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report thumbnailAsia Pacific Chillers Market

Asia Pacific Chillers Market Strategic Insights: Analysis 2024 and Forecasts 2032

Asia Pacific Chillers Market, Forecast 2024-2032

Oct 17 2024
Base Year: 2023
180 Pages
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Asia Pacific Chillers Market Strategic Insights: Analysis 2024 and Forecasts 2032

Key Insights

The Asia Pacific Chillers Market size was valued at USD 4.82 USD billion in 2023 and is projected to reach USD 17.58 USD billion by 2032, exhibiting a CAGR of 20.3 % during the forecast period. A chiller is a machine that removes heat from a liquid coolant through vapor-compression, absorption refrigeration, or absorption refrigeration cycles. The liquid can then be circulated through a heat exchanger to cool equipment, or another process stream. Chillers are used in a wide range of commercial and industrial operations to cool large-scale machinery and equipment. Chillers come in two main varieties: air-cooled and water-cooled. Components that are used in the chillers are condensers, compressors, evaporators, expansion valves, power unit, control unit, water boxes. Key trends in the HVAC Chillers market include the adoption of eco-friendly refrigerants, focus on energy efficiency and smart controls, increased popularity of water-cooled chillers, growth in modular and scalable chiller systems, and the integration of heat recovery capabilities.

Asia Pacific Chillers Market Research Report - Market Size, Growth & ForecastAsia Pacific Chillers Trends

  • Growing demand for energy-efficient cooling solutions
  • Increasing adoption of chillers in various industries
  • Rising urbanization and industrialization
  • Government regulations and initiatives promoting energy efficiency

Driving Forces: What's Propelling the Asia Pacific Chillers Market

  • Rapid economic growth and industrial expansion in Asia Pacific
  • Need for reliable and efficient cooling systems in industries such as chemicals, petrochemicals, food and beverage, and pharmaceuticals
  • Increasing awareness of energy conservation and environmental sustainability
  • Government policies and incentives encouraging the adoption of energy-efficient technologies

Challenges and Restraints in Asia Pacific Chillers Market

  • High initial investment costs
  • Skilled labor shortage
  • Competition from alternative cooling technologies

Emerging Trends in Asia Pacific Chillers

  • Integration of IoT and smart technologies for remote monitoring and predictive maintenance
  • Adoption of natural refrigerants such as CO2 and ammonia
  • Development of compact and energy-saving chiller designs
  • Increasing use of chillers in data centers and renewable energy applications

Growth Catalysts in Asia Pacific Chillers Industry

Asia Pacific Chillers Market Growth

  • Government initiatives promoting energy efficiency
  • Rising awareness of environmental sustainability
  • Growing demand for reliable and efficient cooling systems
  • Increasing adoption of chillers in various industries

Market Segmentation: Asia Pacific Chillers Analysis

Type:

  • Screw
  • Scroll
  • Centrifugal
  • Others

Application:

  • Chemicals & Petrochemicals
  • Food & Beverage
  • Medical
  • Plastic
  • Rubber

Leading Players in the Asia Pacific Chillers Market

  • 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)

Significant developments in Asia Pacific Chillers Sector

  • Acquisition of Smardt Chiller Group by Enwave Energy Corporation in 2021
  • Launch of new energy-efficient chiller models by Mitsubishi Electric Corporation in 2022
  • Joint venture between Johnson Controls and Toshiba Carrier Corporation to expand chiller offerings in Asia Pacific

Comprehensive Coverage Asia Pacific Chillers Market Report

This report provides a comprehensive analysis of the Asia Pacific chillers market, covering:

  • Market overview and size
  • Key market trends and drivers
  • Challenges and restraints
  • Emerging trends and growth catalysts
  • Market segmentation and analysis
  • Competitive landscape and leading players
  • Industry developments and significant events

Regional Insight

Asia Pacific Chillers Market Regional Share

The Asia Pacific chillers market is segmented into China, Japan, India, South Korea, and Rest of Asia Pacific. China holds the largest market share, followed by Japan and India. The increasing demand for energy-efficient cooling solutions and rapid industrialization are major growth drivers in the region.

