LONDON--(BUSINESS WIRE)--The new HVAC chillers market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
Get detailed insights on the COVID-19 pandemic crisis and recovery analysis of the HVAC chillers market.
"One of the primary growth drivers for this market is the growing demand for absorption chillers across industrial sector,” says a senior analyst for the industrials industry at Technavio. The market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover, Technavio expects the HVAC chillers market size to grow by $ 2.62 bn during the period 2021-2025.
HVAC Chillers Market Segment Highlights for 2020
- The HVAC chillers market is expected to post a year-over-year growth rate of 4.11%.
- Based on the product, the screw chillers segment saw maximum growth in 2020. The screw chillers segment is expected to lead the HVAC chiller plant market in the forthcoming years due to the rising adoption of screw chillers in comparison to scroll chillers and centrifugal chillers.
- The growth of the market segment is expected to be significant during the forecast period.
- 53% of the growth will originate from the APAC region.
- The availability of labor and abundant resources is one of the prime factors that will facilitate the HVAC chillers market growth in APAC over the forecast period.
- China and Japan are the key markets for HVAC chillers in APAC. Market growth in this region will be faster than the growth of the market in Europe, North America, and South America.
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- The HVAC chillers market size is expected to accelerate at a CAGR of almost 5% during the forecast period.
- The HVAC chillers market is segmented by product (screw chillers, scroll chillers, centrifugal chillers, and other chillers), geography (APAC, Europe, North America, South America, and MEA), and End-user (industrial sector and commercial sector).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including AB Electrolux, Daikin Industries Ltd., Honeywell International Inc., Johnson Controls International Plc, LG Electronics Inc., Mitsubishi Electric Corp., Panasonic Corp., Samsung Electronics Co. Ltd., Siemens AG, and Trane Technologies Plc.
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