Chiller Market to Garner $11.54 Bn, Globally, by 2022 at 4.1% CAGR, Says Allied Market Research
Rise in consumption of frozen food, increased need for cooling industrial equipment, and recent technological advancements are expected to propel the growth of the global chiller market
PORTLAND, Oregon, Feb. 12, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Chiller Market by Type (Screw, Scroll, Centrifugal, Absorption, and Reciprocating Chillers) and End User (Chemicals & Petrochemicals, Food & Beverages, Plastics, Rubber, and Medical & Others): Global Opportunity Analysis and Industry Forecasts, 2014–2022". The report provides in-depth analyses of the top winning strategies, drivers & opportunities, market size & estimations, key market segments, and competitive landscape. According to the report, the global chiller market was pegged at $9.35 billion in 2017 and is projected to reach $11.54 billion by 2022, registering a CAGR of 4.1% during the period 2016–2022.
Increased need for cooling equipment in industries and rise in consumption of frozen food drive the global chiller market. However, high cost associated with electricity hinders market growth. On the contrary, rapid technological advancements are expected to create remunerative opportunities for market players in the near future.
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Scroll chiller segment holds largest share
The scroll chiller segment held the largest share in 2017, contributing more than half of the market share, as it is easy to install and requires less maintenance. Moreover, it consumes less electricity and is environmentally friendly, which supplements the market growth. However, the absorption chiller segment is expected to manifest the fastest CAGR of 6.0% during the forecast period, owing to its usage in noise sensitive areas such as hospitals, schools, and office building. The report also analyzes other segments such as screw chiller, centrifugal chiller, and reciprocating chiller.
Chemicals & petrochemicals segment to manifest fastest growth by 2022
The chemicals & petrochemicals segment is expected to portray the fastest CAGR of 5.4% during the study period, owing to its vast application in machine and oil cooling to remove heat from chemicals through absorption refrigeration cycle. However, the plastics segment dominated the market in terms of revenue, contributing more than one-fourth of the total market in 2017, owing to its high demand of chillers from plastic industry to reduce heat produced by factory equipment such as molding machines, gearbox, and others.
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Asia-Pacific region: lucrative segment
Asia-Pacific region is projected to create lucrative opportunities for the market players as it is projected to grow with the fastest CAGR of 4.7% during the forecast period. Moreover, the region held the largest share in 2017, contributing more than half of the market share, owing to high industrial growth rate, which has increased demand for chillers in chemicals & petrochemicals and food & beverages industries. The report analyzes other regions such as North America, Europe, and Latin America, Middle East and Africa (LAMEA).
Major market players
The major market players are analyzed in the report, including Thermal Care Inc., Temptek Inc., Broad Air Conditioning Co. Ltd., Robur Group, Kawasaki Thermal Eng. Co. Ltd., BV Thermal Systems, Advantage Engineering Inc., Hyundai Climate Control Co., Ltd., and Yazaki Corporation.
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