The Asia Pacific Industrial Air Chiller Market would witness market growth of 4.9% CAGR during the forecast period (2022-2028).
Chillers that are air-cooled or evaporatively cooled are designed to be installed and operated externally. Ambient air is mechanically pumped directly through the device's condenser coil to release heat into the atmosphere in air-cooled machines. Evaporative cooled machines are identical to standard air-cooled machines, except that they use a mist of water to aid with condenser cooling, making them more efficient than traditional air-cooled equipment. With either of these forms of packaged evaporatively cooled or air-cooled chillers, no remote cooling tower is usually required.
Power and energy are two critical inputs for India's economic development and improvement of living standards. The government is responsible for developing conventional kinds of energy to meet society's expanding energy needs at a fair cost. There are also special programs by the Union and state governments to encourage non-conventional/alternative/new and renewable energy sources, such as solar, wind, and bio-energy, among others.
On the World Bank's Ease of Doing Business, Getting Electricity ranking, India climbed 115 ranks to 22nd (2020) from 137th (2014). Between FY19 and FY23, the Indian power sector is expected to attract investments of around $ 128.24-135.37 billion. The sector's future appears promising, as the country's installed power generation capacity is anticipated to rise 620 GW by 2026-27, with coal accounting for 38% and renewable energy accounting for 44%. Renewable Energy Sources (Wind, Solar, Hydro, and Bio Power) have expanded their electricity energy generation from 193.5 billion units in 2013-14 to 306.3 billion units in 2020-21, a 6.8% CAGR. Therefore, with the expanding utility and power industry, the growth of the regional market is anticipated to rise in the coming years.
The China market dominated the Asia Pacific Industrial Air Chiller Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $647.6 million by 2028. The Japan market is poised to grow at a CAGR of 4.2% during (2022 - 2028). Additionally, The India market would display a CAGR of 5.5% during (2022 - 2028).
Based on Function, the market is segmented into Stationary and Transport. Based on Type, the market is segmented into Screw Driven Chillers, Scroll Compressor Chillers, Reciprocating Chillers, and Centrifugal Chillers. Based on Industry, the market is segmented into Pharmaceutical, Food & Beverage, Oil & Gas, Utility & Power, and Others. 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 Industrial Air Chiller Market is Projected to reach USD 5.9 Billion by 2028, at a CAGR of 4.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Johnson Controls International PLC, Mitsubishi Electric Corporation, Daikin Industries, Ltd., Trane Technologies PLC, Carrier Global Corporation, Blue Star Limited, Airedale International Air Conditioning Ltd., HIVER Aircon Pvt. Ltd., Gem Orion Machinery Private Limited, and Jiangsu Huazhao Refrigeration Equipment CO., Ltd.
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