Most active market players in the chillers market

The market size of Chillers is estimated to grow from an estimated USD 9.15 Billion in 2017 to 11.33 Billion by 2022, at a CAGR of 4.4%. The market is driven by the rising demand from the chemical & petrochemical and plastic industries, and increasing process cooling applications.

Browse 69 Market Data Tables and 31 Figures spread through 129 Pages and in-depth TOC on "Chillers Market

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Plastic the largest end-use industry for chillers

The plastic industry led the chillers market with the highest share in 2016. Chillers have been largely used for years in various cooling applications such as cooling hot plastics, which are extruded, injected, blown, or stamped. Due to the growing demand for plastic products in emerging economies, the market for chillers is further expected to grow during the forecast period.

Asia Pacific the largest market for chillers

The Asia Pacific has always been a strong market for chillers and, globally, this market has been a leader for chillers with respect to demand. This region also has the largest and fastest-growing economies in the world, which are China and India. The region has a relatively high growth rate as a result of its large market size and high economic activity as compared to the other regions. Demand in this region is boosted mainly due to the growing end-use industries for chillers.

The global chillers market has been witnessing many developments over the past few years. These are preferred and widely accepted due to their high energy efficient properties. Increasing use of chillers in solar cooling applications is further driving the market for chillers, globally. The consumption of chillers has grown significantly in recent times and is at a nascent stage in various emerging countries.

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The key manufacturers for the chillers market are DAIKIN INDUSTRIES, Ltd. (Japan), Trane (Ireland), Carrier Corporation (US), Smardt Chiller Group, Inc. (Canada), and Johnson-Hitachi Air Conditioning Co., Ltd. (Japan). These players are involved in expansions, new product launches, acquisitions, and joint venture strategies to enhance their market positions and to provide advanced solutions to customers. For instance in 2016, DAIKIN INDUSTRIES, Ltd. (Japan) expanded its presence in Italy’s chillers market by acquiring commercial refrigeration manufacturer Zanotti S.p.A. (Italy). In 2013, the company announced the expansion of its chillers business in Saudi Arabia by establishing Daikin Air Conditioning Saudi Arabia.

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