Portland,OR, May 27, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global chillers market was estimated at $10.04 billion in 2019 and is expected to hit $12.67 billion by 2028, registering a CAGR of 3.7% from 2021 to 2028. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Growth in the construction industry, rise in demand for chillers in the medical sector, and surge in consumption of frozen foods among individuals drive the growth of the global chillers market. On the other hand, rise in demand for VRF systems, high initial investment and setup costs, and fluctuations in raw material prices restrain the growth. However, technological advancements are expected to pave the way for new opportunities in the future.
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COVID-19 scenario-
- The outbreak of covid-19 led to delays in production and manufacturing of chillers across the world, thereby impacting the global chillers market negatively.
- Also, shutdown of most industrial divisions gave way to a steep decline in demand for chillers. However, the rollout of mass vaccination by several government bodies is anticipated to ameliorate the global situation and market is expected to revive soon.
The global chillers market is analyzed across type, product type, power range, end user, and region. Based on type, the screw chiller segment accounted for nearly half of the total market share in 2019, and is anticipated to rule the roost by 2028. The centrifugal chiller segment, on the other hand, would register the fastest CAGR of 6.9% throughout the forecast period.
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Based on product type, the water cooled chiller segment garnered nearly three-fifths of the total market revenue in 2019, and is expected to dominate by 2028. The air cooled chiller segment, however, would grow at the fastest CAGR of 4.0% during the forecast period.
Based on region, North America generated the major share in 2019, holding nearly half of the global market. Simultaneously, the market across Asia-Pacific would garner the fastest CAGR of 4.8% from 2021 to 2028. The other regions studied in the report include Europe and LAMEA.
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Leading Players:
The key market players analyzed in the global chillers market report include Mitsubishi Electric Corporation, Daikin Industries Ltd, Thermax Ltd, Dimplex Thermal Solutions, LG Electronics, Trane Technologies Plc, Johnson Controls International Plc, Carrier Global Corporation, Gree Electric Appliances Inc of Zhuhai, and Midea Group Co. Ltd. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry
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