Chillers Market (Type & End-Use Industry) 2021 Growth Driven by Plastics Industry Segment

PUNE, India, May 31, 2016 /PRNewswire/ --

The global chillers market size is estimated to reach $10.84 billion by 2021 at a CAGR of 4.24% while regionally, Asia-Pacific is leading the growth of chillers market due to increasing cooling needs in industrial applications and growing food and healthcare industries.

Complete report on global chillers market spread across 168 pages, profiling 12 companies and supported with 79 tables and 73 figures is now available at http://www.marketreportshub.com/chillers-industry-research-marketsandmarkets.html .

With the rising per capita income, the standard of living is also increasing, which further translates to the rising demand for comfort and leisure products. Cooling products such as refrigerators and air conditioners are among these key products. The growing food and healthcare industry is the driving force for the cooling equipment market. Factors such as increasing population and rising consumption of frozen food are also contributing significantly to the increase in the refrigeration equipment market.

Chillers are used in various end-use industries such as plastics, chemicals & petrochemicals, food & beverages, rubber, medical & pharmaceutical, and others. In 2015, the plastics segment accounted for the largest market share among all the applications, in terms of value, followed by chemicals & petrochemicals, food & beverages, and rubber industries. Among all the applications, chemicals & petrochemicals is estimated to register the highest CAGR between 2016 and 2021 in terms of value.

In 2015, Asia-Pacific is estimated to account for the largest market share, in terms of value, and is estimated to remain the market leader during the forecast period. High industrial growth resulted in an increased demand for chillers in different industrial applications such as in the chemicals & petrochemicals and food & beverages industries. This growth is further supported by the growing medical & pharmaceutical industry in Asia-Pacific due to the increased governmental investments in the healthcare sector. China accounted for the largest market share in this region due to the increased demand for chemicals in the last 2-3 years. Other emerging economies, such as India and Brazil, are the markets which are projected to grow rapidly.

The key companies profiled in this market research report are Daikin Industries Ltd. (Japan), Johnson Controls (U.S.), Trane Inc. (Ireland), Carrier Corporation (U.S.), Smardt Chiller Group (Canada), Thermax Inc. (U.S.), and Climaveneta S.p.A. (Italy). Ask for the discount before order a copy of Chillers Market by Type (Screw, Scroll, Centrifugal, Absorption, and Reciprocating), by End-Use Industry (Plastics, Chemicals & Petrochemicals, Medical & Pharmaceutical, Rubber, Food & Beverage, and Others), and by Region - Global Forecast to 2021 research report at http://www.marketreportshub.com/purchase?rpid=3928 .

To determine the market size of various segments and sub-segments of the PIM market, extensive secondary research is done. In the process of determining and verifying, the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key people. In Tier 1 (33%), Tier 2 (60%) and Tier 3 (7%) companies were contacted for primary interviews. The interviews were conducted with various key people such as C-level Executives (56%), Directors Level (33%) and others (11%) from various key organizations operating in the global chillers market. The primary interviews were conducted worldwide covering regions such as North America - 13%, Europe - 47%, Asia-Pacific - 20%, the Middle East & Africa- 13%, and Latin America- 7%.

On a related note, another research on Air Conditioning Market Global Trend and Forecast to 2020 says, the air conditioning market is projected to grow at a CAGR of 6.69% from 2015 to 2020 to reach USD 24.28 Billion by 2020. Asia-Pacific is the largest market, by value, for automotive air conditioning. Growing customer expectation for better cooling is one of the major factors. Companies like Denso Corporation (Japan), Hanon Systems (South Korea), Keihin Corporation (Japan), MAHLE GmBH (Germany), and Calsonic Kansei Corporation (Japan) have been profiled in this 186 pages research report available at http://www.marketreportshub.com/air-conditioning-marketsandmarkets.html .

Explore more reports on Materials & Chemicals market at http://www.marketreportshub.com/categories/materials-chemicals.

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