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Chiller Market Grow With CAGR Of 4.1% | Focuses On Top Companies, Region And Opportunities

November 14, 2019 | About:

The growth of the global chiller market is driven by a surge in demand for cooling equipment in industries and a rise in the consumption of frozen food. However, the high cost associated with electricity usage restricts the market growth. Nonetheless, rapid technological advancement is set to create lucrative opportunities for emerging market players in the near future.

According to a report published by Allied Market Research, the global chiller market generated $9.35 billion in 2017 and is projected to garner $11.54 billion by 2022, growing at a CAGR of 4.1% during the forecast period, 2016-2022.

By end-user, the plastics segment generated more than a quarter of the total revenue in 2017, due to the high demand of chillers from plastic industry to reduce heat produced by factory equipment such as molding machines, gearbox, and others.

Asia-Pacific is not only poised to hold the largest market share through 2022 but also register the highest CAGR of 4.7% during the forecast period. This is attributed to an increased demand for chillers in chemicals & petrochemicals and food & beverage industries.

The plastic industry accounted for the largest market share of around 27% in 2015, whereas the chemicals & petrochemicals industry segment is projected to grow at the highest CAGR of 5.4% during (2016 2022). Food & beverages industry is amongst other major end-users of chillers.

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• The absorption chiller is expected to grow at the highest CAGR of 6.1% from 2016 to 2022.

• Asia-Pacific is projected to maintain its leadership position, growing at a CAGR of 4.7% during the forecast period.

• The screw chiller segment occupied around 28% of the total chiller market size in 2015.

• The U.S. accounted for around 68% share of the total North American chiller market revenue in 2015.

Various types of chillers are used by industries and commercial sectors as per their requirements. The market for chillers has grown significantly in the past few years due to expansion in the commercial and industrial sectors. Commercial sectors, such as large retails, are highly dependent on chillers to store food items. Industrial sectors, such as the plastics industry, exhibit huge demand for chillers to cool down their equipment & machinery.

Top Leading Players:

Care Inc., Temptek Inc., Broad Air Conditioning Co. Ltd., Robur Group, Kawasaki Thermal Eng. Co. Ltd., BV Thermal Systems, Advantage Engineering Inc., Hyundai Climate Control Co., Ltd., and Yazaki Corporation.

Have Any Query? Ask our Research Experts: https://www.alliedmarketresearch.com/purchase-enquiry/1834

They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.

About Us:

Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small- & medium-scale enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides one-stop solution right from data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients understand the significance and impact of market dynamics. The company applies client’s insight on the factors such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligence support to help clients transform into a prominent business firm.

This content has been distributed via WiredRelease press release distribution service. For press release service enquiry, please reach us at [email protected].

About the author:

WiredRelease is an online press release distribution service which helps companies, individuals, and bloggers to publish their news to Google News, Apple news, other famous online news portals, magazines as well as social media platforms.

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