The APAC chillers market is growing at a rapid pace as the region continues to develop and expand its industrial infrastructure. With many new factories and plants being built, the need for chillers has increased. Chillers are essential for cooling systems in industrial processes, and their demand is projected to grow further in the coming years.
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 APAC chillers market is driven by the increasing demand for air conditioning and refrigeration systems in the residential, industrial, and commercial sectors. As the population and economy of the region grow, the demand for cooling and air conditioning systems is expected to increase further. This, in turn, is expected to drive the demand for chillers in the region.
Various types of chillers are available in the market, such as water-cooled, air-cooled, and evaporative chillers. Water-cooled chillers are the most popular type in the APAC region due to their low cost and efficient operation. They are commonly used in industrial, commercial, and residential cooling applications. Air-cooled and evaporative chillers are also gaining in popularity due to their energy efficiency and environmental friendliness.
The growth of the APAC chillers market is further propelled by the increasing government initiatives to promote energy efficiency and reduce carbon emissions. This has led to an increase in the demand for energy-efficient chillers, as they help reduce energy consumption and emissions. Furthermore, the increasing demand for green buildings is expected to drive the demand for chillers in the region.
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The APAC chillers market is highly competitive, with several leading players offering a wide range of products to meet the varying needs of customers. These players are continuously innovating and introducing new products to gain a competitive edge in the market. Furthermore, the increasing demand for chillers in the region is expected to drive the growth of the APAC chillers market in the coming years.
In conclusion, the APAC chillers market is expected to experience strong growth in the coming years. The increasing demand for air conditioning and refrigeration systems, government initiatives to promote energy efficiency, and the growth of the green building sector are some of the key factors driving the growth of the market.
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