India Chiller Market to Grow at a Steady Rate through 2025
Growing use of chillers in
solar cooling applications to drive the growth of India chiller market
According
to TechSci Research report, “India Chiller Market By Product Type (Scroll
& Reciprocating, Screw, Centrifugal, Absorption), By Heat Load (<20kW,
20-50kW, 50-100kW, 100-1000kW, Above 1000kW), By End Use (Industrial (Metal
& Mining, Pharmaceuticals, chemical & Petrochemical, Water Treatment,
Construction, Oil & Gas, Others) Commercial (Healthcare, Telecom,
Education, Government, BFSI, Retail, Others)), By Region, Competition, Forecast
& Opportunities, 2025” the India chiller market is expected to grow at a steady
CAGR during the forecast period owing to the growth in industrial sector and
rapid urbanization. Growing concerns pertaining to environment and growing
concern over energy efficiency are the key factors driving the India chiller
market. Additionally, increasing demand from various end user industries such
as food & beverage, chemical, plastic, among others is further expected to fuel
the market during the forecast years. Chillers play a pivotal role in the
plastic industry as they help in reducing the heat produced during the
manufacturing process. Furthermore, supportive government initiatives and
policies are further expected to bolster the market growth. For instance, in
2018, the Indian government stated in the draft of National Policy on
Electronics (NPE), which proposed the development of electronic manufacturing
industry in the country worth USD400 billion. However, high initial investment
can hamper the growth of market during forecast period. Additionally, adoption
of alternative methods of cooling such as variable refrigerant flow (VRF) can
restrict the growth of market during forecast period. Also, certain chemicals
used in chillers for cooling purposes are not environmentally safe thereby
negatively impacting the growth of market.
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The India chiller market is segmented based on product type, heat load, end use, region and company. Based on
product type, the market can be fragmented into scroll & reciprocating,
screw, centrifugal and absorption. The absorption chiller segment is expected
to witness significant growth during the forecast period. For cooling process,
these chillers follow the phenomenon of condensation and evaporation which
consumes lesser electricity. The energy comes from the heat generated from
solar panels or the steam produced. Additionally, these chillers have low
operational and maintenance cost. They also do not produce any kind of
vibrations while operating. Furthermore, these are eco-friendly since they do
not produce any type of toxic gases or pollutants and are energy efficient. The
centrifugal chillers segment is also expected to grow during the forecast years
on account of their extensive use in large scale cooling applications such as
airports, buildings, universities, among others. Based on end use, the market
can be bifurcated into industrial (metal & mining, pharmaceuticals,
chemical & petrochemical, water treatment, construction, plastic, oil &
gas, others) and commercial (healthcare, telecom, education, government, BFSI,
retail, others). The plastic industry is expected to dominate the market during
forecast period owing to the extensive use of chillers in plastic industry for
cooling purposes especially during the manufacturing process.
Johnson Controls India Ltd., Voltas
Limited, Daikin Airconditioning India Pvt. Ltd., Thermax Limited, Blue Star
Limited, Carrier Midea India, Mitsubishi Electric Corporation, United
Technologies Corporation, Thermal Care Inc., Multistack LLC and others and
others are some of the leading players operating in India chiller
market. The companies operating in the market are using
organic strategies such as product launches, mergers and collaborations to
boost their share.
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“India chiller market is to witness sluggish growth until
2025 owing to the steady increasing investments across various industries such
as chemical & petrochemical, plastic and food & beverage. Additionally,
increasing industrialization and presence of key players in the country further
propel the market during the forecast period. Furthermore, increasing
infrastructural activities in the country such as metro rail projects,
airports, among others is expected to positively impact the growth of market through
2025” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“India Chiller Market By Product Type (Scroll &
Reciprocating, Screw, Centrifugal, Absorption), By Heat Load (<20kW,
20-50kW, 50-100kW, 100-1000kW, Above 1000kW), By End Use (Industrial (Metal
& Mining, Pharmaceuticals, chemical & Petrochemical, Water Treatment,
Construction, Oil & Gas, Others) Commercial (Healthcare, Telecom,
Education, Government, BFSI, Retail, Others)), By Region, Competition, Forecast
& Opportunities, 2025” has
evaluated the future growth potential of India chiller market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in India chiller market.
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