Chillers market - global forecast to 2021


<p class="titleRed">Company MarketsandMarkets published report "Chillers Market by Type (Screw, Scroll, Centrifugal, Absorption, and Reciprocating), by End-Use Industry (Plastics, Chemicals & Petrochemicals, Medical & Pharmaceutical, Rubber, Food & Beverage, and Others), and by Region - Global Forecast to 2021"</p>
<p align="justify">The global chillers market size is estimated to reach USD 10.84 Billion by 2021 at a CAGR of 4.24%. The chillers market is driven by the increasing process cooling needs in industrial applications and stringent environmental regulations driving the demand for chillers. Moreover, factors such as increasing population and rising consumption of frozen food are also contributing significantly to the increase in refrigeration equipment market.</p>
<p align="justify">Different types of chillers are also included in the report. The main types are screw, scroll, centrifugal, absorption, and reciprocating. Scroll chillers accounted for the largest-market share due to their suitability with wide application areas. Absorption are the fastest-growing type of chillers due to its low maintenance and manufacturing cost. These chillers are expected to grow with the highest CAGR between 2016 and 2021 due to their low operating cost and high efficiency.</p>
<p align="justify">Chillers are used in various end-use industries such as chemicals & petrochemicals, plastics, food & beverages, medical & pharmaceutical, rubber, and others. These are the main end-use industries considered in the report. In 2015, the plastics application is estimated to account for the largest market share among all the applications, in terms of value, followed by chemicals & petrochemicals, food & beverages, medical & pharmaceutical, and rubber industry. The chemicals & petrochemicals industry is estimated to register the highest CAGR between 2016 and 2021 among all the end-use industries considered.</p>
<p align="justify"><a href="http://refcatalog.com/wp-content/uploads/2016/06/diagram1.jpg"><img class="alignnone wp-image-1455" src="http://refcatalog.com/wp-content/uploads/2016/06/diagram1-300x198.jpg" alt="diagram1" width="500" height="330" /></a></p>
<p align="justify">Though the chillers market is growing at a significant rate, few factors such as high price of raw materials, shift of end-use market from developed countries to the developing countries, and rising cost of production hinder the growth of the market, globally.</p>
<p align="justify">However, Johnson Controls (U.S.), Carrier Corporation (U.S.), and so on are the leading companies, with an excellent foothold in the U.S. These companies are expected to account for a significant market share in the near future. Entering into related industries and targeting new markets will enable the chillers manufacturers to overcome the effects of volatile economy, leading to diversified business portfolio and increase the revenue. Other major manufacturers of chillers are Daikin Industries Ltd. (Japan), Trane Inc. (Ireland), Smardt Chiller Group (Canada), Thermax Inc. (India), and Climaveneta S.p.A. (Italy).</p>
<p align="justify">Source: <a href="http://www.marketsandmarkets.com/Market-Reports/chiller-market-149638848.html" target="_blank">MarketsandMarkets</a></p>

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