Increasing Infrastructure Development to Drive the Global Chiller Market
The chiller market is witnessing swift growth due to the heavy requirement for cooling equipment in industrial settings, increasing global temperature, and surging construction activities. From valuing $7.1 billion in 2018, the market is expected to reach $9.5 billion by 2024, advancing at a 4.9% CAGR during the forecast period (2019–2024).
A compressor-based machine that takes away heat from liquids through an absorption–refrigeration cycle or vapor compression is referred to as a chiller. It generates chilled water, which is then mainly used to cool large facilities.
It is caused due to the increased absorption of infrared energy by the atmosphere, resulting in high temperatures. The National Aeronautics and Space Administration reported that in 2017, the average global temperature was 0.90O C higher than the average temperature during 1951–1980.
One of the major drivers for the growth of the chiller market is the increasing temperatures across the globe. The excessive use of chlorofluorocarbons and burning of fossil fuels lead to the accumulation of greenhouse gases, such as methane and carbon dioxide, in the environment, which leads to the phenomenon of global warming.
The key trend in the chiller market is the growing popularity of R32 models. R32 is a type of refrigerant, which offers enhanced operational efficiency as compared to the R22 refrigerant. R32 chillers consume about 10.0% less energy and also help in reducing greenhouse gas emissions due to their extremely low global warming potential as compared to R410A and R22 chillers.