A recently revised study by Fact.MR on the homewares market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with the development o...
Fast pace of modern lifestyle has induced significant transitions apropos of eating habits. Consumers are more inclined toward frozen foods, given its convenience in carrying and cooking. That said, efficient freezing activity is essential in order to avoid microbe penetration in food products. This has led to the use of chillers in the frozen food space, which is a key growth propeller for chillers market.
In addition to frozen food, chillers are widely used in the plastics manufacturing. They are largely used in rapidly cooling hot plastics that are injected, extruded, stamped or blown. This is in sync with the plastic industry, which has witnessed renascent growth since the past years, particularly plastics gaining high traction in the FMCG sector. Rising proliferation of chillers in the growing plastics industry has had a profound impact on sales of chillers, in turn aiding the growth of their market worldwide.
Pervasiveness of chillers across various end use applications coupled with rising advancements in technology have led to the development of IoT (Internet of Things) based chillers. For instance, Pro Chiller Systems have developed new IoT powered chillers that enable data visualizations via customized dashboard. IoT powered chillers can facilitate efficient monitoring and control for various industrial applications, making them a trending novelty in the chillers market.
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Key measures being taken for energy conservation to meet increasing demand for energy efficient cooling systems will create growth opportunities in the chillers market. Rising demand for cost-efficient cooling systems in the industrial sector is anticipated to further foster the growth of the chillers market. However, stringent government regulations regarding, greenhouse effects, in different parts of the world, owing to the use of chemicals in the chillers for refrigeration process might act as a restraint to the chillers market.
The major concerning factors for the end-use industries are energy and operational cost minimization, the maintenance cost of equipment and, to increase the product lifespan. This factors are anticipated to be achieved with the increasing research and development in upgrading energy-efficient solutions, introducing sustainable technologies and, adopting advanced cooling systems, which is a trend, observed in the market.
Global Chillers Market: Segmentation
On the basis of Compressor Type, the Chillers market can be segmented into:
On the basis of Capacity, the Chillers market can be segmented into:
100 kW to 350 kW
350 kW to 700 kW
On the basis of Heat Rejection Method, the Chillers market can be segmented into:
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On the basis of Refrigerant Type, the Chillers market can be segmented into:
On the basis of End-user, the Chillers market can be segmented into:
Food and beverage industry
Medical and pharmaceutical industry
Chemicals and petrochemicals industry
Global Chillers Market: Region-wise Outlook
China and U.S. are anticipated to dominate the chillers market, in terms of value. In the Asia Pacific, Vietnam, China and Thailand have seen major growth for chillers market owing to a small number of huge projects, mainly supplied by centrifugal chillers. In China, the demand for chillers is seen from energy plants, hospitals, schools, and telecommunications. Energy efficiency is the main driver for the chillers market in India. Airports and shopping malls are the major end-users for chillers in Indonesia. The Middle East and Africa region are anticipated to have moderate growth, while, in Europe, U.K. is anticipated to be the fastest growing for chillers market owing to the replacement of R22 refrigerants, and use of chillers in high rise office buildings and, airports.