Process chillers is a type of equipment used in the maintenance of industrial applications and equipment. Process chillers are required to maintain the efficiency and to ensure optimal performance of equipment and processes. They ensure that the process or equipment remains at a constant temperature throughout the day. A refrigerant such as halocarbon or ammonia is used in the chilling process. Process chillers are used in a wide variety of industries such as breweries, dairy industry & food processing industry, medical industry, refrigeration, and in other industrial applications. The demand for process chillers is contingent on the growth trajectory of these industries. Process chillers comprise different components depending on the design. These are compressors, condensers, evaporators, pumps, pipes, high pressure refrigerant relief valves & cooling towers, tanks, filters, and fans. Process chillers use either an air or water condenser in its cooling process. A partially cooled liquid refrigerant performs the cooling process. The placement of the process chiller varies based on the application and size of the process chiller; it can be placed next to the equipment requiring the cooling, in a separate room, or even as an external unit.
Growing industrialization is anticipated to drive the demand for process chillers, especially from non-traditional markets such as the growing economies in the Asia Pacific region. Progress in the manufacturing industry is expected to provide a direct benefit to manufacturers of process chillers due to their wide-spread applications. Rising demand for industrial cooling is also anticipated to drive the growth of the products in the process chillers market. Furthermore, companies are looking to expand their reach in terms of newer markets; this is likely to drive the growth of the global process chillers market. Other drivers of the market include new product development, mergers & acquisitions, and partnerships among players in the process chillers market.
Stiff competition and rising concerns regarding the efficacy of the machines are expected to restrain the global process chillers market during the forecast period. Increasing competition in the process chillers space as a result of a large number of manufacturers is expected to restrain the business of process chillers manufacturers in the short to medium period; this feature makes the global process chillers market fragmented in nature.
Rising industrialization and brand awareness present an opportunity to manufacturers operating in the global process chillers market. With rising industrialization, manufacturers are expected to spend larger amounts on consumption of cooling equipment and at the same time spend more time researching the model most suitable for their needs. This presents a growth opportunity in the new product space. Moreover, as industrialization leads to diversifying manufacturing needs, the potential market for process chillers is expected to witness a rise.
The global process chillers market can be segmented on the basis of compressor, end-user, distribution channel, and region. Based on compressor, the process chillers market is segmented as air-cooled and water-cooled. In terms of end-user, the process chillers market can be segmented into brewery, dairy industry, food processing industry, medical industry, refrigeration, and industrial applications. Online and offline are the segmentations of the process chillers market based on distribution channel. The offline segment can further be classified into direct store sales or official company distributors. Based on region, the global process chillers market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Motivair Corporation, Drake Refrigeration Inc, Thermal Care Inc, Airedale Air Conditioning, ICS Cool Energy Limited, Filtrine Manufacturing Company, Parker Hannifin Corp, Legacy Chiller Systems Inc, Cooling Technology, Inc, and General Air Products, Inc. are some of the key manufacturers in the global process chillers market. The main strategy adopted by these companies and their peers is new and innovative product launches and targeted marketing activities to capture new markets and consolidate their position in the existing markets.
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