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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