Chillers used for cooling applications in various industries such as plastic, chemical & petrochemical, food & beverage, rubber, and medical & pharmaceutical. In industries, chillers are used to cool machines and tools that are hot due to continuous use for hours. Chillers find widespread use in various industrial processes such as food processing, extrusion & molding, condensation of vapors, and cooling medical devices such as X-ray machines and CT scanners. The chillers market size is grow from an estimated USD 9.15 Billion in 2017 to 11.33 Billion by 2022, at a CAGR of 4.4%.
Increasing shift towards efficient energy use in industries and commercial infrastructure is expected to drive the chillers market. These aspects have encouraged companies to adopt strategies, such as new product launches, expansions, and agreements & contracts. Some of these major players are DAIKIN INDUSTRIES, Ltd. (Japan), Trane (Ireland), Carrier Corporation (US), Smardt Chiller Group Inc. (Canada), and Johnson Controls – Hitachi Air Conditioning (Japan).
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New product launches, expansions, and acquisitions were the key strategies adopted by the industry players to achieve growth in the chillers market between 2012 and 2017. Besides new product launches and expansions, companies have adopted joint ventures and supply agreements to expand their market shares and distribution networks. These strategies also accounted for a significant share of the overall growth strategies adopted by players in the chillers market between 2012 and 2017.
Most active market players in the Chillers market
DAIKIN INDUSTRIES, Ltd. (Japan) develops and manufactures scroll, screw, and centrifugal chillers for various end-use industries such as plastic, rubber, food & beverage, and chemical & petrochemical. It manufactures and supplies chillers through its Air-Conditioning and Refrigeration Equipment business segment. The company follows strategies including expansions and acquisitions to increase its global market share. For instance in 2016, the company acquired Zanotti S.p.A. (Italy), a commercial use refrigerators and freezers manufacturing company. This is expected to enable the company increase its footprint in the Italian chillers market. The company maintains a strong brand image in the chillers market due to its high-quality products.
Carrier Corporation (US) is one of the largest innovation-driven companies, which uses its unique technology to develop enhanced chillers. Through strategic developments such as expansions, the company is strengthening its position in the chillers market in emerging countries. The company follows the expansions and new product launches strategies to lead in innovation, reliability, and quality.
Apart from the above-mentioned market players, Dunham-Bush (US), Thermax Limited (India), GEA Group (Germany), BROAD Group (China), Midea Group Co. Ltd. (China), Drake Refrigeration Inc. (US), Climaveneta S.p.A. (Italy), PolyScience (US), Airedale Air Conditioning (UK), and Bluebox (Italy) are some of the other active players in the chillers market.
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