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.
Seattle, WA -- (SBWIRE) -- 11/14/2016 -- The 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", The market size of chillers is estimated to grow from USD 8.63 Billion in 2015 to USD 10.84 Billion by 2021, at a CAGR of 4.24%.
Browse 79 market data tables with 73 figures spread through 168 pages and in-depth TOC on "Chillers Market - Global Forecast to 2021"
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The market is driven by the surging need for energy and high investments in chemicals & petrochemicals industries. Among the regions considered, Asia-Pacific and the Middle East & Africa are estimated to witness high growth during the forecast period. Also, the demand across these regions is reinforced by the emerging markets, namely, China and India.
Asia-Pacific: the Largest Market for Chillers
Asia-Pacific is currently the largest market for chillers. The U.S. is the largest market for chillers in the North American region.
Forces driving the market for chillers in North America are:
Major manufacturers of chillers in the region
Growing oil & gas explorations in the region
Growing end-use industries such as chemicals & petrochemicals and medical & pharmaceutical in major countries such as the U.S. and Canada.
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Plastics: The Largest End-use Industry of the Chillers Market
Chillers are used in various end-use industries such as chemicals & petrochemicals, plastics, medical & pharmaceutical, food & beverages, rubber, and others. These are the main end-use industries considered in the report. The plastics end-use industry segment was estimated to account for the largest market share, in terms of value, followed by chemicals & petrochemicals, food & beverages, medical & pharmaceutical, and rubber industries, in 2016. The chemicals & petrochemicals industry is estimated to grow at the highest CAGR between 2016 and 2021 in terms of value among all the industries considered.
The key players in the chillers market are Daikin Industries Ltd. (Japan), Johnson Controls (U.S.), Trane Inc. (Ireland), Carrier Corporation (U.S.), Smardt Chiller Group (Canada), Thermax Inc. (India), Climaveneta S.p.A. (Italy), and other local players.
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This report covers the chillers market, in terms of value, and forecasts its market size till 2021. The report includes the market segmentation by type - screw, scroll, centrifugal, absorption, and reciprocating; by end-use industry – chemicals & petrochemicals, food & beverages, medical & pharmaceutical, plastics, and rubber; and by region – Asia-Pacific, Europe, North America, the Middle East & Africa, and Latin America. Regions are further segmented by key country markets such as China, India, Japan, South Korea, Indonesia, Thailand, Taiwan, the U.S., Canada, Mexico, Germany, the U.K., France, Italy, Russia, Turkey, Italy, Brazil, Saudi Arabia, Qatar, U.A.E., and South Africa. The report also provides company profiles and competitive strategies adopted by the key players in the global chillers market.
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