Chillers Market Worth $10.84 Billion by 2021
Being driven by the surging need for energy, high investment in the chemical and petrochemical industries
PUNE, India — The global chillers market is forecast to grow from $8.63 billion in 2015 to $10.84 billion by 2021, increasing at a compound annual growth rate (CAGR) of 4.24 percent, according to a new report from MarketsandMarkets.
The market is being driven by the surging need for energy and high investment in the chemical and petrochemical industries. Among the regions studied, Asia-Pacific and the Middle East and Africa are expected to witness high growth during the forecast period. Also, demand across these regions is being reinforced by the emerging markets, namely, China and India.
The main chiller types are screw, scroll, centrifugal, absorption, and reciprocating. Scroll chillers account for the largest market share due to their suitability for a wide range of applications. Absorption chillers are the fastest-growing type of chillers due to their low maintenance and manufacturing cost.
Chillers are used in various end-use industries such as chemicals and petrochemicals; plastics; medical and pharmaceutical; food and beverage; rubber; and others. The plastics industry segment is estimated to account for the largest market share, in terms of value, followed by chemicals and petrochemicals; food and beverage; medical and pharmaceutical; and the rubber industry. The chemicals and petrochemicals industry is expected to grow at the highest CAGR between 2016 and 2021 in terms of value among all the industries considered.
Asia-Pacific is currently the largest market for chillers. The U.S. is the largest market for chillers in the North American region.
More information is available here.
Publication date: 6/15/2016