Chiller Market Share, Size, Future Demand, Top Leading Player, & Emerging Trends

1. Rising Global Temperature Fueling Sales of Chillers The increasing global temperature, on account of the extensive burning of fossil fuels such as natural gas and coal, is the main factor responsible for the mushrooming demand for chillers across the world. The burning of these fossil fuels causes the release of various greenhouse gases (GHG) such as nitrous oxides, carbon dioxide, and methane into the atmosphere. Moreover, the increasing GHG concentration in the environment is fueling the absorption of infrared radiation by the atmosphere. “Chillers Are So Important for Food & Beverage Companies” This is consequently raising the average global temperature. As per reports, the average temperature has increased by 1.28 °C (2.31 °F) from the late 19thcentury (1850–1900) to 2019. This is subsequently pushing up the requirement for chillers in commercial, industrial, and residential sectors around the world. Apart from the rising global temperature, the booming construction sector is also positively impacting the sales of chillers all over the world.

2. According to estimates, the value of the global construction industry will rise from $10.5 trillion in 2017 to $12.8 trillion by 2022, primarily because of the launch of residential building, metro rail, and airport construction projects around the world. For example, there were 115 under-construction high-rise buildings in London in 2018. Similarly, the number of such under-construction projects was 42 in Chicago in 2019. On the other hand, India is planning to build 100 airports over the next 15 years. “Rising Average Temperatures Fueling Global Sales of Chillers” China is following a similar path, with the country announcing that it aims to build 136 airports by 2025. These construction projects, once completed, will massively push up the demand for chillers, which, will, in turn, cause the expansion of the global chiller market. As a result, the value of the market will grow from $7,330.7 million in 2019 to $10,880.3 million by 2030, as per the estimates of the market research company, P&S Intelligence. Furthermore, the market will advance at a CAGR of 5.0% between 2020 and 2030. Scroll, absorption, centrifugal, reciprocating, and screw are the most widely used types of

3. chillers. Amongst these, the demand for centrifugal chillers is predicted to rise rapidly in the forthcoming years. This is credited to the ballooning requirement for industrial-grade chillers across the globe. Furthermore, between the two types of centrifugal chillers — water-cooled and air-cooled, the sales of the air-cooled variants will surge in the coming years. “Chiller Sales Burgeoning in Asia-Pacific (APAC) due to Rapid Industrialization” This will be primarily because of their greater cost-effectiveness than the water-cooled variants. Across the world, the sales of chillers were observed to be the highest in the Asia-Pacific (APAC) region till 2019, and this trend will continue in the coming years as well. This is attributed to the fact that chillers are extensively used in China, on account of the country’s booming construction sector and rail network and the increasing number of office complexes and airports in the country. Therefore, it can be said with full confidence that the demand for chillers will soar all over the world in the future years, primarily because of the expanding construction sector and the increasing global temperature.

4. About Us: P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. Contact Us: P&S Intelligence International: +1-347-960-6455 Email: enquiry@psmarketresearch.com Web: https://www.psmarketresearch.com