According to a new market report published by Credence Research Inc, the recirculating chillers market was valued at US$ 1,295.0 million in 2015 and is expected to reach US$ 1,780.5 million by 2023, increasing to CAGR by 4.1 per cent from 2016 to 2023.
The market for recirculating chillers is highly driven by its superior advantages over other conventional counterparts. The use of recirculating coolers enables significant cost savings as it eliminates the need for water, which is becoming increasingly expensive for industrial applications. Better savings and environmentally friendly operation offered by these products are the most important factor driving the overall market for recirculating chillers. With increasing efforts to reduce the overall environmental impact, many refrigeration equipment manufacturers around the world are exploring different alternatives for reducing water use (as one of the greatest environmental concerns). This has led to the development of various cooling techniques, including cooling towers, recirculating chillers and others designed to reduce the amount of water used for cooling purposes. With further increasing environmental concerns coupled with strict regulations, it is estimated that the demand for such cooling equipment will continue to grow robustly in the coming years.
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As of 2015, the global market for recirculating chillers is dominated by the segment of semiconductors. Due to the ever-increasing demand for consumer electronics and other mobile devices, the overall growth of the semiconductor segment is estimated to remain strong throughout the forecast period. As a result, the segment is estimated to retain its dominant market position throughout the forecast period. Segment revenue amounted to US$ 280.8 million in 2015 and is expected to reach US$ 390.6 million by 2023.
The global recirculating chillers market is dominated by the Asia-Pacific region, accounting for more than 40% of the total market revenue generated worldwide in 2015. In terms of revenue, Europe follows Asia-Pacific in the overall recirculating chillers market. Market growth across these regions is largely driven by the vast semiconductor sector across the regions. Due to the strong expected growth in Asia-Pacific and Europe across these segments, the regions are estimated to remain dominant in the market throughout the forecast period.
The global recirculating chillers market is highly fragmented in nature with existence of several regional as well as global players in the market. However, due to large number of players, the market has emerged highly competitive over the period of time. Thus, majority of the market players emphasize on development of innovative solutions related to the recirculating chillers. Thermo Fisher Scientific, Lyrton, SMC Corporation, Poly Science, JULABO GmbH, VWR International and Opti Temp, Inc are some major players in the global market.
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- Analytical and Laboratory
- Medical and Biotech
- Others (Printing, Plastic etc)
By Geography Segment
- North America (U.S., Rest of North America)
- Europe (U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, Japan, India, Rest of Asia Pacific)
- Rest of the World (Middle East & Africa, Latin America)
You can get the sample copy of this research by Credence Research here: https://www.credenceresearch.com/sample-request/58175Find more research reports on Technology & Media Industry, by Credence Research