Increasing demand for process cooling in various industrial applications is a major factor driving growth of the global chillers market
Chillers are used to maintain equipment temperature and offers various benefits which includes energy efficiency, flexibility and are environmentally friendly. Chillers are widely used in different applications including injection molding, tool and die cutting, chemicals, lasers, machine tool, semi-conductors, etc.
The global chillers market is segmented on the basis of product type, application, and region. On the basis of product type, the global market is segmented into Screw Chillers, Scroll Chillers, Centrifugal Chillers, Absorption Chillers, Reciprocating Chillers.
The global chillers market is estimated to account for majority revenue share in 2018, and is expected to continue contributing the highest revenue share over the forecast period (2018 – 2027). The chillers segment is projected to register highest CAGR in the global market over the forecast period.
On the basis of application, the global market is segmented into Plastic, Food & Beverage, Chemical & Petrochemical, Rubber, Medical.
The Food & Beverage segment is estimated to account for highest share in terms of revenue, and is expected to continue dominating in the global market over the forecast period. The Food & Beverage segment is projected to register highest growth rate between 2018 and 2027.
On the basis of region, the global chillers market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is estimated to account for highest share in terms of revenue, and is expected to maintain its dominance over the forecast period. The Asia Pacific market is expected to witness highest growth in terms of revenue during the forecast period. The market in North America is expected to account for significant share in the global market.
Key players operating in the global chillers market include Daikin Industries, Ltd., Carrier Corporation, Trane Inc., Johnson Controls – Hitachi Air Conditioning, Smardt Chiller Group Inc., Broad Group Ltd., Dunham Bush, Inc., GEA Group AG, Midea Group Co., Ltd., Thermax Limited.