Global
Chillers Market: Overview
Chillers
are refrigeration devices used to cool equipment, raw materials, or
fluid streams in industrial applications, as well as food and
beverages in residential and commercial applications. The most
important attributes of chillers are their durability, efficiency,
and low environmental impact. The global market for chillers has been
driven in recent years by the rapid spread of industrialization
across the world and the booming chemicals and food and beverage
industries.
The
report examines the global
chillers market and presents forecasts regarding its development
from 2016 to 2024. The historical trajectory exhibited by the
chillers market before 2016 has also been scrutinized in the report
in order to provide concrete context to the analysis of the market’s
drivers and restraints. The key segments of the global chillers
market are examined in the report to provide a granular overview of
the market, and major companies operating in the market have been
profiled to shed light on the competitive dynamics of the market. The
comprehensive market study will allow market participants to
formulate winning strategies in the coming years.
The
major product types in the global chillers market are screw, scroll,
reciprocating, absorption, and centrifugal chillers. Major
applications of chillers include but are not limited to chemicals,
plastics, petrochemicals, food and beverage, rubber, and medical.
Global
Chillers Market: Drivers and Restraints
The
increasing need for cooling equipment in industrial units is a prime
driver of the global chillers market. The industrial sector in
developing countries such as China, India, Indonesia, South Korea,
Thailand, Brazil, Argentina, and Mexico has shown an exemplary rate
of growth in the last few decades, expanding in line with the growing
GDP of these countries. This has driven the demand for various
ancillary industries, including the chillers industry.
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Another
major driver for the global chillers market is the increasing
consumption of frozen food. In contrast to the traditional way of
cooking elaborate meals, the modern consumer is eager to cut down the
time required to prepare a meal. As a result, demand for frozen food
has grown at strong rates in various parts of the world thus driving
the global chillers market. The increasing number of women in the
corporate and industrial sectors has also complemented this
phenomenon, since women have traditionally held the role of the
homemaker.
The
increasingly stringent environmental regulations in various parts of
the world are driving innovation in the global chillers market.
Several chemicals used in the refrigeration process have the
potential to damage the environment, the result of which has been a
spate of new, ecologically viable chillers from major players around
the world.
On
the other hand, the major restraint on the global chillers market is
the increase in the production cost brought about by increasing raw
material prices.
Global
Chillers Market: Geographical Overview
Asia
Pacific is the largest regional market for chillers. The demand for
chillers in this region is driven by the increasing demand from the
plastics and petrochemicals industries. The expanding industrial
sector in developing Southeast Asian countries is likely to add to
the demand for chillers in the coming years.
China
is already a major petrochemicals industry hub, while both India and
China have flourishing manufacturing sectors that receive strong
support from the respective governments. This is likely to boost the
demand for chillers in Asia Pacific in the coming years. The Middle
East and Africa is another developing region likely to offer a strong
sales outlet for the global chillers market in the coming years.
The
major players in the global chillers market are Johnson Controls,
Carrier Corporation, Daikin Industries, Smardt Chiller Group,
Climaveneta S.p.A., Trane Inc., and Thermax Inc.
The
report offers a comprehensive evaluation of the market. It does so
via in-depth qualitative insights, historical data, and verifiable
projections about market size. The projections featured in the report
have been derived using proven research methodologies and
assumptions. By doing so, the research report serves as a repository
of analysis and information for every facet of the market, including
but not limited to: Regional markets, technology, types, and
applications.
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