NEW YORK, June 24, 2019 (GLOBE NEWSWIRE) -- Global chiller market is expected to reach $9.5 billion by 2024, citing a CAGR of 4.9% during the forecast period. The market is predominantly driven by a rising number of construction projects coupled with the growing demand for cooling equipment in industrial applications, according to P&S Intelligence.
Rising preference for smart connected devices has been observed to be one of the key trends in the market. This has led manufacturers to incorporate connected solutions in chillers offering remote monitoring and preventive maintenance. Smart connected chillers incorporate remote monitoring and cloud-based analysis tools, that enable service providers to gather data from equipment, analyze it and then notify customers of the best time to perform maintenance or make upgrades which reduce unplanned repairing costs and improve the operational efficiency of the chiller. As a result, the popularity of smart connected chillers is increasing in the chiller market around the globe.
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Based on the type, the chiller market is segmented into centrifugal, screw, scroll, absorption, and reciprocating, wherein the screw chiller category is projected to witness fastest growth during the forecast period. Sectors such as hospitals, small factories, retail stores, and hotels are registering the adoption of water-cooled screw chillers which are cost effective as well as environment-friendly. For instance, in APAC, China registered the highest consumption of these chillers in 2018, where the government is focusing on cutting down HCFC refrigerants, which are commonly used in chillers, to a more environment-friendly HFC based refrigerant, R134a.
Browse report overview with 140 tables and 87 figures spread through 215 pages and detailed TOC on "Chiller Market Research Report: By Product (Screw, Centrifugal, Scroll, Absorption, Reciprocating), End-User (Commercial, Industrial, Residential), Regional Insight (U.S., Canada, Italy, Germany, Turkey, France, Spain, Russia, U.K., China, Japan, India, South Korea, Indonesia, Thailand, Malaysia, Sri Lanka, Bangladesh, Bhutan, Saudi Arabia, U.A.E., Egypt, Israel, Oman and Bahrain, Nigeria, South Africa, Qatar, Kuwait, Tanzania, Ivory Coast, Uganda, Brazil, Mexico, Argentina) – Global Industry Analysis and Forecast to 2024" at:https://www.psmarketresearch.com/market-analysis/chiller-market
Growing demand for energy efficient cooling systems, including chillers across the globe would create opportunities for inverter-controlled chiller market during the forecast period. Inverter technology in chillers are highly efficient as compared to conventional AC systems. It offers benefits such as lower electricity bills, stable temperature, quick cooling, no sound disturbance, and a longer lifespan. Further, it offers improved partial load efficiency under low cooling water temperature conditions in off-peak seasons. Hence, the demand for inverter-controlled chillers is expected to create opportunities in the market.
The construction of new stadiums and game villages would drive the requirement of chillers. For instance, football stadiums in Qatar being developed are to be air-conditioned owing to the extreme environmental conditions. The air-conditioned stadiums would use high-end and heavy-duty chillers to maintain the air temperature inside the stadiums and would offer a comfortable environment for the audience. Hence, several upcoming sports events and construction of supporting infrastructure would fuel the demand for chillers market globally.
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Johnson Controls International PLC, Samsung Electronics Co. Ltd., Ingersoll-Rand plc, United Technologies Corporation, Daikin Industries Ltd., Gree Electric Appliances, Inc. of Zhuhai, Zamil Air Conditioners, Thermax Limited, Mitsubishi Electric Corporation, Petra Engineering Industries Co, S.K.M Air Conditioning LLC, and Danfoss A/S are some the key players in the global chiller market.
More reports on chiller market
Middle East and Africa Chiller Market
Middle East and Africa chiller market recorded a dip in revenues due to slump in oil prices. This has also led to decrease in revenues generated by the oil & gas industry in the MEA region. However, factors like upcoming events, Dubai Expo 2020, FIFA World Cup 2022, and Africa Confederation Cup (AFCON) in 2019 has revived the MEA market. This has led to the construction of new stadiums and hotels, resulting in increased demand for chillers in the region.
APAC Chiller Market
China and Japan accounts for large number of transportation facilities (including airports and railways). As of 2018, China had 234 civil airports, while Japan and India recorded 97 and 126 airports, respectively. Moreover, in 2017, China built over 439 mi of metro lines. On the contrary, India added 137 mi of urban railway line in 2018.
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