Pune, May 29, 2020 (GLOBE NEWSWIRE) -- The global chillers market size is predicted to reach USD 13.25 billion by 2026, exhibiting a CAGR of 4.1% during the forecast period. The growing demand for chillers from food & beverages, chemical, and, pharmaceutical industries will enable speedy expansion of the market, states Fortune Business Insights in a report, titled “Chillers Market Size, Share & Industry Analysis, By Type (Screw Chillers, Scroll Chillers, Centrifugal Chillers, and Others), By Application (Chemicals and Petrochemicals, Food and Beverages, Plastics, Rubber, Medical, and Others), and Regional Forecast, 2019-2026” the market size stood at USD 9.65 billion in 2018.
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Market Driver:
Increasing Consumption of Ready-to-eat Products to Spur Demand
The rising demand for frozen food and milk and beverage will fuel demand for the market. The booming food and beverage industry will further create opportunities for the market during the forecast period. The growing consumption of ready-to-eat products will contribute positively to the growth of the market. The evolving lifestyle of consumers has led to high demand for processed food, which, in turn, will drive the market in the forthcoming years. The growing awareness about the advantages of processed food including easy preservation and storage, immediate consumption, time-efficient, and easy cooking will augur well for the market during the forecast period. The rising demand for soft-drink and alcoholic beverages will have an excellent effect on the market in the foreseeable future. Moreover, the introduction of innovative refrigerants by major industry players will promote the growth of the market.
For instance, in June 2018, Johnson Controls, a multinational conglomerate announced the launch of YORK YZ Magnetic Bearing Centrifugal Chiller, a cutting-edge advanced chiller fully optimized for ultimate performance with next-generation low-global warming potential refrigerants. Besides, the increasing collaborations and partnerships among industry players will subsequently encourage the growth of the market. For instance, Johnson announced that it has collaborated with Microsoft to launch connected services through the cloud to get insights on operations. The growing focus on data analytics, remote monitoring, and diagnostics by companies will create lucrative opportunities for the market in the forthcoming years.
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Regional Analysis:
Flourishing Food and Beverage Industry to Augment Growth in Asia Pacific
Asia Pacific is predicted to dominate the global market during the forecast period owing to the expanding industries in the region. The rising awareness about the benefits of chillers such as cost-effectiveness and ease of installation will spur demand in the industrial sector. Moreover, the surge in construction projects is predicted to propel the market in the region. The rising investments in data centers will have a positive impact on the market. For instance, in 2019, Equinix a Californian data center announced that it has signed a joint venture of USD 1 billion with Singapore based GIC to operate and build hyper-scale data centers in Europe. North America is predicted to account for the largest share during the forecast period owing to the rising demand from various industries such as chemicals & petrochemicals, food & beverages, and medical sectors. The rising demand for beverages will create sales opportunities for the market in North America.
Key Development:
July 2018: Daikin, a Japanese multinational company announced the launch of its highly advanced and compact DZ chiller series with eco-friendly R134a and R-1234ze refrigerants.
List of the Key Companies Operating in the Chillers Market are:
- Daikin
- Johnson Controls
- Johnson Controls-Hitachi Air Conditioning
- Mitsubishi Heavy Industries, Ltd.
- Polaris Industries Australasia
- LG Electronics
- Midea
- Dunham-Bush Americas
- Chongqing General Industry Co., Ltd.
- Carrier Corporation
- The Danfoss Group
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Key Technological Developments
- Consolidated SWOT Analysis of Key Players
- Global Chillers Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Type (Value)
- Screw Chillers
- Scroll Chillers
- Centrifugal Chillers
- Others
- Market Sizing Estimations and Forecasts – By Application (Value)
- Chemicals & Petrochemicals
- Food & Beverages
- Plastics
- Rubber
- Medical and Others
- Market Analysis, Insights and Forecast – By Geography (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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