin
- Johnson Controls
- Johnson Controls-Hitachi Air Conditioning
- Mitsubishi Heavy Industries, Ltd.
- Polaris Industries Australasia
- LG Electronics
- Midea
- Dunham-Bush Americas
- Chongqing General Industry Co., Ltd.
- Carrier Corporation
- The Danfoss Group
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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
- Key Technological Developments
- Consolidated SWOT Analysis of Key Players
- Global Chillers Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Type (Value)
- Screw Chillers
- Scroll Chillers
- Centrifugal Chillers
- Others
- Market Sizing Estimations and Forecasts – By Application (Value)
- Chemicals & Petrochemicals
- Food & Beverages
- Plastics
- Rubber
- Medical and Others
- Market Analysis, Insights and Forecast – By Geography (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- North America Chillers Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Type (Value)
- Screw Chillers
- Scroll Chillers
- Centrifugal Chillers
- Others
- Market Sizing Estimations and Forecasts – By Application (Value)
- Chemicals & Petrochemicals
- Food & Beverages
- Plastics
- Rubber
- Medical and Others
- Market Analysis, Insights and Forecast – By Country (Value)
- United States
- Canada
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Have a Look at Related Research Insights:
Asia Pacific Chillers Market Size, Share & Covid-19 Impact Analysis, By Type (Screw, Scroll, Centrifugal, and Others), By Application (Chemicals & Petrochemicals, Food & Beverage, Medical, Plastic, and Rubber) and Regional Forecast, 2020-2027
Road Transport Refrigeration Equipment Market Size, Share & COVID-19 Impact Analysis, By Install Vehicle (Van & Light Truck, Heavy Truck, Trailer), By Mode of Operation (Single Temperature, Multi-Temperature), By Power Source (Vehicle Powered, Self-Powered), By Application (Food and Beverage Products, Pharmaceutical and Other Healthcare Products, Floral Products) and Regional Forecast, 2020-2027
Central Air Conditioning Market Size, Share & COVID-19 Impact Analysis, By Type (Split System, Packaged Unit, and Rooftop System), By Application (Residential and Commercial) and Regional Forecast, 2020-2027
Commercial Refrigeration Equipment Market Size, Share & Industry Analysis, By Type (Refrigerator & Freezer, Transport Refrigeration, Refrigerated Display Cases, Ice Machines, and Others), By Application (Food & Beverage, Retail Stores, Hotels & Restaurants, Chemicals & Pharmaceuticals, and Others) and Regional Forecast, 2019-2026
Modular Chiller Market Size, Share & Industry Analysis, By Type (Air-cooled modular chiller, Water-cooled modular chiller), By Application (Industrial, Commercial, Residential) and Regional Forecasts, 2019-2026
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