Chillers Market Worth $ 9.65 billion By 2025 | CAGR 4.1%

(The Express Wire via Comtex)

The market was valued at USD 9.65 billion in 2018 and is projected to reach USD 13.25 billion by 2026, exhibiting a CAGR of 4.1% during the forecast period (2019 2026).

TheGlobal Chillers Marketwill grow considerably driven by recent product advancements and wider application scope. According to a report published by Fortune Business Insights, titled “Chillers Market Size, Share and Industry Analysis, By Type (Screw Chillers, Scroll Chillers, Centrifugal Chillers, and Others), By Application (Chemicals and Petrochemicals, Food and Beverages, Plastics, Rubber, Medical, and Others), and Regional Forecast, 2019-2026,”

The market was valued at USD 9.65 billion in 2018 and is projected to reach USD 13.25 billion by 2026, exhibiting a CAGR of 4.1% during the forecast period (2019 2026).

Chillers are used in large commercial and industrial spaces, where a huge amount of heat is generated. The mechanism of a chiller is to generate cold water and circulate it through tubes, subsequently dehumidifying the vapor. This helps regulate the temperature inside the space. In larger spaces, air conditioners tend to have a lesser impact. Since chillers can be used as an excellent alternative to air conditioners, they will witness huge demand in the coming years. The growing demand in several industrial sectors will have a direct impact on the growth of the global market in the forthcoming years.

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The report provides a detailed analysis of the market and focuses on key aspects such as leading companies, major product types, and leading applications of the product. Besides, the report offers insights into the ongoing chillers market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market in recent years. Based on extensive research methods, forecast values have been drawn for the period of 2019-2026.

The Asia Pacific to Emerge as a Dominant Market

The report classifies the market based on regional demographics into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. Among these regions, Asia Pacific will witness the highest product demand due to the rapidly rising industrialization. Improving industrial facilities and high investment in the betterment of existing industrial infrastructures will aid the growth of the market in this region. The exceptional demand for chillers in densely populated countries such as China and India will create several growth opportunities for the companies operating in this region. As of 2018, the market in the Asia Pacific was valued at USD 4.84 Bn.

Some of the leading companies that are operating in the global market are:

  • Daikin
  • Johnson Controls
  • Johnson Controls-Hitachi Air Conditioning
  • Mitsubishi Heavy Industries, Ltd.
  • Polaris Industries Australasia
  • LG Electronics
  • Midea
  • Dunham-Bush Americas
  • Chongqing General Industry Co., Ltd.
  • Carrier Corporation
  • The Danfoss Group

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Market Segmentation Of Global Chillers Market

By Type

  • Screw Chillers
  • Scroll Chillers
  • Centrifugal Chillers
  • Others

By Application

  • Chemicals and Petrochemicals
  • Food and Beverages
  • Plastics
  • Rubber
  • Medical and Others

By Geography

  • North America (U.S. and Canada)
  • Europe (U.K., Germany, France, Italy, and Rest of Europe)
  • Asia Pacific (Japan, China, India, Southeast Asia, and Rest of Asia Pacific)
  • Middle East and Africa (South Africa, GCC and Rest of the Middle East and Africa)
  • Latin America (Brazil, Mexico, and Rest of Latin America)

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