Increasing usage in the food and beverage processing industry, driven by the increasing demand of frozen and packaged food, has supplemented the demand for various types of chillers. Asia-Pacific dominated the market due to expansion in construction and industrial sector, thus fueling the demand for chillers utilized for cooling down machineries.
Portland, OR -- (SBWIRE) -- 06/16/2017 -- Chiller Market Report, published by Allied Market Research, forecasts that the global market was valued at $8,784 million in 2015 and is expected to reach $11,542 million by 2022. The scroll chiller segment accounted for around 60% of the total chiller market size in 2015.
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Various types of chillers are used by industries and commercial sectors as per their requirement. The market for chillers has grown significantly in the past few years due to expansion in commercial and industrial sectors. Commercial sectors, such as large retails, are highly dependent on chillers to store food items. Industrial sectors, such as plastics industry, exhibit huge demand for chillers to cool down their equipment & machineries.
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The global chiller market growth is driven by factors such as increased consumption of frozen foods, and high demand for energy-efficient cooling solutions across industries such as plastic, rubber, & chemical. Technological advancements provide growth opportunities to the market players. However, high electricity cost is one of the major challenges for the market growth.
Scroll chillers dominate the market, owing to their extensive usage in industries and other wide application areas due to their high-efficiency and availability in various compact sizes. Screw chiller, the second largest segment, generated around 28% of the global chiller market revenue in 2015, and is expected to grow at a CAGR of 4.3% during the forecast period. These chillers produce low noise, thus gaining popularity in sound-sensitive environment such as offices, and hospitals.
Plastic industry accounted for the largest market share of around 27% in 2015, whereas the chemicals & petrochemicals industry segment is projected to grow at the highest CAGR of 5.4% during (2016 2022). Food & beverages industry is amongst other major end users of chillers. In the industry, chillers are increasingly being used in food & beverage processing plants including dairy processing plants, bakeries, breweries & microbreweries and other application areas.
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KEY FINDINGS OF THE CHILLER MARKET STUDY
Absorption chiller is expected to grow at the highest CAGR of 6.1% from 2016 to 2022.
Asia-Pacific is projected to maintain its lead position, growing at a CAGR of 4.7% during the forecast period.
The screw chiller segment occupied around 28% of the total chiller market size in 2015.
U.S. accounted for around 68% share of the total North American chiller market revenue in 2015.
Plastic industry was the highest revenue-generating segment by end user in 2015, while chemicals & petrochemicals industry is anticipated to grow at the highest CAGR.
In 2015, Asia-Pacific and Europe collectively accounted for over two-thirds of the total chiller market size, and are expected to continue this trend, owing to growth in industrial and commercial sector.
The major companies profiled in the report include Daikin Industries Ltd., Johnson Controls, Trane Inc., Carrier Corporation, Smartd Chiller Group Inc., Thermax Ltd., Hitachi Appliances Inc., Climaveneta S.P.A., Polyscience, and Dimplex Thermal Solutions.
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