Study reveals increased demand for process chillers
According to the report, growing emphasis on better price-to-performance ratio in various end-use sectors is expected to contribute to the rise in the process chillers market by the end of 2029.
Global sales of process chillers reached over 320,000 units in 2018, as disclosed by a new research study by Fact.MR, Rockville, Md. According to the analysis, the process chillers market is foreseen to grow by about 4.5% year over year in 2019, primarily influenced by the demand in process cooling in the plastics and food and beverage industries.
According to the report, growing emphasis on better price-to-performance ratio in various end-use sectors is expected to contribute to the rise in the process chillers market by the end of 2029. Likewise, growth in product innovations in the plastics and food and beverage industries are also boosting demand.
Rising demand for superior process chillers for large scale industrial cooling applications over conventional cooling processes across the industries continues to make lucrative opportunities for process chillers.
The study also found that the East Asian region grasped more than 32% market share in the global process chillers market in 2018, and this share is foreseen to grow by a considerable rate, affecting the East Asia market to create an incremental opportunity of over $2.5 billion by the end of 2029. On the other hand, South Asia is anticipated to showcase above-average opportunities for the growth of the process chillers market in 2019 and beyond. The process chillers market is expected to benefit from various factors, such as rapid urbanization and industrialization, leading to increasing process manufacturing activities and manufacturers in these countries.
Increasing demand for efficient process chillers in emerging end-use industries and across countries in East Asia and South Asia regions, respectively, driving prominent manufacturers to tactically enter the emerging market with an aim to target untapped opportunities in these regions. Manufacturers in mature markets, such as North America and Europe, are targeting emerging markets in order to gain more profitability. Key market players in the process chillers market focus on product development and collaboration. Vendors in the process chillers market are focusing on cost-effective production of process chillers and bringing innovation to industrial cooling methods to meet the changing industrial requirements.
This study finds that the market will witness a value CAGR of 5.2% over the forecast duration.