Dallas, March 14, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global chillers market is expected to grow from USD 10.1 billion in 2020 and reach USD 15.56 billion by 2030, growing at a CAGR of 4.42% during the forecast period 2021-2030.
Chillers are known as icing devices used in various industries to cool raw materials. They are also used in commercial and residential settings to cool food and beverages. The characteristics of chillers are that they have to be efficient, have a low environmental impact, and be long-lasting. Chillers maintain a steady temperature in machinery and offer various advantages like energy efficiency, adaptability, and environmental protection. Chillers are widely used in multiple applications, including injection moulding, die-cutting, chemicals, lasers, industrial machinery, electronic components, and so on.
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In recent years, the chillers market has expanded significantly. A rise in frozen food consumption, increased demand from many industries, changes in lifestyle habits, and increased convenience can all be related to this expansion. Also, there has been an increase in industrialization, growing concern about energy saving, advancement in technology, and increased usage of sustainable and environmentally friendly products that will drive global market growth in the forthcoming years. Moreover, strict government rules and requirements in various countries encourage producers to launch new products into the global chillers market. There are few chemicals used in the cooling process that can harm the environment; therefore, along with a dozen of innovative ideas, prominent players of the global chillers market are coming up with environmentally friendly chillers.
The global chillers market is anticipated to grow significantly as per capita income rises, resulting in higher living standards and increased demand for leisure products such as refrigerators and air conditioners worldwide. The expansion of the cooling systems market and the broadening of food and healthcare enterprises are aided by the rising population and increased frozen food consumption. Chillers are used in pasteurization and baking processes in the food and beverage industry. In the medical and pharmaceutical sectors, chillers are also used to lower the temperature of machines that require process cooling. All of these factors help to drive the chiller market forward. The high cost of Industrial chillers in comparison to ancient chiller systems is one of the factors limiting the market growth. Operators also do not consider operating costs when installing chiller systems.
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Key players operating in the global chillers market include:
• Daikin Industries
• MTA SPA
• Carrier Corporation
• KKT Chillers
• Trane Technology
• Friulair S.R.L
• Johnson Controls- Hitachi Air Conditioning
• Smardt Chiller Group Inc.
• Mitsubishi Electric Corporation
To gain a prominent market share in the global chillers market, the key players are now focusing on adopting product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• Daikin acquired ABCO HVACR Supply + Solutions "ABCO" in January 2021. This strategy lays the groundwork for Daikin's extensive line of hardware, components, and equipment. Moreover, it strengthens Daikin's ability to cooperate in the local region between ABCO divisions, Daikin-affiliated companies, and Daikin's entire regional current customer base.
• Carrier Corporation acquired the Guangdong Giwee Group (Giwee Group) and its related entities, including Guangdong Chigo Heating & Ventilation Equipment Co., Ltd., in June 2021. Carrier Corporation will gain more direct exposure to the fast-expanding variable cooling unit and light commercial office space markets, expected to reach USD 20 billion by 2025.
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The medical & pharmaceutical segment dominated the market and held the largest market share of 27.3% in the year 2020
Based on the end-use industry, the global chillers market is segmented into plastic, chemical & petrochemical, rubber, food & beverage, medical & pharmaceutical. The medical & pharmaceutical segment dominated the market and held the largest market share of 27.3% in 2020. This increase was due to lower operational expenses, lower equipment maintenance costs, and a longer product lifecycle. This factor is expected to result in increased R&D in improving energy-efficient alternatives, introducing environmentally friendly technologies, and combining advanced cooling systems, a market pattern.
Screw segment dominated the market and held the largest market share of 29.61% in the year 2020
Based on type, the global chillers market is segmented into screw, centrifugal, absorption, scroll, and reciprocating. Screw segment dominated the market and held the largest market share of 29.61% in 2020. This expansion is anticipated to be driven by rising demand in the oil and gas sector, pharmaceutical, food and beverage, chemical, and automotive industries. Consumers concerned about environmental issues are delaying the acquisition of screw compressors that use a sustainable and ecological cooling system. Moreover, features like low noise and user-friendly display devices have been made to hide all operational processes, from industrial operations in processing plants to constructing air conditioning.
Regional Segment of Chillers Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, & the Rest of Europe)
• Asia-Pacific (China, Japan, India, & the Rest of Asia Pacific)
• South America (Brazil & the Rest of South America)
• The Middle East and Africa (UAE, South Africa, & the Rest of the Middle East and Africa)
The global chillers market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America based on geography. The Asia Pacific region held the largest market share of 32.52% in 2020. Investment opportunities in the residential and business construction sector are supporting this expansion. The increasing number of data centers in the region is anticipated to propel the growth of the chillers market in the upcoming years. The massive growth of transport services in Saudi Arabia (KSA) is designed to spur retail and office development in the surrounding communities, increasing product demand. International tourism, growing populations, and rapid urbanization drive the construction industry, causing the country's chillers market to expand.
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About the report:
The value of the global chillers market is examined (USD billion). All segments have been reviewed on a global, regional, and country-level. For each component, the study analyses data from more than 30 countries. The report analyzes the market's driving factors, opportunities, restraints, and challenges to gain critical insights. Porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis are all included in the study.
About The Brainy Insights:
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