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Centrifugal chillers are the most common type of chiller available in the market. The demand for these chillers are much higher as compared to others, as they are regularly utilized for medium to enormous cooling loads (ranging from 150 to 6,000 tons of refrigeration). The framework of the centrifugal chillers offers high cooling limit in a minimal structure. These chillers work by utilizing rotating impellers to pack the refrigerant and power it around the chiller. Hence, the power requirements for these chillers very low and more efficient compared to other chillers. The continuous improvement in the technology have even enhanced the size of the market. This improvement comprises of better unit configurations, improved impeller designs, enhanced heat transfer of the surfaces, and increased efficacy importance on minimising energy consumption.
Centrifugal chillers come in 2 major type: air cooled and water cooled. Air cooled chillers discharge the warmth consumed from the structure to the open air utilizing refrigerant via air loops and fans that blow outside air directly over the curls. Water cooled chillers dismiss the ingested warmth to an extra liquid circle via an auxiliary gadget, for example, a cooling tower or dry cooler. This makes the water cooled chillers very proficient, particularly for huge cooling loads, they utilize the waning of water to scatter heat which is less vitality concentrated than blowing air over a hot surface like air cooled chillers. Water additionally has a higher warmth limit than air so it’s inalienably simpler cool down the warmth.
Key Market Driver -
• Increasing Demand of Centrifugal Chillers from Developing Economies in Asia Pacific & the Middle East and Africa • Adoption of Centrifugal Chillers in Solar Thermal Systems
Key Market Restraint -
• Regulations Related to F-gases Greenhouse Emission
Key players in the market have a dominant presence in the centrifugal chillers market, thus have good will and brand name to capture the unidentified regional and local centrifugal chillers market. Moreover, these players are expected to have significant expansion in their business owing to the robust business strategies such as targeting developing countries and economies for increased market share.
Some of the key competitors in the centrifugal chillers market include DAIKIN APPLIED, Motivair, Trane (Ingersoll Rand), Carrier Corporation, Thermal Care, Inc., JOHNSON CONTROLS - HITACHI AIR CONDITIONING, Arctic Chiller Group, Ltd., Aermec, Klima-Therm Ltd. & Blue Star Limited.
Asia Pacific is expected hold the largest market share along with the highest growth rate in the coming years. This is owed to the continuous increase in the investments done by the companies in the region to increase the production capacity. Furthermore, Asia Pacific has the largest market of various industry, which uses centrifugal chillers, thereby stimulating the growth of the market. Moreover, this region is the hotspots for the majority of the key players to gather enhanced market share. This is owed to the increased manufacturing activities in the countries such as China, India, Japan, Korea, Vietnam, & Thailand.
Similarly, Middle East & Africa and Latin America has presented moderate growth of the centrifugal chillers market. This is owed to the political & economic unrest, along with that the overall chillers market have declined in the region in the due course. Furthermore, in the coming years the region is expected to exhibit slight positive movement. This will be owed to investments in industrial development, in order to increase the trade and volume of import and export of consumer goods and other products. Europe and North America on the other hand has is expected to exhibit balanced growth with minimal changes in the market structure. Also, the companies in the market are shifting their manufacturing facilities at developing economies, thus this region is expected to exhibit minor volatility in the coming years.
The ongoing COVID-19 pandemic is expected to impact the market slightly for the year 2020 owing to the halt in the manufacturing activities across the globe. Other than this, the market will further broaden with increased technological adoption in manufacturing process, such as automation, robotics, etc.
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