SAN FRANCISCO, Aug. 19, 2020 /PRNewswire/ — The global chillers market size is expected to reach USD 13.99 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.3% over the forecast period. Rising demand for efficient HVAC and refrigeration systems in newly constructed structures to maintain the increasing internal temperature is expected to drive the market over the forecast period.
Chillers are used in various industries, including plastics, food & beverage, printing, medical, electronics, petrochemical, pharmaceutical, and power plants to provide cooling. Increasing adoption of chillers in manufacturing facilities, residential structures, hospitals, restaurants, and sporting arenas, among others is expected to positively impact the product demand.
Key suggestions from the report:
- The air-cooled segment is expected to witness the fastest CAGR of 4.8% from 2020 to 2027, in terms of revenue, on account of low initial and maintenance costs of these systems due to the simple construction and design
- The centrifugal chillers segment is estimated to witness a CAGR of 4.0%, in terms of revenue, from 2020 to 2027, due to increasing adoption of these systems in commercial and industrial buildings for cooling medium to large loads
- The medical & pharmaceutical sector accounted for a major share of the global industrial application segment in 2019, due to high product usage in CT scanners, MRI systems, blood cooling systems, electron & laser microscope, and precision laboratory applications
- The product demand in Italy is estimated to reach USD 728.1 million by 2027 owing to the positive growth of retail, tourism, and manufacturing industries coupled with increasing investments in the construction industry in the country
- Major industry participants are focusing on licensing agreements, new product launches, and mergers & acquisitions to obtain a competitive edge and strengthen the market position
Read 100 page research report with ToC on “Chillers Market Size, Share & Trends Analysis Report By Product (Air-cooled, Water-cooled), By Compressor Type (Screw, Centrifugal), By End-use (Industrial, Commercial), By Region, And Segment Forecasts, 2020 – 2027” at: https://www.grandviewresearch.com/industry-analysis/chillers-market
The demand for HVAC systems for cooling and dehumidifying the buildings is witnessing significant growth over the past few years on account of the rising atmospheric temperatures, attributed to global warming. Furthermore, the ability of the chillers to efficiently transfer heat from the internal environment to the external atmosphere is expected to support market growth.
Lockdown imposed to curb the spread of COVID-19 coupled with low GDP growth in various economies has resulted in dampening the construction activities globally. Furthermore, the closure of end-user facilities, including various production facilities and commercial buildings, has hampered the demand for repair & maintenance and aftermarket sales of the product.
Grand View Research has segmented the global chillers market on the basis of product, compressor type, end-use, and region:
- Chillers Product Outlook (Revenue, USD Million, 2016 – 2027)
- Chillers Compressor Type (Revenue, USD Million, 2016 – 2027)
- Screw Chillers
- Centrifugal Chillers
- Absorption Chillers
- Scroll Chillers
- Reciprocating Chillers
- Chillers End-use Outlook (Revenue, USD Million, 2016 – 2027)
- Corporate Offices
- Data Centers
- Public Buildings
- Mercantile & Service
- Food & Beverage
- Metal Manufacturing & Machining
- Medical & Pharmaceutical
- Chillers Regional Outlook (Revenue, USD Million, 2016 – 2027)
- North America
- The U.K.
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
List of Key Players of Chillers Market:
- Cold Shot Chillers
- Tandem Chillers
- Drake Refrigeration, Inc.
- FRIGEL FIRENZE S.p.A.
- Multistack, LLC.
- DAIKIN INDUSTRIES, Ltd.
- General Air Products
- ClimaCool Corp.
- JOHNSON CONTROLS – HITACHI AIR CONDITIONING COMPANY
- Fluid Chillers, Inc.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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