A number of players in the chillers industry are expanding their business and launching new products to strengthen their foothold in the global market.

WILMINGTON, DELAWARE, UNITED STATES, June 3, 2024 /EINPresswire.com/ -- Allied Market Research has released a report on the global chillers market which indicates that the market is projected to garner $14.5 billion with a noteworthy CAGR of 3.5% by 2032. The industry generated $9.8 billion in 2021. This report provides a comprehensive analysis of the market, incorporating top-quality facts and data regarding market size, share, forecast, market dynamics, segmental analysis, COVID-19 impact analysis, and competitive analysis. The research serves as a valuable tool for market leaders, investors, stakeholders, and new entrants, enabling them to thoroughly examine all aspects of a product or service and identify focus areas for achieving their business objectives.

The report includes an analysis of the various factors influencing the growth of the market. It covers the drivers, restraints, opportunities, and trends that impact the industry. The industry is gaining momentum due to the surge in consumption of frozen food, the rise in demand for chillers in the healthcare industry, and the expansion of the manufacturing industry. However, the market is facing a downturn due to high setup and initial investment costs and an increase in demand for VRF systems. Nevertheless, technological advancements in chillers are estimated to open new avenues for the market in the future.

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Prominent trends in the market

Smart chillers: The combination of the Internet of Things (IoT) and artificial intelligence technology is revolutionizing the functioning of chillers. Sensors and analytics systems enable smart chillers to forecast maintenance needs, optimize energy usage, and continuously monitor performance. This data-driven approach results in reduced downtime, lower operating costs, and improved building energy management.

Green chillers: Environmental concerns are driving a growing need for eco-friendly and energy-efficient chillers. This includes advancements in waste heat recovery systems, variable-speed drives, and natural refrigerants. Manufacturers are prioritizing the reduction of their products' carbon footprint from production to disposal.

Regional analysis

To comprehensively understand the socioeconomic, cultural, and technological factors impacting industry growth across major regions, the AMR report emphasizes regional analysis, encompassing areas such as Asia-Pacific, North America, Europe, and LAMEA. As per the regional analysis of the report, the Asia-Pacific chillers market held the highest market share in 2021 and is anticipated to maintain its dominance throughout the forecast timeframe. The chillers industry in the Asia-Pacific region is experiencing rapid growth, driven by expansion strategies implemented by both private and public entities. Moreover, the fastest-growing manufacturing industry in the region is also fueling the growth of the market.

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Leading players covered in the report

Dimplex Thermal Solutions
Smardt Chiller Group Inc.
Polyscience Inc.
Daikin Industries Ltd
Carrier Global Corporation
Johnson Controls International Plc
Thermax Ltd.
LG Electronics
TRANE Technologies Plc
Mitsubishi Electric Corporation

In summary, the chillers market report by AMR offers insights into major industry trends, forecasts, and key investment opportunities within the market. Additionally, the study provides market entry strategies to assist new entrants in devising growth strategies for the landscape. The report also highlights mergers and acquisitions, new product launches, and partnerships, enabling businesses to analyze the trajectory of the sector.

Reasons to Buy this Chillers Market Report:
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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