Portland,OR, May 27, 2021 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global chillers market was estimated at $10.04 billion in 2019 and is expected to hit $12.67 billion by 2028, registering a CAGR of 3.7% from 2021 to 2028. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Growth in the construction industry, rise in demand for chillers in the medical sector, and surge in consumption of frozen foods among individuals drive the growth of the global chillers market. On the other hand, rise in demand for VRF systems, high initial investment and setup costs, and fluctuations in raw material prices restrain the growth. However, technological advancements are expected to pave the way for new opportunities in the future.
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COVID-19 scenario-
- The outbreak of covid-19 led to delays in production and manufacturing of chillers across the world, thereby impacting the global chillers market negatively.
- Also, shutdown of most industrial divisions gave way to a steep decline in demand for chillers. However, the rollout of mass vaccination by several government bodies is anticipated to ameliorate the global situation and market is expected to revive soon.
The global chillers…
