- 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.
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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