Rising Earth Temperature Fuels Requirement for Chillers

The chiller industry is projected to rise in the coming years, and it is projected to generate $10,880.3 million revenue in 2030. It is ascribed to the increasing requirement for cooling equipment from the commercial sector, surging global temperature, and rising expenditure on infrastructure development.

Under the type segment, the scroll category holds the largest industry share, and it is ascribed to the increasing requirement for low-cooling-capacity chillers in the commercial and hospitality sector.

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There are types of scroll chillers, such as air-cooled and water-cooled. The air-cooled bifurcation captures substantial industry revenue. Air-cooled scroll chillers are garnering popularity, as it is not possible to each time use water to cool scroll chillers, during low-capacity needs.

Under the end-user segment, the residential category is projected to experience the fastest growth. The increasing popularity of the district cooling approach in metropolitan cities, and rapid urbanization boost the sales of chillers.

APAC captures the largest industry share, due to rising demand for such systems in China. The expansion of the construction sector, more specifically in Shanghai, and Wuhan propels the industry. In addition, the expansion of the IT sector and data centers network in APAC creates an opportunity for chillers. That is why APAC is projected to experience the fastest growth in the near future.

Presently, R32 refrigerant is massively used, compare to R32, as it provides heat efficiently and requires less electricity by 10%. Similarly, R32 has less GWP potential compared to R22, AND R410A refrigerants.

Moreover, since R32 has a higher cooling capacity, compare to other refrigerants, chillers need less piping, and hence it boosts their efficiency. Therefore, the eco-friendliness and energy efficiency advantages of R32 lead to increasing usage of chillers.

In addition, the consistent rise in temperature is a major industry driver. The consumption of fossil fuels, such as natural gas, coal, and other fossil fuels causes GHG, as well as nitrous oxides, methane, and carbon dioxide emissions into the atmosphere.

The rise in the GHG concentration results in surging infrared radiation absorption by the atmosphere. Also, the rise in the earth's temperature due to climate change boosts the worldwide adoption of chillers in the commercial, residential, and industrial sectors.

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Moreover, the expansion of the construction sector has also fuelled the growth of the chiller industry. There are numerous projects in the pipeline, such as the construction of the residential building, office premises, metro rail construction, and airport projects.

China has planned to construct 136 airports by 2025. India has also planned the construction of 100 airports in the next coming years.

The major players operating in the industry are; Daikin Industries Ltd., LG Electronics Inc., Mitsubishi Electronic Corporation, Carrier Global Corporation, and Johnson Controls International Plc.

Therefore, the rising expansion of the construction industry boosts the demand for chillers.

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This release was published on openPR.