Chillers Market Size Worth $13.99 Billion By 2027 | CAGR: 4.3%: Grand View Research, Inc.

SAN FRANCISCO, Aug. 19, 2020 /PRNewswire/ -- The global chillers marketA size is expected to reachUSD 13.99 billion by 2027, according to a new report by Grand View Research, Inc., expanding at aCAGR of 4.3% over the forecast period. Rising demand for efficient HVAC and refrigeration systems in newly constructed structures to maintain the increasing internal temperature is expected to drive the market over the forecast period.Chillers are used in various industries, including plastics, food & beverage, printing, medical, electronics, petrochemical, pharmaceutical, and power plants to provide cooling. Increasing adoption of chillers in manufacturing facilities, residential structures, hospitals, restaurants, and sporting arenas, among others is expected to positively impact the product demand.Key suggestions from the report:

The air-cooled segment is expected to witness the fastest CAGR of 4.8% from 2020 to 2027, in terms of revenue, on account of low initial and maintenance costs of these systems due to the simple construction and design

The centrifugal chillers segment is estimated to witness a CAGR of 4.0%, in terms of revenue, from 2020 to 2027, due to increasing adoption of these systems in commercial and industrial buildings for cooling medium to large loads

The medical & pharmaceutical sector accounted for a major share of the global industrial application segment in 2019, due to high product usage in CT scanners, MRI systems, blood cooling systems, electron & laser microscope, and precision laboratory applications

The product demand in Italy is estimated to reach USD 728.1 million by 2027 owing to the positive growth of retail, tourism, and manufacturing industries coupled with increasing investments in the construction industry in the country

Major industry participants are focusing on licensing agreements, new product launches, and mergers & acquisitions to obtain a competitive edge and strengthen the market position

Read 100 page research report with ToC on "Chillers Market Size, Share & Trends Analysis Report By Product (Air-cooled, Water-cooled), By Compressor Type (Screw, Centrifugal), By End-use (Industrial, Commercial), By Region, And Segment Forecasts, 2020 - 2027" at: demand for HVAC systems for cooling and dehumidifying the buildings is witnessing significant growth over the past few years on account of the rising atmospheric temperatures, attributed to global warming. Furthermore, the ability of the chillers to efficiently transfer heat from the internal environment to the external atmosphere is expected to support market growth.
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