The Asia-Pacific (APAC) chiller market is expected to reach $US4.9 billion by 2024 growing at a Compound Annual Growth Rate (CAGR) of 5.4 per cent between 2019 and 2024.
According to the latest report from ResearchAndMarkets.com, this growth is being driven by infrastructure spending and overall growth in construction and the food and beverage sectors.
China is planning to build more than 74 airports by the end of 2020, while India is predicted to build more than 100 new airports in the coming 10-15 years.
At the same time, the hotel construction pipeline in APAC accounts for 4,590 hotels with 915,469 rooms which is fuelling the demand for chillers in the hospitality industry.
Furthermore, the demand for chillers is expected to rise in Japan because of upcoming events, such as the summer Olympics in Tokyo in 2020.
The chiller market in the European Union also grew by five per cent in 2018, according to the latest figures from Eurovent Market Intelligence (EMI), the European Statistics Office for the HVACR market.
Eurovent has just published the results of its studies for 2018 sales in Europe, Middle East and Africa (EMEA).
In terms of refrigerants used, the market continues to be largely dominated by R410A and R134a.
New refrigerant blends (like R-513a) and HFOs (like R-1234ze), which have grown rapidly in comparison with 2017, still only make up one per cent of the units sold in Europe.
The VRF market reached 216,135 units sold in Europe in 2018, representing an increase of around seven per cent in comparison to 2017.
The European rooftop unit market experienced a decrease of more than 12 per cent in 2018, amounting to about 11,500 units sold in Europe.
Medium capacity units, between 17 and 120kW, represent three-quarters of sales in Europe.