Professional research study says Chillers are primarily used in industrial sector to maintain equipment temperature for better performance. They play an important role in the plastic industry to reduce heat produced by manufactured products, and factory equipment. The global chiller market accounted for $8,784 million in 2015, and is expected to grow at a CAGR of 4.1% to reach $11,542 million by 2022, Ask for Sample@ http://www.researchbeam.com/chiller-market/request-sample
Latest research on “World Chiller Market Overview, Analysis, Demand, Report, Trends, Growth and Research – Chiller Market by Type (Screw, Scroll, Centrifugal, Absorption, and Reciprocating Chillers) and End User (Chemicals & Petrochemicals, Food & Beverages, Plastics, Rubber, and Medical & Others) – Global Opportunity Analysis and Industry Forecasts, 2014-2022”
Chillers have gained popularity owing to factors such as rise in consumption of frozen foods, high demand for energy-efficient cooling solutions and growth in the industrial sector.
Players have adopted product launch and expansion as their key strategies to increase their market share. For instance, Carrier Corporation Shanghai launched “AquaEdge 19DV” centrifugal chiller with environmentally sustainable refrigerant for energy-efficient and reliable solutions. This chiller strengthened the company’s market presence with increasing demand from office buildings, hotels, hospitals, and factories. The key developmental strategies adopted by the companies are discussed in the report.
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The report analyzes the global chiller market based on product type, end user, and geography. The product type includes screw, scroll, centrifugal, absorption, and reciprocating chillers. The end user segment comprises industries namely chemicals & petrochemicals, food & beverages, plastics, rubber, and medical & others.
By type, absorption chiller is anticipated to grow at a higher rate during the forecast period, owing to its low maintenance and manufacturing cost. Currently, the scroll chiller segment accounts for the largest chiller market share, owing to its extensive usage in plastic industries, chemicals & petrochemicals industries, and others.
By end user, plastic industry acquired the highest revenue in the overall chiller market size in 2015, due to wide use of chillers for cooling various machineries engaged in manufacturing of plastic products. From a growth perspective, chemicals & petrochemicals segment is anticipated to achieve the highest growth rate, owing to high demand of chillers for cooling hot oil and chemicals.
Growth in commercial & industrial sectors
Hospitals, large retails, offices, and theatres in commercial sector need various types of chillers. Plastic, baking, food, pharmaceutical, and printing industries are the major industrial consumers that use chillers for various processes. Increase in number of working women has led to increased adoption of frozen foods owing to time constraints and ease of cooking. This increasing trend towards frozen foods is facilitating the demand for chillers among the food processing industry. According to OECD Employment and Labor Market Statistics, around 62% women in the U.S. are self-employed, which has increased the acceptance of frozen fruits and vegetables. According to AMR study, the value of U.S. product shipments of frozen fruits and vegetables amounted to $12,180 million in 2014. Similarly in Western Europe, a constant increase has been witnessed across all the frozen food categories, since the last decade.
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CHILLER MARKET: TOP WINNING STRATEGIES
Key market players have implemented product launch, expansion, and partnership to gain competitive advantage and a stronger base in the market. For instance, Carrier Corporation launched a new product in the market with an environmentally sustainable refrigerant to enhance its market penetration.
The companies profiled in the report are Daikin Industries Ltd., Johnson Controls, Trane Inc., Carrier Corporation, Smartd Chiller Group Inc., Thermax Ltd., Hitachi Appliances Inc., Climaveneta S.P.A., Polyscience, and Dimplex Thermal Solutions.
Other players included in the value chain are Thermal Care Inc., BV Thermal Systems, Temptek Inc., Advantage Engineering Inc., Broad Air Conditioning Co. Ltd., Hyundai Climate Control Co., Ltd., Robur Group, Yazaki Corporation, and Kawasaki Thermal Eng. Co. Ltd.
CHILLER MARKET KEY SEGMENTATION
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