Turbo Chillers Market Predicted Analysis by 2026
Turbo chillers are heat source equipment primarily used for heat storage, air-conditioning, district heating & cooling and other applications. Since their development in 1970 significant developments have been made in their performance and refrigerants thereby increasing their adoption against similar chilling equipment. Availability of turbo chillers in large number of formats such as Air-cooled, water-cooled, split (with high efficiency remote air-cooled condensers), condensing units to suit all kinds application is primarily increasing their adoption in various commercial facilities.
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Turbo Chillers Market Dynamics
Need for cooling in major industries such as chemical-plastic industry, pharmaceutical industry, and rubber industry is expected to increase the adoption of turbo chiller in near future.
Expanding information technology business across globe have also resulted into increase in the number of data center facilities, these facilities requires significant cooling for several data center equipment which can be better achieved with use of turbo chillers. Thus need for massive cooling facilities is supporting the growth of turbo chillers market. Moreover, approaching trends of smart city concept using centralize cooling systems based on chiller technology, is expected to drive global turbo chiller market over the forecast period.
Availability of similar technology equipment such as absorption chiller may decrease their adoption. However, low installation cost and less maintenance in comparison to absorption chillers offers some advantage towards increase in their adoption.
Some of the major trends identified in the global turbo chiller market are increasing adoption due to low energy consumption, use of HFO as a refrigerant, demand for compact chiller equipment, increasing demand from large retail & departmental stores and development in chiller capacity. Food & beverage industry has emerged to grow as one of the major adoption of turbo chillers primarily due to growing demand for readymade & frozen food products.
Turbo Chillers Market: Segmentationn
Global turbo chillers market can be segmented on the basis chiller type, component, end-user industry, and region.
On the basis of chiller type, global turbo chillers market can be segmented as:
Water-cooled turbo chiller
Air-cooled turbo chiller
Based on component, global turbo chillers market can be segmented into,
Capacity control device
On the basis of end-user industry, global turbo chiller market can be segmented,
Plastic & petro-chemical industry
Food & beverage industry
Turbo Chillers Market: Region-wise Outlook
Global turbo chiller market is expected to encounter significant growth during the forecast period. North America dominates the global turbo chiller market, followed by North America, Europe is the next major market for the turbo chillers. Asia Pacific is emerging market for the turbo chillers, and is anticipated to represent substantial growth during the forecast period, particularly in regions such as China and India. Japan is other significant region and expected to contribute major share in the global turbo chiller market.
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Turbo Chillers Market Participants
Some of the key players & service providers identified across turbo chillers market value chain are: KTurbo, Johnson Controls - Hitachi Air Conditioning, Aqua Cooling, Mitsubishi Heavy Industries Ltd, Airedale International Air Conditioning Ltd, Smardt Chillers Inc., Arctic Chiller Group among & Hyundai climate control co. ltd. Consulting for product maintenance and operation may create significant opportunity for major players to gain customer confidence and in turn increase their market share.
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