Chillers Market Expected to Hit US$ 4.8 Billion by 2026

Chicago, Feb. 14, 2023 (GLOBE NEWSWIRE) -- The global 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, as per the recent study by MarketsandMarkets™. The increasing demand for chillers is attributed to regulations related to energy efficiency and emission standards imposed by the governments, along with the competitive advantages of chillers in comparison to their substitute products. In APAC, the market is driven by the growth in the end-use industries and increasing demand for HVAC systems.

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Browse in-depth TOC on "Chillers Market”.

151- Market Data Tables

38- Figures

209- Pages

List of Key Players in Chillers Market:

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)Others

Drivers, Restraints, Opportunities and Challenges in Chillers Market:

Drivers: Growing demand for process cooling in industrial applicationsRestraints: High setup cost of industrial chillersOpportunity: Emerging demand or absorption chillerChallenges: Regulations penetrating to fluorinated greenhouse gases

Key Findings of the Study:

The scroll segment accounted for the larger share in the chillers market. Alternative energy to be the fastest-growing end-use industry segment of the chillers marketAPAC is projected to be the fastest-growing chillers market.

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The scroll segment accounted for the larger share in the chillers market.

There are five types of chillers available in the global market, namely, scroll, screw, centrifugal, reciprocating, and absorption chillers. The scroll segment accounted for the larger market share, while absorption chillers is projected to be the faster-growing type of chillers. Absorption chillers are more energy-efficient compared to other chillers, owing to which they are is highly demanded in large commercial as well as industrial places for process cooling applications in various industries, such as food & beverage, pharmaceutical, alternative energy, and marine transportation.

Alternative energy to be the fastest-growing end-use industry segment of the chillers market

Based on end-use industry, the chillers market is segmented into food & beverage, plastics, chemicals & petrochemicals, rubber, medical & pharmaceuticals, printing, laser cutting, alternative energy, and others. The market in the chemicals & petrochemicals segment is estimated to account for the largest market share during the forecast period. Whereas alternative energy segment is growing at the fastest rate during the forecast period owing to the rapidly growing awareness of eco friendly and sustainable equipment coupled with growing industrial and commercial infrastructures, globally. 

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APAC is projected to be the fastest-growing chillers market.

APAC is the largest chillers market, globally.  It is also projected to register the highest CAGR during the forecast period. The growth in commercial and industrial infrastructures is a major driver of demand for chillers in APAC. The presence of most populous countries, such as India and China are driving urbanization in the region. To cater to infrastructural needs of the increasing population across these countries, the number of construction projects is growing, which is driving the demand for AC systems. The increase in the demand for ACs is, in turn,  boosting the demand for chillers.

Indonesia, India, Malaysia, Brazil, and many other emerging economies provide growth opportunities for the chillers market, owing to the growth in the various end-use industries. Industrial applications also provide a significant opportunity for the chillers market to grow.

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Chillers Market Expected to Hit US$ 4.8 Billion by 2026