“Increasing cooling needs in industrial applications is a prime factor for the growth of the chillers market”
The global chillers market size (2016–2021) is estimated to reach USD 10.84 billion by 2021 at a CAGR of 4.24%. With the rising per capita income, the standard of living is also increasing, which further translates to the rising demand for comfort and leisure products. Cooling products such as refrigerators and air conditioners are among these key products. The growing food and healthcare industry is the driving force for the cooling equipment market. Factors such as increasing population and rising consumption of frozen food are also contributing significantly to the increase in the refrigeration equipment market.
“Plastics: the largest end-use industry segment of chillers”
Chillers are used in various end-use industries such as plastics, chemicals & petrochemicals, food & beverages, rubber, medical & pharmaceutical, and others. In 2015, the plastics segment accounted for the largest market share among all the applications, in terms of value, followed by chemicals & petrochemicals, food & beverages, and rubber industries. Among all the applications, chemicals & petrochemicals is estimated to register the highest CAGR between 2016 and 2021 in terms of value.
“Rising demand for chillers from the developing markets of Asia-Pacific is the major driver for the chillers market”
In 2015, Asia-Pacific is estimated to account for the largest market share, in terms of value, and is estimated to remain the market leader during the forecast period. High industrial growth resulted in an increased demand for chillers in different industrial applications such as in the chemicals & petrochemicals and food & beverages industries. This growth is further supported by the growing medical & pharmaceutical industry in Asia-Pacific due to the increased governmental investments in the healthcare sector. China accounted for the largest market share in this region due to the increased demand for chemicals in the last 2–3 years. Other emerging economies, such as India and Brazil, are the markets which are projected to grow rapidly.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted.
The breakdown of primary interviews is given below.
- By Company Type - Tier 1 - 33%, Tier 2 – 60%, and Others - 7%
- By Designation - C level - 56%, Director level - 33%, and Others - 11%
- By Region - North America - 13%, Europe - 47%, Asia-Pacific - 20%, the Middle East & Africa- 13%, and Latin America- 7%
The key companies profiled in this market research report are Daikin Industries Ltd. (Japan), Johnson Controls (U.S.), Trane Inc. (Ireland), Carrier Corporation (U.S.), Smardt Chiller Group (Canada), Thermax Inc. (U.S.), and Climaveneta S.p.A. (Italy).
The report will help the market leaders/new entrants in this market in the following ways:
- This report segments the chillers market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across the different verticals and regions.
- It will help stakeholders to understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.
- It will help stakeholders to understand the competitors and gain more insights to better their position in the business. The competitive landscape section includes new product developments, partnerships, and mergers & acquisitions.