LOS ANGELES, June 28, 2019 /PRNewswire/ -- The global process chillers market is predicted to rise at a healthy CAGR during the forecast period. There are various factors responsible for the global market growth. Increasing need to build new data centers due to the growing use of advanced shared computing processors and cloud computing services is expected to push the demand for process chillers. Manufacturers are anticipated to benefit from the rising focus on environmental sustainability, need for environmental control systems, and demand for process chillers in the medical industry.
In June 2019, Naval Hospital Bremerton (NHB) inaugurated a new chiller plant to reduce cooling demand, efficiently regulate cooling, decrease costs, and gain other benefits. According to NHB's engineering manager, the new chiller plant is considered to be a primary source of environmental control systems. Furthermore, it features a smart control system that can be integrated with Naval Base Kitsap's control center for cyber security intrusion notifications and sharing data.
Gradual Substitution of Conventional Chillers to Increase Sales of Process Chillers
The global process chillers market is foretold to gain from increasing number of studies conducted to examine the practicality of the use of water as a substitute to other refrigerants. Using water for refrigeration can protect process chillers manufacturers from changes in government regulatory standards, enhance efficiency, and cut down operational expenses. Introduction of innovative products with long-term viability, economic operation, impressive performance, and ability to cater to changing cooling needs of different industries is forecast to strengthen the growth of the global market.
Steady shift toward the adoption of carbon dioxide-based or ammonia-based refrigeration from that of traditional refrigeration because of critical advantages such as lower global warming potential and greater energy efficiency is prophesied to create profit-making opportunities in the global process chillers market.
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Key Findings of Market Analysts
Adoption of carbon dioxide-based and ammonia-based chillers to bode well for the global process chillers market
High production of processed food to increase demand for process chillers in the food and beverage industry
Increasing growth of end-use industries to push demand for different types of process chillers
Rising penetration of e-commerce in the food and beverage industry to reflect positively on the global process chillers market
Companies to Ensure Regulatory Compliance of Compressors and Refrigerants
Manufacturers are foretold to launch new products with innovative features to attract more number of consumers in future. Companies are anticipated to keep a close eye on any updates or changes in the European Ecodesign Directive to make their compressor technologies compliant. Furthermore, vendors are foreseen to ensure that their refrigerants have zero to minimum global warming potential. The report includes competitive analysis of key players such as Blue Star, Carrier Corporation, Trane Inc., Daikin Industries, MTA USA, Motivair Corporation, Advantage Engineering Inc., Cooling Technology, Inc., Johnson Control International, GEA Group AG, and Aqua Cooling Solutions Limited.
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Players to Increase Presence in International Markets to Expand Business
Manufacturers are expected to introduce innovative features in their products to reduce their maintenance cost and ensure their easier operation. In June 2019, Carrier Corporation added its Touch Pilot control system and built-in connectivity for monitoring fixed refrigerant leak to upgrade its AquaSnap 30RBMP-30RQMP chiller range. Companies are also anticipated to build new facilities internationally for expanding their business. In April 2019, Blue Star launched its first state-of-the-art flagship showroom and a new office in Dubai.
Analysts expect players to enter into tactical partnerships to support their presence in regional markets. In June 2019, a new OEM supply sales agreement was signed between Trane and STULZ USA. It is anticipated to expand and cement the positions of both the companies in the North America market.
By Product
- Compact
- Centralized
By End User
- Plastic
- Food and Beverage
- Healthcare
- Printing
- Energy
- Chemical
- Mechanical
- Others
The authors of the report have provided detailed analysis of two important product segments, viz. compact and centralized. According to researchers, the demand for these two products is expected to improve on the back of the aggressive rise of the energy, printing, pharmaceuticals, chemical, and construction industries. Among end users, food and beverage is foreseen to take hold of a significant share of the global process chillers market. This could be due to the high demand for refrigeration in the industry and increasing production of processed food.
Analysts predict South Asia to show faster growth in the global process chillers market while riding on the increasing demand in the plastics, food, and pharmaceutical industries. On the other hand, East Asia is forecast to collect a substantial share of the global market because of the high demand for processed food and growing penetration of e-commerce in the food and beverage industry.
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