The Asia Pacific industrial chillers market size is expected to reach US$ 2.16 billion by 2031 from US$ 1.22 billion in 2023. The market is estimated to record a CAGR of 7.4% during 2023–2031. The integration of advanced technologies with industrial chillers is likely to bring new key market trends in the coming years.
Asia Pacific Industrial Chillers Market Analysis
The expansion of the metalworking industry, the launch of new recycled plastic plants, and the surge in demand for industrial chillers in the growing chemical industry are acting as the drivers of the Asia Pacific industrial chillers market. Also, supply chain disruption restrains the growth of the market. Further, government investment to support the manufacturing industry’s growth and government focus on energy-efficient technologies are likely to create opportunities for the expansion of the market during the forecast period. Moreover, the integration of advanced technologies with industrial chillers is likely to set a future trend for the market.
Asia Pacific Industrial Chillers Market Overview
Industrial chillers are used to dissipate the heat generated from several industrial processes that can cause fire and affect the machine and equipment due to friction. These chillers cool viscous liquids such as chemicals and water used in various industries, including pharmaceuticals, food & beverages, industrial manufacturing, automotive, metalworking, plastic production, food production, and petrochemicals, among others. These conventional systems differ from HVAC chillers on various factors, including water circuitry and component integration. For example, plastic processing and recycled plastic processing plants conduct several processes, such as grinding, casting, and molding, that generate excessive heat. Industrial chillers help remove heat from these processes and increase the longevity of the types of machinery used.
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Asia Pacific Industrial Chillers Market: Strategic Insights
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Asia Pacific Industrial Chillers Market Drivers and Opportunities
Expansion of Metalworking Industry to Favor Market
The metalworking industry is the process of forming and shaping the metals to create required structures, tools, equipment, and objects for automotive, food & beverages, oil & gas, and other industries. Large-scale projects involving oil rigs, ships, and bridges, as well as small components, including engines, require metalworking. Various techniques, such as cutting, welding, casting, and molding, are used to develop the desired structure of the metal. These techniques or processes can be carried out efficiently at a constant required temperature. Industrial chillers are used to enhance product quality during metalworking processes. If the heat is not dissipated properly, the quality of the finished products gets adversely affected. For example, for spot welding, resistance electrodes are used for welding a joint, where an industrial chiller prevents the electrodes from undergoing premature burnout. In the die-casting process, an industrial chiller is used to cool the basin/mold into which the molten metal can be poured by extracting the heat from the liquid.
Owing to growing industrialization in Asia Pacific, manufacturers across various industries—such as automotive, aerospace, food & beverages, etc.—use metalworking machines. For example, according to the China Machine Tool & Tool Builders’ Association (CMTBA), new orders for metalworking machines grew by 3.9% year over year from January 2024 to May 2024. The rise in sales of metalworking machines indicates the use of equipment such as industrial chillers that maintain the optimal machine temperature and performance and dissipate the heat generated during the various metalworking techniques such as casting, grinding, welding, and others. In addition, Asia Pacific is focused on establishing manufacturing plants that require metalworking machines. For example, in November 2022, Kennametal India Limited (KIL), a subsidiary of Kennametal Inc., launched its new metal cutting insert manufacturing facility on its Bengaluru site. Overall, the rise in sales of metalworking machines and the new launch of manufacturing plants indicates the growth in the metalworking industry in Asia Pacific. Thus, the expansion of the metalworking industry fuels the Asia Pacific industrial chillers market growth.
