Immunoassay Market 1 14

Chillers Market To Expand Strongly With Revenue of $14.29 Billion By 2027

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New YorkNova one advisor recently added a research report, Chillers market – global industry size, share analysis, market dynamics, market risk factors, market opportunities and challenges. segment forecast and the geographical distribution of the global market, profitability graph and the regional outlook of this business vertical. The global Chillers market gathered revenue around USD 9.15 Billion in 2020 and market is set to grow USD 14.29 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 5.3% during the prediction period 2021 to 2027.

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Growth Factors:

Rising temperatures due to global warming are likely to drive the demand for cooling equipment. Increasing the adoption of chillers owing to their ability to remove heat from the building and maintain internal temperature is anticipated to drive the market. The major components of the chillers include compressor, evaporator, condenser, expansion valve, control units, and power panels. Chillers provide air conditioning by removing unwanted heat from residential, commercial, and industrial buildings. These equipment utilize refrigerants to remove heat from the condenser and evaporators. According to the Joint Center for Housing Studies, baby boomers are anticipated to drive the demand for renovations and new constructions over the next ten years in the U.S. Rising number of construction activities in the country is expected to have a positive impact on the chillers market growth in the country.

Rising demand for efficient HVAC and refrigeration systems in newly constructed structures to maintain the increasing internal temperature is expected to drive the market over the forecast period.

Chillers are used in various industries, including plastics, food & beverage, printing, medical, electronics, petrochemical, pharmaceutical, and power plants to provide cooling. Increasing adoption of chillers in manufacturing facilities, residential structures, hospitals, restaurants, and sporting arenas, among others is expected to positively impact the product demand.

The demand for HVAC systems for cooling and dehumidifying the buildings is witnessing significant growth over the past few years on account of the rising atmospheric temperatures, attributed to global warming. Furthermore, the ability of the chillers to efficiently transfer heat from the internal environment to the external atmosphere is expected to support market growth.

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COVID-19 Impact on Chillers Sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Chillers market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Chillers market 2021 onwards. This trend will however continue through the course of the report’s assessment period

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Chillers market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the Chillers market include:

Trane; Cold Shot Chillers; Tandem Chillers; Drake Refrigeration, Inc.; Refra; Carrier; FRIGEL FIRENZE S.p.A.; Midea; Rite-Temp; Multistack, LLC.; DAIKIN INDUSTRIES, Ltd.; General Air Products; ClimaCool Corp.; JOHNSON CONTROLS – HITACHI AIR CONDITIONING COMPANY; Fluid Chillers, Inc.

Segments Covered in the Report

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:

  • By Product
    • Water-Cooled
      • <50kW
      • 51-100kW
      • 101-200kW
      • 201-300kW
      • >301kW
    • Air-Cooled
      • <50kW
      • 51-100kW
      • 101-200kW
      • 201-300kW
      • >301kW
  • By Compressor Type
    • Screw Chillers
    • Centrifugal Chillers
    • Absorption Chillers
    • Scroll Chillers
    • Reciprocating Chillers
  • By End-Use
    • Commercial
      • Corporate Offices
      • Data Centers
      • Public Buildings
      • Mercantile & Service
      • Healthcare
      • Others
    • Residential
    • Industrial
      • Chemical
      • Food & Beverage
      • Metal Manufacturing & Machining
      • Medical & Pharmaceutical
      • Plastics
      • Others

Regional analysis:

The Asia Pacific dominated the market and accounted for over 47.1% of global revenue in 2020 due to the investments in the commercial and residential construction industries. The rising number of data centers in the region is anticipated to have a positive impact on the chillers market growth over the forecast period.

The rapid growth of transportation facilities in the Kingdom of Saudi Arabia (KSA) is expected to boost residential and commercial development in vicinities, which is expected to have a positive impact on the product demand over the forecast period. Factors, such as increasing the tourism sector, population growth, and rapid urbanization, are driving the construction industry, in turn, driving the chillers market growth in the country.

The product demand in Europe’s food & beverage industry accounted for over 23% of the region’s industrial sector revenue, owing to the rising consumption of frozen foods. Furthermore, increasing demand for small- and medium-power cooler units in Southern Europe is anticipated to drive the product demand in the region.

The construction of commercial buildings, such as retail buildings and offices, has witnessed significant growth in Melbourne and Sydney. Factors, such as the steady population growth, availability of skilled labor, and technological advancements, in Australia, are expected to drive the construction industry, and in turn, boosting the chillers market growth over the forecast period.

Why Buy this Report?

The purpose of Nova one advisor’s Chillers market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

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