Pune, India, April 27, 2023 (GLOBE NEWSWIRE) -- The global chillers market is expected to experience significant growth due to advancements in product technology and expanding applications. In 2018, the market was valued at USD 9.65 billion and is projected to reach USD 13.25 billion by 2026, with a compound annual growth rate (CAGR) of 4.1% during the forecast period of 2019-2026, as stated in a report published by Fortune Business Insights.
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Industry Development
Daikin launched its highly advanced and compact DZ chiller series with eco-friendly R134a and R-1234ze refrigerants.
Johnson Controls introduced the YORK YZ Magnetic Bearing Centrifugal Chiller fully optimize with next-generation low-global warming potential refrigerants.
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 |
| 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 Geography |
| Growth Drivers | Preventive Maintenance Is Resulting In Popularity Of Smart Chillers |
| Increasing Infrastructure Development Is Resulting In Growth Of Chillers Market |
Key Takeaways:
- Industrial Development Is Fueling the Chillers Market Growth
- Screw Chillers Is Expected to Be the Fastest Growing Product in The Market
- Centrifugal Chillers Is Expected to Show Significant Growth in The Market
- Petrochemicals & Chemicals Segment Is Resulting in The Growth of Chillers Market
- Plastic Industry Is Driving the Chillers Demand Around the Globe
COVID-19 Impact
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreaks across industries to help you prepare for the future.
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Drivers & Restraints
Driven by High Product Demand, Market to Witness Several New Products
The growing industrialization in several countries across the world has led to an increase in the number of industrial manufacturing units. This, in turn, has led to a subsequent demand for the product. The increasing investment towards the development of chillers will yield several new products. In 2018, Daikin announced the launch of new product to its range of chillers. The company introduced a new series of highly advanced and compact DZ chillers. The products were equipped with eco-friendly features, a factor that will lead to rapid adoption for the device in the coming years. The report identifies several product launches, similar to Daikin’s latest range of chillers and gauges the impact of these products on the market.
Report Coverage
Chillers are used in large commercial and industrial spaces, where a huge amount of heat is generated. The mechanism of a chiller is to generate cold water and circulate it through tubes, subsequently dehumidifying the vapor. This helps regulate the temperature inside the space. In larger spaces, air conditioners tend to have lesser impact. Since chillers can be used as an excellent alternative to air conditioners, they will witness huge demand in the coming years. The growing demand in several industrial sectors will have a direct impact on the growth of the global market in the forthcoming years.
List of Key Players Present in the Market
- 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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Regional Insights
Asia Pacific to Emerge as a Dominant Market
The report classifies the market based on regional demographics into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. Among these regions, Asia Pacific will witness highest product demand due to the rapidly rising industrialization. Improving industrial facilities and high investment in betterment of existing industrial infrastructures will aid growth of the market in this region. The exceptional demand for chillers in densely populated countries such as China and India will create several growth opportunities for the companies operating in this region. As of 2018, the market in Asia Pacific was valued at USD 4.84 Bn.
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
- North America 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 Country (Value)
- United States
- Canada
TOC Continued...!
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FAQ’s
How big is the Chillers Market?
The global Chillers Market size was estimated at USD 9.65 billion in 2018 and is expected to reach USD 13.25 billion in 2026
What is the Chillers Market growth?
The global Chillers Market is expected to grow at a compound annual growth rate (CAGR) of 4.1% from 2019 to 2026 to reach USD 13.25 billion by 2026
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