The chiller market is predominantly driven by a rising number of construction projects coupled with the growing demand for cooling equipment in industrial applications.
New York, United States – December 3, 2019 —
As the global population and economy continue to grow, the demand for high-end construction projects as well as affordable ones is rising. The construction sector considers projects ranging from residential buildings and commercial buildings to public spaces and transport facilities, such as railway stations and airports.
The global construction sector stood at $10.5 trillion in 2017, and is predicted to grow to $12.8 trillion by 2022. There are many such construction projects, which are in the pipeline. In Chicago, U.S., about 42 high-rise projects are under-construction, as of 2019.
These machines generate chilled water, which is then used for cooling purposes. The chiller market is predicted to advance at a 4.9% CAGR during the forecast period (2019–2024), as predicted in a P&S Intelligence study. Chillers are of the following type: reciprocating, absorption, centrifugal, scroll, and screw. In 2018, the highest demand was for the screw type chillers, which are more efficient than centrifugal chillers; they work by a positive displacement compression technique.
Further, the tourism sector is witnessing growth, which is resulting in the development of better airports across the world. One such example is of China, which plans to build around 136 new airports by 2025 in the country. Such commercial spaces and residential projects require a centralized cooling system, for which chillers are used. These are compressor-based machines, which via an absorption-refrigeration or vapor compression cycle, remove heat from a liquid for cooling large facilities.
Chillers make use of different types of refrigerants, which generally harm the environment. Therefore, methods are being devised to achieve optimum cooling without damaging the environment. The R32 refrigerant is being increasingly used in the chiller market due to its remarkable operational efficiency.
When compared to other refrigerants, such as R410A and R22, the R32 type refrigerants have an extremely low global warming potential (GWP) and reduce the greenhouse gases emission in the atmosphere. This refrigerant conveys heat efficiently and helps in reducing about 10% energy consumption compared to the R22 type.
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In addition to the abovementioned factors, R32 chillers are equipped with a significantly higher volumetric cooling capacity than other refrigerant types, which results in their enhanced efficiency.
Inverter-controlled chillers are becoming the new thing in the market with the rising demand for energy efficient cooling systems. Compared to the conventional AC systems, the inverter technology in chillers is highly efficient.
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Organization: P&S Intelligence
This news is published on Reuters.