Chiller Market To Generate $10,880.3 Million Revenue in 2030

A number of factors, such as the growing focus on environmental sustainability, rising global temperature, expanding construction industry, increasing spending on infrastructure development, rising need for cooling systems in industrial units, and surging industrialization rate, are projected to boost the growth of the chiller market at a CAGR of 5.0% in the forecast period (2020-2030). At this growth rate, the market size is expected to reach $10,880.3 million by 2030 from $7,330.7 million in 2019.

The primary factor improving the chiller market growth prospects is the expanding construction industry. Due to the increasing number of construction projects, such as office premises, airports, metro networks, and residential buildings, the construction market is expected to reach $12.8 trillion, globally, by 2022 from $10.5 trillion in 2017. For example, London had 115 high-rise buildings under construction in 2018. Similarly, by 2025, China will construct 136 airports. Thus, with the increasing construction activities, the demand for chillers is surging, as these are widely used in all such spaces.

Request for sample pages of this report: https://www.psmarketresearch.com/market-analysis/chiller-market/report-sample

Another key driver is the increasing global temperature. On burning fossil fuels, greenhouse gases (GHG), like methane, carbon dioxide, and nitrous oxides, are released in high amounts, which leads to the absorption of infrared (IR) radiation by the atmosphere, in turn, increasing the temperature of the earth. In 2019, the global temperature was 1.1 °C higher than the average temperature during 1850-1900, as per the World Health Organization (WHO). The rising temperature results in the rapid deployment of chillers in the industrial, commercial, and residential sectors, across the globe.

The type segment of the chiller market is classified into scroll, screw, absorption, centrifugal, and reciprocating. Among these, the scroll category accounted for the largest share in 2019 in the market. This is attributed to the increasing requirement for low-cooling-capacity chillers in hospitality units and office buildings across the world. The centrifugal category is projected to record the fastest growth during the foreseeable period owing to the increasing demand for centrifugal chillers in several industries due to their cost-effectiveness.

Additionally, the chiller market is categorized into industrial, commercial, and residential, based on end user. Out of these, the residential category is expected to record the fastest growth during the forecast period. This can be ascribed to the increasing urbanization rate and surging popularity of the district cooling method in urban areas. The industrial category accounted for the largest market share in 2019 due to the rising need to replace outdated chillers with new ones, to increase operational efficiency and protect the environment, and the growing food and beverages sector.

Browse full report at: https://www.psmarketresearch.com/market-analysis/chiller-market

According to P&S Intelligence, the Asia-Pacific (APAC) region accounted for the largest share in the chiller market in 2019, globally, and it is expected to witness the same trend in the coming years. This is attributed to the growing construction industry, expanding information technology (IT) sector, and surging number of data centers in the region. Among APAC countries, China leads the regional market due to the increasing number of construction projects, especially in Shanghai and Wuhan, such as rail networks, office complexes, and airports.

Thus, the growing construction industry and the increasing temperature across the globe are expected to propel the market during the forecast period.

Contact:
P&S Intelligence
Phone: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com
Follow Us: https://www.linkedin.com/company/pnsintelligence/

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

This release was published on openPR.