The Asia Pacific Water Chillers Market would witness market growth of 3.5% CAGR during the forecast period (2023-2029).
Water chillers are increasingly used in hospitals and schools, so their ability to operate quietly is a big benefit. They also cost little for upkeep and energy. These are more effective than air conditioners because water's thermal conductivity is much higher than air. Water chillers are housed within buildings instead of air-cooled chillers, which are outside and subject to weather conditions, including snow, ice, rain, and heat. Additionally, because water chillers work on a large volume of fresh air, they do not require as frequent part replacement as air-cooled chillers.
Since they operate quietly and more efficiently than air chillers, water chillers have an edge over them. For end-users like educational institutions and hospitals, where extra noise is undesirable, the quiet functioning of water chillers is a crucial characteristic. Furthermore, people who come into contact with water chillers are safer since they employ water as a refrigerant rather than other hazardous compounds. Important elements that are anticipated to support the growth of the market include a growing world population as well as rising disposable income levels. The demand is also increasing due to expansion in urbanization and construction activity worldwide.
The food ecosystem of India is enormous because of sound financial policies, alluring financial incentives, as well as a growing food processing industry. Investment in the food processing industry has expanded due to the Government of India's Pradhan Mantri Kisan SAMPADA Yojana (PMKSY) scheme, which has received given INR 4,600 CR through March 2026. Similarly, the first half of 2022 saw a growth in the value of all food products produced in China, according to the National Bureau of Statistics of China. The market growth is being fueled by these factors.
The China market dominated the Asia Pacific Water Chillers Market by Country in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $993.7 Million by 2029. The Japan market is poised to grow at a CAGR of 2.9% during (2023 - 2029). Additionally, The India market would exhibit a CAGR of 4.1% during (2023 - 2029).
Based on Industry, the market is segmented into Chemicals & Petrochemicals, Food & Beverages, Medical, Plastics & Rubber, and Others. Based on Capacity, the market is segmented into >700 kW, 351-700 kW, 101-350 kW, and 0-100 kW. Based on System, the market is segmented into Continuous Flow, and Water Accumulation. Based on Type, the market is segmented into Screw Chiller, Scroll Chiller, Centrifugal Chiller, Absorption Chiller, Reciprocating Chiller, 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 Water Chillers Market is Projected to reach USD 7.9 Billion by 2029, at a CAGR of 3.2%
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. (Glen Dimplex Ireland), LG Electronics (LG Corporation), Johnson Controls International PLC, Gree Electric Appliances, Inc. of Zhuhai, Thermax Limited, Midea Group Co., Ltd., and Trane Technologies PLC.
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