Global Chillers Market: Overview

Chillers are refrigeration devices used to cool equipment, raw materials, or fluid streams in industrial applications, as well as food and beverages in residential and commercial applications. The most important attributes of chillers are their durability, efficiency, and low environmental impact. The global market for chillers has been driven in recent years by the rapid spread of industrialization across the world and the booming chemicals and food and beverage industries.

The report examines the global chillers market and presents forecasts regarding its development from 2016 to 2024. The historical trajectory exhibited by the chillers market before 2016 has also been scrutinized in the report in order to provide concrete context to the analysis of the market’s drivers and restraints. The key segments of the global chillers market are examined in the report to provide a granular overview of the market, and major companies operating in the market have been profiled to shed light on the competitive dynamics of the market. The comprehensive market study will allow market participants to formulate winning strategies in the coming years.

The major product types in the global chillers market are screw, scroll, reciprocating, absorption, and centrifugal chillers. Major applications of chillers include but are not limited to chemicals, plastics, petrochemicals, food and beverage, rubber, and medical.

Global Chillers Market: Drivers and Restraints

The increasing need for cooling equipment in industrial units is a prime driver of the global chillers market. The industrial sector in developing countries such as China, India, Indonesia, South Korea, Thailand, Brazil, Argentina, and Mexico has shown an exemplary rate of growth in the last few decades, expanding in line with the growing GDP of these countries. This has driven the demand for various ancillary industries, including the chillers industry.

Another major driver for the global chillers market is the increasing consumption of frozen food. In contrast to the traditional way of cooking elaborate meals, the modern consumer is eager to cut down the time required to prepare a meal. As a result, demand for frozen food has grown at strong rates in various parts of the world thus driving the global chillers market. The increasing number of women in the corporate and industrial sectors has also complemented this phenomenon, since women have traditionally held the role of the homemaker.

The increasingly stringent environmental regulations in various parts of the world are driving innovation in the global chillers market. Several chemicals used in the refrigeration process have the potential to damage the environment, the result of which has been a spate of new, ecologically viable chillers from major players around the world.

On the other hand, the major restraint on the global chillers market is the increase in the production cost brought about by increasing raw material prices.

Global Chillers Market: Geographical Overview

Asia Pacific is the largest regional market for chillers. The demand for chillers in this region is driven by the increasing demand from the plastics and petrochemicals industries. The expanding industrial sector in developing Southeast Asian countries is likely to add to the demand for chillers in the coming years.

China is already a major petrochemicals industry hub, while both India and China have flourishing manufacturing sectors that receive strong support from the respective governments. This is likely to boost the demand for chillers in Asia Pacific in the coming years. The Middle East and Africa is another developing region likely to offer a strong sales outlet for the global chillers market in the coming years.

The major players in the global chillers market are Johnson Controls, Carrier Corporation, Daikin Industries, Smardt Chiller Group, Climaveneta S.p.A., Trane Inc., and Thermax Inc.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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