According to a new market report published by Credence Research Inc “Recirculating Chillers Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023,” the recirculating chillers market was valued at US$ 1,295.0 Mn in 2015, and is expected to reach US$ 1,780.5 Mn by 2023, expanding at a CAGR of 4.1% from 2016 to 2023. The recirculating chillers market is highly driven by their superior advantages over other conventional counterparts. Using recirculating chillers enables significant cost saving as it eliminates need for water which is becoming expensive for industrial applications. The most significant factor propelling the overall recirculating chillers market is better savings and environment friendly operation offered by these products. With the rising efforts towards lowering the overall impact on the environment, many cooling equipment manufacturers across the world are exploring different alternatives for reducing water usage (since it is one of the biggest concerns impacting environment). This has led to development of various cooling techniques including cooling towers, recirculating chillers and others which are designed for lowering the amount of water for cooling purposes. With the further rising environmental concerns coupled with stringent regulations, the demand for such cooling equipment is estimated to continue witnessing robust growth in the coming years.
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As of 2015, the overall recirculating chillers market worldwide is dominated by the semiconductors segment. Due to ever rising demand for consumer electronics and other mobile devices, the overall growth of semiconductor segment is estimated remain strong throughout the forecast period. Thus, the segment is estimated to retain its dominant position in the market throughout the forecast period. The segment revenue stood at US$ 280.8 Mn in 2015 and is projected to reach US$ 390.6 Mn by 2023.
The overall recirculating chillers market is dominated by the Asia Pacific region accounted for market share of over 40% of the total market revenue generated worldwide in 2015. Europe follows Asia Pacific, in terms of revenue, in the overall recirculating chillers market. The market growth across these regions is largely governed by the huge semiconductor sector across the regions. Due to strong anticipated growth across these segments in Asia Pacific and Europe, the regions are estimated to remain dominant in the market throughout the forecast period.
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The global recirculating chillers market is highly fragmented in nature with existence of several regional as well as global players in the market. However, due to large number of players, the market has emerged highly competitive over the period of time. Thus, majority of the market players emphasize on development of innovative solutions related to the recirculating chillers. Thermo Fisher Scientific, Lyrton, SMC Corporation, Poly Science, JULABO GmbH, VWR International and Opti Temp, Inc are some major players in the global market.
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