LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global HVAC chillers market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global HVAC chillers market will grow at a CAGR of over 3% during the forecast period. The growing demand for absorption chillers across the industrial sector is a major factor driving the market’s growth.
Absorption chillers are integral components of HVAC systems. These chillers use a heat source, a refrigerant, and an absorbent for producing chilled or hot water. When compared with conventional chillers, absorption chillers offer a wide spectrum of benefits such as low noise levels, improved efficiency, and lower maintenance and operational costs.
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In this report, Technavio highlights the growing number of data centers as one of the key emerging trends in the global HVAC chillers market:
Growing number of data centers
Data centers (also referred to as server rooms or IT rooms) are a centralized hub of information, owned and operated by businesses and firms to provide reliable and uninterrupted data. Data centers are high-density enclosed spaces that generate a significant amount of heat. Due to the high sensitivity of electronic components in such facilities, the humidity levels, temperatures, air movement, and air cleanliness are required to be kept consistent and within specified limits to avoid premature equipment failures and costly downtime.
According to a senior analyst at Technavio for unit operations research, “Traditional comfort cooling systems are inefficient in removing enough heat to protect critical components. Instead, these unique areas require dedicated units with precision cooling capabilities, which makes the adoption of HVAC chillers a necessity in the data center industry. In the last few years, the number of data centers has substantially increased and is expected to continue rising over the coming years. This development augurs well for the growth of the HVAC chillers market.”
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Global HVAC chillers market segmentation
This market research report segments the global HVAC chillers market by end-user (industrial sector and commercial sector), by product (screw chillers, scroll chillers, centrifugal chillers, and other chillers), and key regions (the Americas, APAC, and EMEA).
In 2017, the screw chillers product segment dominated the global HVAC chillers market and accounted for a market share of over 35%. The screw chillers segment is expected to maintain its leading position in the overall market during the forecast period.
Based on geography, APAC accounted for a significant share of over 50% of the overall market revenue, followed by EMEA and the Americas. APAC is also expected to exhibit the maximum growth in its market share over the forecast period.
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