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The Scroll & Absorption Chillers Market Witnessed Numerous New Product Launches between 2012 And 2016
Scroll & absorption chillers are emerging as among the most promising standards which are used to control the temperature of commercial and industrial equipment and protect the same from overheating. According to the MarketsandMarkets forecast, the scroll & absorption chillers market is expected to grow from USD 5.26 Billion in 2015 to USD 7.13 Billion by 2022, at a CAGR of 4.1% between 2016 and 2022. This growth is attributed to factors such as the rising need for low-cost commercial scroll chillers, growing real estate market in APAC countries, and savings on electricity costs.
The key players in the scroll & absorption chillers market include Daikin Industries, Ltd. (Japan), Johnson Controls Inc. (U.S.), Thermax, Ltd. (India), Trane, Inc. (Ireland), Carrier Corporation (U.S.), Broad Air Conditioning Co., Ltd. (China), Century Corporation (South Korea), Yazaki Energy Systems, Inc. (U.S.), Shuangliang Eco-Energy Systems Co., Ltd. (China), Hitachi Appliances, Inc. (Japan), and MIDEA Group Co., Ltd. (China). These players adopted strategies such as new product launches, partnerships, and mergers & acquisitions to achieve growth in the global scroll & absorption chillers market.
The scroll & absorption chillers market witnessed numerous new product launches between 2012 and 2016. Carrier Corporation (U.S.), Johnson Controls Inc. (U.S.), Thermax, Ltd. (India), and Trane, Inc. (Ireland) are some of the key players that adopted this strategy to grow in the scroll & absorption chillers market. These key players have also adopted the strategy of new product launches to increase their geographical presence and expand their product portfolio in the untapped markets.
Johnson Controls Inc. (U.S.) introduced a series of chillers products to cater to the Taiwanese market, following a joint venture with Hitachi Ltd. This collaboration brought more product options that helped Taiwanese building owners to meet the demand for more energy-efficient building technologies in keeping with the current local energy savings regulation.
Carrier Corporation (U.S.) introduced the AquaSnap 30 RAP chiller that includes variable speed technology, which further increases the energy efficiency and delivers quieter operation.
Trane, Inc. (Ireland) introduced the first air-cooled scroll chillers in its portfolio Trane AquaTrine, designed for top-grade apartments, luxury villas, office buildings, small restaurants, retail stores, and hotels. The company also expanded the series of Cold Generator scroll water chillers to form a broad portfolio of optimized solutions and to meet the comfort and process cooling needs. These chillers are easy to install and provide efficient performance and flexibility to cater to a wide range of new and existing facilities.
Thermax, Ltd. (India) launched Quantech air-cooled scroll chillers QTC2 and QTC3 of 15 tons having inbuilt variable speed drives. This development enabled the company to extend its scroll chillers product portfolio.
Scroll & Absorption Chillers Market by Product (Scroll Chiller & Absorption Chiller), Capacity (<100 kW, 101 kW–300 kW, 301 kW–700 kW, & >701 kW), Vertical, and Geography - Global Forecast to 2022
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