About Industrial Chillers
Industrial chillers are systems that cool or dehumidify the air in commercial and industrial facilities. The chillers use either absorption cycle or vapor compression for cooling. There are three types of chillers, namely, air chillers, water chillers, and evaporative condensed chillers. The basic components of chillers through which the refrigerant passes include evaporators, compressors, condensers, and expansion valves.
Technavio’s analysts forecast the global industrial chillers market to grow at a CAGR of 3.80% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global industrial chillers market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Industrial Chillers Market 2017-2021
Technavio recognizes the following companies as the key players in the global industrial chillers market: Carrier, Daikin Industries, Ingersoll Rand, Johnson Controls, and Mitsubishi Electric.
Other Prominent Vendors in the market are: Airedale Cooling Services, Blue Star, Fujitsu General, Haier, Midea Group, Panasonic, SAMSUNG, Smardt Chiller Group, and Thermax Inc.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is IoT-enabled chillers. Building Automation Systems (BAS) play a key role in the industrial chiller market. These BAS control and monitor the HVAC equipment installed in buildings. BAS are embedded with digital communication tools systems, which allow them to enhance the energy efficiency of these systems. Due to such advances in technology, various industrial and commercial buildings are using the Internet of Things (IoT) to improve the efficiency of their HVAC systems.”
According to the report, one driver in the market is increase in demand for frozen foods. The frozen food market is rapidly growing due to the availability of products throughout the year, which means that they are not limited by seasonal availability. There is a significant rise in the demand for frozen foods due to changes in consumer behavior as well as demographic shifts. Due to the lack of time, many consumers prefer to buy processed fruits and vegetables for their daily consumption. The changes in eating habits and health consciousness have significantly triggered the demand for processed foods.
Further, the report states that one challenge in the market is intense market competition. The presence of many regional and international players increases the competition in the industrial chillers market. Most of the major players are threatened due to the presence of local players as the latter offer lower-cost products and components. Some of the vendors in APAC even sell parts and components at subsidized rates, which affects the sales of the high-quality premium products manufactured by major players. This affects the pricing strategy, R&D investments, and brand image of established international players.
Carrier, Daikin Industries, Ingersoll Rand, Johnson Controls, Mitsubishi Electric, Airedale Cooling Services, Blue Star, Fujitsu General, Haier, Midea Group, Panasonic, SAMSUNG, Smardt Chiller Group, and Thermax Inc.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook