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What’s Driving the Chiller Market Growth? | Johnson Controls, Samsung Electronics, United Technologies, Daikin Industries, Ltd., Gree Electric Appliances, Inc. of Zhuhai & Mitsubishi Electric Automation, Inc.
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Smart connected chillers incorporate remote monitoring and cloud-based analysis tools, that enable service providers to gather data from equipment, analyze it and then notify customers of the best time to perform maintenance or make upgrades which reduce unplanned repairing costs and improve the operational efficiency of the chiller. As a result, the popularity of smart connected chillers is increasing in the chiller market around the globe.
Based on the type, the chiller market is segmented into centrifugal, screw, scroll, absorption, and reciprocating, wherein the screw chiller category is projected to witness fastest growth during the forecast period. Sectors such as hospitals, small factories, retail stores, and hotels are registering the adoption of water-cooled screw chillers which are cost effective as well as environment-friendly.
Screw chillers are majorly required for large applications that require cooling with a capacity of above 200 ton. Generally, water cooling is preferred for large cooling applications due to its high heat dissipation ability leading to higher efficiency, faster cooling, and larger tonnage capacity.
The surging requirement of cooling equipment in industrial applications is another factor driving the growth of the chiller market. Primarily chillers are used in industries for controlled cooling of products, and factory machinery in a wide range of industries. Chillers are usually used for pharmaceutical formulation, chemical processing, paper and cement processing, food & beverage processing, X-ray diffraction, power supplies and power generation stations, and welding, among others.
Growing demand for energy efficient cooling systems, including chillers across the globe would create opportunities for inverter-controlled chiller market during the forecast period. Inverter technology in chillers are highly efficient as compared to conventional AC systems.
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Johnson Controls International PLC, Samsung Electronics Co. Ltd., Ingersoll-Rand plc, United Technologies Corporation, Daikin Industries Ltd., Gree Electric Appliances, Inc. of Zhuhai, Zamil Air Conditioners, Thermax Limited, Mitsubishi Electric Corporation, Petra Engineering Industries Co, S.K.M Air Conditioning LLC, and Danfoss A/S are some the key players in the global chiller market.
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