Government Investment to Support Growth in Manufacturing Industry
In Asia Pacific, there are many developing nations, such as China, India, Myanmar, Nepal, Fiji, Hong Kong, Maldives, Malaysia, and Sri Lanka, which hold vast potential for growth in the manufacturing industry. The government authorities in the region are engaged in introducing several initiatives, investments, strategies, and policies that can drive the manufacturing industry. A few of these authorities include the Chinese government’s Made in China 2025, Malaysia’s Industry4wrd National Policy On Industry 4.0, India's initiatives such as the National Manufacturing Policy, and several other measures taken by governments of different countries in the region. Similarly, as per the India Brand Equity Foundation (IBEF), in July 2024, the Government of India’s initiative National Manufacturing Policy aims to boost the share of the manufacturing industry in the country’s GDP to 25% by 2025. The government is planning to offer incentives of up to US$ 2.2 billion to spur local manufacturing in six new sectors, including chemicals and shipping containers, among others. The New Industrial Master Plan (NIMP) 2030, introduced by the Malaysian government in September 2023, proposed changes to investment incentives for foreign companies that create opportunities for domestic companies. According to UNCTAD, the provincial Government of Guangdong announced a new policy to attract FDI, offering rewards of up to US$ 21 million to eligible foreign investment enterprises. This will benefit the manufacturing and high-tech service enterprises in the country. Manufacturing plants produce heat in several processes that require a cooling agent to achieve efficient manufacturing operations. Therefore, government investments to support growth in the manufacturing industry, including automotive, medical equipment, food & beverages, aerospace, and shipbuilding, among others, are likely to create a huge opportunity for the Asia Pacific industrial chillers market during the forecast period.
Asia Pacific Industrial Chillers Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Asia Pacific industrial chillers market analysis are chiller type, process, and application.
- Based on chiller type, the industrial chiller market is divided into water cooled chillers and air cooled chillers. The water cooled chillers segment held a larger share of the market in 2023.
- In terms of process, the industrial chiller market is bifurcated into continuous flow chillers and immersion chillers. The continuous flow chillers segment dominated the market in 2023.
- Based on application, the industrial chiller market is segmented into food & beverage processing, medical equipment, industrial manufacturing, and others. The industrial manufacturing segment held the largest share of the market in 2023.
Asia Pacific Industrial Chillers Market Share Analysis by Country
The Asia Pacific industrial chillers market is segmented into China, Japan, South Korea, Australia, Indonesia, and the Rest of Asia Pacific.
According to Atradius, in April 2024, the GDP growth of Asia Pacific is expected to exceed 2.4% worldwide. Major sectors, including transportation, food, ICT, and chemicals, are expected to witness growth in the coming years. Asia Pacific’s chemical output is likely to increase by 5.2% in 2024, compared to 3% worldwide. Furthermore, the chemical output is expected to increase by 6.2% in China, 5.8% in Thailand, 4.8% in Indonesia, and 4.2% in India. Thus, the presence of a robust chemical sector in the region is one of the major factors driving the demand for industrial chillers for efficient chemical production and processing. In addition, various market players are constructing new chemical plants in the region, further generating the demand for industrial chillers to dissipate the heat from chemical processing.
Asia Pacific Industrial Chillers Market Report Scope
Asia Pacific Industrial Chillers Market News and Recent Developments
The Asia Pacific industrial chillers market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Asia Pacific industrial chillers market are listed below:
- Panasonic Corporation announced that its Cold Chain Solutions Company (hereinafter referred to as Panasonic) has signed an agreement with Cooling Solutions S.L. to purchase all the shares of its subsidiary Area Cooling Solutions Sp. z o.o. , a Polish refrigeration equipment manufacturer. (Source: Panasonic Corporation, Press Release, July 2024)
- TEYU Water Chiller Maker unveiled the CWUP-20ANP, an ultrafast laser chiller that sets a new benchmark for temperature control precision. With an industry-leading ±0.08degree stability, the CWUP-20ANP surpasses the limitations of previous models, demonstrating TEYU's unwavering dedication to innovation. (Source: TEYU, Press Release, July 2024)
Asia Pacific Industrial Chillers Market Report Coverage and Deliverables
The "Asia Pacific Industrial Chillers Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:
- Asia Pacific industrial chillers market size and forecast at country levels for all the key market segments covered under the scope
- Asia Pacific industrial chillers market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Asia Pacific industrial chillers market analysis covering key market trends, regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Asia Pacific industrial chillers market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The rise in sales of metalworking machines and the new launch of manufacturing plants indicates the growth in the metalworking industry in Asia Pacific. Thus, the expansion of the metalworking industry fuels the Asia Pacific industrial chillers market growth.
