The Growth of Process Chillers Market is huge. The Market study analyzes each market player encompassed in the market study as per its market share, production footprint, current launches, agreements, ongoing R&D projects, and market strategies. SWOT analysis has been performed in the market study to investigate the strengths, weaknesses, opportunities and threats of each player.
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According to a recent report by Fact.MR, the process chillers market is poised to register a steady growth during the 2018-2027 period with global sales surpassing 130,000 units in 2019. A combination of multi-pronged factors such as the burgeoning demand for food, energy, medicine and health products, construction material, and chemicals are contributing significantly to the process chillers market growth.
According to the study, end-users continue to show preference for air-cooled chiller systems over water-cooled systems. Easy installation, lower maintenance costs, and enhancements in technology supporting the efficiency of the system are fuelling air cooling chiller system sales.
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According to the study, manufacturers are continuously working on improving the efficiency of their product offerings. Introduction of variable frequency drives and novel, eco-friendly refrigerants are few of the latest trends in air-cooled chillers category, according to the study. The study opines that the factors will propel air-cooled chiller systems to over 102,000 units in 2019. The study opines that water-cooled chillers sales are also likely to remain steady, on the back of widespread application in a range of industries.
Development of Advanced Compressor Systems to Bolster Market Growth
Highlighting the innovations in the process chillers market, the report opines that production of advanced compressors is aiding in enhancing the efficiency of process chillers. Compressors play a key role in enabling end-users to alter the pressure of the refrigerant to obtain the desired temperature in a room and hence plays a vital role in the determination of the efficiency of process chillers.
For instance, Danfoss launched a new compressor named Tubocor which leverages magnetic bearing and variable speed technology to offer efficient cooling while significantly reducing CO2 emissions. Additionally, the company claims the product offers high efficiency, produces lower noise, and reduces the overall operating costs.
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The development of technology supporting performance enhancements in process chiller systems is another pervasive trend expected to bolster market growth. Production of advanced valves, pressure sensors, and heat controllers are some of the key factors influencing market growth. The launch of smart systems to optimize process chiller operations is another key factor driving demand for the cooling systems in industries.
For instance, Thermal Care launched a novel central chiller controller technology named Dynamic Lift. The technique at the core of Dynamic Lift adjusts the pressure in the condenser automatically after sensing different parameters such as outside temperature, heat load, and performance metrics of different process chiller components. The company claims the system substantially reduces the energy consumed by process chillers and optimizes its efficiency.
Absorption Chillers to Find Widespread Adoption as Energy Crisis Deepens
Intensifying demand for energy-efficient cooling systems across different industries is prompting process chiller manufacturers to consider boosting the production of absorption chillers. Absorption chillers operate on thermodynamic and chemical principle and utilize water as the refrigerant. Additionally, the heat required for absorption chiller systems to function is derived from various low-cost sources making the chiller systems efficient. The development of 2-step evaporator/absorber cycle and parallel flow design is offering a solution for manufacturers to overcome the conventional drawbacks of absorption chillers.
The Fact.MR report tracks the process chillers market for the period 2018-2027. According to the report, the process chillers market is projected to grow at 5.1% CAGR through 2027.
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Key findings of the report:
- Prominent manufacturers, raw material suppliers, equipment providers, traders, and distributors in the market.
- In-depth analysis of important market segments, market potential, impacting trends, and challenges.
- Critical examination of the strengths, weaknesses, opportunities and threats of each player.
- Extensive investigation of the effects of the growth of relevant industries.
- Accurate data regarding the future prospects of the during the forecast period.
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