Global Process Chillers Market Projected to Reach CAGR Of 5.3% between 2018 and 2027

The purpose of this comprehensive forecast report presented by FactMR is to elaborate the various market projections impacting the global process chillers market size during the period through 2018-2027. This assessment delivers high-end statistics concerning market size, growth in trends and revenue share (US& Mn) linked to different geographies and segmentation types. Readers can acquire precise insights about market growth trends along with upcoming opportunities that are expected to reshape the overall structure of the process chillers market during the forecast period.

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Process Chillers Market: Key Insights

• The resurgence of the global economy post multiple economic crises saw a proliferation in manufacturing, food processing, and industrialization which was significant to the process chillers market growth. Consequently, the process chiller market grew at a CAGR of 4.1% during the 2013-2018 period.
• The process chillers market was valued at nearly US$ 8 billion in 2018 and is estimated to register steady CAGR of 5.1% through 2027.
• East Asia will remain a lucrative market for process chillers, accounting for over 25% share. Increasing penetration of food e-commerce in East Asia is creating a demand for processed food in the region which, in turn, is driving the growth of process chillers market.
• South Asia is likely to emerge as the fastest growing process chillers market Growing demand for pharmaceutical, food, and plastic industry in the region is likely to drive growth.

What is Driving Process Chillers Market Proliferation?

• Energy efficiency is gradually gaining priority in the process chillers market with the introduction of corporate average fuel economy norms for industries. Manufacturers are focusing on the production of novel process chillers which offer maximum efficiency at low power consumption. Additionally, players operating in the process chillers market are focusing on substantially reducing greenhouse gas emissions from chillers to comply with stringent governmental regulations on environmental safety.
• The demand for process chillers is likely to surge with the construction of data centers around the world on the rise. Demand for the creation of new data centers can be attributed to the widespread adoption of cloud computing services in addition to intensifying utilization of sophisticated shared computing processors for data analytics.

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Leading players operating in the process chillers market include Johnson Controls International plc, Blue Star Ltd., and Thermonics Corporation. Some of the other players operating in the process chillers market are Drake Refrigeration Inc., MTA USA, Cooling Technology Inc., Aqua Cooling Solutions Ltd., Pfannenberg, Inc., Advantage Engineering Inc., and Motivair Corporation

Air-cooled Chillers to Find Increasing Demand in Food and Beverages Industry

Although water-cooled chillers are cheap and efficient, it is air-cooled chillers whose demand is estimated to rise in the foreseeable future. The surge in the demand can be attributed to recent technological headways allowing manufacturers to improve the efficiency of and effectiveness of air-cooled chillers in the industry. In addition, the relatively easy installation of air-cooled chillers coupled with lower maintenance costs is likely to drive the demand for these process chillers in an assortment of industries. Changing lifestyle, automation, and a surge in demand for processed food are some of the vital factors contributing to the robust growth of the food and beverages industry. With processed food production estimated to rise due to these factors, the demand for refrigeration in the food and beverages industry is likely to surge. The rapid growth of construction, chemicals, pharmaceuticals, printing, energy, and other industries is estimated to bolster demand for both compact and centralized process chillers.

Research Methodology

The report on process chillers market is a consequence of an exhaustive and robust research methodology. A two-step research methodology involving primary and secondary researches was employed to obtain detailed insights into the process chillers market. Primary research was conducted by interviewing experts from the process chillers market while a thorough study of trade journals, paid sources, and other publications related to the process chillers market formed the basis of secondary research. Results from both the steps of research were cross-referenced with each other to create an accurate forecast of the process chillers market.

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