Companies covered in the chillers market are Daikin, Johnson Controls, Johnson Controls-Hitachi Air Conditioning, Mitsubishi Heavy Industries, Ltd., Polaris Industries Australasia, LG Electronics, Midea, Dunham-Bush Americas, Chongqing General Industry Co., Ltd., Carrier Corporation, The Danfoss Group, and more players profiled
Pune, India, April 11, 2022 (GLOBE NEWSWIRE) -- According to a report published by Fortune Business Insights, the global chillers market will grow considerably driven by recent product advancements and wider application scope. The chillers industry was valued at USD 9.65 billion in 2018 and is projected to reach USD 13.25 billion by 2026, exhibiting a CAGR of 4.1% during the forecast period 2019-2026.
Chillers are used in large commercial and industrial spaces, where a huge amount of heat is generated. The mechanism of a chiller is to generate cold water and circulate it through tubes, subsequently dehumidifying the vapor. This helps regulate the temperature inside the space. In larger spaces, air conditioners tend to have lesser impact. Since chillers can be used as an excellent alternative to air conditioners, they will witness huge demand in the coming years. The growing demand in several industrial sectors will have a direct impact on the growth of the global market in the forthcoming years.
The report provides a detailed analysis of the market and focuses on key aspects such as leading companies, major product types, and leading applications of the product. Besides, the report offers insights into the ongoing chillers market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market in recent years. Based on extensive research methods, forecast values have been drawn for the period of 2019-2026.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreaks across industries to help you prepare for the future.
Chillers Market Report Scope & Segmentation
Report Coverage
Details
Forecast Period
2019 to 2026
Forecast Period 2019 to 2026 CAGR
4.1%
2026 Value Projection
USD 13.25 Billion
Base Year
2018
Market Size in 2018
USD 9.65 Billion
Historical Data for
2015 to 2027
No. of Pages
120
Segments covered
By Type, By Application , By Geography
Chillers Market Growth Drivers
Preventive Maintenance Is Resulting In Popularity Of Smart Chillers
Increasing Infrastructure Development Is Resulting In Growth Of Chillers Market
Industrial Development Is Fueling the Chillers Market Growth
Pitfalls & Challenges
Concerns Associated with Geo Privacy and Confidential Data to Limit Market Growth
Driven by High Product Demand, Market to Witness Several New Products
The growing industrialization in several countries across the world has led to an increase in the number of industrial manufacturing units. This, in turn, has led to a subsequent demand for the product. The increasing investment towards the development of chillers will yield several new products. In 2018, Daikin announced the launch of new product to its range of chillers. The company introduced a new series of highly advanced and compact DZ chillers. The products were equipped with eco-friendly features, a factor that will lead to rapid adoption for the device in the coming years. The report identifies several product launches, similar to Daikin’s latest range of chillers and gauges the impact of these products on the market.
Asia Pacific to Emerge as a Dominant Market
The report classifies the market based on regional demographics into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. Among these regions, Asia Pacific will witness highest product demand due to the rapidly rising industrialization. Improving industrial facilities and high investment in betterment of existing industrial infrastructures will aid growth of the market in this region. The exceptional demand for chillers in densely populated countries such as China and India will create several growth opportunities for the companies operating in this region. As of 2018, the market in Asia Pacific was valued at USD 4.84 Bn.
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