DUBLIN, Sept. 20, 2019 /PRNewswire/ -- The "Chiller Market Research Report: By Product, End-User, Regional Insight - Global Industry Analysis and Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global chiller market is predicted to generate a revenue of $9.5 billion by 2024, advancing at a 4.9% CAGR during the forecast period.
This is attributed to the expanding construction industry and the increasing use of cooling equipment in industrial applications. The growing adoption of smart connected devices is being witnessed as one of the key trends in the market. This is leading manufacturers to deploy connected solutions in chillers, providing remote monitoring and precautionary maintenance.
Smart connected chillers are equipped with cloud-based analysis and remote monitoring tools that help service providers collect the data from devices, analyze it, and then inform customers about it, so that they can go for equipment maintenance or upgrades, which can lower unplanned repairing costs and enhance the operational efficiency of the chiller. On the basis of type, the chiller market is categorized into screw, scroll, absorption, centrifugal, and reciprocating.
Among these, the screw category is expected to exhibit the fastest growth in the market during the forecast period. Places such as small factories, hospitals, hotels, and retail stores are increasingly installing water-cooled screw chillers, as these are cost-effective as well as eco-friendly. These chillers are majorly used for large applications that need cooling with a capacity of more than 200 tons. Usually, water cooling is adopted for large cooling applications owing to its high heat dissipation ability, amounting to faster cooling, higher efficiency, and larger tonnage capacity.
In the global chiller market, chemicals, pharmaceuticals and food & beverages sectors generate the highest demand. The increasing demand for energy-efficient cooling systems, such as chillers, around the world is expected to create opportunities for the inverter-controlled chiller sector during the forecast period. Inverter technology in chillers offers various benefits, including lower electricity bills, quick cooling, stable temperature, longer lifespan, and no sound disturbance. In off-peak seasons, when the temperature of the cooling water is low, the partial load efficiency of such chillers is better.
Due to these benefits, the heavy consumption of inverter-controlled chillers is predicted to generate huge opportunities in the chiller market. In addition, the speedy construction of new games villages and stadiums are predicted to escalate the sale of chillers during the forecast period. For instance, in Qatar, due to the extreme weather conditions, football stadiums are rapidly being installed with air conditioners. These air-conditioned stadiums would use heavy-duty and high-end chillers to stabilize the temperature and provide a comfortable environment for the audience.
Thus, various upcoming sports events and the expanding infrastructure sector are expected to boost the chiller market growth during the forecast period.
Some of the key players in the market are:
- Johnson Controls International PLC
- Ingersoll-Rand plc
- United Technologies Corporation
- Daikin Industries Ltd.
- S.K.M Air Conditioning LLC
- Petra Engineering Industries Co.
- Gree Electric Appliances, Inc. of Zhuhai
- Mitsubishi Electric Corporation
- Thermax Limited
- Danfoss A/S
- Zamil Air Conditioners
Key Topics Covered:
Chapter 1. Research Background
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Type
220.127.116.11.2 Hot water
4.1.2 By End-User
18.104.22.168.3 Offices and buildings
22.214.171.124.1 Oil & Gas
126.96.36.199.2 Food & Beverage
188.8.131.52.3 Energy and Utilities
4.2 Value Chain Analysis
4.3 Market Dynamics
184.108.40.206 Growing popularity of smart connected devices
220.127.116.11 Increasing adoption of R32 chillers
18.104.22.168 Preferences toward absorption chillers
22.214.171.124 Rising global temperature
126.96.36.199 Increasing number of construction projects across the globe
188.8.131.52 Surging requirement of cooling equipment in the industrial applications
184.108.40.206 Development of Variable Refrigerant Flow system
220.127.116.11 Inverter-controlled chillers
18.104.22.168 Upcoming major sports events
4.4 Porter's Five Forces Analysis
Chapter 5. Global Market Size and Forecast
5.1 By Type
5.1.1 Screw Chiller, by Type
5.1.2 Scroll Chiller, by Type
5.1.3 Reciprocating Chiller, by Type
5.1.4 Absorption Chiller by Type
5.2 By End-User
5.2.1 Commercial Chiller Market, by Application
5.2.2 Industrial Chiller Market, by Application
5.3 By Region
Chapter 6. APAC Market Size and Forecast
Chapter 7. North America Market Size and Forecast
Chapter 8. MEA Market Size and Forecast
Chapter 9. Europe Market Size and Forecast
Chapter 10. LATAM Market Size and Forecast
Chapter 11. Competitive Landscape
11.1 List of Key Players and their Offerings
11.2 Market Share Analysis of Key Players
11.3 Competitive Benchmarking of Key Players
11.4 Recent Activities of Key Players
11.5 Strategic Developments of Key Players
11.5.1 Mergers and Acquisitions
11.5.2 Product Launches
11.5.3 Facility Expansions
Chapter 12. Company Profiles
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