Global Process Chillers Market size was valued US$ XX Mn. in 2019 and the total revenue is expected to grow at 6.45% through 2020 to 2027, reaching nearly US$ XX Mn.
The report study has analyzed revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.
Process chillers are the type of equipment's that are used in industries to remove heat from a process. Process chillers use either water or air condenser in their cooling process. Process chillers include different components depending on the design like condensers, compressors, pumps, evaporators, pipes, high-pressure refrigerant relief valves & cooling towers, tanks, fans and filters.
Global Process Chillers Market
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Looking forward, the market is projected to reach a value of US$ XX million by 2027, expanding at a CAGR of around 6.45% during 2020-2027.
The growth of the process chillers market is expected towards major relying factors such as rise in cooling process applications, increasing concern over energy efficiency, developing industrialization, growing use of environment-friendly products, progress in the manufacturing industries, mergers & acquisitions, and partnerships among key players in the global process chillers market etc. On the flip side, the global process chillers market is hampered by growing competition and increasing concerns regarding the efficacy of the machines, high raw material prices.
According to the MMR study, the recent development trend of the process chillers market has affected the increasing number of various end-use industries like plastics and processed food industries and the growing demand for efficient industrial process cooling across the world. Likewise, the report covers all the trends and technologies playing a major role in the growth of the process chillers market over 2020-2027.
In 2020, the water-cooled segment was dominated the process chillers market with valued around US$ XX Mn. Water-cooled chiller systems need a high supply of water to replace the dissolved volume of water. Such as the U.S. data centers necessary nearby XX billion liters of water in 2019, with the water used to make electricity to power, the data centers and the quantity of water directly spent on the sites.
The plastics end-use industry segment is expected to account for XX% of the total market share in 2019 and is expected to grow at the highest CAGR of XX.33% during the forecast period. This growth is attributed to the wide use of chillers for cooling many types of machinery involved in the manufacturing of plastic products. Similarly, the MMR report will provide an accurate prediction of the contribution of the various segments to the growth of the process chillers market size.
Geographically, the Asia Pacific region is expected to account for the largest XX% market share by 2027 thanks to ongoing investments in the residential and commercial construction industries across the region. The price for process chillers differs a lot across the world, conversely in Asian economies like China, India it appears to be a bit low owing to the presence of small players in the region.
Key players in the process chillers market have adopted various strategies to expand their global presence and increase their market shares. Mergers and acquisitions, partnerships, agreements, and new product developments are some of the major strategies adopted by the companies, to achieve growth in the global process chillers market.
For example, in 2019, Trane Technologies Inc. a leading player in the market for process chillers, launched three new process chillers by refrigerant R1234ze. The company claims that the compressor technology used in process chillers makes it nearly 38 % more efficient, making the product acquiescent with Ecodesign regulations.
The objective of the report is to present a comprehensive analysis of the Global Process Chillers Market to the stakeholders in the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Process Chillers Market dynamics, structure by analyzing the market segments and project the Global Process Chillers Market size. It also gives a clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence which make the Global Process Chillers Market report the investors’ guide.
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Global Process Chillers Market1
Global Process Chillers Market, By Region
• Asia Pacific
• North America
• South America
• Middle East & Africa
Key Players Operating in the Global Process Chillers Market
• Motivair Corporation
• Drake Refrigeration Inc
• Thermal Care Inc
• Airedale Air Conditioning
• ICS Cool Energy Limited
• Filtrine Manufacturing Company
• Legacy Chiller Systems Inc
• Cooling Technology, Inc
• General Air Products, Inc.
• Carrier Global Corporation
• DAIKIN INDUSTRIES, Ltd.
• Dimplex Thermal Solutions
• Johnson Controls International plc
• Motivair Corporation
• Parker-Hannifin Corporation
• Trane Technologies Inc.
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