Press release
Chiller Market Booming Segments; Investors Seeking Growth | Daikin Industries Ltd., Johnson Controls, Trane Inc., Carrier Corporation
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.Chiller Market Report, published by Allied Market Research, forecasts that the global market was valued at $8,784 million in 2015 and is expected to reach $11,542 million by 2022. The scroll chiller segment accounted for around 60% of the total chiller market size in 2015. Asia-Pacific and Europe collectively accounted for over two-thirds of the total chiller market size, and are expected to continue this trend, owing to growth in industrial and commercial sector.
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Leading Players:
The major companies profiled in the report include 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.
Scroll chillers dominate the market, owing to their extensive usage in industries and other wide application areas due to their high-efficiency and availability in various compact sizes. Screw chiller, the second largest segment, generated around 28% of the global chiller market revenue in 2015, and is expected to grow at a CAGR of 4.3% during the forecast period. These chillers produce low noise, thus gaining popularity in sound-sensitive environment such as offices, and hospitals.
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CHILLER MARKET KEY SEGMENTATION:
BY TYPE -
Screw Chiller
Scroll Chiller
Centrifugal Chiller
Absorption Chiller
Reciprocating Chiller
KEY FINDINGS OF THE CHILLER MARKET STUDY
Absorption chiller is expected to grow at the highest CAGR of 6.1% from 2016 to 2022.
Asia-Pacific is projected to maintain its lead position, growing at a CAGR of 4.7% during the forecast period.
The screw chiller segment occupied around 28% of the total chiller market size in 2015.
U.S. accounted for around 68% share of the total North American chiller market revenue in 2015.
Plastic industry was the highest revenue-generating segment by end user in 2015, while chemicals & petrochemicals industry is anticipated to grow at the highest CAGR.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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