Global Chillers Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

"Global Chillers Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2027” is a recent report generated by MarketResearch.biz, which offers in-depth insights, revenue details, and other vital information regarding the global chillers market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global chillers market report has been segmented on the type, application, and region.

Overview

Chillers are used to maintain equipment temperature and offers various benefits which includes energy efficiency, flexibility and are environmentally friendly. Chillers are widely used in different applications including injection molding, tool and die cutting, chemicals, lasers, machine tool, semi-conductors, etc.

Dynamics

Increasing demand for process cooling in various industrial applications such as plastic, food & beverage, and chemical & petrochemical is a major factor driving growth of the global chillers market over the forecast period. In addition, increasing adoption of chillers in solar cooling applications is expected to propel growth of the target market over the forecast period. Furthermore, increasing focus of manufacturers to use of environment friendly products along with growing industrialization especially in developing economies is another factor expected to support growth of the global chillers market over the forecast period.

Technological innovations in chillers is another factor expected to support growth of the global chillers market over the forecast period.

However, high cost of chillers is expected to hamper growth of the global chillers market over the forecast period. In addition, regulations pertaining to fluorinated greenhouse gases is expected to limit growth of the target market over the forecast period.

Regional Analysis

Market in Asia Pacific accounted for significant revenue share of the global chillers market in terms of revenue contribution as compared to that of markets in other regions, in 2017. In addition, the market in the Asia Pacific is projected to register comparatively faster growth in terms of revenue over the next 10 years.

Rapidly growing industrialization particularly in countries India, China, and Japan, coupled with rapidly growing food & beverage and chemical industry is a major factor expected to support growth of market in the region over the forecast period.  Increasing number of manufacturing plants, owing to growing public and private investments in the region, coupled with increasing presence of international and domestic players are another major factors expected to propel growth of the market in the region over the forecast period.

North America accounts for second-highest revenue share contribution to the global market, registering a share of XX.X%, followed by markets in the Europe, Latin America, and the Middle East & Africa respectively. Increasing demand for use of environment friendly products coupled with adoption of advance technology is another major factor expected to drive growth of the target market in North America over the forecast period.

The markets in Latin America and Middle East & Africa are expected to register moderate growth rate in the global chillers market over the forecast period.

Global Chillers Market Segmentation:

Segmentation on the basis of type:

• Screw Chillers
• Scroll Chillers
• Centrifugal Chillers
• Absorption Chillers
• Reciprocating Chillers

 Segmentation on the basis of application:

• Plastic
• Food & Beverage
• Chemical & Petrochemical
• Rubber
• Medical

 Segmentation on the basis of region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa