The APAC chillers market size is anticipated to reach $7,426.0 million by 2027 from $5,436.7 million in 2019, registered a CAGR of 5.4% from 2020 to 2027. Chillers are refrigeration devices designed to store food & beverages, medicines, and other perishable items to increase their shelf life. In addition, they are used for other purposes such as removal of heat from data centers. Commercial food services establishment account for bulk orders of this system in fast food outlets, restaurants, and caterers, and others.
A rise in demand for energy-efficient systems in countries such as China, and India to conserve energy is estimated to cater to the growth of the market. For instance, in 2017, Asian Development Bank, and Indian government signed agreement for $200 million loan. The agreement aimed to expand the modular chiller market for energy-efficient technologies to reduce greenhouse gas emissions. Additionally, a rise demand for chillers in food and beverage industry, fuels the growth of APAC chiller market. For instance, according to Hospitality Net, there are 1,511 hotel brands, out of total hotels around 650 are international, and 861 are domestic, and present in Asia-Pacific, which is expected to provide lucrative opportunities for growth of APAC chillers market.
Increase in infrastructure development in countries such as India, China, and others is expected to drive the growth of the APAC chiller market. For instance, according to the Thailand’s Airports Boards, Thailand government planned to spend $3.7 billion on new airport in Phuket, and Chiang Mai, which will operational by 2025. In addition, according to the Civil Aviation Administration of China, government of China planned to construct new 30 civil airports from 2021-2025. Rise in awareness regarding greenhouse gas emissions and climate change, leads to rise in demand for energy efficient products and technologies, which in turn is expected to drive the growth of the APAC chillers market. In addition, the government planned to spending on construction activities in countries such as India, China, Myanmar, and others fuels the growth of the APAC chillers market. For instance, according to the Asian Development Bank (ADB), Myanmar government planned to spend $120 billion on construction buildings by 2030. An increase in commercial construction and dwelling activities drive the demand for chiller, which is expected to fuel the growth of the APAC chillers market.
However, high initial investment and setup cost and fluctuation in raw material prices are anticipated to restrain the growth of the APAC chillers market. Furthermore, technological innovation in chillers is expected to offer remunerative opportunities for the APAC chillers market.
The APAC chillers market is segmented based on type, end-user, and region. Based on type, the market is categorized into screw, scroll, centrifugal, and others. Screw chiller segment having the highest revenue in 2019. By end-user, the market is segmented into chemicals and petrochemicals, food and beverages, medical, and others. The others segment has the highest revenue in 2019.
Country wise, the APAC chillers market analysis is conducted across China, India, Japan, Malaysia, Singapore, Vietnam, Indonesia, Thailand, Philippines, Myanmar, South Korea, Taiwan, and Rest of Asia-Pacific. In 2019, China was the highest contributor to the APAC chiller market, and is anticipated to secure a leading position during the forecast period.
The key players profiled in the report include Carrier Global Corporation, Mitsubishi Electric Corporation, Daikin Industries Ltd, Dimplex Thermal Solutions, LG Electronics, Johnson Controls International Plc, Gree Electric Appliances Inc of Zhuhai, Midea Group Co. Ltd, Thermax Ltd, and Trane Technologies Plc.
KEY BENEFITS FOR STAKEHOLDERS
? The report provides an extensive analysis of the current and emerging APAC chillers market trends and dynamics.
? In-depth market analysis is conducted by APAC chillers market estimations for the key market segments between 2019 and 2027.
? Extensive analysis of APAC chillers market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
? A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
? The APAC chillers market forecast analysis from 2020 to 2027 is included in the report.
? The key market players within the APAC chillers market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the APAC chillers market.
APAC CHILLERS MARKET SEGMENTS
- Screw Chiller
- Scroll Chiller
- Centrifugal Chiller
By End Users
- Chemicals and Petrochemicals
- Food and Beverages
- South Korea
- Rest of Asia-Pacific
- Carrier Global Corporation
- Mitsubishi Electric Corporation
- Daikin Industries Ltd
- Dimplex Thermal Solutions
- LG Electronics
- Johnson Controls International Plc
- Gree Electric Appliances Inc of Zhuhai
- Midea Group Co. Ltd
- Thermax Ltd
- Trane Technologies Plc