The APAC industrial chillers market was estimated to be valued at US$ 1.22 billion in 2023 and is anticipated to grow at a CAGR of 7.4% over the forecast period.
The key players operating in the APAC industrial chillers market include Dimplex Thermal Solutions; Blue Star Ltd; Panasonic Holdings Corp; Johnson Controls International Plc; Mitsubishi Heavy Industries Ltd; Sanhe Tongfei Refrigeration Co., Ltd.; Guangzhou Teyu Electromechanical Co., Ltd; Shenzhen Envicool Technology Co., Ltd.; Wuhan Hanli Refrigeration Technology Co.,Ltd.; WERNER FINLEY PRIVATE LIMITED; Advance Cooling Systems Pvt. Ltd.; Prasad GWK Cooltech Pvt. Ltd.; Reynold India Private Limited; and Nu-Vu Conair Pvt. Ltd.
China is anticipated to grow at the fastest CAGR over the forecast period.
The APAC industrial chillers market is expected to reach US$ 2.16 billion by 2031.
Integration of advanced technologies with industrial chillers is expected to drive the growth of the APAC industrial chillers market in the coming years.
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.1 Developing base number:
3.2.2 Data Triangulation:
3.2.3 Country level data:
4. Asia Pacific Industrial Chillers Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 List of Vendors in the Value Chain
5. Asia Pacific Industrial Chillers Market – Key Market Dynamics
5.1 Asia Pacific Industrial Chillers Market – Key Market Dynamics
5.2 Market Drivers
5.2.1 Expansion of Metalworking Industry
5.2.2 Launch of New Recycled Plastic Plants
5.2.3 Surge in Demand for Industrial Chillers in Growing Chemical Industry
5.3 Market Restraints
5.3.1 Supply Chain Disruption
5.4 Market Opportunities
5.4.1 Government Investment to Support Growth in Manufacturing Industry
5.4.2 Government Focus on Energy-Efficient Technologies
5.5 Market Trends
5.5.1 Integration of Advanced Technologies with Industrial Chillers
5.6 Impact of Drivers and Restraints:
6. Asia Pacific Industrial Chillers Market –Market Analysis
6.1 Asia Pacific Industrial Chillers Market Revenue (US$ Million), 2021–2031
6.2 Asia Pacific Industrial Chillers Market Forecast Analysis
7. Asia Pacific Industrial Chillers Market Analysis – by Chillers Type
7.1 Water Cooled Chillers
7.1.1 Overview
7.1.2 Water Cooled Chillers: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
7.2 Air Cooled Chillers
7.2.1 Overview
7.2.2 Air Cooled Chillers: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
8. Asia Pacific Industrial Chillers Market Analysis – by Process
8.1 Continuous Flow Chillers
8.1.1 Overview
8.1.2 Continuous Flow Chillers: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Immersion Chillers
8.2.1 Overview
8.2.2 Immersion Chillers: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
9. Asia Pacific Industrial Chillers Market Analysis – by Application
9.1 Industrial Manufacturing
9.1.1 Overview
9.1.2 Industrial Manufacturing: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031 ( US$ Million)
9.1.3 Machine Tool
9.1.3.1 Overview
9.1.3.2 Machine Tool: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
9.1.4 Laser Systems
9.1.4.1 Overview
9.1.4.2 Laser Systems: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
9.1.5 Others
9.1.5.1 Overview
9.1.5.2 Others: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
9.2 Food and Beverage Processing
9.2.1 Overview
9.2.2 Food and Beverage Processing: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
9.3 Medical Equipment
9.3.1 Overview
9.3.2 Medical Equipment: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
9.4 Others
9.4.1 Overview
9.4.2 Others: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
10. Asia Pacific Industrial Chillers Market – Country Analysis
10.1 Asia Pacific Industrial Chillers Market – Country Analysis
10.1.1 Asia Pacific: Asia Pacific Industrial Chillers Market – Revenue and Forecast Analysis – by Country
10.1.1.1 Asia Pacific: Asia Pacific Industrial Chillers Market – Revenue and Forecast Analysis – by Country
