Dublin, Nov. 12, 2021 (GLOBE NEWSWIRE) -- The "Global Chillers Market by Type (Screw, Scroll, Centrifugal, Absorption, Reciprocating), End-use industry (Plastic, Chemical & Petrochemical, Rubber, Food & Beverage, Medical & Pharmaceutical), and Region - Forecast to 2022" report has been added to ResearchAndMarkets.com's offering.
The global chillers market is estimated to be USD 4.1 billion in 2021 and is projected to reach USD 4.8 billion by 2026, at a CAGR of 3%.
This growth is attributed to the advantages and benefits of chillers. Also, the demand for chillers is driven by growth in the number of construction projects. However, the high initial setup cost is hindering the growth of the chillers market. In addition, the regulations penetrating to fluorinated greenhouse gases is expected to be a major challenge for chillers market during the forecast period.
The chemical & petrochemical segment accounted for the largest market share
Typical applications of chillers in the chemical industry include cooling of acids and caustic solutions; cooling of extremely viscous products; condensation and tempering of solvents; cooling of water circuits, steam, and multiple material mixtures, and condensation of exhaust vapors. Whereas, chillers are widely used in petrochemicals applications such as production of plastics, alcohol, olefins, aromatics, detergents, and varnishes.
The thermal effectiveness of energy-intensive processes is crucial to the petrochemicals industry; therefore, highly energy efficient chillers are used in applications such as condensing, cooling, and evaporation. Thus, the demand for chillers in chemicals & petrochemicals end-use industry is projected to grow during the forecast period.
APAC is the largest and fastest-growing chillers market
In 2020, APAC was estimated to account for the largest share of the chillers market, owing to the rapid increase in infrastructural projects, growing population, and expanding urban cities. China accounted for the largest share of the APAC market, owing to the presence of HVAC industries and rapid growth in the end-use industries by transforming suburban cities into urban cities. Moreover, in the past few years APAC countries registered an annual growth of more than 17% year-on-year. This scenario in the region is favorable for the growth of the chillers market during the forecast period.
Chillers market growth slowed down in 2020
The chillers market in 2020 experienced slow growth in terms of volume, compared to 2019 due to the COVID-19 pandemic. The chemicals & petrochemicals industry is a significant consumer of chillers. The effect of COVID-19 on the chemicals industry led to declining sales and the layoff of employees. The projects were halted due to disruption in the supply chain. With the declining production, the demand for chillers also decreased.
Research Coverage
This report covers the modular chillers market and forecasts its market size until 2026. The market has been segmented based on type, capacity, end-use industry, and region. The report also provides detailed information on company profiles and competitive strategies adopted by the key players to strengthen their positions in the market. The report also provides insights into the driving and restraining factors in the chillers market, along with opportunities and challenges across these industries. It also includes profiles for top manufacturers in the market.
Companies Profiled
- Advantage Engineering, Inc.
- Airedale Air Conditioning
- Bluebox
- BV Thermal Systems
- Carrier Corporation
- Climaveneta S.p.A.
- Cold Shot Chillers
- Daikin Industries
- Drake Refrigeration Inc.
- Friulair S.R.L
- Hydac International
- Johnson Controls - Hitachi Air Conditioning
- Kaltra Innovativtechnik GmbH
- KKT Chillers
- Lennox EMEA
- Mitsubishi Electric (Climaveneta)
- MTA S.P.A
- Polyscience
- Reynold India Private Limited
- Shuangliang Eco-Energy Systems Co. Ltd.
- SKM Air Conditioning LLC
- Smardt Chiller Group Inc.
- Tandem Chillers Inc.
- Thermal Care, Inc.
- Thermonics Corporation
- Trane Technology
Market Dynamics
- Drivers
- Growing Demand for Process Cooling in Industrial Applications
- Space Cooling is a Key Factor for Growth in Demand for Chillers
- Rising Demand for Chillers from Developing Markets of APAC
- Growing Usage of Chillers in Solar Cooling Applications
- Growing Demand for Modular Chillers
- Significant Growth in the Number of Data Centers and Their Power Density
- Demand for Chillers from the Aviation and Infrastructure Industries
- Restraints
- Slow Growth of the Chillers Market in Europe and North America
- High Setup Cost of Industrial Chillers
- Opportunities
- Emerging Demand for Absorption Chillers
- Growing Industrial Applications
- Rising Global Temperatures and Heat Islands
- Emerging Opportunities for Manufacturers to Produce Eco-Friendly Chillers
- Challenges
- Regulations Pertaining to Fluorinated Greenhouse Gases
For more information about this report visit https://www.researchandmarkets.com/r/e9o0q8
