The APAC chillers market size is anticipated to reach $7,426.0 million by 2027 from $5,436.7 million in 2019, registered a CAGR of 5.4% from 2020 to 2027. Chillers are generally used in industrial sector to maintain equipment temperature, and keep the atmosphere cool. Chillers are installed in industrial, commercial, and residential areas, owing to features such as consumption of frozen food, and high energy efficient cooling solution. Compressors, evaporators, condenser, control units, power panels, and expansion valve are some of the components used in chillers. Chillers provide air conditioning by eliminating the unwanted heat from commercial, and industrial buildings.
A rise in demand for chillers from various industry verticals such as food and beverages, petrochemicals, rubber, plastic, medical and others, which fuels the growth of APAC chillers market. The rise in government initiatives Make in India, and Eco-Niwas Samhita from India, which in turn, boost the demand for chillers, which drives the growth of the market. For instance, in 2018, the government of India planned to spend $400 billion on electronic manufacturing industry. In addition, growing investment in new infrastructural development in Vietnam, drive the growth of the market. For instance, the government of Vietnam invested $921 million on new infrastructure development by 2020. Furthermore, according to The World Bank, the infrastructure spending in Vietnam is expected to reach $605 billion by 2040, which is anticipated to provide lucrative opportunities for the chillers market during the forecast period.
Major players such as Daikin Industries Ltd., LG Electronics, and others, engaged in offering centrifugal chiller to the market. For instance, in 2018, Daikin Industries Ltd., launched a new centrifugal oil-free water-cooled chiller with magnetic bearing technology. It has features such as low noise level, 32% energy saving, and rapid restart. It is best suitable for data center. The growth in aviation industry, and rise in new commercial construction buildings, is anticipated to drive the growth of the APAC chillers market. For instance, according to the Civil Aviation Administration of China (CAAC), China built 27 new airports between 2014 and 2017, which in turn, has fueled the demand for chillers to keep the atmosphere cool. These situations are predicted to fuel the growth of the market.
An increase in government spending on construction building activities, and tourism sector, requires more chillers for temperature control. This in turn is anticipated to drive the growth of the chillers market. For instance, the government spending on tourism sector increased by 15% from 2017 to 2018. The increasing urbanization, and growing disposable income of population is anticipated to fuel the growth of the APAC chillers market. For instance, the disposable income of Malaysian population grew by 19.7% from 2016 to 2019.
However, high initial investment and setup cost and fluctuation in raw material prices are anticipated to restrain the growth of the APAC chillers market. Furthermore, technological innovation in chillers is expected to offer remunerative opportunities for the APAC chillers market.
Screw Chiller segmentis anticipated to dominate the market during the forecast period.
The APAC chillers market is segmented based on type, end user, and country. Based on type, the market is categorized into screw chiller, scroll chiller, centrifugal chiller, and others. The screw chiller segment generated the highest revenue in 2019. By end-user, the market is segmented into chemicals and petrochemicals, food and beverages, medical, and others. The other segment garnered the highest revenue in 2019.
Country wise, the APAC chillers market analysis is conducted across China, India, Japan, Malaysia, Singapore, Vietnam, Indonesia, Thailand, Philippine, Myanmar, South Korea, Taiwan, and rest of Asia-Pacific. In 2019, China was the highest contributor to the APAC chiller market, and is anticipated to secure a leading position during the forecast period.
By End User
Medical segment is expected to grow at a significant CAGR
The key players profiled in the report include Carrier Global Corporation, Mitsubishi Electric Corporation, Daikin Industries Ltd., Dimplex Thermal Solutions, LG Electronics, Johnson Controls International Plc, Gree Electric Appliances Inc of Zhuhai, Midea Group Co. Ltd., Thermax Ltd., and Trane Technologies Plc.
The key players in this market adopted product launch, partnership, and expansion as their key strategies to meet the change in consumer demands. For instance, in February 2019, Dimplex Thermal Solutions launched a new P Series chiller for dairy and milk processing operations. This chiller is used in dairy applications with capacity of cooling milk from 100 degrees Fahrenheit to 40 degrees Fahrenheit within 30 minutes to protect from production of harmful bacteria. This chiller is available in size ranging from 1/8 tons to more than 90 tons. It is best suitable for dairy and milk processing applications.
China is expected to dominate the market during the forecast period.
Key Benefits For Stakeholders
- The report provides an extensive analysis of the current and emerging APAC chillers market trends and dynamics.
- In-depth market analysis is conducted by APAC chillers market estimations for the key market segments between 2019 and 2027.
- Extensive analysis of is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
- The APAC chillers market forecast analysis from 2020 to 2027 is included in the report.
- The key market players within the APAC chillers market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the market.
Apac Chillers Market Segments
- Screw Chiller
- Scroll Chiller
- Centrifugal Chiller
By End User
- Chemicals and Petrochemicals
- Food and Beverages
- South Korea
- Rest of Asia-Pacific
- Carrier Global Corporation
- Mitsubishi Electric Corporation
- Daikin Industries Ltd
- Dimplex Thermal Solutions
- LG Electronics
- Johnson Controls International Plc
- Gree Electric Appliances Inc of Zhuhai
- Midea Group Co. Ltd
- Thermax Ltd
- Trane Technologies Plc
APAC Chillers Market Report Highlights
By END USER
Key Market Players
DAIKIN INDUSTRIES LTD., DIMPLEX THERMAL SOLUTIONS, TRANE TECHNOLOGIES PLC., GREE ELECTRIC APPLIANCES INC. OF ZHUHAI., THERMAX LTD., CARRIER GLOBAL CORPORATION, LG Electronics, MITSUBISHI ELECTRIC CORPORATION, MIDEA GROUP CO. LTD., JOHNSON CONTROLS INTERNATIONAL PLC
The development of the industrial sector and increase in demand for chillers from data centers and chemical plants are anticipated to fuel the growth of the APAC chillers market in the coming years. China is projected to be the highest revenue contributor, whereas India is expected to offer lucrative growth opportunities to the key players in this market. In addition, the key market players focus on the development and launch of high-quality products to cater to consumer needs and preferences, thereby promoting their businesses in the APAC chillers market. For instance, in June 2017, Johnson Controls established a new headquarter in Shanghai, China, which led to the expansion of its business, which in turn boosted the growth of the market.
A rise in urbanization, and rise in disposal income of population in countries such as South Korea, Taiwan, and others, drives the growth of the APAC chillers market. For instance, the South Korea total household disposable income is expected to grow by 2.9% from 2022 to 2023. However, high initial capital investment required and fluctuation in raw material prices are anticipated to hamper the growth of the APAC chillers market. Furthermore, technological advancement in chillers is anticipated to provide lucrative opportunities for growth of the APAC chillers market.