At 6.2% CAGR, Asia Pacific Chillers Market is Projected to be Worth US$ 8062.57 Million by 2030, says Business Market Insights
According to Business Market Insights research, the Asia Pacific chillers market was valued at US$ 5,000.85 million in 2022 and is expected to reach US$ 8,062.57 million by 2030, registering a CAGR of 6.2% from 2022 to 2030. Rising demand from various industries and increasing number of data centers are among the critical factors attributed to the Asia Pacific chillers market expansion.
The improving economic conditions across the globe coupled with urbanization has led to the growth in the industrial sector. There has been a rise in the construction of medical centers, malls, complexes, hotels, commercial buildings, and manufacturing facilities, which propels the demand for HVAC chillers. Urbanization has changed the lifestyle of the people and increased the inclination towards safety and security. Technological developments along with the modifications in government and organizational regulations for temperature control contributes towards the growth of the Asia Pacific chillers market. In 2018, healthcare spending as a share of GDP in Japan was around 11 %. Healthcare spending as a share of GDP of Japan grew from 7.7 % in 2004 to 11 % in 2018 at an average annual rate of 2.69%. Surging disposable income, temperature concerns, and spending on comfort and luxury are a few factors that drive the growth of the Asia Pacific chillers market.
On the contrary, less efficiency in humid environment and high maintenance cost hamper the Asia Pacific chillers market.
Based on technology, the Asia Pacific chillers market is segmented into air-cooled, water-cooled, and steam-fired. The air-cooled segment held 52.1% share of Asia Pacific chillers market in 2022, amassing US$ 2,603.66 million. It is projected to garner US$ 4,020.38 million by 2030 to expand at 5.6% CAGR during 2022-2030.
In terms of type, the Asia Pacific chillers market is categorized into process chillers, scroll chillers, screw chillers, centrifugal chillers, absorption chillers, modular chillers, and reverse cycle chillers. The screw chillers segment held 40.2% share of Asia Pacific chillers market in 2022, amassing US$ 2,011.20 million. It is projected to garner US$ 3,402.14 million by 2030 to expand at 6.8% CAGR during 2022-2030.
Based on application, the Asia Pacific chillers market is segmented into industrial, commercial, and residential. The industrial segment held 50.6% share of Asia Pacific chillers market in 2022, amassing US$ 2,532.93 million. It is projected to garner US$ 3,855.09 million by 2030 to expand at 5.4% CAGR during 2022-2030.
By country, the Asia Pacific chillers market has been categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 40.1% share of Asia Pacific chillers market in 2022. It was assessed at US$ 2,004.92 million in 2022 and is likely to hit US$ 2,875.94 million by 2030, exhibiting a CAGR of 4.6% during 2022-2030.
Key players operating in the Asia Pacific chillers market are LG Electronics Inc, Mitsubishi Electric Corp, Carrier Global Corp, Daikin Industries Ltd, Thermal Care, Inc, Trane Inc, Kaltra, SKM Air Conditioning, and Airedale International Air Conditioning Ltd, among others
In Nov 2020, Daikin has agreed a joint venture with Singapore Electric Power to supply a centralized cooling system in Singapore's first smart city. Company is also believed to have signed maintenance contract for the chillers.
In Apr 2021, rapidly expanding refrigeration and air conditioning wholesaler, TF Solutions, is stocking Mitsubishi Electric products in all its branches. These products include e-series chillers, heat pumps, air handling units etc.
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