The global chiller market is predicted to generate a revenue of $9. 5 billion by 2024, advancing at a 4. 9% CAGR during the forecast period. This is attributed to the expanding construction industry and the increasing use of cooling equipment in industrial applications.

New York, Nov. 04, 2019 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Chiller Market" - https://www.reportlinker.com/p05796691/?utm_source=GNW
The growing adoption of smart connected devices is being witnessed as one of the key trends in the market. This is leading manufacturers to deploy connected solutions in chillers, providing remote monitoring and precautionary maintenance.

Smart connected chillers are equipped with cloud-based analysis and remote monitoring tools that help service providers collect the data from devices, analyze it, and then inform customers about it, so that they can go for equipment maintenance or upgrades, which can lower unplanned repairing costs and enhance the operational efficiency of the chiller. On the basis of type, the chiller market is categorized into screw, scroll, absorption, centrifugal, and reciprocating.

Among these, the screw category is expected to exhibit the fastest growth in the market during the forecast period. Places such as small factories, hospitals, hotels, and retail stores are increasingly installing water-cooled screw chillers, as these are cost-effective as well as eco-friendly. These chillers are majorly used for large applications that need cooling with a capacity of more than 200 tons. Usually, water cooling is adopted for large cooling applications owing to its high heat dissipation ability, amounting to faster cooling, higher efficiency, and larger tonnage capacity.

In the global chiller market, chemicals, pharmaceuticals and food & beverages sectors generate the highest demand. The increasing demand for energy-efficient cooling systems, such as chillers, around the world is expected to create opportunities for the inverter-controlled chiller sector during the forecast period. Inverter technology in chillers offers various benefits, including lower electricity bills, quick cooling, stable temperature, longer lifespan, and no sound disturbance. In off-peak seasons, when the temperature of the cooling water is low, the partial load efficiency of such chillers is better.

Due to these benefits, the heavy consumption of inverter-controlled chillers is predicted to generate huge opportunities in the chiller market. In addition, the speedy construction of new games villages and stadiums are predicted to escalate the sale of chillers during the forecast period. For instance, in Qatar, due to the extreme weather conditions, football stadiums are rapidly being installed with air conditioners. These air-conditioned stadiums would use heavy-duty and high-end chillers to stabilize the temperature and provide a comfortable environment for the audience.

Thus, various upcoming sports events and the expanding infrastructure sector are expected to boost the chiller market growth during the forecast period. Johnson Controls International PLC, Ingersoll-Rand PLC, Samsung Electronics Co. Ltd., United Technologies Corporation, Gree Electric Appliances Inc. of Zhuhai, S.K.M Air Conditioning LLC, Daikin Industries Ltd., Zamil Air Conditioners, Mitsubishi Electric Corporation, Thermax Limited, Petra Engineering Industries Co, and Danfoss A/S are some of the key players in the market.
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