NEW YORK, Oct. 12, 2020
NEW YORK, Oct. 12, 2020 /PRNewswire/ -- Around the world, the chemical, printing, food and beverage, and pharmaceutical industries are rapidly expanding. Due to this factor, the global revenue for chiller industry is expected to grow from $7,330.7 million in 2019 to more than $10,880.3 million by 2030, at a 5.0% CAGR between 2020 and 2030. For instance, the China Cuisine Association (CCA) says that the country's food and beverage industry size increased massively, to $636 billion (CNY 4.27 trillion), in 2018, according to P&S Intelligence.
The expanding industrial sector is driving the chiller market, as such systems are required for chemical processing, paper and cement processing, pharmaceutical formulations, X-ray diffraction systems, power generation, food and beverage processing, and welding. Similarly, chillers are widely deployed in dairies, wineries, bakeries, and breweries. Chillers are not only needed to keep the products at an optimum temperature, but also cool down the machinery.
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Due to the ongoing coronavirus pandemic, companies in the chiller market have been witnessing regression. Not only has the manufacturing and supply of such systems stopped due to the nationwide lockdowns around the world, but even the demand for them has reduced substantially. In the same way, the lockdown has also forced laborers to go back home, which has led to the stoppage of construction activities, which has the potential to keep the chiller demand quite low in the immediate future.
The scroll category, based on type, is predicted to keep holding the largest revenue share in the chiller market in the years to come. Offices and other such commercial buildings, as well as hospitals, generally require low-capacity chillers, which is why scroll variants have been in the highest demand.
Browse report with detailed COVID-19 impact analysis on "Chiller Market Research Report: By Type (Screw, Scroll, Centrifugal, Absorption, Reciprocating), Capacity (Water-Cooled, Air-Cooled), End-User (Commercial, Industrial, Residential) - Global Industry Analysis and Growth Forecast to 2030" at: https://www.psmarketresearch.com/market-analysis/chiller-market
In the past, the industrial category, on the basis of end-user, dominated the chiller market. In order to adopt environment-friendly practices and achieve greater operational efficiency, production plants are replacing their existing chillers with new and improved ones. Food and beverage manufacturing plants are witnessing a rapid installation of chillers, to meet the growing demand for frozen and ready-to-eat food.
Asia-Pacific (APAC) was the largest chiller market in the past, and it will contribute the highest revenue to the worldwide industry in the future as well. In China, the construction sector is expanding by leaps and bounds, due to the numerous infrastructure projects, pertaining to airports and railways, underway. Similarly, in India, data centers are being increasingly constructed, buoyed by the expanding IT industry and digitization initiatives.
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In order to keep growing in the chiller market, companies offering such equipment are expanding their product portfolio. In recent years, market players have launched chillers which:
The major companies functioning in the global chiller market include Johnson Controls International Plc, Carrier Global Corporation, Daikin Industries Ltd., Trane Technologies Plc, Thermax Limited, Mitsubishi Electric Corporation, Midea Group Co. Ltd., Gree Electric Appliances Inc. of Zhuhai, LG Electronics Inc., and Danfoss A/S.
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U.A.E. chiller market is expected to reach $186.4 million by 2024, registering a CAGR of 5.9% during forecast period, according to P&S Intelligence. Factors including rising demand from district cooling and overall growth in the construction industry are driving the growth of the market.
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Saudi Arabia chiller market is expected to reach $291.0 million by 2024, registering a CAGR of 2.7%, during the forecast period. This growth can be attributed to rising investments in the tourism-related projects, commercial infrastructure, and development in the overall hospitality sector, according to P&S Intelligence.
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