Water Chillers Market: High Demand from Food & Beverage Industry to Fuel Growth, Fortune Business Insights™
Pune, India, Feb. 27, 2023 (GLOBE NEWSWIRE) — The global water chiller market was valued USD 5.07 billion in 2018. The market size is expected to reach USD 7.13 billion by 2026, growing at CAGR of 4.4% during this period. The market is anticipated to gain impetus from the rising demand for district cooling over conventional cooling systems. The demand for chillers from the food and beverage, as well as the plastic & rubber industries, is also set to affect the market positively in the coming years. Fortune Business Insights™ provided this information in a recently published report, titled, “Water Chillers Market Size, Share & Industry Analysis, and Regional Forecast, 2019-2026.”
Companies operating in the water chillers market are:
- Daikin Industries, Ltd.
- Thermax Global
- Trane
- Carrier Corporation
- Toshiba Machines Co Ltd.
- Robert Bosch LLC
- Hitachi, Ltd.
- Panasonic Corporation
- Johnson Controls
- Blue Star Limited
- Other key market players
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What Does This Report Contain?
- Elaborate information about the water chillers market trends, growth drivers, hindrances, opportunities, and related challenges.
- Strategical profiling of the key players and analysis of their core competencies business strategies.
- In-depth information about the micro-markets.
- List of all the segments present in the market.
Covid- 19 Impact:
The swift outbreak of coronavirus has affected global markets. It has stagnated the growth of several markets, including the water chillers market. The high cash liquidity scarcity and market’s volatile nature have resulted in declined investments in IT infrastructure development, which aggravated the pandemic’s negative impact. The restrictions on global trade and the implementation of sudden lockdowns and curfews have affected the market growth. Nonetheless, the swift digitization observed during the pandemic has stimulated market growth. The market is likely to exhibit tremendous growth post-pandemic.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/water-chiller-market-101990
Market Drivers
Rising Need to Improve Industrial Processes Will Propel Growth
In the early 1900s, utilization of the first centrifugal chiller gradually gave rise to the extensive usage of water chillers. Components, such as refrigerants, compressors, condensers, and evaporators, are used in water chillers to enhance the industrial processes and to prevent the hampering of the cooling process. Apart from that, the crucial parameters of chillers, namely, the requirement of small space, vibration-less operation, lower maintenance cost, and high thermal conductivity of water, are anticipated to augment the water chillers market growth during the forthcoming period.
Rising Demand for Frozen Food Items to Favor Growth in Asia Pacific
In terms of region, the market is segregated into Latin America, North America, Asia Pacific, the Middle East and Africa, and Europe. Amongst these, Asia Pacific is expected to showcase the highest CAGR owing to the expansion of the industrial sector in this region. Besides, the awareness programs regarding energy-efficient products are increasing. Coupled with this, the rising demand for frozen food would also accelerate the growth of this market. Besides, the pre-existing market players present in this region are aiming to improve their businesses owing to the availability of numerous industrial projects.
Europe, on the other hand, is projected to grow considerably by acquiring a high water chillers market revenue. This growth is attributable to the presence of various industry giants, namely, Panasonic Corporation, Daikin Industries, Ltd., and Carrier Corporation in this region. Also, the ongoing technological advancements would contribute to the growth. North America is set to experience significant growth in the coming years backed by the increasing utilization of water chillers in the petroleum and food & beverage industries.
Report Scope and Segmentation:
| Report Coverage | Details |
| Forecast Period | 2019-2026 |
| Forecast Period 2019-2026 CAGR | 4.4% |
| 2026 Value Projection | USD 7.13 billion |
| Base Year | 2018 |
| Market Size in 2018 | USD 5.07 billion |
| Historical Data | 2015-2017 |
| No. of Pages | 140 |
| Segments covered | Type, Capacity, Industry, and Region |
| Growth Drivers | Adoption of Energy Efficient Cooling Solution in Water Chillers to Boost Growth |
Segmentation:
- By Type
- Scroll
- Screw
- Centrifugal
- By Capacity (In Kw)
- >700
- 351 – 700
- 101 – 350
- 0 – 100
- By Industry
- Plastic & Rubber
- Food & Beverage
- Chemical & Petrochemical
- Pharmaceuticals
- Other (Metal Forming, etc.)
- By Region
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, and the Rest of Europe)
- Asia Pacific (China, India, South Korea, and the Rest of Asia Pacific)
- Middle East & Africa (South Africa, GCC and the Rest of the Middle East & Africa)
- Latin America (Brazil, Mexico, and the Rest of Latin America)
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Key Players Focus on Novel Product Launches to Gain Competitive Edge
The market consists of many small, medium, and large enterprises. Most of these enterprises are aiming to gain the maximum water-cooled chillers market share by launching new products with the help of extensive research and development activities. Below are a couple of the latest industry developments:
- January 2019: Johnson Controls, a multinational conglomerate headquartered in Ireland, announced that it has broadened the capacity range of YORK YZ magnetic bearing centrifugal chiller. It can now include up to 1,350 tons (4747 kW) of refrigeration. The old version of the product was first released in 2018. The extended capacity uses an advanced magnetic bearing, technology. This unique technology requires 80% lesser moving parts as compares to the refrigerant or traditional oil-lubricated drivelines.
- July 2018: Daikin Industries, Ltd., a Japanese multinational air conditioning manufacturing company, announced the launch of an innovative centrifugal oil-free water-cooled inverter chiller series with R-1234ze(E) and R134a refrigerants. These products would help end users and specifiers to stay one step ahead of surging energy costs and EU legislation.
Table of Content:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Global Water Chillers Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Type (Value)
- Scroll
- Screw
- Centrifugal
- Market Sizing Estimations and Forecasts – By Capacity (In Kw) (Value)
- 0 – 100
- 101 – 350
- 351 – 700
- >700
- Market Sizing Estimations and Forecasts – By Industry (Value)
- Plastic & Rubber
- Food & Beverage
- Chemical & Petrochemical
- Pharmaceuticals
- Other (Metal Forming, etc.)
- Market Analysis, Insights and Forecast – By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- North America Water Chillers Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
Toc Continued
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