Press release
Industrial Chillers Market is Expected to Grow at a CAGR of 4.1% between 2021-2031 | Thermax Ltd, Midea Group, LG Electronics
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.
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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.
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Market Segments:
By Type
Screw Chiller
Scroll Chiller
Centrifugal Chiller
Others
By Product Type
Air-Cooled Chiller
Water-Cooled Chiller
By Power Range
Less than 50 kW
50-200 kW
More than 200 kW
By End Industry
Chemicals & Petrochemicals
Food & Beverages
Plastics & Rubber
Medical
Others
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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.
Haier Electronics Group Co. Ltd.
Senho Machinery (Shenzhen) Co., Ltd.
United Technologies Corporation
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