Chillers Market worth 11.33 Billion USD by 2022

Pune, India, 2019-Dec-13 — /EPR Network/ —  The global chillers market size estimated at USD 9.1 billion as of 2017 and is likely to reach USD 11.3 billion by 2022, growing at a 4.4% CAGR. The factors that drive the market have a rise in the demand from chemical, petrochemical & plastic industries and the growing application scope for process cooling. Africa, Asia Pacific, and the Middle East are going to witness substantial growth during the five years. The evolving markets of Saudi Arabia, India and  China are reinforcing the demand across these regions.

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The largest end-user industry for the chillers is plastics

In the year 2016, the plastics industry led by the chillers market. Chillers have been used for various processes during the manufacture of plastic parts. It is estimated that the demand for chillers will grow tremendously during the forecast period because of the growing demand for the products made from plastic in growing/emerging economies.

Absorption chillers to be the fastest-growing type in the global chillers market

On a global level, absorption chillers are expected to be the fastest-growing type of chillers. They offer improved performance, are relatively/comparatively high energy efficient, can be easily maintained, and are compact. The demand for absorption chillers will be driven by the increased measures by the government for efficient use of energy in the industries.

The largest market for chillers is Asia Pacific
Asia Pacific has always been a global leader of the chillers market. This region continues to be one of the strongest markets for chillers. This region also has two of the largest and rapidly growing economies in the world, i.e., India and China. A relatively high growth rate because of its large-sized market and high economic activity is expected to boost industrialization. Because of an increase in end-user industries for chillers, the demand in this region has also increased.

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Some key players in the chillers market are Kaltra Innovative Technik GmbH (Germany), DAIKIN INDUSTRIES, Ltd. (Japan), Dunham Bush (US), Johnson Controls-Hitachi Air Conditioning (Japan), Thermax Limited (India), Bluebox (Italy), GEA Group (Germany), Broad Group (China), Midea Group Co. Ltd. (China), Thermal Care, Inc. (US), Trane (Ireland) PolyScience (US), Carrier Corporation (US), Airedale Air Conditioning (UK), and Johnson Controls-Hitachi Air Conditioning (Japan), Smardt Chillers Group Inc. (Canada), Climaveneta S.p.A. (Italy),  and JIANGSU SHUANGLIANG ECO-ENERGY CO.LTD. (China).

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