Due to the surge in the global temperature, on account of air pollution, the demand for chillers is expected to increase significantly in the coming years. The increasing release of greenhouse gases into the earth’s atmosphere is causing a huge surge in the absorption of infrared energy released from the surface, by the atmosphere, which is, in turn, increasing the overall temperature.
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According to the National Aeronautics and Space Administration (NASA), the global average temperature increased by 0.90 °Celsius from the 1951–1980 period to 2017. Powered by the above-mentioned factors, the global chiller market generated revenue of $7.1 billion in 2018, and it is expected to attain a value of $9.5 billion by 2024. The market is also predicted to advance at a CAGR of 4.9% during the forecast period (2019–2024).
Chillers are widely used in various residential, commercial, and industrial settings for cooling purposes. Amongst these, commercial spaces recorded the highest use of chillers in 2018, which was mainly due to the rising construction activities in the transportation and hospitality sectors. The increasing demand for cooling equipment in various industrial applications is another factor boosting the need for chillers across the world. In industries, chillers are primarily used for the controlled cooling of factory machinery and products.
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In addition to this, these devices are also used in chemical processing, pharmaceutical formulation, food and beverage processing, paper and cement processing, welding, power supplies, X-ray diffraction, and power stations. The increasing construction activities across the globe, on account of the rising infrastructural development projects and upcoming sporting events, are the other major factors pushing the demand for chillers throughout the world.
