Process Chillers Market to Witness Widespread Expansion During 2018 to 2027

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In order to dissert the market scenario prevailing across the process chillers market sector, FactMR has evenly presented a comprehensive process chillers market analysis to its extensive online repository. With all vital market facets enclosed into this single assessment, readers can learn about different market drivers, opportunities and trends which are likely to influence the overall market space for the process chillers market in the coming years. In addition, factors such as market size, Y-o-Y growth and revenue share are investigated so as to make this research highly authentic and reliable.

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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.

Process Chillers Market – Competitive Landscape

  • To capitalize on the growing demand for eco-friendly, energy-efficient, and high-performance process chillers in end-use industries, GEA group launched the first-ever process chiller which was equipped with a semi-hermetic compact screw processor, named BluQ. The company claimed that BluQ utilizes small amounts of ammonia to produce the desired cooling efficiently making the system a highly environment-friendly product.
  • Trane, a leading player in the process chiller market, announced the launch of three new process chillers using refrigerant R1234ze. Trane claims the compressor technology used in the process chiller makes it 38% more efficient making the product compliant with the Ecodesign regulations. Additionally, the company claimed the refrigerant used in the system had almost no global warming potential (GWP).
  • In order to gain a competitive edge in the process chillers market, Daikin announced the launch of its new chiller witness tests in its newly opened facility in Italy in 2018. Daikin plans to use the chiller witness tests program to showcase its products performance under varying climatic conditions and develop an extensive consumer base.
  • Carrier Corporation revealed that the company would be supplying process chillers for the new Elizabeth metro Line in London. A total of fifteen AquaSnap air-cooled liquid chillers from Carrier will be supplied to meet the underground cooling needs of the project under development.

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.

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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