According to the latest report, titled “Asia Pacific Chillers Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast’ the India facility management market is expected to exhibit a Huge CAGR during the Forecast Period. The Asia Pacific Chillers Market is projected to grow from USD 4.98 billion in 2020 to USD 6.69 billion in 2027 at a CAGR of 4.3% in the 2020-2027 period.
This COVID-19 analysis of the report includes COVID-19 IMPACT on the production and, demand, supply chain. This report provides a detailed historical analysis of the global Asia Pacific Chillers Market by region/country and subsectors. The report covers the revenue, sales volume, price, historical growth, and future perspectives in the Asia Pacific Chillers Market.
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A few top players in the industry are–
- Johnson Controls International (Cork, Ireland)
- Trane (Dublin, Ireland)
- Carrier (Florida, United States)
- Mitsubishi Electric Corporation (Tokyo, Japan)
- Daikin Airconditioning India Pvt. Ltd. (Osaka, Japan)
- Smardt Chiller Group (Quebec, Canada)
- Multistack LLC (Wisconsin, United States)
- Thermax Limited (Maharashtra, India)
- Thermal Care Inc. (Illinois, United States)
- Midea Group (Foshan, China)
The report gives a precise view of the future perspective and present market demands. The report also includes facts and statistics, tables & figures referred to in this report for strategic planning which leads to the success of the organizations. In this market report, the market share that various manufacturers hold in the global Asia Pacific Chillers Market and the market concentration is described in the report.
On the basis of Geography, the Global Asia Pacific Chillers Market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). North America is expected to hold a considerable share in the global Asia Pacific Chillers Market. Due to increasing investment for research and development process and adoption of solutions in the region whereas Asia-Pacific is expected to grow at a faster pace during the forecasted period.
The growing number of Asia Pacific Chillers Market players across regions is expected to drive market growth further. Moreover, increasing investments by prominent vendors in product capabilities and business expansion is expected to fuel the market during the study period. Many market players are finding lucrative opportunities in emerging economies like China and India, where the large populations are coupled with new innovations in numerous industries.
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Reduced HVAC Investments to Impact Asia Pacific Chillers Segment Growth
The pandemic has led to suspended industrial activities due to the lockdown announced by the government agencies. Major supply chain disruption, halted manufacturing activities, and limited workforce availability has led to a significant economic downturn across all sectors. The HVAC sector has seen reduced investment owing to the volatile nature of the market amidst the novel coronavirus. This is expected to affect market growth to some extent in the near future.
Chillers are extensively adopted to provide a continuous flow of coolant for several residential and commercial applications. They aid in removing heat from a liquid through the vapor-compression method. Furthermore, they consist of four basic components such as a compressor, an expansion unit, an evaporator, and a condenser. The Asia Pacific chillers segment is witnessing a massive demand from the food and beverage sector.
An overview of the Asia Pacific Chillers Market’s regional outlook:
The market is divided into five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa (MEA). North America is further subdivided into countries such as the United States and Canada. The Europe region is further divided into the United Kingdom, France, Germany, Italy, Spain, Russia, and the Rest of Europe. China, Japan, South Korea, India, Australia, South East Asia, and the rest of Asia Pacific are subdivided into Asia Pacific. The Latin America region is separated into Brazil, Mexico, and the rest of Latin America, whereas the MEA region is divided into GCC, Turkey, South Africa, and the rest of MEA.
Rising Food & Beverage Sector to Accelerate Growth
The rising food and beverage sector present a lucrative opportunity for the growth of the Asia Pacific chiller segment. This is due to the increasing number of hotels and restaurants that is driving the demand for chillers in the region. For instance, according to the data by the Hospitality Net, there are about 1,511 hotel brands out of which 650 are international, and 861 are domestic, present in Asia. The increasing focus on building green construction is propelling the demand for energy-efficient chillers that aid in optimizing energy consumption and have the least ozone depletion potential is expected to favor the Asia Pacific chillers market growth during the forecast period.
Medical Segment Held 27.6% Market Share in 2019
Based on application, the medical segment held an Asia Pacific Chillers Market share of about 27.6% in 2019 and is expected to showcase considerable growth due to the growing demand for stabilized temperature for storing medicinal products.
- What is the driving factor for the growth of the Asia Pacific Chillers Market?
- How will the COVID-19 pandemic impact the demand and consumption of the Asia Pacific Chillers Market?
- What is the major application area of the Asia Pacific Chillers Market?
- Who are the Asia Pacific Chillers Market manufacturers across the globe?
- Which geographical location is dominant in the Asia Pacific Chillers Market?
- Which are the top industry players in the Asia Pacific Chillers Market?
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