Asia Pacific Chillers Market REPORT HIGHLIGHTS

AspectsDetails
Study Period 2018-2032
Base Year 2023
Estimated Year 2024
Forecast Period2024-2032
Historical Period2018-2023
Growth RateCAGR of 20.3% from 2018-2032
Segmentation
  • By Type
    • Screw
    • Scroll
    • Centrifugal
    • and Others
  • By Application
    • Chemicals & Petrochemicals
    • Food & Beverage
    • Medical
    • Plastic
    • and Rubber
  • By Geography
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Taiwan
    • Australia
    • Rest of Asia-Pacific

Frequently Asked Questions

Table Of Content
  1. 1. Introduction
    • 1.1. Research Scope
    • 1.2. Market Segmentation
    • 1.3. Research Methodology
    • 1.4. Definitions and Assumptions
  2. 2. Executive Summary
    • 2.1. Introduction
  3. 3. Market Dynamics
    • 3.1. Introduction
      • 3.2. Market Drivers
        • 3.2.1. Rising Demand from the Automotive and Construction Sectors to Aid Market Growth
      • 3.3. Market Restrains
        • 3.3.1. Alternative Cooling Technologies to Hamper Market Growth
      • 3.4. Market Trends
        • 3.4.1. Technological Advancement in Equipment to Propel Market Growth
  4. 4. Market Factor Analysis
    • 4.1. Porters Five Forces
    • 4.2. Supply/Value Chain
    • 4.3. PESTEL analysis
    • 4.4. Market Entropy
    • 4.5. Patent/Trademark Analysis
  5. 5. Asia Pacific Chillers Market Analysis, Insights and Forecast, 2018-2030
      • 5.1. Market Analysis, Insights and Forecast - By Type
        • 5.1.1 Screw
        • 5.1.2 Scroll
        • 5.1.3 Centrifugal
        • 5.1.4 and Others
      • 5.2. Market Analysis, Insights and Forecast - By Application
        • 5.2.1 Chemicals & Petrochemicals
        • 5.2.2 Food & Beverage
        • 5.2.3 Medical
        • 5.2.4 Plastic
        • 5.2.5 and Rubber
      • 5.3. Market Analysis, Insights and Forecast - By Region
        • 5.3.1 China
        • 5.3.2 Japan
        • 5.3.3 India
        • 5.3.4 South Korea
        • 5.3.5 Taiwan
        • 5.3.6 Australia
        • 5.3.7 Rest of Asia-Pacific
  6. 6. China Asia Pacific Chillers Market Analysis, Insights and Forecast, 2018-2030
      • 6.1. Market Analysis, Insights and Forecast - By Type
        • 6.1.1 Screw
        • 6.1.2 Scroll
        • 6.1.3 Centrifugal
        • 6.1.4 and Others
      • 6.2. Market Analysis, Insights and Forecast - By Application
        • 6.2.1 Chemicals & Petrochemicals
        • 6.2.2 Food & Beverage
        • 6.2.3 Medical
        • 6.2.4 Plastic
        • 6.2.5 and Rubber
  7. 7. Japan Asia Pacific Chillers Market Analysis, Insights and Forecast, 2018-2030
      • 7.1. Market Analysis, Insights and Forecast - By Type
        • 7.1.1 Screw
        • 7.1.2 Scroll
        • 7.1.3 Centrifugal
        • 7.1.4 and Others
      • 7.2. Market Analysis, Insights and Forecast - By Application
        • 7.2.1 Chemicals & Petrochemicals
        • 7.2.2 Food & Beverage
        • 7.2.3 Medical
        • 7.2.4 Plastic
        • 7.2.5 and Rubber
  8. 8. India Asia Pacific Chillers Market Analysis, Insights and Forecast, 2018-2030
      • 8.1. Market Analysis, Insights and Forecast - By Type
        • 8.1.1 Screw
        • 8.1.2 Scroll
        • 8.1.3 Centrifugal
        • 8.1.4 and Others
      • 8.2. Market Analysis, Insights and Forecast - By Application
        • 8.2.1 Chemicals & Petrochemicals
        • 8.2.2 Food & Beverage
        • 8.2.3 Medical
        • 8.2.4 Plastic
        • 8.2.5 and Rubber
  9. 9. South Korea Asia Pacific Chillers Market Analysis, Insights and Forecast, 2018-2030
      • 9.1. Market Analysis, Insights and Forecast - By Type
        • 9.1.1 Screw
        • 9.1.2 Scroll
        • 9.1.3 Centrifugal
        • 9.1.4 and Others
      • 9.2. Market Analysis, Insights and Forecast - By Application
        • 9.2.1 Chemicals & Petrochemicals
        • 9.2.2 Food & Beverage
        • 9.2.3 Medical
        • 9.2.4 Plastic
        • 9.2.5 and Rubber
  10. 10. Taiwan Asia Pacific Chillers Market Analysis, Insights and Forecast, 2018-2030
      • 10.1. Market Analysis, Insights and Forecast - By Type
        • 10.1.1 Screw
        • 10.1.2 Scroll
        • 10.1.3 Centrifugal
        • 10.1.4 and Others
      • 10.2. Market Analysis, Insights and Forecast - By Application
        • 10.2.1 Chemicals & Petrochemicals
        • 10.2.2 Food & Beverage
        • 10.2.3 Medical
        • 10.2.4 Plastic
        • 10.2.5 and Rubber
