High Growth In Chemical And Commercial Industry To Propel The Chillers Market Globally
Chillers are refrigeration devices which make use of either a absorption refrigerant cycle or vapour-compression to cool a fluid for heat transfer such as in industrial applications, as well as food and beverages in residential and commercial applications. Durability, efficiency, and low environmental impact are some of the most important characteristics of chillers. The prominent players in the global chillers market are Carrier Corporation, Daikin Industries, Johnson Controls, Smardt Chiller Group, Climaveneta S.p.A., Trane Inc., and Thermax Inc.
Rapid spread of industrialization across the globe and the booming chemicals and food and beverage industries are the foremost factor escalating the demand for chillers market. Chillers have gained popularity due to factors such as growing need for cooling equipment in industrial units and rise in consumption of frozen foods. Moreover, the industrial sector in developing countries such as India, Indonesia, China, South Korea, Thailand, Brazil, Argentina, and Mexico has shown an exemplary rate of growth in the last few decades, expanding in line with the growing GDP of these countries. This in turn drives the demand for chillers industry. Other factor such as the increasing number of women in the corporate and industrial sectors are also boosting the demand for chillers market globally as most of the women plays the role of homemaker.
The report segments the global chillers market based on end user, product type and geography. Based on product type, the global chiller market includes scroll, screw, centrifugal, absorption, and reciprocating chillers. Of these, absorption chiller is expected to grow at a higher pace during the estimated period due to its low maintenance and manufacturing cost. However the largest market share for global chillers market is expected to be occupied by scroll chiller due to its wide usage in chemicals & petrochemicals industries, plastic industries and others. By end user segment, the global chillers market includes industries such as chemicals & petrochemicals, food & beverages, plastics, rubber, and medical & others. Among these, the greatest revenue is acquired by plastic industry in the whole chiller market size owing to extreme use of chillers for cooling different machineries involved in the manufacturing of plastic products. From the growth point of view, chemicals & petrochemicals segment is expected to achieve the highest growth rate due to high demand of chillers for cooling hot oil and chemicals.
Geographically, the DecisionDatabases.com report takes stock of the potential of chillers market in the regions of Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Europe (UK, Germany, Italy, and rest of Europe), North America (U.S., Canada, and Mexico), and LAMEA (Latin America, Middle East, and Africa).The largest market for chillers is acquired by Asia-Pacific region. The urge for chillers in this region is attributed to the increasing demand from the petrochemicals and plastics industries. However, China is already a major petrochemicals industry hub, while both India and China have flourishing manufacturing sectors that receive strong support from the respective governments. This is likely to propel the demand for chillers in Asia Pacific region over the next four years. The demand for chillers is further boosted in the developing Southeast Asian countries due to the rapid expansion of industrial sector in the near future.
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