APAC Chillers Market Outlook, Analysis & Industry Forecast, 2020–2027 | Key Segments, Benefits & Opportunity

An increase demand for compact, energy efficient, and small heating, ventilation, and air conditioning systems to control room atmosphere is anticipated to stimulate the growth of the chiller industry. In addition, increase in construction spending in emerging countries such as India, China, Brazil, and others is anticipated to fuel the growth of the chiller market. For instance, Thailand government planned to spend $40.

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According to a new report published by Allied Market Research, titled, “APAC Chillers Market by Type, and End User: Regional Opportunity Analysis and Industry Forecast, 2020–2027,” The APAC chillers market size was valued at $5.4 billion in 2019 and is expected to reach $7.4 billion by 2027, growing at a CAGR of 5.4% from 2020 to 2027. In 2019, screw chillers dominated the market accounting for over one-thirds of the APAC chillers market share.

Covid-19 Impact Analysis

During a lockdown, owing to the situation, several manufacturers in the APAC chillers market to stop their business activities due to lockdown implemented in developed and developing countries, owing to stop in construction activities. This halt in production activities impacted on the revenue of chillers companies. For instance, net sales of LG Electronics dropped by 24.1% from quarter 2 (April 2019 to July 2019) to quarter 2 (April 2020 to July 2020). Also, lack of man power, and raw materials, which in turn, halt the supply chain of the APAC chillers market.

However, the market is projected to cover slowly from the 1st quarter of 2021, owing to the reduced lockdown restrictions and restarting of the APAC chillers industry. Moreover, in 2021 with the availability of vaccine against COVID-19, the APAC chillers market is expected to gradually witness growth.

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Key Players

The major players, such as Carrier Global Corporation, Mitsubishi Electric Corporation, Daikin Industries Ltd, Dimplex Thermal Solutions, LG Electronics, Johnson Controls International Plc, Gree Electric Appliances Inc of Zhuhai, Midea Group Co. Ltd, Thermax Ltd, and Trane Technologies Plc have focused on developing new products to strengthen their presence in the market.

Key Market Segments

By Type

Screw Chiller
Scroll Chiller
Centrifugal Chiller
Others

By End-User

Chemicals and Petrochemicals
Food and Beverages
Medical
Others

By Country

China
India
Japan
Malaysia
Singapore
Vietnam
Indonesia
Thailand
Philippine
Myanmar
South Korea
Taiwan
Rest of Asia-Pacific

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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 domains.

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