Press release
Chiller Market - Competitive Market analysis, Scope, Trend, Stake, Progress
According to a report published by Allied Market Research, the global chiller market generated $9.35 billion in 2017 and is projected to garner $11.54 billion by 2022, growing at a CAGR of 4.1% during the forecast period, 2016-2022.
The global chiller market growth is driven by factors such as increased consumption of frozen foods, and high demand for energy-efficient cooling solutions across industries such as plastic, rubber, & chemical. Technological advancements provide growth opportunities to the market players. However, high electricity cost is one of the major challenges for the market growth.
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KEY FINDINGS OF THE CHILLER MARKET STUDY
o Absorption chiller is expected to grow at the highest CAGR of 6.1% from 2016 to 2022.
o Asia-Pacific is projected to maintain its lead position, growing at a CAGR of 4.7% during the forecast period.
o The screw chiller segment occupied around 28% of the total chiller market size in 2015.
o U.S. accounted for around 68% share of the total North American chiller market revenue in 2015.
Plastic industry accounted for the largest market share of around 27% in 2015, whereas the chemicals & petrochemicals industry segment is projected to grow at the highest CAGR of 5.4% during (2016 2022). Food & beverages industry is amongst other major end users of chillers. In the industry, chillers are increasingly being used in food & beverage processing plants including dairy processing plants, bakeries, breweries & microbreweries and other application areas.
Asia-Pacific is not only poised to hold the largest market share through 2022 but also register the highest CAGR of 4.7% during the forecast period. This is attributed to an increased demand for chillers in chemicals & petrochemicals and food & beverages industries.
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The key players analyzed in the report include Thermal Care Inc., Temptek Inc., Broad Air Conditioning Co. Ltd., Robur Group, Kawasaki Thermal Eng. Co. Ltd., BV Thermal Systems, Advantage Engineering Inc., Hyundai Climate Control Co., Ltd., and Yazaki Corporation. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.
CHAPTER 1 INTRODUCTION
1.1. Report Description
1.2. Key Benefits
1.3. Key Market Segments
1.4. Research Methodology
1.4.1. Secondary Research
1.4.2. Primary Research
1.4.3. Analyst Tools and Models
CHAPTER 2 EXECUTIVE SUMMARY
2.1. CXO Perspective
CHAPTER 3 MARKET OVERVIEW
3.1. Market Definition and Scope
3.2. Key Findings
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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small- & medium-scale enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
Allied Market Research provides one-stop solution right from data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients understand the significance and impact of market dynamics. The company applies client's insight on the factors such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligence support to help clients transform into a prominent business firm.
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