Portland, April 18, 2019 (GLOBE NEWSWIRE) -- According to a report published by Allied Market Research, the global chiller market generated $9.35 billion in 2017 and is projected to garner $11.54 billion by 2022, growing at a CAGR of 4.1% during the forecast period, 2016-2022.
The growth of the global chiller market is driven by a surge in demand for cooling equipment in industries and rise in consumption of frozen food. However, the high cost associated with electricity usage restricts market growth. Nonetheless, rapid technological advancement is set to create lucrative opportunities for emerging market players in the near future.
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By type, the absorption chiller segment is expected to register the highest CAGR of 6.0% from 2016 to 2022, on account of generating lower noise which has seen its increased adoption in noise sensitive areas such as hospitals, schools, and office building. However, the scroll chiller segment is expected to continue its dominance in the overall market, as it consumes less electricity, is environmentally friendly, and requires less maintenance.
By end user, the plastics segment generated more than a quarter of the total revenue in 2017, due to a high demand of chillers from plastic industry to reduce heat produced by factory equipment such as molding machines, gearbox, and others. However, the chemicals and petrochemicals segment is expected to portray the fastest CAGR of 5.4% during the forecast period.
Asia-Pacific is not only poised to hold the largest market share through 2022 but also register the highest CAGR of 4.7% during the forecast period. This is attributed to an increased demand for chillers in chemicals & petrochemicals and food & beverages industries.
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The key players analyzed in the report include Thermal Care Inc., Temptek Inc., Broad Air Conditioning Co. Ltd., Robur Group, Kawasaki Thermal Eng. Co. Ltd., BV Thermal Systems, Advantage Engineering Inc., Hyundai Climate Control Co., Ltd., and Yazaki Corporation. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.
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