Chillers are finding increasing acceptance in various applications, such as chemicals & petrochemicals, food & beverages, medical & pharmaceutical, plastics, and so on. They are capable of removing heat from a liquid through a vapor compression or absorption refrigeration cycle and are used in various process cooling and air conditioning applications.

This market intelligence report estimates the market size for chillers by type, end-use industry, and region, in terms of value. The global chillers market is expected to grow with a CAGR of 4.24% between 2016 and 2021. The growing need for energy-efficient cooling equipment is the major driver of the chillers market. The trend of using cooling applications in various end-use industries due to its excellent mechanical properties is projected to increase the global chillers market.

Asia-Pacific dominated the chillers market in 2015, in terms of value, followed by Europe and North America. The developed regions, such as Europe and North America, are relatively mature markets compared with Asia-Pacific and RoW. Asia-Pacific is expected to witness the highest growth rate between 2016 and 2021. The market in this region is experiencing increase in chillers consumption from chemicals & petrochemicals, food & beverages, medical & pharmaceutical, plastics, and others end-use industries. In Asia-Pacific, India will be the market with highest CAGR during the forecast period. China has been an export-oriented country; however, the growing domestic demand is expected to increase internal consumption of chillers.

In the end-use industry segment, the chemicals & petrochemicals industry is expected to witness the highest growth rate between 2016 and 2021. The demand is driven by the increasing process cooling needs in cooling of acids and caustic solutions, cooling of extremely viscous products, and condensation & tempering of solvents.

The absorption chillers segment of the market by type is estimated to register the highest CAGR between 2016 and 2021. The demand for absorption chillers is growing due to their physical properties such as low maintenance cost; performing the quiet and vibration-free operation; high reliability; and high energy efficiency rate. These are the major factors driving the absorption chillers market.

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