“The chillers market is projected to register a CAGR of 3.0% between 2021 and 2026.”
The chillers market is estimated to be USD 4.1 billion in 2021 and is projected to reach USD 4.8 billion by 2026, at a CAGR of 3.0%. This growth is attributed to the advantages and benefits of chillers. Also, the demand for chillers is driven by growth in the number of construction projects. However, the high initial setup cost is hindering the growth of the chillers market. In addition, the regulations penetrating to fluorinated greenhouse gases is expected to be a major challenge for chillers market during the forecast period.
“The chemical & petrochemical segment accounted for the largest market share.”
Typical applications of chillers in the chemical industry include cooling of acids and caustic solutions; cooling of extremely viscous products; condensation and tempering of solvents; cooling of water circuits, steam, and multiple material mixtures, and condensation of exhaust vapors. Whereas, chillers are widely used in petrochemicals applications such as production of plastics, alcohol, olefins, aromatics, detergents, and varnishes. The thermal effectiveness of energy-intensive processes is crucial to the petrochemicals industry; therefore, highly energy efficient chillers are used in applications such as condensing, cooling, and evaporation. Thus, the demand for chillers in chemicals & petrochemicals end-use industry is projected to grow during the forecast period.
“APAC is the largest and fastest-growing chillers market.”
In 2020, APAC was estimated to account for the largest share of the chillers market, owing to the rapid increase in infrastructural projects, growing population, and expanding urban cities. China accounted for the largest share of the APAC market, owing to the presence of HVAC industries and rapid growth in the end-use industries by transforming suburban cities into urban cities. Moreover, in the past few years APAC countries registered an annual growth of more than 17.0% year-on-year. This scenario in the region is favorable for the growth of the chillers market during the forecast period.
“Chillers market slow down its growth in 2020.”
The chillers market in 2020 experienced slow growth in terms of volume, compared to 2019 due to the COVID-19 pandemic. The chemicals & petrochemicals industry is a significant consumer of chillers. The effect of COVID-19 on the chemicals industry led to declining sales and the layoff of employees. The projects were halted due to disruption in the supply chain. With the declining production, the demand for chillers also decreased.
Extensive primary interviews were conducted in the process of determining and verifying sizes of several segments and sub segments of the chillers market gathered through secondary research.
The breakdown of primary interviews has been given below.
- By Company Type: Tier 1 – 25%, Tier 2 – 42%, and Tier 3 – 33%
- By Designation: C Level Executives – 20%, Director Level – 30%, Others – 50%
- By Region: APAC – 20%, Europe – 10% North America – 40%, RoW– 30%
The key companies profiled in this report include Daikin Industries (Japan), Carrier Corporation (US), Trane Technology (Ireland), Johnson Controls- Hitachi Air Conditioning (Japan), Mitsubishi Electric Corporation (Japan), Smardt Chiller Group Inc. (Canada), KKT Chillers (Germany), MTA S.P.A (Italy), Friulair S.R.L (Italy), HYDAC International (Germany), and Reynold India Pvt. Ltd (India).
Research Coverage
This report covers the modular chillers market and forecasts its market size until 3036. The market has been segmented based on type, capacity, end-use industry, and region. The report also provides detailed information on company profiles and competitive strategies adopted by the key players to strengthen their positions in the market. The report also provides insights into the driving and restraining factors in the chillers market, along with opportunities and challenges across these industries. It also includes profiles for top manufacturers in the market.
Reasons to Buy the Report
The report is expected to help market leaders/new entrants in the following ways:
- This report segments the chillers market and provides the closest approximations of overall market size for its segments across different verticals and regions.
- This report is expected to help stakeholders understand the pulse of the market and provide information on key drivers, restraints, challenges, and opportunities influencing the growth of the market.
- This report is expected to help stakeholders obtain an in-depth understanding of the competitive landscape of the market and gain insights to improve the position of their businesses.
- The competitive landscape section includes detailed information on strategies, such as joint venture, new product launch, acquisition, and expansion.
