HVAC chillers play a crucial role in maintaining the required temperature of any space, machinery or equipment.
PUNE, MAHARASHTRA, INDIA, February 14, 2022 /EINPresswire.com/ – HVAC Chiller Market Forecast to 2028 – Impact of COVID-19 and Global Analysis – By Technology (Air-Cooled, Water-Cooled and Steam-Cooled), type (process chillers, scroll chillers, screw chillers, centrifugal chillers and absorption chillers) and application (commercial, industrial and residential)
Global HVAC Chiller Market is expected to grow from USD 9,425.53 Million in 2021 to USD 12,878.92 Million by 2028; it is estimated to grow at a CAGR of 4.56% between 2021 and 2028.
Improving economic conditions across the world, coupled with urbanization, has resulted in the growth of the industrial sector. There has been an increase in the construction of medical centers, shopping malls, resorts, hotels, commercial buildings, and manufacturing facilities, which propels the demand for HVAC chillers. Urbanization has changed people’s way of life and increased the inclination towards safety and security. Technological developments along with changes in governmental and organizational regulations for temperature control are contributing to the growth of the HVAC chiller market.
In 2018, healthcare spending as a percentage of GDP in Japan was around 11%. Japan’s health expenditure as a percentage of GDP fell from 7.7% in 2004 to 11% in 2018 at an average annual rate of 2.69%. Thus, the demand for chillers required in the medical sector is expected to increase further. Urbanization and population growth in European countries are driving chillers market growth in this region. According to United Nations reports, urbanization in Europe is expected to increase by around 83.7% by 2050. According to the EEA, 75% of the EU population prefers to stay in urban areas. Rising disposable income, temperature issues, and expenditure on comfort and luxury are some of the factors driving the growth of the global HVAC chiller market.
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A few major players operating in the global HVAC coolers market are LG Electronics; Mitsubishi Electric Corporation; Carrier Global Corporation; DAIKIN INDUSTRIES, Ltd. ; Thermal Care, Inc.; Trane; Kaltra; SKM air conditioning; Johnson Controls, Inc.; and AIREDALE INTERNATIONAL AIR CONDITIONING LTD.
The HVAC chiller market is segmented on the basis of technology, type, application, and geography. Based on technology, the market is segmented into air-cooled, water-cooled, and steam-heated. The air-cooled segment accounted for the largest share of the overall market in 2020. In terms of type, the HVAC chiller market is segmented into process chillers, scroll chillers, screw chillers, centrifugal chillers and absorption chillers. In 2020, the screw chiller segment accounted for the substantial share of the market. Based on application, the market is segmented into commercial, industrial, and residential. The industrial segment accounted for the largest share of the overall market in 2020. Geographically, the market is broadly segmented into North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South America (SAM) . In 2020, North America accounted for the major share of the global market.
Asia-Pacific includes most of the highly populated countries in the world, such as China, India, and Japan, which has resulted in severe impact of the COVID-19 pandemic on these countries. Additionally, the temporary shutdown of industrial facilities has disrupted industrial and commercial operations due to reduced demand caused by the pandemic. Additionally, the pandemic has also raised concerns about reduced investment in the commercial and industrial construction sector in Asian countries, such as India, Japan, and South Korea, and other countries around the world. ‘South East Asia. For example, Daikin Industries Ltd., a Japan-based company, is one of the top vendors in this market in 2020 according to the research study. The company announced that it experienced a decline of nearly 2.2% in revenue for fiscal 2020 compared to fiscal 2019. However, the Asia-Pacific market saw a decline of 5 .9% on an annual basis compared to its previous fiscal year 2019. Additionally, the Asia Pacific region is expected to regain and exceed its 2019 values by the end of fiscal year 2022, according to the research study .
COVID-19 analysis on this market @ https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00014967/
Impact of COVID-19 Pandemic on North America HVAC Chillers Market
The COVID-19 pandemic affected almost every industry in the world in fiscal year 2020 due to the containment measures imposed by various countries, which disrupted the supply chain of different industries and generated demand gap and supply in different industries. However, the HVAC chiller market is expected to regain growth by Q2 2022, according to the research study.
The overall HVAC chiller market size has been derived using primary and secondary sources. To begin the research process, extensive secondary research was conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves to get an overview and forecast of the HVAC Chiller market for all segments. It also provides an overview and forecast for the market based on all the segmentation provided with respect to five major regions: North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Additionally, primary interviews were conducted with industry participants and commentators to validate the data and gain more analytical insights on the topic. Participants in this process include industry experts such as vice presidents, business development managers, market intelligence managers and national sales managers, as well as external consultants such as evaluation, research analysts and key opinion leaders, specializing in the HVAC Coolers market.
The Insight Partners is a one-stop provider of actionable intelligence industry research. We help our clients find solutions to their research needs through our syndicated research and advisory services. We specialize in industries such as Semiconductors and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Health IT, Manufacturing and Construction, Medical Devices , technology, media and telecommunications, chemicals and materials.
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