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Increasing process cooling applications in end-use industries are driving the market for chillers globally
The market size for chillers is projected to reach USD 11.33 billion by 2022, at a CAGR of 4.4% during the forecast period. Chillers are used in various process cooling applications in various industries. The chillers market is spread across a wide range of end-use industries such as chemical & petrochemical, plastic, rubber, food & beverage, and medical & pharmaceutical. Therefore, the market is expected to grow due to the growth in other related industries in the coming years. A slow growth rate in mature markets such as North America and Europe is the major restraint for the chillers market.
Chemical & petrochemical industry is projected to be the fastest-growing end-use industry of the chillers market during forecast period (2017-2022)
The chemical & petrochemical industry is projected to grow at the highest CAGR between 2017 and 2022. The high growth is attributed to the growing demand for chemical and petrochemical products and increased government measures on energy efficiency, which are driving the demand for chillers. The plastic industry is projected to account for the largest market share among all end-use industries, in terms of value during the forecast period.
Rising demand from emerging countries of Asia Pacific is a major driver for the chillers market
Asia Pacific is projected to be the fastest-growing market for chillers in terms of value during the forecast period. China and India are the two major markets for chillers in the Asia Pacific. The Chinese plastic industry has the largest share in the Asia Pacific, resulting in an increased growth of the market. Also, high demand for chillers in solar cooling applications, and growing end-use industries are expected to drive the demand for chillers in both, China and India.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted.
The break-up of primary interviews is given below.
- By Company Type: Tier 1 – 71%, Tier 2 – 23%, and Others – 6%
- By Designation: C level – 48%, Director Level – 31%, and Others – 21%
- By Region: North America – 18%, Europe – 38%, Asia Pacific – 17%, Middle East & Africa – 20%, and South America – 7%
The key companies profiled in this market research report are DAIKIN INDUSTRIES, Ltd. (Japan), Carrier Corporation (US), Trane (Ireland), Johnson Controls-Hitachi air Conditioning (Japan), Smardt Chillers Group Inc. (Canada), GEA Group (Germany), Thermax Limited (India), Dunham Bush (US), Broad Group (China), Midea Group Co. Ltd. (China), JIANGSU SHUANGLIANG ECO-ENERGY CO.LTD. (China), PolyScience (US), Climaveneta S.p.A. (Italy), Airedale Air Conditioning (UK), Bluebox (Italy), SKM Air Conditioning (UAE), Thermionics Corporation (US), Thermal Care, Inc. (US), and Kaltra Innovativtechnik GmbH (Germany).
The market is segmented based on type, end-use industry, and region. This report covers the chillers market, in terms of value and forecasts its market size till 2022. The report also provides company profiles and competitive strategies adopted by the key players in the global chillers market.
Reasons To Buy the Report
The report will help the market leaders/new entrants in this market in the following ways:
- This report segments the chillers market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across different verticals and regions.
- The report helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
- This report will help stakeholders understand the competitors and gain more insights to improve their positions in their businesses.
- The competitive landscape section includes new product developments, expansions, agreements & contracts, partnerships, acquisitions, and joint ventures.