The report “Chillers Market by Type (Screw, Scroll, Centrifugal, Absorption, Reciprocating), End-use industry (Plastic, Chemical & Petrochemical, Rubber, Food & Beverage, Medical & Pharmaceutical), and Region – Global Forecast to 2026” The chillers market is projected to grow from USD 4.1 billion in 2021 to USD 4.8 billion by 2026, at a CAGR of 3.0% during the forecast period. The growth of the chillers can be attributed to the stringent government regulations on energy efficiency and emissions, globally coupled with the increasing demand for space cooling and process cooling.
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• 151 Market data Tables
• 38 Figures
• 209 Pages and in-depth TOC on “Chillers Market – Global Forecast to 2026″
Some of the prominent key players are:
- Daikin Industries (Japan)
- Carrier Corporation (US)
- Trane Technology (Ireland)
- Johnson Controls- Hitachi Air Conditioning (Japan)
- Mitsubishi Electric Corporation (Japan)
Opportunity: Emerging demand or absorption chiller
The demand for absorption chillers is continuously increasing owing to the increasing use of eco-friendly cooling equipment in various end-use industries, such as chemicals & petrochemicals, plastics, rubber, and medical & pharmaceutical. Governments are focusing on energy conservation and protection of environment from emission of various gases during the cooling process. In view of this, absorption chillers are increasingly being used as they emit very less amount of CO2 and other hazardous gases. Properties of absorption chillers, such as energy efficiency and high level of cooling with minimum environment impact, are driving the demand for chillers.
Alternative energy to be the fastest-growing end-use industry segment of the chillers market
Alternative energy sources are used to generate power at the power stations. These power stations generate tremendous heat during the process and create pollution. Thus, the absorption chillers are used at the power plants in order to maintain the temperature and reduce pollution. Alternative energy is the fastest-growing application in the market as chillers provide consistent temperature and pressure to the power generation process. Eliminating temperature and pressure variables simplifies the process development and optimization, ensuring the highest quality product. Instead of a wasteful, single-pass-through system, a chiller recirculates the cooling water in the system
APAC is projected to be the fastest-growing chillers market.
APAC is projected to be the fastest-growing market for chillers, owing to the presence of highly populated countries, such as China and India. China, India, Japan, Thailand, and South Korea are some of the key countries in the chillers market in this region. In 2020, China accounted for the largest share of the APAC market, owing to the presence of huge HVAC industries. The growing sales of HVAC systems and their increasing demand from residential, commercial, and industrial infrastructure in the region boosts the demand for chillers. In addition, growing urbanization and population of India are mainly driving the demand for chillers in the HVAC systems in the region.
