Industry Background:
Chillers are a machine that is used to produce chilled water for air conditioning and also process cooling in large facilities. Majorly chillers operate using vapor compression, and they are available in different types. Majorly these chillers are divided into two categories including vapor compression chiller, and a vapor absorption chiller. The vapor compression chiller is further categorized into reciprocating, centrifugal, and others. With the rapid growth of industrialization, this market is having huge growth potential majorly in the Asia Pacific regions.This growth is primarily driven by Growing Requirement for Process Cooling in Industrial Areas, Increase in Demand for Chillers from Developing Economies Such as the Asia-Pacific and Majorly from China, and India and High Growth in Usage of Chillers Across Solar Cooling Applications.
Globally, a noticeable market trend is evident Increase in New Market Entrants
. Major Manufacturers, such as DAIKIN INDUSTRIES, Ltd. (Japan), Trane (Ireland), Carrier Corporation (United States), Smardt Chiller Group, Inc. (Canada), Johnson-Hitachi Air Conditioning Co., Ltd. (Japan), GEA Group (Germany), Thermax Limited (India), Dunham Bush (United States), Broad Group (China) and Advantage Engineering, Inc. (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
In Nov 2019, Kirloskar Chillers announced the launch its India’s new range of water-cooled chillers, which is known as India’s first oil-free magnetic veering compressor. Through this strategic initiative, the company is aiming to capture a major market share in India.
Market Drivers
- Growing Requirement for Process Cooling in Industrial Areas
- Increase in Demand for Chillers from Developing Economies Such as the Asia-Pacific and Majorly from China, and India
- High Growth in Usage of Chillers Across Solar Cooling Applications
Market Trend
- Increase in New Market Entrants
- High Adoption from China Because of High Growth in Industrialization
Restraints
- Less Investment in New Market Players Because of Slowdown in Economy
Opportunities
Growing Demand for Absorption Chillers and Rising Demand Form the Food and Beverages Industry
Challenges
High Cost Required in Production in Maintenance
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Manufacturers landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Chillers Study Sheds Light on
The Chillers Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Chillers industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Chillers industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.