Chiller Market in Europe 2018-2022
About this market
The advent of smart connected chillers to drive growth in the market. Factors such as the growing need to improve the reliability and performance of chillers, minimize downtime, reduce the overall maintenance costs have led to the emergence of smart connected chillers. This is one of the recent developments in the global chillers market, which is transforming the way chillers are being serviced and maintained. Technavio’ s analysts have predicted that the chiller market in Europe will register a CAGR of almost 3% by 2022.
Growing demand for frozen food
In the last few years, the consumption of frozen food has witnessed a gradual growth across regions, mainly due to hectic lifestyles and work schedules compelling consumers to opt for frozen fruits and vegetables for daily consumption.
Intense market competition
Some of the regional vendors in APAC sell components and parts at subsidized rates, thus adversely affecting the sales of high-quality premium products by international players. This affects the pricing strategy, R&D investments, and brand image of established international players.
For the detailed list of factors that will drive and challenge the growth of the chiller market in Europe during the 2018-2022, view our report.
The market appears to be fragmented and with the presence of several companies including Mitsubishi Electric and UNITED TECHNOLOGIES the competitive environment is quite intense. Factors such as the advent of smart connected chillers and the growing demand for frozen food, will provide considerable growth opportunities to chiller manufactures. DAIKIN INDUSTRIES, Trane (Ingersoll-Rand), Johnson Controls, LG Electronics, Mitsubishi Electric, and UNITED TECHNOLOGIES (Carrier) are some of the major companies covered in this report.
Technavio Announces the Publication of its Research Report – Chiller Market in Europe 2018-2022
Technavio recognizes the following companies as the key players in the chiller market in Europe: DAIKIN INDUSTRIES, Trane (Ingersoll-Rand), Johnson Controls, LG Electronics, Mitsubishi Electric, and UNITED TECHNOLOGIES (Carrier).
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the advent of smart connected chillers.”
According to the report, one of the major drivers for this market is the growing demand for frozen food.
Further, the report states that one of the major factors hindering the growth of this market is the intense market competition.
UNITED TECHNOLOGIES (Carrier)
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