Industrial Chiller Market Covid-19 Impact Analysis, Size, Share to 2031
Posted by Akshay Solanki on April 22nd, 2022
Global Industrial Chillers Market is expected to reach .3 bn in 2031 growing at a CAGR of 4.1% between 2021-2031.
Industrial chillers are mostly utilized in the manufacturing industry to keep equipment and the surroundings cool. Compressors, condensers, evaporators, control units, expansion valves, and power panels are the main components of an industrial chiller. Furthermore, chillers provide air conditioning by removing undesired heat from industrial structures. The income generated by sales of chillers in end-user sectors such as chemicals, pharmaceuticals, energy, and food & beverages, among others, makes up the industrial chillers market size.
COVID-19 Impact Analysis:
Due to protracted lockdown in economies such as India, the United States, Japan, and Germany, the advent of COVID-19 has resulted in the entire or partial suspension of numerous types of manufacturing facilities that do not fall under critical products. Furthermore, the spread of COVID-19 has already had an impact on industrial chiller sales and after-sales services in 2020 and the first half of 2021, as manufacturing plants other than wastewater treatment, food and beverage, and pharmaceuticals were not permitted to resume operations during the lockdown. Several European governments, for example, set stringent restrictions on person mobility and other manufacturing activity.
Further, the sales of several major companies in the market declined in 2020 due to limitations & restriction in logistics as well as raw material supply. For instance, Daikin registered a decline in sales by nearly 9% from March 2020 to September 2020. Besides, in 2020, Emerson recorded a drop in revenue by over 8.4%.
In contrast, with the introduction of COVID-19 vaccines along with safety measures being taken by the governments globally, the number of COVID-19 cases are declining. This further led to re-initiation of manufacturing industries at its full-sized capacities, thereby, would aid the industrial chillers market to completely recover in short term.
Key Trends and Drivers:
Restraints and Challenges:
By Product Type
By Power Range
By End Industry
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About the AuthorAkshay Solanki
Joined: December 29th, 2020
Articles Posted: 475
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