Chillers Market worth 10.84 Bn USD by 2021

Wednesday 1 June 2016, Amsterdam

The report, now available on ASDReports, "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%. 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.

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.

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.