The Chillers Market size was valued at USD 9.80 billion in 2020 and is projected to be worth around USD 14 billion by 2030, exhibiting a CAGR of 4.6% during the forecast period (2021 – 2030). The global Chillers Market will grow considerably driven by recent product advancements and wider application scope.
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 2021-2030.
Increasing Consumption of Ready-to-eat Products to Spur Demand
The rising demand for frozen food and milk and beverage will fuel demand for the market. The booming food and beverage industry will further create opportunities for the market during the forecast period. The growing consumption of ready-to-eat products will contribute positively to the growth of the market. The evolving lifestyle of consumers has led to high demand for processed food, which, in turn, will drive the market in the forthcoming years. The growing awareness about the advantages of processed food including easy preservation and storage, immediate consumption, time-efficient, and easy cooking will augur well for the market during the forecast period. The rising demand for soft-drink and alcoholic beverages will have an excellent effect on the market in the foreseeable future. Moreover, the introduction of innovative refrigerants by major industry players will promote the growth of the market.
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 2020, the market in Asia Pacific was valued at USD 5 Bn.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
List of Key Companies:
Chemicals and Petrochemicals
Food and Beverages
By Region Outlook:
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