is expected to grow from USD 4.1 billion in 2021 to USD 4.8 billion by 2026, at a CAGR of 3.0% during the forecast years, according to the report "Chillers Market by Type (Screw, Scroll, Centrifugal, Absorption, Reciprocating), End-use Industry (Plastic, Chemical & Petrochemical, Rubber, Food & Beverage, Medical & Pharmaceutical), and Region - Global Forecast to 2026." The expansion of chillers can be attributed to stringent government regulations on energy efficiency and emissions around the world, as well as rising demand for space cooling and process cooling.
The chiller market is expected to grow due to increased demand for chillers from various end-use industries. Furthermore, rising demand from the industrial sector as a result of reduced energy consumption combined with high energy efficiency is driving market growth. Furthermore, developing economies' industrialization is being driven by evolving industrial government policies. Furthermore, when operators plan infrastructure expansion, chillers provide superior expandability. The capacity of the chiller system can be increased by adding parallel modules to the currently installed chiller system. These overall benefits of chillers have increased their market demand.
The scroll segment held the lion's share of the chillers market.
With a market share of more than 40.0% in 2020, the scroll segment dominated the chillers market. Scroll chillers cool with water and heat transfer fluids, making them more efficient than other types of chillers that cool with ambient air. This has increased its demand in the commercial and industrial sectors for space and process cooling.
The chillers market's fastest-growing end-use industry segment will be alternative energy.
At power plants, alternative energy sources are used to generate electricity. These power plants produce a lot of heat and pollute the environment. As a result, absorption chillers are used in power plants to maintain temperature and reduce pollution. As chillers provide consistent temperature and pressure to the power generation process, alternative energy is the market's fastest-growing application. The removal of temperature and pressure variables simplifies process development and optimization, resulting in the highest quality product. A chiller, as opposed to a wasteful single-pass-through system, recirculates the cooling water in the system.
The APAC chiller market is expected to be the fastest growing.
Because of the presence of densely populated countries such as China and India, APAC is expected to be the fastest-growing market for chillers. China, India, Japan, Thailand, and South Korea are some of the key countries in this region's chillers market. Due to the presence of massive HVAC industries, China accounted for the largest share of the APAC market in 2020. The region's growing demand for chillers is fueled by rising sales of HVAC systems and increased demand from residential, commercial, and industrial infrastructure. Furthermore, India's growing urbanisation and population are primarily driving demand for chillers in the region's HVAC systems.
Key Chiller Market Players :
Daikin Industries (Japan), Carrier Corporation (US), Trane Technology (Ireland), Johnson Controls- Hitachi Air Conditioning (Japan), Mitsubishi Electric Corporation (Japan), Smardt Chiller Group Inc. (Canada), KKT Chillers (Germany), MTA S.P.A (Italy), Friulair S.R.L (Italy), Ltd (India) and 15 other players are represented in the chillers market.
Recent Happenings in Chiller Market
+ Daikin acquired ABCO HVACR Supply + Solutions "ABCO" in January 2021, providing a winning platform for Daikin's diverse range of equipment, parts, and accessories. Furthermore, it strengthens Daikin's opportunity for local territory collaboration among ABCO branches, Daikin group companies, and Daikin's entire regional customer base.
+ Carrier Corporation acquired Guangdong Giwee Group (Giwee Group) and its subsidiaries, including Guangdong Chigo Heating & Ventilation Equipment Co., Ltd., in June 2021. The acquisition will give Carrier Corporation greater access to the rapidly growing variable refrigerant flow (VRF) and light commercial market, which is expected to reach USD 20 billion by 2025.
Chiller Market Contents Table
1 introductory paragraph (Page No. - 25)
1.1 The Study's Objectives
1.2 Market Defined
Figure 1: Market Segmentation of Chillers
1.2.1 Areas Covered
1.2.2 Study Period Considered
1.3 The currency
1.4 Unit Under Consideration
1.7 Changes Summary
2 Methodology of Research (Page No. - 30)
2.1 Research Information
Figure 2: Market Research Design for Chillers
2.1.1 Secondary Information
126.96.36.199 Major Secondary Sources List
188.8.131.52 Important Secondary Source Data
2.1.2 Primary Information
184.108.40.206 Important Primary Source Data
220.127.116.11 Primary Interview Breakdown
2.1.3 Primary Elections
18.104.22.168 Chiller Manufacturers
22.214.171.124 Important Industry Insights
2.2 Estimation of Market Size
Figure 3: Estimated Market Size for Chillers
2.2.1 Approach from the Top
126.96.36.199 Top-down Analysis Approach for Determining Market Size
Top-down Approach (Figure 4)
2.2.2 Top-down Approach
188.8.131.52 Bottom-up Analysis Method For Determining Market Size
Bottom-up Approach (Figure 5)
Figure 6: Bottom-up Market Size Estimation (Demand Side)
Figure 7: Bottom-up Market Size Estimation (Supply Side)
2.3 Triangulation Of Data
Chillers Market: Triangulation Of Data
2.5 Limitations Of Research
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