According to estimates, the value of the global construction industry will rise from $10.5 trillion in 2017 to $12.8 trillion by 2022, primarily because of the launch of residential building, metro rail, and airport construction projects around the world. For example, there were 115 under-construction high-rise buildings in London in 2018. Similarly, the number of such under-construction projects was 42 in Chicago in 2019. On the other hand, India is planning to build 100 airports over the next 15 years.

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This will be primarily because of their greater cost-effectiveness than the water-cooled variants. Across the world, the sales of chillers were observed to be the highest in the Asia-Pacific (APAC) region till 2019, and this trend will continue in the coming years as well. This is attributed to the fact that chillers are extensively used in China, on account of the country’s booming construction sector and rail network and the increasing number of office complexes and airports in the country.

The increasing global temperature, on account of the extensive burning of fossil fuels such as natural gas and coal, is the main factor responsible for the mushrooming demand for chillers across the world. The burning of these fossil fuels causes the release of various greenhouse gases (GHG) such as nitrous oxides, carbon dioxide, and methane into the atmosphere. Moreover, the increasing GHG concentration in the environment is fueling the absorption of infrared radiation by the atmosphere.

Therefore, it can be said with full confidence that the demand for chillers will soar all over the world in the future years, primarily because of the expanding construction sector and the increasing global temperature. This market research report provides a comprehensive overview of the market

* Future potential of the market through its forecast for the period 2020– 2030
* Major factors driving the market and their impact during the short, medium, and long terms
* Market restraints and their impact during the short, medium, and long terms
* Recent trends and evolving opportunities for the market participants
* Historical and the present size of the market segments and understand their comparative future potential
* Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings