International News
GLOBAL CHILLER DEMAND
TO GROW
G
lobal sales of process chillers reached over 320 000 units in
2018, according to a new research study by Fact MR.
The process-chillers market is expected to grow by 4.5%
year-on-year in 2019, primarily influenced by the demand
in process cooling in the plastics and food and beverages
industry globally.
According to a study conducted by market-intelligence
company Fact.MR, growing emphasis on better price-to-
performance ratio, even for the higher capacity applications in
various end-use sectors, is expected to contribute to the pace-up
of the process-chillers market by the end of 2029. Growth in
plastics and food and beverages industry, along with product
innovations from the manufacturers side, is expected to boost the
demand for process chillers.
OPENING DOORS
The present development trend of the process chillers market
has conspicuously affected the rising number of various end-use
industries such as plastics and processed food and the rising
demand for efficient industrial process cooling across the globe,
the study states. End users of process chillers are under constant
pressure to reduce operational costs, maintain quality and
increase productivity. This pressure reaches up to the value chain,
wherein manufacturers of process chillers are constantly engaged
in research and development to accommodate consumer
demand. Increasing demands for efficient industrial chillers of
process cooling technology brings advancement and innovation
in various end-use applications.
Likewise, process-chillers applications by product types
are expected to grow significantly during the forecast period
attributed to the expanding preferences for customised cooling
solutions among various end-use industries. Rising demand
for superior process chillers for large scale industrial cooling
applications over conventional cooling processes across the
industries has made lucrative opportunities for process chillers in
the past couple of years.
ASIAN MARKET SHARE
The study also found that the East Asian region had grasped
more than 32% market share in the global process chillers
market in 2018, and this share is expected to grow by a
considerable rate, affecting the East Asia market to create an
incremental opportunity of over USD2.5-billion (R37-trillion) by
www.hvacronline.co.za
the end of 2029. On the other hand, South Asia is anticipated
to showcase above average opportunities for the growth of the
process chillers market in 2019 and beyond.
The process chillers market in the region is expected to
benefit from various factors, such as rapid urbanisation and
industrialisation, leading to increasing process manufacturing
activities and manufacturers in these countries. This is expected
to bolster the demand for process cooling, which in turn increases
the demand for process chillers for various end-use industries.
Asian markets
have seen (and
will continue
to see) positive
results in the
process chiller
market.
INVESTING IN ASIA
Increasing demand for efficient process chillers in emerging
end-use industries and across countries in East Asia and South
Asia regions, respectively, is driving prominent manufacturers
to tactically enter the emerging market with an aim to target
untapped opportunities in these regions. Manufacturers in
mature markets, such as North America and Europe, are targeting
emerging markets in order to gain more profitability by increasing
their sales. Key market players in the process chillers market are
focusing on product development and collaboration. Vendors
in the process chillers market are focusing on cost-effective
production of process chillers and bringing innovation to industrial
cooling methods to meet the changing industrial requirements.
This study underlines the key prospects in the process chillers
market and finds that the market would grow by witnessing a
value compound annual growth rate (CAGR) of 5.2% over the
forecast duration. RACA
RACA Journal I January 2020
17