Press release
Industrial Chillers Market is anticipated to reach $7.3bn, at a CAGR of 4.1% during the forecast period 2021-2031
Industrial Chillers Market
New York, According to a new market research report published by Global Insight Services Industrial Chillers Market is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Industrial chillers are mostly utilized in the manufacturing industry to keep equipment and the surroundings cool. Compressors, condensers, evaporators, control units, expansion valves, and power panels are the main components of an industrial chiller. Furthermore, chillers provide air conditioning by removing undesired heat from industrial structures. The income generated by sales of chillers in end-user sectors such as chemicals, pharmaceuticals, energy, and food & beverages, among others, makes up the industrial chillers market size.
Read more about Industrial Chillers Market here : https://www.globalinsightservices.com/reports/industrial-chillers-market/
COVID-19 Impact Analysis:
Due to protracted lockdown in economies such as India, the United States, Japan, and Germany, the advent of COVID-19 has resulted in the entire or partial suspension of numerous types of manufacturing facilities that do not fall under critical products. Furthermore, the spread of COVID-19 has already had an impact on industrial chiller sales and after-sales services in 2020 and the first half of 2021, as manufacturing plants other than wastewater treatment, food and beverage, and pharmaceuticals were not permitted to resume operations during the lockdown. Several European governments, for example, set stringent restrictions on person mobility and other manufacturing activity.
Further, the sales of several major companies in the market declined in 2020 due to limitations & restriction in logistics as well as raw material supply. For instance, Daikin registered a decline in sales by nearly 9% from March 2020 to September 2020. Besides, in 2020, Emerson recorded a drop in revenue by over 8.4%.
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Key Trends and Drivers:
As per capita wealth rises around the world, demand for comfort and leisure products such as refrigerators and air conditioners rises. Another driving force for the cooling equipment market is the rising food and healthcare industries.
The market is primarily driven by the increase in demand for industrial chillers in the fast-moving consumer goods (FMCG) industry. This is due to an increase in the consumption of processed and packaged foods and beverages in emerging economies.
The expansion of the industrial chillers market is also expected to be aided by factors such as the rise in industrialization and the number of manufacturing facilities across various countries.
The requirement for IoT in chillers has resulted in the creation of connected chillers. Preventive maintenance and other unique features are becoming increasingly popular. Reduced downtime, fewer interruptions, and long equipment life are all advantages of smart chillers.
By Type
• Screw Chiller
• Scroll Chiller
• Centrifugal Chiller
• Others
By Product Type
• Air-Cooled Chiller
• Water-Cooled Chiller
Key Players
• 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
• Trane Technologies Plc.
• Drake Refrigeration Inc.
Get Customized report as per your requirements : https://www.globalinsightservices.com/request-customization/GIS10190
Reasons to buy Industrial Chillers Market Report:
• Develop comprehensive understanding of market landscape - industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
Contact Us:
Global Insight Services LLC
16192, Coastal Highway, Lewes DE 19958
E-mail: info@globalinsightservices.com
Phone: +1-833-761-1700
Website: https://www.globalinsightservices.com/
About Global Insight Services:
Global Insight Services (GIS) is a leading multi-industry market research firm headquartered in Delaware, US. We are committed to providing our clients with highest quality data, analysis, and tools to meet all their market research needs. With GIS, you can be assured of the quality of the deliverables, robust & transparent research methodology, and superior service.
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