The report “Chillers Market by Type (Screw, Scroll, Centrifugal, Absorption, Reciprocating), End-use industry (Plastic, Chemical & Petrochemical, Rubber, Food & Beverage, Medical & Pharmaceutical), and Region – Global Forecast to 2026″, The chillers market is projected to grow from USD 4.1 billion in 2021 to USD 4.8 billion by 2026, at a CAGR of 3.0% during the forecast period. The growth of the chillers can be attributed to the stringent government regulations on energy efficiency and emissions, globally coupled with the increasing demand for space cooling and process cooling.
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- 151 Market data Tables
- 38 Figures
- 209 Pages and in-depth TOC on “Chillers Market – Global Forecast to 2026”
Some of the prominent key players are:
· Daikin Industries (Japan)
· Carrier Corporation (US)
· Trane Technology (Ireland)
· Johnson Controls- Hitachi Air Conditioning (Japan)
· Mitsubishi Electric Corporation (Japan)
· Smardt Chiller Group Inc. (Canada)
· KKT Chillers (Germany)
· MTA S.P.A (Italy)
· Friulair S.R.L (Italy)
· HYDAC International (Germany)
· Reynold India Pvt. Ltd (India)
Driver: Growing demand for process cooling in industrial applications
The rise in per capita income has improved the standard of living worldwide, resulting in growing demand for comfort and leisure products such as refrigerators and air conditioners. The growing food and healthcare industries is another driving force for the cooling equipment market. Factors such as increasing population and rising consumption of frozen food significantly contribute to the growth of the refrigeration equipment market. This consequently increases the demand for refrigeration, which, in turn, is boosting the chillers market.
In the food & beverage industry, process cooling is extensively used for pasteurization and food baking processes, which generate high amount of heat. Chillers are used in these processes to maintain temperature of the equipment and protect them from overheating. In the medical & pharmaceutical industry, chillers are used to cool down the temperature of X-Ray machines, CAT scan, and laser treatment process that requires process cooling. All these factors positively influence the growth of the chillers market.
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Active energy: the fastest-growing application for chillers.
Chillers are the most used system in many industrial and power plants generating energy using renewable resources, as well as the average home air conditioner and refrigerator. The cold fluid is used to cool power plant components and processes, absorbing heat from them, and the warm fluid returns to the chiller to begin the process all over again. Power stations are conducting power plant training so that plant operators understand the working process of chillers. This provides multiple benefits to the power plant, including both an increased ability to detect equipment issues and prevention of malfunctions, which could result in the release of refrigerant, which can, in turn, expose the company to substantial fines by the EPA.
APAC is estimated to be the fastest-growing market for chillers.
APAC accounted for the largest share in terms of volume and value of the chillers market in 2020, followed by North America and Europe. The use of chillers is expected to witness the highest growth in the APAC region during the forecast period. The market in this region is driven by the recovery of the various end-use industries in China, India, and Southeast Asian countries. Global chillers manufacturers are investing in APAC countries in establish their production plants to enhance their market presence in the region. India is the significant market for manufacturing process and one of the largest consumers of chillers in the world. The focus of Indian government towards make in India project will drive the construction industry in India which will further enhance the demand of chillers during the forecast period in the country.