Global Asia-Pacific chiller market is anticipated to reach $4.9 billion by 2024 posting a CAGR of 5.4%, during forecast period. The market has been registering substantial growth rate, majorly due to overall growth in the construction industry, increasing infrastructure spending, and surging growth in food and beverage industry.
Based on chiller type, the market is segmented into centrifugal, screw, scroll, absorption, and reciprocating; wherein absorption category is further segmented into steam, hot water and direct fired. Of these categories steam chillers are increasingly being utilized in the manufacturing industries which produces waste heat.
China and Japan accounts for large number of transportation facilities (including airports and railways). As of 2018, China had 234 civil airports, while Japan and India recorded 97 and 126 airports, respectively. Moreover, in 2017, China built over 439 mi of metro lines.
APAC chiller market is highly competitive due to the presence of large number of global and regional players. The market is led by companies such as Daikin Industries Ltd., Johnson Controls International PLC, United Technologies Corporation, Midea Group Co. Ltd., and Ingersoll-Rand plc. In APAC region, companies like Daikin Industries Ltd., major sales is estimated to have come from India, Japan, China, Australia, and Thailand.
Due to growing population, APAC is one of the fastest growing food and beverage industries worldwide. In APAC, China and India’s consumer markets are constantly evolving in terms of food and beverage industry. For instance, food and beverage industry in India is expected to increase from $369 billion in 2017 to around $1.5 trillion by 2025.
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
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