Chillers Market (By Type: Screw Chillers, Scroll Chillers, Centrifugal Chillers, Absorption Chillers, Reciprocating Chillers; By Application: Food & Beverages, Petrochemicals, Rubber, Plastic, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026
The global chillers market is expected to reach the market value of around US$ 10.45 Bn by 2026, growing at a CAGR of 3.1% during forecast period 2019 to 2026.
Chillers are cooling devices used to raw materials, or fluid streams, cool equipment in industrial applications, and food & beverages in commercial and residential applications. The most significant characteristics of chillers are their efficiency, low environmental impact, and durability.
Market Dynamics
The growth of the chillers market is primarily driven by rising consumption of frozen foods, increasing demand from different industries, change in lifestyle pattern of consumers and convenience. Additionally, the increase in demand of chillers from various industrial sector due to energy efficient cooling solutions is anticipated to boom global chillers market. Furthermore, rise in industrialization, growing concern over energy efficiency, technical advancement,growing cooling process applications, and increase in use of eco-friendly products are further propelling the growth of global market over the forecast period. Moreover, restrict government rules and regulation in different countries are encouraging manufactures to bring innovation in the global chillers market. Few chemicals utilized in the refrigeration procedure can possibly harm environment, the result of which has been a spate of new, ecologically viable chillers from significant players around the globe are further driving the demand of global chillers.However, high electricity cost, rise in production cost due to increase in raw material cost are anticipated to hamper the growth of the global chillers market in the forthcoming years.
By type,screw chillers segment dominated the chillers market
Based on type, the market has been segmented into screw chillers, scroll chillers, centrifugal chillers, absorption chillers, and reciprocating chillers. The screw chillers segment accounts of the largest share in the market and are anticipated to grow at a CAGR throughout the forecast period. The major factors that are driving the growth of this segment are growing demand from various industries such as pharmaceuticals, food & beverages, chemicals, and automotive sectors, and increasing awareness among people related to environment friendly refrigerator are anticipated to boom the screw chillers segment in the global market over the forecast period.
Based on application, the plastic segment is expected to dominate during the forecast period
Based on application, the market has been segmented into food & beverages, petrochemicals, rubber, plastic and others. The plastic segment accounts of the largest market share in 2018. The main factors that are driving the growth of this segment are the rising demand for plastic material from daily use items, increase in utilization of plastic in industries applications, and manufacturer are aiming on industry specific chillers features like temperature control for temperature sensitive processes in plastic industry. This expected to boom the dominance of the plastic segment in the global market during the forecast period.
Petrochemical segment is anticipated to observe significant growth and expected to grow at a fastest CAGR in the global market. The rising demand from industry for petroleum products, gasoline, and oil, and growing application of petrochemicals from industries like paint, pharmaceuticals, and tires are driving the growth of petrochemical segment in the global market.
The market research study on “Chillers Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”,offers a detailed insight into the global chillers market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global chillers market, its type, application and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global chillers market size and volume, and segment markets by type, application, and geography along with the information on companies operating in the market. The chillers market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
In 2018, North America dominated the regional market with a maximum market share
North America accounted for the high market share of the chillers market and the region is also anticipated to maintain its dominance throughout the forecast period. The rapid increase in the consumption of frozen food items, increase in adoption of new technology, increase in demand from different industries, increase in disposable income, and rise in industrialization require industry specific chillers are propelling the regional growth in the market. Europe is expected to account for second largest in the global market throughout the forecast period. Increase in energy efficient cooling devices, shifting towards the environment friendly products, and few major players are investing in the development of chillers, are expected to boom the regional market growth in the global chillers market during the forecast.
Asia Pacific is anticipated to hold the highest CAGR in the global market over the forecast period. The manufacturers are investing in various industrial such as petrochemicals, food & beverages, and plastic, presence huge number of emergent producers, growing GDP. Additionally, ease of installation and cost effectiveness are rising demand from China, are expected to enhance the market growth in the global chilling market over the forecast.
The players profiled in the report include Johnson Controls, Midea, The Danfoss Group, Carrier Corporation, Daikin, Mitsubishi Heavy Industries Ltd., LG Electronics, Thermax Inc., Polaris Industries Australasia, and Trane Inc. The companies are involved in mergers and acquisitions and new product development for expanding their market share and also for gaining competitive advantages over its competitors.
Market Segmentation
Market By Type
- Screw Chillers
- Scroll Chillers
- Centrifugal Chillers
- Absorption Chillers
- Reciprocating Chillers
Market By Application
- Food & Beverages
- Petrochemicals
- Rubber
- Plastic
- Others
Market By Geography
North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
What is chiller?
Chillers are cooling devices used to raw materials, or fluid streams, cool equipment in industrial applications, and food & beverages in commercial and residential applications.
What are the growth factors of chillers market?
The chillers market growth is driven by rising consumption of frozen foods, increasing demand from different industries, change in lifestyle pattern of consumers and convenience.
What will be the market value of chillers in the forecast period 2019 to 2026?
According to Acumen Research and Consulting, the chillers market value is anticipated to be worth around US$ 10.45 billion in 2026.
How much is the CAGR of chillers market during the forecast period 2019 to 2026?
The chillers market is anticipated to grow over 3.1% CAGR during the forecast period 2019 to 2026.
Which region held the maximum share of the chillers market?
North America held maximum share in 2018 for chillers market.
Which region is projected to grow at a fastest rate during the forecast period?
Asia Pacific is projected to grow at a fast pace during forecast period in the chillers market.
Which are the top key players operating in the chillers market?
Johnson Controls, Midea, The Danfoss Group, Carrier Corporation, Daikin, Mitsubishi Heavy Industries Ltd., LG Electronics, and Thermax Inc. are the top players operating in the chillers market.
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