According to a new report published by Allied Market Research, titled, “APAC Chillers Market by Type, and End User: Regional Opportunity Analysis and Industry Forecast, 2020–2027,” The APAC chillers market size was valued at $5.4 billion in 2019 and is expected to reach $7.4 billion by 2027, growing at a CAGR of 5.4% from 2020 to 2027. In 2019, screw chillers dominated the market accounting for over one-thirds of the APAC chillers market share.

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An increase demand for compact, energy efficient, and small heating, ventilation, and air conditioning systems to control room atmosphere is anticipated to stimulate the growth of the chiller industry. In addition, increase in construction spending in emerging countries such as India, China, Brazil, and others is anticipated to fuel the growth of the chiller market. For instance, Thailand government planned to spend $40.

billion on 20 large infrastructure project by 2022. In addition, chillers are best suitable for automotive, die casting, food & beverages, plastics, and others. A rise in demand for chillers in APAC countries such as India, China, and others, owing to growth in construction activities is expected to lead to the growth of the APAC chillers market.

An increase in tourism sector has led to rise in demand for commercial buildings such as hotels and public buildings. This in turn is estimated to fuel the APAC chillers market growth. For instance, tourism industry in Japan is expected to grow by over 10% from 2020 to 2030.

However, one of the major restraints for APAC chillers market is high initial capital investment and setup cost. Chillers require around 150% to 200% of the cost to install similar tonnage of water-cooled standard chiller. In addition, fluctuation in raw material prices is anticipated to hampers the growth of the market. Conversely, technological innovation in the chillers is predicted to offer lucrative opportunities for the APAC chillers market development.

During a lockdown, owing to the situation, several manufacturers in the APAC chillers market to stop their business activities due to lockdown implemented in developed and developing countries, owing to stop in construction activities.

This halt in production activities impacted on the revenue of chillers companies. For instance, net sales of LG Electronics dropped by 24.1% from quarter 2 (April 2019 to July 2019) to quarter 2 (April 2020 to July 2020). Also, lack of manpower, and raw materials, which in turn, halt the supply chain of the APAC chillers market.

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However, the market is projected to cover slowly from the 1st quarter of 2021, owing to the reduced lockdown restrictions and restarting of the APAC chillers industry. Moreover, in 2021 with the availability of vaccine against COVID-19, the APAC chillers market is expected to gradually witness growth.

The major players, such as 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 have focused on developing new products to strengthen their presence in the market.

Moreover, these companies adopted product launch, and business expansion as a key strategy for improve the product portfolio. For instance, in October 2020, Carrier launched a new AquaForce 30 XV air-cooled chiller. It is variable speed screw chiller. It has new features such as free cooling, efficient, reliable, easy to install, low noise level, and help to eliminate equipment down time.

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