Chillers Market worth $ 4.3 Billion in 2021 - Exclusive Report by xResearch offering Market Sizes, Forecast, & Competitive Landscape

According to a new report published by xResearch, titled, “Chillers Market Insights, Trends, Opportunity & Forecast, 2021–2030,” the global chillers market size is anticipated to witness moderate growth during the forecast period i.e. 2021-2030. The rising adoption of chillers due to their ability to remove heat from the buildings and maintain internal temperature; the rapidly growing urbanization worldwide; the proliferating demand for cost and energy-efficient cooling systems in the industrial sector; and the increasing temperatures levels due to global warming driving the requirement for cooling equipment are among the major factors driving the growth of the global chillers market.

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According to type, the screw segment dominated the global chillers market in 2020. The segment is estimated to retain its dominance further in the market during the forecast period of 2021-2030. According to product type, the water cooled chiller segment acquired the largest share of the global chillers market in 2020. The segment is anticipated to maintain its lead further in the market during the forecast period. On the other hand, the air cooled chiller segment is predicted to attain the highest CAGR in the market during the forecast period. According to capacity, the >200 kW segment is projected to lead the market during the forecast period.

Geographically, the Asia Pacific captured the largest share of the global chillers market in 2020, followed by North America and Europe. The region’s position is predicted to remain unchanged throughout the forecast period of 2021-2030. Countries such as India, China, Vietnam, Thailand, and Indonesia are among the key contributors to the growth of the market in the region. The European region is expected to register the highest growth in the market during the forecast period. Countries such as Germany and U.K. are among the key contributors to the growth of the market in the region.

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Some of the major chillers companies profiled in the report include Smardt Chiller Group Inc., Johnson Controls International Plc, Gree Electric Appliances Inc. of Zhuhai, Midea Group Co. Ltd., Thermax Ltd., Trane Technologies Plc., KKT Chillers, MTA S.P.A , Friulair S.R.L, and HYDAC International.

The global chillers market is segmented into product type, type, capacity, refrigerant type, end-use industry and region. Based on product type, the market is bifurcated into air cooled chiller and water cooled chiller. Based on type, it is classified into scroll, screw, centrifugal, reciprocating, and absorption. Based on capacity, it is classified into >17.5 kW, 17.6-50kW, 51-100kW, 101-200kW and >200kW. Based on refrigerant type, it is classified into R22, R407C, R134A, R410A, and others. Based on end-use industry, it is classified into plastics, food & beverage, medical & pharmaceuticals, chemicals & petrochemicals, rubber, printing, laser cutting, alternative energy, and others.

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The global chillers market is analyzed across North America (U.S. & Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, Australia, New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America) and Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, and Rest of Middle East & Africa).

Key Insights of Chillers Market

• On the basis of type, the screw segment dominated the global chillers market in 2020. The segment is estimated to retain its dominance further in the market during the forecast period of 2021-2030.
• On the basis of product type, the water cooled chiller segment acquired the largest share of the global chillers market in 2020. The segment is anticipated to maintain its lead further in the market during the forecast period. On the other hand, the air cooled chiller segment is predicted to attain the highest CAGR in the market during the forecast period.
• On the basis of capacity, the >200 kW segment is projected to lead the market during the forecast period.
• On the basis of region, the Asia Pacific captured the largest share of the global chillers market in 2020, followed by North America and Europe. The region’s position is predicted to remain unchanged throughout the forecast period of 2021-2030.
• On the basis of region, European is expected to register the highest growth in the market during the forecast period.

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We unite the most profound insight over the vastest arrangement of capital-escalated businesses and markets. By interfacing information crosswise over factors, our analysts give our clients a wealthier, profoundly incorporated perspective of their industry. With experienced domain experts, xResearch strives to provide best solutions and accurate forecast which enables the client to take informed decisions.

This release was published on openPR.