Press release
APAC Chillers Market to Grow At A CAGR Of 5.5% and Reach $7.4 Billion In 2027
According to a new report published by Allied Market Research, titled, "APAC Chillers Market by Type, and End User: Regional Opportunity Analysis and Industry Forecast, 2020-2027," The APAC chillers market size was valued at $5.4 billion in 2019 and is expected to reach $7.4 billion by 2027, growing at a CAGR of 5.4% from 2020 to 2027. In 2019, screw chillers dominated the market accounting for over one-thirds of the APAC chillers market share.
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The APAC chillers market is driven by the growth of the commercial and industrial sectors in the region. In the commercial sector, there is a rising demand for air conditioning and refrigeration systems due to the increasing number of shopping malls, supermarkets and other commercial establishments. In the industrial sector, chillers are used for cooling down large machinery, processes and production lines, as well as for cooling down electronics and other sensitive equipment.
In addition, the growth of the APAC chillers market is supported by the increasing demand for energy efficiency. Many countries in the region have implemented stringent energy efficiency standards and policies, which have led to a surge in demand for chillers with higher energy efficiency ratings. This is further supported by the availability of government incentives and subsidies for the purchase of energy efficient chillers.
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Moreover, the rising demand for green chillers is also contributing to the growth of the APAC chillers market. Green chillers are designed to reduce energy consumption and emissions, while still providing efficient cooling. This is driven by the increasing awareness of environmental issues and the need to reduce carbon footprints.
The APAC chillers market is highly competitive and is dominated by global players such as Daikin, Mitsubishi Electric, Carrier, Johnson Controls and Trane. These companies are investing heavily in research and development to develop more energy efficient chillers and to expand their product portfolio.
Overall, the APAC chillers market is expected to experience strong growth over the forecast period 2020-2027, driven by the increasing demand for air conditioning and refrigeration systems in the region. The rising awareness of energy efficiency and the availability of government incentives and subsidies are also expected to support the growth of the market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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