Liquid Chiller Market – Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2027

Liquid chillers are refrigeration devices that are used to cool the raw material in the machine, fluid streams and equipment. These liquid chillers are majorly used for industrial applications; however, they are also utilized in commercial and residential applications for better performance. Liquid chillers extract heat by passing a liquid through the vapor compressor. The liquid is distributed through a process in a heat exchanger in order to reduce the temperature of the equipment.

Driving Factors:

  • The global liquid chillers market is projected to expand during the forecast period, due to rapid industrialization in emerging economies across the globe.

  • Economies of countries such as China India, Indonesia, South Korea, and Brazil have grown exponentially and have contributed in the industrial segment.

  • These liquid chillers can be kept in a closed space, which gives additional advantage to save space as compared to air chillers

  • Rise in the number of hotels and restaurants is fueling the demand for the liquid chillers product and expected to boost the global market in the forecast period.

  • Industry standards and various regulations have prompted manufacturers to develop cost-effective, energy-saving long lifespan chillers. For instance, new IoT-powered liquid chillers have been developed, which enable the user to visualize data by a customized dashboard.

  • Liquid chillers are majorly utilized in the production of plastic products. They are extensively used to rapidly cool hot plastics that are injected, extruded, stamped, or blown.

  • Rise in demand for frozen food due to modern and changed lifestyle has increased the demand for liquid chillers. Preference for frozen food has increased among consumers, as compared to that for traditional way of cooking, which consumes more time to prepare the meal.

  • Liquid chillers are energy-efficient, sustainable technology, which are durable, efficient, and possess a low environmental impact. They operate quietly due to absence of the ducts and vents and are safer due to the absence of toxic chemicals. These advantages are anticipated to boost the global liquid chillers market during the forecast period.

Market Segmentation:

  • The global liquid chillers market can be segmented based on product, type, application, end-user, and region.

  • In terms of product, the global liquid chillers market can be classified into shell and tube type chiller and shell and coil type chiller. In the shell and tube type chiller, the refrigerant flows through the tubes and the liquid to be chilled flows in the shell. While in the shell and coil type chiller, the refrigerant flows through the coils and the liquid to be chilled flows through the shell.

  • Based on type, the market can be classified into water cooled, air cooled, portable, and split systems.

  • In terms of application, the global liquid chillers market can be categorized into automotive, chemical & petrochemical, food & beverage, medical & pharmaceutical, oil & gas, plastic, and others (power generation, rubber, and steel industry).

  • In terms of end-user, the market can be categorized into industrial, residential, and commercial.

  • Based on region, the market can be divided into North America (U.S, Canada, and Rest Of North America), Europe (U.K, Germany, France, Italy and Rest Of Europe), Asia Pacific (India, Japan, China, and Rest Of Asia Pacific), Middle East & Africa (GCC, South Africa and Rest Of Middle East & Africa) and South America (Brazil and Rest Of South America)

Competitive Landscape:

Key players operating in the global liquid chillers market are Advantage Engineering, Inc., Bemco Inc., Berg Chilling Systems Inc., BV Thermal Systems, Cooling Technology Inc., Fluid Chillers, Inc., G&D Chillers, Koolance, Inc., Mokon, Thermonics Corporation and others are planning to enter into the market.

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