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According to the report, the Asia-Pacific (APAC) chiller market is expected to reach $4.9 billion by 2024, advancing at a CAGR of 5.4%

Asia-Pacific (APAC) Chiller Market by Type (Screw [Water-Cooled, Air-Cooled], Scroll [Air-Cooled, Water-Cooled], Absorption [Steam, Hot Water, Direct-Fired], Centrifugal, Reciprocating [Water-Cooled, Air-Cooled]), by End-User (Commercial [Transportation, Hospitality, Healthcare, Supermarket/Hypermarket, Offices and Buildings, Government], Industrial [Chemical, Food and Beverage, Pharmaceutical, Automotive, Energy and Utilities, Oil and Gas], Residential), by Countries (China, Japan, India, South Korea, Indonesia, Thailand, Malaysia, Sri Lanka, Bangladesh, Bhutan) Market Size, Share, Development, Growth and Demand Forecast, 2014-2024

New York, Nov. 11, 2019 (GLOBE NEWSWIRE) -- announces the release of the report "Asia-Pacific Chiller Market by Type, by End-User, by Countries Market Size, Share, Development, Growth and Demand Forecast, 2014-2024" -

According to the report, the Asia-Pacific (APAC) chiller market is expected to reach $4.9 billion by 2024, advancing at a CAGR of 5.4% during the forecast period (2019–2024). The market is progressing due to the increasing infrastructure spending and overall growth in the construction and food and beverages sectors. Furthermore, the rising number of IT hubs is boosting the growth of the market year-over-year (YoY) in the region.

Based on end user, the APAC chiller market is classified into industrial, commercial, and residential. The commercial category is further divided into hospitality, supermarkets/hypermarkets, commercial offices/buildings, transportation, government, and healthcare, of which, in 2018, the transportation division held the largest revenue share in the market followed by hospitality, and ‘others’.

On the basis of chiller type, the APAC chiller market is categorized into centrifugal, absorption, screw, scroll, and reciprocating. The absorption category is further divided into hot water, steam, and direct fired. Out of these, steam chillers are increasingly being used in the manufacturing sector, where waste heat is produced. This waste heat is used to run the vibration and noise-free steam chillers. But, hot water chillers are also becoming popular, owing to the increasing utilization of these chillers in conjunction with renewable energy sources (such as solar energy). Countries such as India are providing subsidies for the use of solar energy, which has been rapidly increasing the sales of hot water chillers in the industrial space.

Further, China and Japan are home to a large number of transportation facilities, such as airports and railway systems. Till 2018, China had 234 civil airports, while India and Japan were home to 126 and 97 airports, respectively. Furthermore, in 2017, China built more than 439 mi of metro lines, whereas in 2018 India built 137 mi of urban railway lines. China is planning to build more than 74 airports by the end of 2020, while India is predicted to build more than 100 new airports in the coming 10–15 years. Due to the rising number of metro lines along with airports being constructed, the APAC chiller market is predicted to progress steadily during the forecast period.

The hotel construction pipeline in APAC accounts for 4,590 hotels with 915,469 rooms. The increasing number of hotels can be ascribed to surging tourism activities in countries such as Japan, Thailand, India, China, Vietnam, and Indonesia. This is fueling the demand for chillers in the hospitality industry, thereby resulting in the growth of the APAC chiller market. Furthermore, the demand for chillers is expected to rise in Japan because of upcoming events, such as Summer Olympics 2020 in Tokyo. Japan is witnessing the construction of several hotels and stadiums, aimed at catering to the events to be held during the Olympics and the large number of people expected to arrive from across the world.

Asia-Pacific Chiller Market Segmentation
Market Segmentation by Chiller Type
• Screw
- Water-Cooled
- Air-Cooled

• Scroll
- Water-Cooled
- Air-Cooled

• Absorption
- Steam
- Hot Water
- Direct-Fired

• Centrifugal

• Reciprocating
- Water-Cooled
- Air-Cooled

Market Segmentation by End-User
• Commercial
- Transportation
- Hospitality
- Healthcare
- Supermarket/Hypermarket
- Offices and buildings
- Government
- Others

• Industrial
- Chemical
- Food and Beverage
- Pharmaceutical
- Automotive
- Energy and Utilities
- Oil and Gas
- Others

• Residential

Market Segmentation by Country
• China
• Japan
• India
• South Korea
• Indonesia
• Thailand
• Malaysia
• Sri Lanka
• Bangladesh
• Bhutan
• Rest of APAC
Read the full report:

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