Chillers Market Insights
Fast pace of modern lifestyle has induced significant transitions apropos of eating habits. Consumers are more inclined toward frozen foods, given its convenience in carrying and cooking. That said, efficient freezing activity is essential in order to avoid microbe penetration in food products. This has led to the use of chillers in the frozen food space, which is a key growth propeller for chillers market.
In addition to frozen food, chillers are widely used in the plastics manufacturing. They are largely used in rapidly cooling hot plastics that are injected, extruded, stamped or blown. This is in sync with the plastic industry, which has witnessed renascent growth since the past years, particularly plastics gaining high traction in the FMCG sector. Rising proliferation of chillers in the growing plastics industry has had a profound impact on sales of chillers, in turn aiding the growth of their market worldwide.
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Pervasiveness of chillers across various end use applications coupled with rising advancements in technology have led to the development of IoT (Internet of Things) based chillers. For instance, Pro Chiller Systems have developed new IoT powered chillers that enable data visualizations via customized dashboard. IoT powered chillers can facilitate efficient monitoring and control for various industrial applications, making them a trending novelty in the chillers market.
Global Chillers Market: Introduction
Chillers eliminate heat from the liquid through vapor compression and are used widely in the industrial and commercial sector to maintain equipment temperature for better performance. The liquid is circulated through a heat exchanger or any other process, such as air or process water, to cool the equipment. These devices are used in a wide area, such as industries, homes, offices, etc. Chillers find applications in new housing developments and commercial sectors. Chillers can primarily be classified as, namely, absorption chillers and refrigerant compression chillers. Absorption chillers are the fastest growing type of chillers, globally. Chillers find applications in plastics industry for cooling the hot plastic that is injected, extruded and blown; in brewery industry for cooling of kettles in fermentation; in printing industry for cooling warm rollers; in laser cutting industry; in medical industry for cooling the MRI units; in HVAC industry to maintain desired temperature in the high rise buildings.
Global Chillers Market: Dynamics
The increasing requirement of cooling equipment in the industrial units is the primary driver for the chillers market. The demand for chillers has seen continuous growth globally during the last few years. Rapid urbanization and increasing industrialization have sustained the demand for chillers. Substantial economic transformation owing to rapid industrialization and commercialization is anticipated to drive the chillers market further throughout the forecast period.
Owing to the substantial consumption of frozen food, chillers have become the most prevalent choice for cooling effect, which, in turn, is driving the growth of the global chillers market. Rapid urbanization and rising disposable income will further foster the demand for chillers. As rising demand for green building projects is being observed, growing concerns regarding machines to maintain room temperature will create growth opportunities for chillers during the forecast period.
Key measures being taken for energy conservation to meet increasing demand for energy efficient cooling systems will create growth opportunities in the chillers market. Rising demand for cost-efficient cooling systems in the industrial sector is anticipated to further foster the growth of the chillers market. However, stringent government regulations regarding, greenhouse effects, in different parts of the world, owing to the use of chemicals in the chillers for refrigeration process might act as a restraint to the chillers market.
The major concerning factors for the end-use industries are energy and operational cost minimization, the maintenance cost of equipment and, to increase the product lifespan. This factors are anticipated to be achieved with the increasing research and development in upgrading energy-efficient solutions, introducing sustainable technologies and, adopting advanced cooling systems, which is a trend, observed in the market.
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Global Chillers Market: Region-wise Outlook
China and U.S. are anticipated to dominate the chillers market, in terms of value. In the Asia Pacific, Vietnam, China and Thailand have seen major growth for chillers market owing to a small number of huge projects, mainly supplied by centrifugal chillers. In China, the demand for chillers is seen from energy plants, hospitals, schools, and telecommunications. Energy efficiency is the main driver for the chillers market in India. Airports and shopping malls are the major end-users for chillers in Indonesia. The Middle East and Africa region are anticipated to have moderate growth, while, in Europe, U.K. is anticipated to be the fastest growing for chillers market owing to the replacement of R22 refrigerants, and use of chillers in high rise office buildings and, airports.
Global Chillers Market: Market Participants
Examples of some of the market participants in the global Chillers market are
- Daikin Industries
- Johnson Controls
- Trane Inc.
- Carrier Corporation
- Thermax Limited
- GEA Group
- Broad Group
- Dunham Group
- Smartd Chiller Group Inc.
- Thermal care Inc.
- SKM Air Conditioning
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