Industrial Chillers Market: Introduction
- An industrial chiller is a refrigeration system that cools a process fluid or dehumidifies air in commercial and industrial facilities. A chiller either uses a vapor compression or absorption cycle to cool.
- Industrial chillers are different from chillers used for commercial purposes and in HVAC. Industrial chillers have their own independent water and refrigeration circuits, whereas HVAC chillers are not equipped with reservoirs, pumping systems, and controls.
Key Drivers of the Global Industrial Chillers Market
- Growing need for cooling equipment in various end-use industries is one of the key reasons for the growth of the industrial chillers market. Demand for industrial chillers is anticipated to increase during the forecast period due to rising number of industrial units, especially in emerging economies.
- Another growth factor for the industrial chillers market is the increasing popularity of eating processed and frozen food around the world. Rising middle class income growth coupled with rapid urbanization are key factors increasing the demand for processed and frozen food. This has ultimately led to the growth of the industrial chillers market.
Environmental issues associated with industrial chillers to hamper growth of the market
- Environment issues associated with industrial chillers is one of the key reasons hampering the growth of the industrial chillers market. Most industrial chillers emit CFC (Chlorofluorocarbons) that impacts the ozone layer. Many key global players have already taken initiatives through technological innovation to reduce the environmental impact of industrial chiller emissions. However, many small and medium sized manufacturers of industrial chillers do not follow the necessary government norms and regulations associated with emissions. This hampers the growth of the industrial chillers market.
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Mergers and Acquisitions, a Key Business Opportunity for the Industrial Chillers Market
- Mergers and acquisitions between key global manufacturers and local manufacturers is one of the major business opportunities for the growth of the industrial chillers market. Additionally, rising awareness about the need to protect the environment from the harmful effects of industrial chillers is also anticipated to offer new business opportunities for the industrial chillers market.
Asia Pacific offers growth avenues for the global industrial chillers market
- Geographically, the global industrial chillers market can be divided into five regions: North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA).
- Countries in North America and Europe boast some of the key companies specialized in industrial chillers. Presence of key industries have resulted in these regions acquiring a dominant share in the industrial chillers market.
- Asia Pacific on the other hand is one of the key markets for industrial chillers. Countries such as China, India, and many other Southeast Asian countries are some of the key manufacturing hubs where demand for industrial chillers is noticeable.
- Other regions such as South America and Middle East & Africa have strong potential growth for the industrial chillers market.
Key Players Operating in the Global Market
The global industrial chillers market is highly fragmented with presence of many key global players and many regional industrial chiller manufacturers. A few of the key players operating in the global industrial chillers market includes:
- DAIKIN INDUSTRIES, Ltd.,
- Drake Refrigeration Inc.
- Haier Electronics Group Co. Ltd.
- Ingersoll Rand (Trane)
- Johnson Controls
- LG Electronics
- Mitsubishi Corporation
- Robert Bosch GmbH
- Senho Machinery (Shenzhen) Co., Ltd.
- United Technologies Corporation
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Global Industrial Chillers Market: Research Scope
Global Industrial Chillers Market, by Product Type
- Air Chillers
- Water Chillers
- Evaporative Condensed Chillers
Global Industrial Chillers Market, by Functionality
- Fully Automatic
Global Industrial Chillers Market, by End-use Industry
- Food & Beverage Industry
- Healthcare Industry
- Chemical Industry
- Others (Plastic & Rubber Industry etc.)
Global Industrial Chillers Market, by Distribution Channel
- Specialty Stores
- Other retail stores
Global Industrial Chillers Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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
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- 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
- Latin America
- The Middle East and Africa
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Below is a snapshot of these quadrants.
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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.
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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?
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