  11. 11. Australia Asia Pacific Chillers Market Analysis, Insights and Forecast, 2018-2030
      • 11.1. Market Analysis, Insights and Forecast - By Type
        • 11.1.1 Screw
        • 11.1.2 Scroll
        • 11.1.3 Centrifugal
        • 11.1.4 and Others
      • 11.2. Market Analysis, Insights and Forecast - By Application
        • 11.2.1 Chemicals & Petrochemicals
        • 11.2.2 Food & Beverage
        • 11.2.3 Medical
        • 11.2.4 Plastic
        • 11.2.5 and Rubber
  12. 12. Rest of Asia-Pacific Asia Pacific Chillers Market Analysis, Insights and Forecast, 2018-2030
      • 12.1. Market Analysis, Insights and Forecast - By Type
        • 12.1.1 Screw
        • 12.1.2 Scroll
        • 12.1.3 Centrifugal
        • 12.1.4 and Others
      • 12.2. Market Analysis, Insights and Forecast - By Application
        • 12.2.1 Chemicals & Petrochemicals
        • 12.2.2 Food & Beverage
        • 12.2.3 Medical
        • 12.2.4 Plastic
        • 12.2.5 and Rubber
  13. 13. Competitive Analysis
    • 13.1. Market Share Analysis 2023
      • 13.2. Company Profiles
        • 13.2.1 Johnson Controls International (‎Cork Ireland‎)
          • 13.2.1.1. Overview
          • 13.2.1.2. Products
          • 13.2.1.3. SWOT Analysis
          • 13.2.1.4. Recent Developments
          • 13.2.1.5. Financials (Based on Availability)
        • 13.2.2 Trane (‎Dublin Ireland‎)
          • 13.2.2.1. Overview
          • 13.2.2.2. Products
          • 13.2.2.3. SWOT Analysis
          • 13.2.2.4. Recent Developments
          • 13.2.2.5. Financials (Based on Availability)
        • 13.2.3 Carrier (Florida United States)
          • 13.2.3.1. Overview
          • 13.2.3.2. Products
          • 13.2.3.3. SWOT Analysis
          • 13.2.3.4. Recent Developments
          • 13.2.3.5. Financials (Based on Availability)
        • 13.2.4 Mitsubishi Electric Corporation (Tokyo Japan‎)
          • 13.2.4.1. Overview
          • 13.2.4.2. Products
          • 13.2.4.3. SWOT Analysis
          • 13.2.4.4. Recent Developments
          • 13.2.4.5. Financials (Based on Availability)
        • 13.2.5 Daikin Airconditioning India Pvt. Ltd. (Osaka Japan)
          • 13.2.5.1. Overview
          • 13.2.5.2. Products
          • 13.2.5.3. SWOT Analysis
          • 13.2.5.4. Recent Developments
          • 13.2.5.5. Financials (Based on Availability)
        • 13.2.6 Smardt Chiller Group (Quebec Canada)
          • 13.2.6.1. Overview
          • 13.2.6.2. Products
          • 13.2.6.3. SWOT Analysis
          • 13.2.6.4. Recent Developments
          • 13.2.6.5. Financials (Based on Availability)
        • 13.2.7 Multistack LLC (Wisconsin United States)
          • 13.2.7.1. Overview
          • 13.2.7.2. Products
          • 13.2.7.3. SWOT Analysis
          • 13.2.7.4. Recent Developments
          • 13.2.7.5. Financials (Based on Availability)
        • 13.2.8 Thermax Limited (Maharashtra India)
          • 13.2.8.1. Overview
          • 13.2.8.2. Products
          • 13.2.8.3. SWOT Analysis
          • 13.2.8.4. Recent Developments
          • 13.2.8.5. Financials (Based on Availability)
        • 13.2.9 Thermal Care Inc. (Illinois United States)
          • 13.2.9.1. Overview
          • 13.2.9.2. Products
          • 13.2.9.3. SWOT Analysis
          • 13.2.9.4. Recent Developments
          • 13.2.9.5. Financials (Based on Availability)
        • 13.2.10 Midea Group (Foshan China)
          • 13.2.10.1. Overview
          • 13.2.10.2. Products
          • 13.2.10.3. SWOT Analysis
          • 13.2.10.4. Recent Developments
          • 13.2.10.5. Financials (Based on Availability)
List of Figures
  1. Figure 1: Asia Pacific Chillers Market Revenue Breakdown (USD billion, %) by Product 2023 & 2031
  2. Figure 2: Asia Pacific Chillers Market Value Share (%), by Type 2023 & 2031
  3. Figure 3: Asia Pacific Chillers Market Value Share (%), by Application 2023 & 2031
  4. Figure 4: Asia Pacific Chillers Market Share (%) by Company 2023
List of Tables
  1. Table 1: Asia Pacific Chillers Market Revenue USD billion Forecast, by Type 2018 & 2031
  2. Table 2: Asia Pacific Chillers Market Volume Thousand Units Forecast, by Type 2018 & 2031
  3. Table 3: Asia Pacific Chillers Market Revenue USD billion Forecast, by Application 2018 & 2031
  4. Table 4: Asia Pacific Chillers Market Volume Thousand Units Forecast, by Application 2018 & 2031
