Published Date : Jun 20, 2016
A chiller is a machine or a refrigeration device that is used worldwide to cool raw material, equipment, and fluid streams in several industrial applications. In addition, chillers are also used in food and beverage industry in commercial as well as residential segments. A chiller machine helps in removing the heat from a liquid through an absorption refrigeration or vapor-compression methodologies. In the last few years, there has been a high demand for chillers across diverse industries owing to the efficiency, durability, and low environment impact.
The growing need for cooling equipment in several industrial units is one of the important factors expected to supplement the growth of the global chillers market in the next few years. The growing demand for frozen food worldwide is also estimated to drive the market in the near future. However, the rise in the manufacturing cost of chillers is one of the prominent factors predicted to curtail the growth of the market in the near future.
On the basis of type, the global chillers market can be broadly divided into:
Chillers find application in diverse industries such as plastics, food and beverages, medical, petrochemicals, chemicals, and rubbers. The technological advancements taking place in the global chillers market will result in increased application areas in the near future.
Increasing Demand for Chillers from Diverse Industries to Drive Global Chillers Market
Talking about the major geographical segments, Asia Pacific accounts for the largest share in the global chiller market at present. The rapid growth of this region can be attributed to the growing demand for chillers from petrochemicals and plastics market in the last few years. In addition, the developing industrial sector in several Southeast Asian economies is further estimated to drive the market in the near future.
The leading players in the global chillers market are making constant efforts to offer new products to the consumers. They are also spending an enormous amount on research and development activities to provide innovations and technical advancements to their existing products. Some of the major players engaged in this market are Daikin Industries, Trane Inc., Carrier Corporation, Climaveneta S.p.A., Thermax Inc., Smardt Chiller Group, and Johnson Controls.