Chillers Market Growth Forecast 2020-2027 | Industry Analysis, Segmentation, Scope & Outlook
The global chillers market size is expected to reach USD xx billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of xx% over the forecast period. Rising demand for efficient HVAC and refrigeration systems in newly constructed structures to maintain the increasing internal temperature is expected to drive the market over the forecast period.
Chillers are used in various industries, including plastics, food & beverage, printing, medical, electronics, petrochemical, pharmaceutical, and power plants to provide cooling. Increasing adoption of chillers in manufacturing facilities, residential structures, hospitals, restaurants, and sporting arenas, among others is expected to positively impact the product demand.
The demand for HVAC systems for cooling and dehumidifying the buildings is witnessing significant growth over the past few years on account of the rising atmospheric temperatures, attributed to global warming. Furthermore, the ability of the chillers to efficiently transfer heat from the internal environment to the external atmosphere is expected to support market growth.
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Lockdown imposed to curb the spread of COVID-19 coupled with low GDP growth in various economies has resulted in dampening the construction activities globally. Furthermore, the closure of end-user facilities, including various production facilities and commercial buildings, has hampered the demand for repair & maintenance and aftermarket sales of the product.
Chillers Market Report Highlights
- The air-cooled segment is expected to witness the fastest CAGR of xx% from 2020 to 2027, in terms of revenue, on account of low initial and maintenance costs of these systems due to the simple construction and design
- The centrifugal chillers segment is estimated to witness a CAGR of xx%, in terms of revenue, from 2020 to 2027, due to increasing adoption of these systems in commercial and industrial buildings for cooling medium to large loads
- The medical & pharmaceutical sector accounted for a major share of the global industrial application segment in 2019, due to high product usage in CT scanners, MRI systems, blood cooling systems, electron & laser microscope, and precision laboratory applications
- The product demand in Italy is estimated to reach USD xxxx million by 2027 owing to the positive growth of retail, tourism, and manufacturing industries coupled with increasing investments in the construction industry in the country
- Major industry participants are focusing on licensing agreements, new product launches, and mergers & acquisitions to obtain a competitive edge and strengthen the market position
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Grand View Research has segmented the global chillers market on the basis of product, compressor type, end-use, and region