The global process chillers market is projected to register a moderate expansion over the forecast period during 2019 to 2029.
[UKPRwire, Thu Oct 03 2019] Global sales of process chillers reached over ~320,000 units in 2018, as disclosed by the new research study by Fact.MR. According to the analysis report, the process chillers market is foreseen to grow by ~4.5% YoY in 2019, primarily influenced by the demand in process cooling in plastics and food & beverages industry in the global landscape.
According to the study report, growing emphasis on better price to performance ratio even for the higher capacity applications in various end-use sectors is expected to contribute to the pace-up of the process chillers market by the end of 2029. Growth in plastics and food & beverages industry along with product innovations from the manufacturers’ side, is foreseen to boost the demand for process chillers in 2019 and beyond.
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Growing Demand for Process Cooling in Various End-use Industries to Create Noteworthy Opportunities
According to the study, the present development trend of the process chillers market has conspicuously affected the rising number of various end-use industries such as plastics & processed food industries and the rising demand for efficient industrial process cooling across the globe. End users of process chillers are under constant pressure to reduce operational costs, maintain quality and increase productivity. This pressure reaches up to the value chain, wherein manufacturers of process chillers are constantly engaged in R&D to accommodate consumer demand. Increasing demands for efficient industrial chillers of process cooling technology, brings advancement and innovation in various end-use applications.
Likewise, process chillers applications by product types are expected to grow significantly during the forecast period attributed to the expanding preferences for customized cooling solutions among various end-use industries. Rising demand for superior process chillers for large scale industrial cooling applications over conventional cooling processes across the industries has made lucrative opportunities for process chillers in past couple of years.
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East Asia is Acquiring a Prominent Market Share
The study also found that the East Asian region had grasped more than 32% market share in the global process chillers market in 2018, and this share is foreseen to grow by a considerable rate, affecting the East Asia market to create an incremental opportunity of over US$ 2.5 Bn by the end of 2029. On the other hand, South Asia is anticipated to showcase above average opportunities for the growth of the process chillers market in 2019 and beyond. The process chillers market in the region is expected to benefit from various factors, such as rapid urbanization and industrialization, leading to increasing process manufacturing activities and manufacturers in these countries. This is expected to bolster the demand for process cooling, which in turn increases the demand for process chillers for various end-use industries.
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Prominent Process Chillers Manufacturers to Make Significant Investments in Asian Countries
Increasing demand for efficient process chillers in emerging end-use industries and across countries in East Asia and South Asia regions, respectively, is driving prominent manufacturers to tactically enter the emerging market with an aim to target untapped opportunities in these regions. Manufacturers in mature markets, such as North America and Europe, are targeting emerging markets in order to gain more profitability by increasing their sales. Key market players in the process chillers market are focusing on product development and collaboration. Vendors in the process chillers market are focusing on cost-effective production of process chillers and bringing innovation to industrial cooling methods to meet the changing industrial requirements.
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This study underlines the key future prospects in the process chillers market and finds that the market would grow by witnessing a value CAGR of ~5.2% over the forecast duration.
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