Latest industry research report on Chillers Market. Chillers are complex machines or refrigeration systems that cool fluids or dehumidify air in both commercial and industrial systems. In other words, they remove heat via vapor compression or absorption refrigeration cycle. Chillers are expensive and consume a lot of energy so smart operating and well-maintenance is required for significant energy savings. It is commonly used for air conditioning of buildings, medical equipment, equipment/raw materials/fluid stream in industrial applications, and food & beverages in residential/commercial applications. Growing demand for chillers in wide array of industries is expected to drive the demand in the coming years.
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At present scenario, Asia-Pacific is the largest market for chillers and this trend is expected to continue in the forecast period. The global chillers market is expected to register substantial growth in the near future, attributed to increased environmental disturbances resulting in climate change and global warming. Other factors that are driving the demand for chillers are increasing need for cooling equipment in industries, increasing consumption of frozen food, etc. However, factors such as high costs, stringent regulations by government bodies to control emission of CFCs (chlorofluorocarbons) & HCFCs (hydro chlorofluorocarbons) in the environment as it harms ozone layer, rising electricity costs etc., are likely to restrain the market growth in the coming years.
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Development of eco-friendly (CFC & HCFC free) product which consumes less energy is likely to provide substantial opportunity in the global market place.
Major companies are expanding their capacity to meet the growing demand in the industry, for instance, in June, 2016 Trane Inc. expanded the capacity for its centrifugal chiller line to serve US and Canada. Recent trend shows that a plastic segment is the largest end-user industry in the chillers market.
The report segments the chillers market on the basis of types, end-user, and geography.
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