Global Chiller Market Industry Trends, Estimation & Forecast, 2018 - 2025

Chillers are refrigeration devices used to cool equipment, raw materials, or fluid streams in industrial applications, as well as food and beverages in residential and commercial applications. The most important attributes of chillers are their durability, efficiency, and low environmental impact. The global market for chillers has been driven in recent years by the rapid spread of industrialization across the world and the booming chemicals and food and beverage industries.

Another major driver for the global chillers market is the increasing consumption of frozen food. In contrast to the traditional way of cooking elaborate meals, the modern consumer is eager to cut down the time required to prepare a meal. As a result, demand for frozen food has grown at strong rates in various parts of the world thus driving the global chillers market. The increasing number of women in the corporate and industrial sectors has also complemented this phenomenon since women have traditionally held the role of the homemaker.

“Global Chiller market is valued at USD 9.45 billion in 2018 and it is expected to reach more than USD 12.93 billion by 2025, likely to grow at a CAGR of 4.21% during the forecast period”

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By the end-user, the plastic industry acquired the highest revenue in the overall chiller market size in 2017, due to the wide use of chillers for cooling various machinery engaged in the manufacturing of plastic products. From a growth perspective, the chemicals & petrochemicals segment is anticipated to achieve the highest growth rate, owing to the high demand for chillers for cooling hot oil and chemicals.

By type, absorption chiller is anticipated to grow at a higher rate likely to 5.3% of CAGR during the forecast period, owing to its low maintenance and manufacturing cost. Currently, the scroll chiller segment accounts for the largest chiller market share, owing to its extensive usage in plastic industries, chemicals & petrochemicals industries, and others.

The Asia Pacific is the largest regional market for chillers. The demand for chillers in this region is driven by the increasing demand from the plastics and petrochemical industries. The expanding industrial sector in developing Southeast Asian countries is likely to add to the demand for chillers in the coming years. China is already a major petrochemical industry hub, while both India and China have flourishing manufacturing sectors that receive strong support from the respective governments. This is likely to boost the demand for chillers in the Asia Pacific in the coming years. The Middle East and Africa is another developing region likely to offer a strong sales outlet for the global chillers market in the coming years.

Key market players have implemented product launch, expansion, and partnership to gain competitive advantage and a stronger base in the market. For instance, Carrier Corporation launched a new product in the market with an environmentally sustainable refrigerant to enhance its market penetration.

The major companies in the Chiller market are Daikin Industries Ltd., Johnson Controls, Trane Inc., Carrier Corporation, Smartd Chiller Group Inc., Thermax Ltd., Hitachi Appliances Inc., Climaveneta S.P.A., Polyscience, and Dimplex Thermal Solutions.
Other players included in the value chain are Thermal Care Inc., BV Thermal Systems, Temptek Inc., Advantage Engineering Inc., Broad Air Conditioning Co. Ltd., Hyundai Climate Control Co., Ltd., Robur Group, Yazaki Corporation, and Kawasaki Thermal Eng. Co. Ltd.

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This release was published on openPR.