The Asia Pacific Chillers Market is set to witness a notable growth in the coming years. This is mainly due to the increasing demand for energy efficient chillers in the region. The chillers market in the Asia Pacific region is expected to witness a significant growth during the forecast period. This growth is attributed to the rapid industrialization and technological advancements in the region.
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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The Asia Pacific chillers market is segmented on the basis of product type, application, and region. On the basis of product type, the market is further segmented into air-cooled chillers, water-cooled chillers, and evaporative chillers. On the basis of application, the market is further categorized into industrial, commercial, residential, and others.
The market in the Asia Pacific region is driven by the increasing demand for energy efficient chillers. The rising demand for energy efficient chillers is attributed to the increasing awareness about energy conservation. The governments in the region are also taking initiatives to encourage the adoption of chillers for energy conservation. Additionally, the increasing industrialization and technological advancements in the region are also expected to drive the market in the region.
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However, the high initial cost associated with chillers is expected to restrain the growth of the Asia Pacific chillers market. The governments in the region are also taking steps to provide subsidies and tax incentives to encourage the adoption of chillers. This is expected to create an opportunity for the market to grow further in the region.
The Asia Pacific chillers market is further segmented into Japan, South Korea, India, China, and rest of Asia Pacific. China is currently leading the market in the region and is expected to continue its dominance during the forecast period. This is mainly due to the rapid industrialization in the country. India is also expected to witness a significant growth in the market during the forecast period. This is attributed to the increasing demand for chillers from the commercial and residential sectors.
In conclusion, the Asia Pacific chillers market is expected to witness a significant growth during the forecast period. The increasing demand for energy efficient chillers in the region is expected to drive the market. Moreover, the governments in the region are also taking initiatives to promote the adoption of chillers for energy conservation. This is expected to create an opportunity for the market to grow further in the region.
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