The Asia Pacific Chillers Market would witness market growth of 4.2% CAGR during the forecast period (2023-2029).
Chillers regulate the temperature in various commercial buildings, including data centers, corporate offices, public buildings, healthcare facilities, educational institutions, and warehouses, during warm weather. For example, chillers are employed in data centers to reduce the heat produced in high-density enclosed rooms. The need for continuous temperature, humidity, air purity, and air movement within data centers to prevent equipment failure and downtime is anticipated to increase product acceptance in the business sector.
Modern life's hectic pace has significantly altered people's eating behaviors. Consumers are more likely to choose frozen goods due to their ease of transport and preparation. To prevent microbial penetration in food products, effective freezing activity is necessary. Process chillers have become increasingly popular in the frozen food industry; as a result, helping to drive the market's expansion.
The Indian pharmaceutical industry is the largest provider of generic medications and one of the top makers of vaccines, accounting for 20% of the supply in terms of volume. Approximately 60,000 generic brand names are available throughout 60 therapeutic areas. Chinese and pharmaceutical companies have great opportunities to work together. The country's pharmaceutical business is growing due to factors including an aging population, rising healthcare spending per person, and rising health awareness. On the other hand, 30% of all pharmaceutical sales worldwide and 15% of medicine sales in Japan are made up of biopharmaceuticals. With the flourishing pharmaceuticals industry of the region, the need for air-conditioned storage spaces and manufacturing spaces is rising. This is estimated to support the growth of the regional market.
The China market dominated the Asia Pacific Chillers Market by Country in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $1,740.5 million by 2029. The Japan market is exhibiting a CAGR of 3.6% during (2023 - 2029). Additionally, The India market would experience a CAGR of 4.9% during (2023 - 2029).
Based on Type, the market is segmented into Screw Chiller, Scroll Chiller, Centrifugal Chiller and Others. Based on End User, the market is segmented into Chemicals & Petrochemicals, Food & Beverages, Medical and Others. Based on Product Type, the market is segmented into Water Cooled Chiller and Air Cooled Chiller. Based on Power Range, the market is segmented into More than 200 kW, 50-200 kW and Less than 50 kW. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Chillers Market is Projected to reach USD 13.2 Billion by 2029, at a CAGR of 4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Carrier Global Corporation, Mitsubishi Electric Corporation, Daikin Industries, Ltd., Dimplex Thermal Solutions, Inc. (GlenDimplex), LG Electronics (LG Corporation), Johnson Controls International PLC, PolyScience (Preston Industries, Inc.), Smardt Chiller Group Inc. (Nanjing TICA Environmental Technology Co., Ltd.), Thermax Limited and Trane Technologies PLC.
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