Chiller Sales Burgeoning in Asia-Pacific (APAC) due to Rapid Industrialization

Apart from the food & beverage sector, chillers also find wide application in large, enclosed public settings. From $10.5 trillion in 2017, the worldwide construction sector is expected to grow to $12.8 trillion by 2022, due to the large-scale development of office premises, residential buildings, airports, and metro lines.

For instance, 115 skyscrapers were under construction in London in 2018, and 42 were under construction in Chicago in 2019. Moreover, China and India are strongly focusing on constructing new airports and expanding the existing ones, to cater to the growing civil aviation market.

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This is why the transportation sector has been the largest buyer of chillers among all commercial application areas. In the coming years though, the demand for such systems will rise the fastest in the hospitality sector, as a commercial application area. “International tourist arrivals (overnight visitors) worldwide grew 4% in 2019 to reach 1.5 billion.”, as per the United Nations World Tourism Organization (UNWTO).

This has been boosting the construction of hotels around the world, where chillers are important for maintaining the desired temperature, especially in tropical and subtropical areas. Owing to the growing construction, food & beverage, and hospitality industries, Asia-Pacific (APAC) has been the largest chiller market in the past. Japan, China, Thailand, and Australia are popular tourist destinations; therefore, the number of hotels and resorts here is rather high.

Moreover, the IT industry is expanding in regional countries, especially India and China, which is driving the construction of data centers. The perpetually running IT components at such settings heat up quickly, therefore need proper cooling and ventilation, which is increasingly being provided with chillers. Therefore, with the growth in the manufacturing industry, especially the food & beverage sector, the sale of chillers will continue to rise.