APAC Chiller Market is Going to Witness the Highest Growth Globally in Coming Years

Global Asia-Pacific chiller market is anticipated to reach $4.9 billion by 2024 posting a CAGR of 5.4%, during forecast period. The market has been registering substantial growth rate, majorly due to overall growth in the construction industry, increasing infrastructure spending, and surging growth in food and beverage industry.

Based on chiller type, the market is segmented into centrifugal, screw, scroll, absorption, and reciprocating; wherein absorption category is further segmented into steam, hot water and direct fired. Of these categories steam chillers are increasingly being utilized in the manufacturing industries which produces waste heat.

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On the basis of end-user type, the market is segmented into commercial, industrial and residential; wherein commercial end-user is further split into commercial offices/buildings, hospitality, supermarkets/hypermarkets, government, transportation, and healthcare.

Asia-Pacific chiller market is highly competitive due to the presence of large number of global and regional players. The market is led by companies such as Daikin Industries Ltd., Johnson Controls International PLC, United Technologies Corporation, Midea Group Co. Ltd., and Ingersoll-Rand plc. In APAC region, companies like Daikin Industries Ltd., major sales is estimated to have come from India, Japan, China, Australia, and Thailand.

China and Japan accounts for large number of transportation facilities (including airports and railways). As of 2018, China had 234 civil airports, while Japan and India recorded 97 and 126 airports, respectively. Moreover, in 2017, China built over 439 mi of metro lines.

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Some of the major players in the Asia-Pacific chiller market includes Johnson Controls International PLC, Ingersoll-Rand plc, United Technologies Corporation, Daikin Industries Ltd., Mitsubishi Electric Corporation, Smardt Chiller Group Inc., Multistack LLC, Thermax Limited, Thermal Care Inc., and Midea Group Co. Ltd.

Asia-Pacific Chiller Market Segmentation

Market Segmentation by Chiller Type

• Screw
  • Water-Cooled
  • Air-Cooled
• Scroll
  • Water-Cooled
  • Air-Cooled
• Absorption
  • Steam
  • Hot Water
  • Direct-Fired
• Centrifugal
• Reciprocating
  • Water-Cooled
  • Air-Cooled