The report “Chillers Market by Type (Screw, Scroll, Centrifugal, Absorption, Reciprocating), End-use industry (Plastic, Chemical & Petrochemical, Rubber, Food & Beverage, Medical & Pharmaceutical), and Region – Global Forecast to 2022″,
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The market size of chillers is estimated to grow from an estimated USD 9.15 Billion in 2017 to 11.33 Billion by 2022, at a CAGR of 4.4%. The market is driven by the rising demand from the chemical & petrochemical and plastic industries, and increasing process cooling applications. The Asia Pacific and Middle East & Africa are estimated to witness strong growth during the next five years. Demand across these regions is reinforced by the emerging markets, namely, China, India, and Saudi Arabia.
Plastic the largest end-use industry for chillers
The plastic industry led the chillers market with the highest share in 2016. Chillers have been largely used for years in various cooling applications such as cooling hot plastics, which are extruded, injected, blown, or stamped. Due to the growing demand for plastic products in emerging economies, the market for chillers is further expected to grow during the forecast period.
Absorption chillers the fastest-growing type market for chillers
Absorption chillers are the fastest-growing type of chillers used globally. These are extensively used in various end-use industries for cooling applications. They offer a relatively high energy efficiency, improved performance, easy maintenance, and are compact in size. Increased government measures in efficient energy use in industries are expected to drive the demand for absorption chillers, globally.
Asia Pacific the largest market for chillers
The Asia Pacific has always been a strong market for chillers and, globally, this market has been a leader for chillers with respect to demand. This region also has the largest and fastest-growing economies in the world, which are China and India. The region has a relatively high growth rate as a result of its large market size and high economic activity as compared to the other regions. Demand in this region is boosted mainly due to the growing end-use industries for chillers.
Most active market players in the chillers market
DAIKIN INDUSTRIES, Ltd. (Japan), Carrier Corporation (US), Trane (Ireland), Johnson Controls-Hitachi Air Conditioning (Japan), Smardt Chillers Group Inc. (Canada), GEA Group (Germany), Thermax Limited (India), Dunham Bush (US), Broad Group (China), Midea Group Co. Ltd. (China), JIANGSU SHUANGLIANG ECO-ENERGY CO.LTD. (China), PolyScience (US), Climaveneta S.p.A. (Italy), Airedale Air Conditioning (UK), Bluebox (Italy), SKM Air Conditioning LLC (UAE), Thermionics Corporation (US), Thermal Care, Inc. (US), and Kaltra Innovativtechnik GmbH (Germany) are the other most active players in the chillers market.