10.1.1.2 China: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.2.1 China: Asia Pacific Industrial Chillers Market Breakdown, by Chillers Type
10.1.1.2.2 China: Asia Pacific Industrial Chillers Market Breakdown, by Process
10.1.1.2.3 China: Asia Pacific Industrial Chillers Market Breakdown, by Application
10.1.1.2.3.1 China: Asia Pacific Industrial Chillers Market Breakdown, by Type
10.1.1.3 Japan: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.3.1 Japan: Asia Pacific Industrial Chillers Market Breakdown, by Chillers Type
10.1.1.3.2 Japan: Asia Pacific Industrial Chillers Market Breakdown, by Process
10.1.1.3.3 Japan: Asia Pacific Industrial Chillers Market Breakdown, by Application
10.1.1.3.3.1.1 Japan: Asia Pacific Industrial Chillers Market Breakdown, by Type
10.1.1.4 India: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.4.1 India: Asia Pacific Industrial Chillers Market Breakdown, by Chillers Type
10.1.1.4.2 India: Asia Pacific Industrial Chillers Market Breakdown, by Process
10.1.1.4.3 India: Asia Pacific Industrial Chillers Market Breakdown, by Application
10.1.1.4.3.1.1 India: Asia Pacific Industrial Chillers Market Breakdown, by Type
10.1.1.5 South Korea: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.5.1 South Korea: Asia Pacific Industrial Chillers Market Breakdown, by Chillers Type
10.1.1.5.2 South Korea: Asia Pacific Industrial Chillers Market Breakdown, by Process
10.1.1.5.3 South Korea: Asia Pacific Industrial Chillers Market Breakdown, by Application
10.1.1.5.3.1 South Korea: Asia Pacific Industrial Chillers Market Breakdown, by Type
10.1.1.6 Australia: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.6.1 Australia: Asia Pacific Industrial Chillers Market Breakdown, by Chillers Type
10.1.1.6.2 Australia: Asia Pacific Industrial Chillers Market Breakdown, by Process
10.1.1.6.3 Australia: Asia Pacific Industrial Chillers Market Breakdown, by Application
10.1.1.6.3.1 Australia: Asia Pacific Industrial Chillers Market Breakdown, by Type
10.1.1.7 Indonesia: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.7.1 Indonesia: Asia Pacific Industrial Chillers Market Breakdown, by Chillers Type
10.1.1.7.2 Indonesia: Asia Pacific Industrial Chillers Market Breakdown, by Process
10.1.1.7.3 Indonesia: Asia Pacific Industrial Chillers Market Breakdown, by Application
10.1.1.7.3.1 Indonesia: Asia Pacific Industrial Chillers Market Breakdown, by Type
10.1.1.8 Rest of APAC: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.8.1 Rest of APAC: Asia Pacific Industrial Chillers Market Breakdown, by Chillers Type
10.1.1.8.2 Rest of APAC: Asia Pacific Industrial Chillers Market Breakdown, by Process
10.1.1.8.3 Rest of APAC: Asia Pacific Industrial Chillers Market Breakdown, by Application
10.1.1.8.3.1 Rest of APAC: Asia Pacific Industrial Chillers Market Breakdown, by Type
11. Competitive Landscape
11.1 Heat Map Analysis by Key Players
11.2 Company Positioning & Concentration
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Product Development
12.4 Merger and Acquisition
13. Company Profiles
13.1 Dimplex Thermal Solutions
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Blue Star Ltd
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Panasonic Holdings Corp
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Johnson Controls International Plc
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Mitsubishi Heavy Industries Ltd
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 1Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Sanhe Tongfei Refrigeration Co., Ltd.
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Guangzhou Teyu Electromechanical Co., Ltd
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Shenzhen Envicool Technology Co., Ltd.
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Wuhan Hanli Refrigeration Technology Co.,Ltd.
