APAC Chillers Market is Expected to Reach USD 7.4 Billion, CAGR of 5.4%

The APAC chillers market has experienced significant growth, driven by the expanding commercial construction sector, rising demand in the medical industry, and increased use of chillers for frozen goods. However, competition from VRF systems, high initial costs, and substantial maintenance expenses pose challenges to market growth. Conversely, technological advancements in chillers are expected to create lucrative opportunities in the region.

According to a report by Allied Market Research titled "𝗔𝗣𝗔𝗖 𝗖𝗵𝗶𝗹𝗹𝗲𝗿𝘀 𝗠𝗮𝗿𝗸𝗲𝘁 by Type and End User: Regional Opportunity Analysis and Industry Forecast, 2020-2027", the market was valued at $5.4 billion in 2019 and is projected to reach $7.4 billion by 2027, growing at a CAGR of 5.4%. In 2019, screw chillers dominated, accounting for over one-third of the market share.

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗣𝗗𝗙 𝗦𝗮𝗺𝗽𝗹𝗲 𝗖𝗼𝗽𝘆: https://www.alliedmarketresearch.com/request-sample/A11056

𝗠𝗮𝗿𝗸𝗲𝘁 𝗗𝗿𝗶𝘃𝗲𝗿𝘀 𝗮𝗻𝗱 𝗧𝗿𝗲𝗻𝗱𝘀

Increased Construction Spending: Emerging economies such as India, China, and Thailand are investing heavily in infrastructure. For example, Thailand plans to invest $40 billion in 20 large projects by 2022, boosting chiller demand.
Tourism Growth: Rising demand for commercial buildings like hotels has fueled market growth, with Japan's tourism sector projected to grow by over 10% from 2020 to 2030.

Sector-Specific Use Cases: Chillers find extensive use in industries like automotive, food & beverages, plastics, and die casting, further driving demand.

𝗖𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲𝘀
High Initial Costs: Installing chillers incurs 150-200% higher costs than water-cooled systems of similar tonnage.
Supply Chain Disruptions: COVID-19 caused production halts and raw material shortages, impacting revenue. For instance, LG Electronics' net sales fell by 24.1% in Q2 2020 compared to Q2 2019.

𝗣𝘂𝗿𝗰𝗵𝗮𝘀𝗲 𝗘𝗻𝗾𝘂𝗶𝗿𝘆 https://www.alliedmarketresearch.com/purchase-enquiry/A11056

𝗢𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝗶𝗲𝘀
Technological Innovation: Advances such as variable-speed systems and energy-efficient designs offer growth prospects. For instance, Carrier's AquaForce 30XV air-cooled chiller, launched in October 2020, features free cooling, low noise, and high reliability.

𝗞𝗲𝘆 𝗙𝗶𝗻𝗱𝗶𝗻𝗴𝘀
Type Segment: Screw chillers were the largest revenue generator in 2019.
End User: The "others" segment dominated revenue generation.
Regional Insights: China is anticipated to lead the APAC chillers market throughout the forecast period.

𝗠𝗮𝗷𝗼𝗿 𝗣𝗹𝗮𝘆𝗲𝗿𝘀
Key companies like Carrier Global Corporation, Mitsubishi Electric, Daikin Industries, and LG Electronics focus on product launches and business expansion to strengthen their portfolios. For instance, Carrier's AquaForce 30XV air-cooled chiller exemplifies innovation aimed at boosting market competitiveness.

𝗙𝘂𝗹𝗹 𝗥𝗲𝗽𝗼𝗿𝘁 𝗪𝗶𝘁𝗵 𝗧𝗢𝗖: https://www.alliedmarketresearch.com/apac-chillers-market-A11056

The APAC chillers market is expected to recover gradually post-pandemic, with eased restrictions and vaccination efforts spurring growth by 2021.

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