Market Update

Water-cooled process chillers to gain traction between 2020-2029


Owing to properties such as low power consumption and excellent cooling efficiency, the demand for water-cooled process chillers is expected to gain traction in the forecast period. Process chillers are heat sensitive devices and require efficient heat active cooling, which can reduce its heat sink thermal resistance below safety limits. Cooling towers used in water cooled process chillers are compact in size, and it caters to higher cooling efficiency for end-use products. Drawbacks of using air-cooled process chillers in industries, are dust particles entering the equipment, noise and a large area, which can be completely eliminated by implementing water cooling. Owing to its financial, as well as operational advantages, water-cooled industrial chillers are expected to gain more popularity than air-cooled industrial chillers, during the forecast period.

Technological progressions to impact the process chillers market in the foreseeable future
Industry 4.0 is the proliferation of the fourth industrial revolution, which is a drift towards automation and data exchange in manufacturing technologies such as the industrial internet of things (IIOT). The continuous changing technology and increasing number of data centers across the globe are foreseen to create demand for process chillers over the forecast period. Growing preference for customized process cooling solutions among various end-use industries is forcing key manufactures to provide effective solutions based on the desired need. The selection of the right configuration of process chillers for an optimized performance output could be a perplexing process.

Intelligent process cooling is foreseen to witness a paradigm shift especially in the beverages production. Selection of the right process chiller allows the manufacturers to attain considerable operational efficiencies that contribute directly to the bottom line, while helping to improve plant safety and address the ongoing need to demonstrate environmental stewardship. The growing need for efficiencies, sustainability and safety is indirectly forcing process chillers manufacturers to increase their focus on taking the advanced approach towards the effective process cooling methods. Process chillers manufacturers are continuously focusing on bringing new solutions for enhanced and cost-effective operations based on the changing process cooling demand in various end-use sectors.

East & South Asia collectively foreseen to offer noteworthy growth potential
East & South Asia hold a significant share in the global process chillers market. An optimistic scenario of various end-use industries such as plastics is foreseen to auger well the global demand for process chiller over the forecast duration. The South Asia process chillers market is foreseen to keep a significant share in South Asia by the end of 2029 trailed by East Asia. Developments in manufacturing industries are assisting process chiller manufacturers in developing products, which can quickly aclimatises to varying cooling needs of pharmaceutical and chemical industries while providing financial feasibility. The expansion of novel products is foreseen to cause extensive acceptance of process chiller in pharmaceutical, plastics, and chemicals industries.

Fact.MR recently published a market study on the global market for process chillers. A section of the report discusses how the overall competition in the process chillers market is progressively increasing. It discusses various factors that are shaping internal, as well as external competition in the process chillers market. The market is expected to grow at a moderate pace in the near future. Moreover, rising number of industrial cooling solutions for several end-use industries and positive global economic outlook owing to the increase in the income spending by the growing population is anticipated to circuitously create healthy growth opportunities for the process chillers market.

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