Global Industrial Chillers Market 2017-2021

This industry research report identifies Carrier, Daikin Industries, Ingersoll Rand, Johnson Controls, and Mitsubishi Electric as the key vendors in the global industrial chillers market. A comprehensive analysis of this market is also presented by end-user (plastic, food and beverage, chemical and petrochemical, pharmaceutical and biotechnology, and others), and by geography (the Americas, APAC, and EMEA).

Overview of the global industrial chillers market

Research analysis on the global industrial chillers market identifies the rise in demand from the developing countries as one of the major factors that will have a positive impact on the growth of the market. Technavio’s market research analysts predict that this market will grow at a CAGR of almost 4% by 2021. The growth in industries such as chemical and petrochemical, plastic, and food and beverage in the developing economies such as India and China has a significant impact on the demand for industrial chillers. The growth in the food processing sector in India will also drive the need for industrial chillers during the forecast period. it has been observed that the food processing sector in India held a market share of nearly 10% of India's total agricultural output in 2016. Owing to the government's initiative to increase the food processing sector, the demand for industrial chillers in the food and beverage sector will grow in the country. Addditionally, investments in manufacturing facilities and the rapid industrialization will also augment the growth of the market for industrial chillers in developing countries. Advancements in chiller technology have helped manufacturers and customers save costs and increase the efficiency of products. Chillers account for a significant amount of the total expenditure in buildings. Even small adjustments in chiller efficiency can lead to significant savings in energy costs. A magnetic bearing chiller is one of the newest innovations in chiller technology. These chillers do not require oil, mechanical seals, or gears and ensure a longer lifespan while increasing the efficiency of the chiller. Such developments in chiller technology will have a significant imapct on the growth of this market during the next few years.

Competitive landscape and key vendors

The industrial chillers market is quite competitive and is characterized by the presence of numerous manufacturers who account for significant market shares. To inrease their market shares and remain competitve in the market, the vendors are increasingly focusing on innovations and technology and are also following competitive pricing strategies. The leading vendors in the market are -
  • Carrier
  • Daikin Industries
  • Ingersoll Rand
  • Johnson Controls
  • Mitsubishi Electric
The other prominent vendors in the market are Airedale Cooling Services, Blue Star, Fujitsu General, Haier, Midea Group, Panasonic, SAMSUNG, Smardt Chiller Group, and Thermax Inc.

Segmentation by end-user and analysis of the industrial chillers market

  • Plastic
  • Food and beverage
  • Chemical and petrochemical
  • Pharmaceutical and biotechnology
During 2016, the plastics segment accounted for the major shares of the industrial chillers market. Factors such as the increasing use of chillers to dissipate heat in the plastic manufacturing facilities and the high demand for plastic products across the globe, will contribute to the growth of this industry segment in the coming years.

Geographical segmentation and analysis of the industrial chillers market

  • Americas
  • APAC
  • EMEA
This market study estimates that in terms of geographic regions, APAC will be the major revenue contributor to the market throughout the forecast period. The rising requirement from the plastics, chemical and petrochemical, and food and beverage industries will be a major factor driving the demand for industrial chillers in the countries in APAC. Read More
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