10.11.2020 Бизнес

Business Impacts of COVID-19 on Chiller Market | Strategies of Major Industry Competitors

The Asia-Pacific region has been dominating the chiller market during the historical period (2014–2019), and the region is further projected to exhibit the highest CAGR during the forecast period. The demand for chillers is particularly high from China, owing to the swiftly growing construction industry. In addition to this, the expanding network of data centers and growing IT sector in the region are also predicted to drive the demand for chillers.

A major driving factor of the chiller market is the growing construction industry. The global construction industry is projected to attain a value of $12.8 trillion by 2022, rising from $10.5 trillion in 2017. This can be ascribed to the increasing pipeline of residential building, office premises, metro rail construction, and airports. Chillers are extensively utilized for maintain the temperature in various facilities, which is why infrastructural development will lead to their high demand in the coming years.

The rapidly rising global temperature is a major driving factor of the chiller market. The burning of fossil fuels, such as natural gas and coal, releases greenhouse gases (GHG), such as carbon dioxide, nitrous oxide, and methane. As the demand for energy across the globe is rising, the use of fossil fuels if growing as well, in turn, leading to high GHG emissions. This is further resulting in increased temperature, thereby driving the demand for cooling equipment across various sectors.

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In conclusion, the market is being driven by the expanding construction sector and rising temperature across the globe. This market research report provides a comprehensive overview of the chiller market

Historical and the present size of the chiller market
Future potential of the market through its forecast for the period 2020– 2030
Major factors driving the market and their impact during the short, medium, and long terms
Market restraints and their impact during the short, medium, and long terms
Recent trends and evolving opportunities for the market participants
Historical and the present size of the market segments and understand their comparative future potential