Chillers Market worth $4.8 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Oct. 29, 2021 /PRNewswire/ -- According to the new market research report "Chillers Market by Type (Screw, Scroll, Centrifugal, Absorption, Reciprocating), End-use industry (Plastic, Chemical & Petrochemical, Rubber, Food & Beverage, Medical & Pharmaceutical), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Chillers Market is projected to grow from USD 4.1 billion in 2021 to USD 4.8 billion by 2026, at a CAGR of 3.0% during the forecast period. The growth of the chillers can be attributed to the stringent government regulations on energy efficiency and emissions, globally coupled with the increasing demand for space cooling and process cooling.
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Increasing demand for chillers from various end-use industries is expected to drive the chiller market growth. Additionally, rising demand from industrial sector owing to the reduced energy consumption coupled with high energy efficiency is further driving the market growth.
Furthermore, evolving industrial government policies is driving the industrialization in developing economies. In addition, chillers offer superior expandability, when operators plan infrastructure expansion. The chiller system capacity can be increased by adding parallel modules with the currently installed chiller system. These overall advantages of chillers have increased their demand in the market.
The scroll segment accounted for the larger share in the chillers market.
The scroll segment dominated the chillers market, with a share of more than 40.0% in 2020. The scroll chillers use water and heat transfer fluids for cooling, making them very efficient compared to the other types of chillers, which utilize ambient air for cooling. This has increased its demand in space and process cooling in the commercial and industrial sectors.
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Alternative energy to be the fastest-growing end-use industry segment of the chillers market
Alternative energy sources are used to generate power at the power stations. These power stations generate tremendous heat during the process and create pollution. Thus, the absorption chillers are used at the power plants in order to maintain the temperature and reduce pollution. Alternative energy is the fastest-growing application in the market as chillers provide consistent temperature and pressure to the power generation process. Eliminating temperature and pressure variables simplifies the process development and optimization, ensuring the highest quality product. Instead of a wasteful, single-pass-through system, a chiller recirculates the cooling water in the system
APAC is projected to be the fastest-growing chillers market.
APAC is projected to be the fastest-growing market for chillers, owing to the presence of highly populated countries, such as China and India. China, India, Japan, Thailand, and South Korea are some of the key countries in the chillers market in this region. In 2020, China accounted for the largest share of the APAC market, owing to the presence of huge HVAC industries. The growing sales of HVAC systems and their increasing demand from residential, commercial, and industrial infrastructure in the region boosts the demand for chillers. In addition, growing urbanization and population of India are mainly driving the demand for chillers in the HVAC systems in the region.
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