Chillers Market Size to Hit Around US$ 10.45 Billion by 2026

LOS ANGELES, Feb. 17, 2020 /PRNewswire/ -- Acumen Research & Consulting, a global provider of market research studies, in a recently published report titled "Chillers Market (By Type: Screw Chillers, Scroll Chillers, Centrifugal Chillers, Absorption Chillers, Reciprocating Chillers; By Application: Food & Beverages, Petrochemicals, Rubber, Plastic, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026."

The chillers market is growing at a noteworthy CAGR of around 3.1% during the forecast period 2019 to 2026.

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North America dominated the global chillers market in the year 2018. The growing demand from various industries such as offices, petrochemicals, food & beverages, large retails, and theater in commercial sector require various types of chillers which is positively impacting the regional market growth.Additionally, rise in number of working women are preferring frozen food items due to ease of cooking and time constraint, change in lifestyle, growing urbanization, innovation and development in chillers, and adoption of advance technology are anticipated to propel the market size.

Moreover, according to Organization for Economic Co-operation and Development (OECD) Employment and Labor Market Statistics, has stated that around 62% women in US are self-employed, which has raised the demand of frozen vegetables and fruits. This is expected to boom the chillers market in the region. The Europe region is expected to exhibit a second largest share in the chillers market. According to Antimicrobial resistance (AMR) study, has stated that the value of US product shipments of frozen fruits and vegetables amounted to $12,180 mn in 2014. Moreover, the increasing awareness among consumers related to environment impact, increase in household disposable income, are further rise the demand for chillers in the region throughout the forecast period.

Asia-Pacific is anticipated to project the highest CAGR over the forecast period. The rise in construction projects, growing industrialization, rapid urbanization, rise in consumption of frozen foods, huge demand for energy efficient cooling devices, major players are investing huge amount in research and development from chillers manufacturers,are expected to boosts the demand for chillers in the region over the forecast period. 

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Screw chillers have dominated the type segment in the year 2018 and the segment is projected to maintain its dominance during the forecast period from 2019 to 2026. The major characteristics such as low maintenance, low cost, and energy efficiency are boosting the demand for screw chillers. The environment conscious customers are adapting advanced screw compressors due to its eco-friendly refrigerator. For instance, Hitachi launched the semi hermetic twin screw compressor, which uses eco-friendly refrigerant. This is expected to increase the segment during the forecast period.  

Plastic segment dominated the chillers market on the basis of application in the year 2018. The plastic segment accounts of the largest market share in 2018. The growing demand plastic materials such as food packaging, toys, and consumer electronic items from daily use products, increasing use of plastic in industrial application like construction material and building are boosting the plastic market. For example, Chase Cooling System launched CWE series and QBE series fluid chillers with an optional hot gas bypass value for temperature sensitive processes. This anticipated propelling the dominance of the chillers segment in the global market over the forecast period.

Petrochemical segment dominated the chillers market on the basis of application in the year 2018. The growing demand from various industries for gasoline, oil, and petroleum products such as olefins, consisting aromatics, ethylene, and propylene is driving the growth in the petrochemical industry. This anticipated boosting the dominance of the chillers segment in the global market during the forecast period.

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Some of the leading competitors are Carrier Corporation, Daikin, Mitsubishi Heavy Industries Ltd., Trane Inc., Thermax Inc., Johnson Controls, Midea, The Danfoss Group, Polaris Industries Australasia, andLG Electronics.

Some of the key observations regarding chillers industry include:

• In July 2018, Daikin has introduced highly advanced and compact DZ chillers series with environment friendly R1234ze and R134a refrigerants.
• In June 2018, Johnson Controls has launched the YORK YZ magnetic bearing centrifugal chillers fully optimized with next generational low global warming potential refrigerants.
• In January 2019, Trane, a major player in the chillers market has announced the introduction of three new process chillers using R1234ez refrigerants. The company claim that the compressor technology utilized in process chillers makes it 38% more efficient, the refrigerants used in the system has almost no global warming potential (GWP), and making the product complaint with eco design regulation.
• In August 2018, In order to gain a competitive edge, Daikin has launched new chillers witness tests in its newly opened plant in Italy. The company plans to use chillers witness tests programs to showcase its product performance under different climate conditions and to develop huge customer base.
• In October 2018, GEA Group has introduced the first ever process chillers, which used semi hermetic processor, named BluQ. The GEA Group claimed that BluQ uses small amount of ammonia to manufacture desired cooling efficiency, making the system highly eco-friendly products.

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