  5. Table 5: Asia Pacific Chillers Market Revenue USD billion Forecast, by Region 2018 & 2031
  6. Table 6: Asia Pacific Chillers Market Volume Thousand Units Forecast, by Region 2018 & 2031
  7. Table 7: Asia Pacific Chillers Market Revenue USD billion Forecast, by Region 2018 & 2031
  8. Table 8: Asia Pacific Chillers Market Volume Thousand Units Forecast, by Region 2018 & 2031
  9. Table 9: Asia Pacific Chillers Market Revenue USD billion Forecast, by Type 2018 & 2031
  10. Table 10: Asia Pacific Chillers Market Volume Thousand Units Forecast, by Type 2018 & 2031
  11. Table 11: Asia Pacific Chillers Market Revenue USD billion Forecast, by Application 2018 & 2031
  12. Table 12: Asia Pacific Chillers Market Volume Thousand Units Forecast, by Application 2018 & 2031
  13. Table 13: Asia Pacific Chillers Market Revenue USD billion Forecast, by Country 2018 & 2031
  14. Table 14: Asia Pacific Chillers Market Volume Thousand Units Forecast, by Country 2018 & 2031
  15. Table 15: China Asia Pacific Chillers Market Revenue (USD billion) Forecast, by Application 2018 & 2031
  16. Table 16: China Asia Pacific Chillers Market Volume (Thousand Units) Forecast, by Application 2018 & 2031
  17. Table 17: Japan Asia Pacific Chillers Market Revenue (USD billion) Forecast, by Application 2018 & 2031
  18. Table 18: Japan Asia Pacific Chillers Market Volume (Thousand Units) Forecast, by Application 2018 & 2031
  19. Table 19: India Asia Pacific Chillers Market Revenue (USD billion) Forecast, by Application 2018 & 2031
  20. Table 20: India Asia Pacific Chillers Market Volume (Thousand Units) Forecast, by Application 2018 & 2031
  21. Table 21: South Korea Asia Pacific Chillers Market Revenue (USD billion) Forecast, by Application 2018 & 2031
  22. Table 22: South Korea Asia Pacific Chillers Market Volume (Thousand Units) Forecast, by Application 2018 & 2031
  23. Table 23: Taiwan Asia Pacific Chillers Market Revenue (USD billion) Forecast, by Application 2018 & 2031
  24. Table 24: Taiwan Asia Pacific Chillers Market Volume (Thousand Units) Forecast, by Application 2018 & 2031
  25. Table 25: Australia Asia Pacific Chillers Market Revenue (USD billion) Forecast, by Application 2018 & 2031
  26. Table 26: Australia Asia Pacific Chillers Market Volume (Thousand Units) Forecast, by Application 2018 & 2031
  27. Table 27: Rest of Asia-Pacific Asia Pacific Chillers Market Revenue (USD billion) Forecast, by Application 2018 & 2031
  28. Table 28: Rest of Asia-Pacific Asia Pacific Chillers Market Volume (Thousand Units) Forecast, by Application 2018 & 2031
AspectsDetails
Study Period 2018-2032
Base Year 2023
Estimated Year 2024
Forecast Period2024-2032
Historical Period2018-2023
Growth RateCAGR of 20.3% from 2018-2032
Segmentation
  • By Type
    • Screw
    • Scroll
    • Centrifugal
    • and Others
  • By Application
    • Chemicals & Petrochemicals
    • Food & Beverage
    • Medical
    • Plastic
    • and Rubber
  • By Geography
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Taiwan
    • Australia
    • Rest of Asia-Pacific

STEP 1 - Identification of Relevant Samples Size from Population Database

Step Chart
bar chart
method chart

STEP 2 - Approaches for Defining Global Market Size (Value, Volume* & Price*)

approach chart
Top-down and bottom-up approaches are used to validate the global market size and estimate the market size for manufactures, regional segemnts, product and application.

Note* : In applicable scenarios

STEP 3 - Data Sources

Primary Research

  • Web Analytics
  • Survey Reports
  • Research Institute
  • Latest Research Reports
  • Opinion Leaders

Secondary Research

  • Annual Reports
  • White Paper
  • Latest Press Release
  • Industry Association
  • Paid Database
  • Investor Presentations
approach chart

STEP 4 - Data Triangulation

Involves using different sources of information in order to increase the validity of a study

These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.

Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.

During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence

Additionally after gathering mix and scattered data from wide range of sources, data is triangull- ated and correlated to come up with estimated figures which are further validated through primary mediums, or industry experts, opinion leader.
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