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Chiller Market Quantitative Analysis, Current and Future Trends
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Moreover, the flourishing construction sector will drive the chiller market at a CAGR of 5.0% during the forecast period (2020–2030). According to P&S Intelligence, the sales revenue is expected to rise from $7,330.7 million in 2019 to $10,880.3 million by 2030. In this regard, the increasing number of airports, office buildings, residential units, and metro rail construction projects is creating a huge requirement for these cooling systems worldwide. For example, China plans to build 136 airports by 2050, whereas India shall construct 100 in the next 15 years.
These machines are used in the automotive, pharmaceutical, textile, electronics, food and beverage, chemical and cement, and energy and utilities industries. Furthermore, the hospitality, transportation, healthcare, residential, and government sectors procure them in large numbers. Other users of chillers include offices and buildings, department stores, supermarkets/hypermarkets, convenience stores, data centers, and banks. In recent years, most of them have shifted from R410A and R22 refrigerants to the R32 refrigerant due to the lower Global Warming Potential (GWP) and higher cooling capacity of R32.
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Geographically, Asia-Pacific (APAC) accounted for the largest share in the chiller market during the historical period (2014–2019), with China the largest contributor to regional sales. The dominance of China can be ascribed to its flourishing construction sector and surging number of airports and office complexes here. Additionally, the APAC market is expected to exhibit the fastest growth throughout the forecast period owing to the increasing number of data centers and the booming IT sector in the region, especially in India.
Therefore, the rising temperatures and flourishing industrial sector will augment the adoption of chillers globally.
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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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