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APAC chiller market

the large-scale adoption of absorption chillers in the region has become a prime trend in the APAC chiller market, owing to the surging demand for cost-effective cooling systems. The cooling process in absorption chillers depends on the condensation and evaporation of water, which leads to low electricity consumption. The energy in these chillers is derived from waste heat, such as the heat generated from solar panels and steam from industrial processes. Additionally, absorption chillers are vibration-free, low- maintenance, and operationally cost-effective, while also leading to lower emissio

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APAC chiller market

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  1. 2022 Why Is Infrastructure Sector Growth Vital for Asia-Pacific Chiller Market?

  2. The Asia-Pacific (APAC) chiller market was valued at $3.6 billion in 2018, and it is expected to reach $4.9 billion by 2024, progressing at a CAGR of 5.4% during the forecast period (2019–2024). This growth can be attributed to the expanding construction sector on account of the rising infrastructure expenditure and rapidly growing food and beverage industry. Moreover, the soaring number of information technology (IT) hubs in APAC countries will stimulate the market growth in the future. The rising infrastructure expenditure in APAC nations, such as India and China, is a key factor supporting the marketgrowth. India has several infrastructure development plans for metro networks, airports, and railway stations in the pipeline. For example, 413 miles of metro lines are being constructed in 15 Indian cities. Additionally, the Indian government is planning to establish nearly 100 airports in the next 15 years, among which 70 will be constructed at new locations. Considering India’s hot and humid weather, chillers are vital to provide cooling in such large spaces. Request for sample copy of this report:https://www.psmarketresearch.com/market-analysis/apac-chiller-market/report-sample Additionally, the large-scale adoption of absorption chillers in the region has become a prime trend in the APAC chiller market, owing to the surging demand for cost-effective cooling systems. The cooling process in absorption chillers depends on the condensation and evaporation of water, which leads to low electricity consumption. The energy in these chillers is derived from waste heat, such as the heat generated from solar panels and steam from industrial processes. Additionally, absorption chillers are vibration-free, low- maintenance, and operationally cost-effective, while also leading to lower emission of toxic gases.

  3. Furthermore, the APAC chiller market growth is facilitated by the growing hospitality sector in the region. The hospitality industry is flourishing due to the growing tourism sector in Vietnam, India, Thailand, Indonesia, Japan, and China. Additionally, the expansion of the food and beverage industry due to the booming population is boosting the market growth. China and India are emerging as the largest consumer bases for food and beverage companies, both domestic and international. Chillers are used here to keep not only the factory cool, but also the ingredients and final products. The chiller type segment of the APAC chiller market is categorized into screw, absorption, scroll, reciprocating, and centrifugal. Among these, the screw category accounted for the largest market share in 2018. This category is further bifurcated into water-cooled and air-cooled. The growth of the screw category can be attributed to the widescale adoption of water-cooled screw chillers in hotels, retail outlets, hospitals, and small factories due to their cost-effective and environment-friendly features. In APAC, China generated the highest demand for such chillers in 2018 owing to the rising focus of the government on adopting R-134a, an eco-friendly refrigerant. Browse full report at:https://www.psmarketresearch.com/market-analysis/apac-chiller-market Currently, the APAC chiller market is highly competitive owing to the presence of an umpteen number of regional and global players. Key companies offering such appliances in the region are Ingersoll-Rand plc, Daikin Industries Ltd., United Technologies Corporation, Johnson Controls International plc, and Midea Group Co. Ltd. One of the leading players, Daikin Industries Ltd. has a strong presence in India, Thailand, Japan, Australia, and China. Other major players in the market include Mitsubishi Electric Corporation, Multistack LLC, Thermal Care Inc., Smardt Chiller Group Inc., and Thermax Limited. Thus, the growth of the infrastructure and hospitality sectors will stimulate the demand for chillers in APAC in the future.

  4. Market Segmentation by Chiller Type • Screw • Water-Cooled • Air-Cooled • Scroll • Water-Cooled • Air-Cooled • Absorption • Steam • Hot Water • Direct-Fired • Centrifugal • Reciprocating • Water-Cooled • Air-Cooled • Market Segmentation by End-User • Commercial • Transportation • Hospitality • Healthcare • Supermarket/Hypermarket • Offices and buildings • Government • Others • Industrial • Chemical • Food and Beverage • Pharmaceutical • Automotive • Energy and Utilities • Oil and Gas • Others • Residential • Market Segmentation by Country • China • Japan • India • South Korea • Indonesia • Thailand • Malaysia • Sri Lanka • Bangladesh • Bhutan • Rest of APAC

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