Chillers Market Forecast to Rise at a CAGR of 4.1% from 2019-2026; Applications in Industrial Manufacturing Units to Provide Impetus to Growth

The global chillers market size is projected to reach USD 13.25 billion by 2026. Variations in product offerings, combined with applications across diverse industries, will aid market growth. According to a report published by Fortune Business Insights, titled “Chillers Market Size, Share & Industry Analysis, By Type (Screw Chillers, Scroll Chillers, Centrifugal Chillers, and Others), By Application (Chemicals and Petrochemicals, Food and Beverages, Plastics, Rubber, Medical, and Others), and Regional Forecast, 2019-2026,” the market was valued at USD 9.65 billion in 2018. Driven by technological advancements, the market will exhibit a CAGR of 4.1% from 2019-2026.

Industrial chillers are refrigeration systems that are used to cool processed liquids to dehumidify the air in industrial as well as commercial spaces. They are normally used in large spaces where air conditioners are not effective. Chillers are used to generate chilled water that is used to cool the enclosures through the help of electrical equipment. These devices are used to regulate temperatures in spaces where heat is generated and trapped due to solar energy and other such factors. The favorable government workplace policies will fuel the demand for the product in the coming years. Variations in product offerings and ease of availability of several product types such as modular chillers and HVAC chillers will create opportunities for growth.

Screw Chiller Segment to Register Highest CAGR

Based on product type, the report classifies the chillers market into screw chillers, scroll chillers, and centrifugal chillers. Among these, screw chillers are projected to witness the highest demand in the years. The cost-effective nature of the products, coupled with low maintanence, will fuel the demand for the products across the world. Additionally, increased product efficiency will lead to huge product adoption in the coming years. Screw chillers are used in applications across diverse industries, including food and beverage, chemical, oil and gas, pharmaceutical, and automotive sector. The increasing awareness regarding environmental pollution and greenhouse gases has led to the adoption of screw chillers. This is mainly attributable to the eco-friendly nature of screw chillers. The screw chillers segment is likely to register highest CAGR in the coming years. Besides screw chillers, centrifugal chillers will witness considerable growth driven by product benefits such as low-noise and less power consumption.

Petrochemicals & Chemicals Type Will Exhibit High Growth

On the basis of applications, the chillers market has been segmented into chemicals & petrochemicals, food & beverages, plastics, rubber, and medical. Among these applications, petrochemicals and chemicals is likely to emerge as the leading segment in the coming years. The high demand for oil and gas will contribute to the growth of this segment. Additionally, the growing applications and subsequent rise in the demand for tires and paint will aid the growth of this segment.The rise of the petrochemicals & chemicals industry will have a direct impact on the growth of the global market in the coming years.

Besides application and product type, the market has been segmented on the basis of regional demographics into North America, Latin America, Europe, the Middle East and Africa, and Asia Pacific. Among these regions, Asia Pacific has emerged dominant in recent years, owing to high product demand and growing industrialization in several countries across the region.

A few of the leading companies that are operating in the global market are:

• Daikin
• Johnson Controls
• Johnson Controls-Hitachi Air Conditioning
• Mitsubishi Heavy Industries, Ltd.
• Polaris Industries Australasia
• LG Electronics
• Midea
• Dunham-Bush Americas
• Chongqing General Industry Co., Ltd.
• Carrier Corporation
• The Danfoss Group

Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/chillers-market-101588

The global chillers market is segmented based on: