Pune, India, Oct. 12, 2022 (GLOBE NEWSWIRE) -- The global Chillers Market was USD 9.65 billion in 2018. The global market size is expected gain momentum by reaching USD 13.25 billion by 2026, exhibiting a CAGR of 4.1% during the forecast period from 2019-2026. This information is provided by Fortune Business Insights, in its report, titled, “Chillers Market, 2019-2026.”
According to our analysts, the factors such as growing demand for chillers from food & beverages, chemical, and, pharmaceutical industries will enable speedy expansion of the market.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2019-2026 |
| Forecast Period 2019 to 2026 CAGR | 4.1% |
| 2026 Value Projection | USD 13.25 billion |
| Base Year | 2018 |
| Chillers Market Size in 2018 | USD 9.65 billion |
| Historical Data for | 2015-2017 |
| No. of Pages | 120 |
| Segments covered | By Type, By Application and By Region |
| Chillers Market Growth Drivers | Increasing Consumption of Ready-to-eat Products to Spur Demand |
| Flourishing Food and Beverage Industry to Augment Growth in Asia Pacific |
Covid-19 Impact:
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Drivers and Restraints:
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.
Industry Developments:
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 Key Players Mentioned in the Report:
- 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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Key Benefits for Chillers Market:
- The Chillers market analysis covers in-depth information of major industry participants.
- Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- Major countries have been mapped according to their individual revenue contribution to the regional market.
- The report provides an in-depth analysis of the Chillers market during the forecast period.
- The report outlines the current market trends and future scenario of the global Chillers market to understand the prevailing opportunities and potential investment pockets.
- The key drivers, restraints, and opportunities and their detailed impact analysis is elucidated in the study.
Regional Insights:
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.
Competitive Landscape:
The manufacturers are focusing on advancement in technologies to provide customers with highly efficient chillers at low cost, maintenance, noise, and; vibrations. Johnson Controls is expected to be one of the leading players in the industry.
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Chillers Market Segmentation:
By Type:
- Screw Chillers
- Scroll Chillers
- Centrifugal Chillers
- Others
By Application:
- Chemicals & Petrochemicals
- Food & Beverages
- Plastics
- Rubber
- Medical and Others
Table of Contents
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1 Merger, Acquisitions, and Partnerships
4.2 Distributor Analysis – For Major Players
4.3 Growth and Penetration Analysis
4.4 Porter’s Five Forces Analysis
4.5 PEST Analysis
4.6 Vendor Landscape
Continued…
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