Asia Pacific Chillers Market to Hit USD 6.69 Billion by 2027; Rising Food & Beverage Sector to Stoke Demand:
Fortune Business Insights
8 min read
List of the Companies Profiled in the Market for Asia Pacific Chillers: Johnson Controls International (Cork, Ireland). Trane (Dublin, Ireland), Carrier (Florida, United States), Mitsubishi Electric Corporation (Tokyo, Japan), Daikin Airconditioning India Pvt. Ltd. (Osaka, Japan), Smardt Chiller Group (Quebec, Canada), Multistack LLC (Wisconsin, United States), Thermax Limited (Maharashtra, India), Thermal Care Inc. (Illinois, United States), Midea Group (Foshan, China)
Pune, Feb. 01, 2021 (GLOBE NEWSWIRE) -- The Asia Pacific chillers market size is expected to gain momentum by reaching USD 6.69 billion by 2027 while exhibiting a CAGR of 4.3% between 2020 and 2027. This is attributable to the rising food and beverage sector in Asia-Pacific and the increasing focus on developing green construction to surge the demand in the Asia Pacific chillers category. This information is published by Fortune Business Insights, in its latest report, titled, “Asia Pacific Chillers Market Size, Share & Covid-19 Imapact Analysis, By Type (Screw, Scroll, Centrifugal, and Others), By Application (Chemicals & Petrochemicals, Food & Beverage, Medical, Plastic, and Rubber) and Regional Forecast, 2020-2027.” The market stood at USD 4.82 billion in 2019.
Reduced HVAC Investments to Impact Asia Pacific Chillers Segment Growth
The pandemic has led to suspended industrial activities due to the lockdown announced by the government agencies. Major supply chain disruption, halted manufacturing activities, and limited workforce availability has led to a significant economic downturn across all sectors. The HVAC sector has seen reduced investment owing to the volatile nature of the market amidst the novel coronavirus. This is expected to affect market growth to some extent in the near future.
Click here to get the short-term and long-term impact of COVID-19 on this Asia Pacific Chillers Market.
Chillers are extensively adopted to provide a continuous flow of coolant for several residential and commercial applications. They aid in removing heat from a liquid through the vapor-compression method. Furthermore, they consist of four basic components such as a compressor, an expansion unit, an evaporator, and a condenser. The Asia Pacific chillers segment is witnessing a massive demand from the food and beverage sector. What does the Report Include?
The market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the Asia Pacific Chillers Market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate that will further contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
Rising Food & Beverage Sector to Accelerate Growth
The rising food and beverage sector present a lucrative opportunity for the growth of the Asia Pacific chiller segment. This is due to the increasing number of hotels and restaurants that is driving the demand for chillers in the region. For instance, according to the data by the Hospitality Net, there are about 1,511 hotel brands out of which 650 are international, and 861 are domestic, present in Asia. The increasing focus on building green construction is propelling the demand for energy-efficient chillers that aid in optimizing energy consumption and have the least ozone depletion potential is expected to favor the Asia Pacific chillers market growth during the forecast period.
SEGMENTATION
Medical Segment Held 27.6% Market Share in 2019
Based on application, the medical segment held an Asia Pacific Chillers Market share of about 27.6% in 2019 and is expected to showcase considerable growth due to the growing demand for stabilized temperature for storing medicinal products.
China to Remain Dominant; Increasing Demand for Consumable Products to Feed Market Growth
Among all the countries, China is expected to remain at the forefront and hold the highest position in the Asia Pacific chillers market in the forthcoming years. This is attributable to the increasing demand for consumable products that will maintain its dominance in the Asia Pacific chillers category. China stood at USD 2.20 billion in 2019.
The market in Rest of Asia Pacific is expected to showcase considerable growth backed by the growing technological advancements and rising investment in the Asia Pacific chillers segment between 2020 and 2027.
COMPETITIVE LANDSCAPE
Facility Expansion by Prominent Companies to Strengthen Their Market Positions
The Asia Pacific chillers market is consolidated by the presence of major companies that are focusing on expanding their facilities to improve their volume of production in the Asia Pacific chillers category. Furthermore, other key players are adopting strategies such as collaboration, the introduction of new products, and partnerships that will favor the market growth during the forecast period.
Industry Development:
August 2020 - Trane technologies introduced Sintesis Balance CMAF, a fully electric single-unit heating and cooling systems for buildings that eliminates the need for a separate boiler and chiller. The launch is expected to consolidate its position in the global marketplace.
List of the Companies Profiled in the Market for Asia Pacific Chillers:
Johnson Controls International (Cork, Ireland)
Trane (Dublin, Ireland)
Carrier (Florida, United States)
Mitsubishi Electric Corporation (Tokyo, Japan)
Daikin Airconditioning India Pvt. Ltd. (Osaka, Japan)
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