Press release
Chillers Market Growth Factors, Latest Rising Trend & Forecast to 2032
Chillers Market
Asia-Pacific dominated the global chillers market accounting for nearly half the share of the market. Rise in global population and urbanization propels demand for fuel and electricity for domestic and commercial use. This, in turn, propels the demand for chillers in the energy sector. Industries in the energy sector such as petrochemical processing plants and electricity power plants make use of chillers to cool down and absorb heat from a process load. Petrochemical industries use high temperature to separate constituents of crude oil.
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Moreover, to meet the rise in demand in the energy sector, public and private entities are building petrochemical processing plants and power plants. For instance, in March 2022, Aramco along with North Huajin Chemical Industries Group Corporation and Panjin Xincheng Industrial Group planned to develop a petroleum refinery with 300,000 bpd capacity. Such factors are anticipated to drive the chillers market.
Installation of chillers requires high initial capital investment and setup cost. Furthermore, the cost of raw materials such as copper, aluminum, and steel can be a significant portion of the total cost of manufacturing chillers, and any price fluctuations can affect the profitability of the manufacturers, which can lead to higher prices for customers. Thereby, constraining the growth of the market.
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Key Segments:
The chillers market is segmented into type, product type, power range, end user, and region. By type, it is divided into screw chiller, scroll chiller, centrifugal chiller, and others. By product type, it is bifurcated into air-cooled chiller, and water-cooled chiller. By power range, it is classified into less than 20 kW, 50-200 kW, and more than 200 kW. By end user, it is fragmented into chemicals & petrochemicals, food & beverages, medical, and others. By region, it is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific held the largest chillers market share.
Top Players Are:
The major players, such as 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, and Trane Technologies Plc have focused on developing new products to strengthen their presence in the market.
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