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 WERNER FINLEY PRIVATE LIMITED
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
13.11 Advance Cooling Systems Pvt. Ltd.
13.11.1 Key Facts
13.11.2 Business Description
13.11.3 Products and Services
13.11.4 Financial Overview
13.11.5 SWOT Analysis
13.11.6 Key Developments
13.12 Prasad GWK Cooltech Pvt. Ltd.
13.12.1 Key Facts
13.12.2 Business Description
13.12.3 Products and Services
13.12.4 Financial Overview
13.12.5 SWOT Analysis
13.12.6 Key Developments
13.13 Reynold India Private Limited
13.13.1 Key Facts
13.13.2 Business Description
13.13.3 Products and Services
13.13.4 Financial Overview
13.13.5 SWOT Analysis
13.13.6 Key Developments
13.14 Nu-Vu Conair Pvt. Ltd.
13.14.1 Key Facts
13.14.2 Business Description
13.14.3 Products and Services
13.14.4 Financial Overview
13.14.5 SWOT Analysis
13.14.6 Key Developments
14. Appendix
14.1 Word Index
14.2 About The Insight Partners
List of Tables
Table 1. Asia Pacific Industrial Chillers Market Segmentation
Table 2. List of Vendors
Table 3. Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Table 4. Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Chillers Type
Table 5. Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Process
Table 6. Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 7. Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 8. Asia Pacific: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 9. China: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Chillers Type
Table 10. China: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Process
Table 11. China: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 12. China: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 13. Japan: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Chillers Type
Table 14. Japan: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Process
Table 15. Japan: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 16. Japan: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 17. India: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Chillers Type
Table 18. India: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Process
Table 19. India: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 20. India: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 21. South Korea: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Chillers Type
Table 22. South Korea: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Process
Table 23. South Korea: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 24. South Korea: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 25. Australia: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Chillers Type
Table 26. Australia: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Process
Table 27. Australia: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 28. Australia: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 29. Indonesia: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Chillers Type
Table 30. Indonesia: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Process
Table 31. Indonesia: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 32. Indonesia: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 33. Rest of APAC: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Chillers Type
Table 34. Rest of APAC: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Process
Table 35. Rest of APAC: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 36. Rest of APAC: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 37. Company Positioning & Concentration
Table 38. List of Abbreviation
List of Figures
Figure 1. Asia Pacific Industrial Chillers Market Segmentation, by Geography
Figure 2. PEST Analysis
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. Asia Pacific Industrial Chillers Market Revenue (US$ Million), 2021–2031
Figure 5. Asia Pacific Industrial Chillers Market Share (%) – by Chillers Type (2023 and 2031)
Figure 6. Water Cooled Chillers: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 7. Air Cooled Chillers: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 8. Asia Pacific Industrial Chillers Market Share (%) – by Process (2023 and 2031)
Figure 9. Continuous Flow Chillers: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 10. Immersion Chillers: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 11. Asia Pacific Industrial Chillers Market Share (%) – by Application (2023 and 2031)
Figure 12. Industrial Manufacturing: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 13. Asia Pacific Industrial Chillers Market Share (%) – by Type (2023 and 2031)
Figure 14. Machine Tool: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 15. Laser Systems: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 16. Others: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 17. Food and Beverage Processing: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 18. Medical Equipment: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 19. Others: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 20. Asia Pacific: Asia Pacific Industrial Chillers Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 21. China: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million)
Figure 22. Japan: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million)
Figure 23. India: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million)
Figure 24. South Korea: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million)
Figure 25. Australia: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million)
Figure 26. Indonesia: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million)
Figure 27. Rest of APAC: Asia Pacific Industrial Chillers Market – Revenue and Forecast to 2031(US$ Million)
Figure 28. Heat Map Analysis by Key Players
The List of Companies - Asia Pacific Industrial Chillers Market
- Dimplex Thermal Solutions
- Blue Star Ltd
- Panasonic Holdings Corp
- Johnson Controls International Plc
- Mitsubishi Heavy Industries Ltd
- Sanhe Tongfei Refrigeration Co., Ltd.
- Guangzhou Teyu Electromechanical Co., Ltd
- Shenzhen Envicool Technology Co., Ltd.
- Wuhan Hanli Refrigeration Technology Co.,Ltd.
- WERNER FINLEY PRIVATE LIMITED
- Advance Cooling Systems Pvt. Ltd.
- Prasad GWK Cooltech Pvt. Ltd.
- Reynold India Private Limited
- Nu-Vu Conair Pvt. Ltd.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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