Methanol Chillers Dominate the Market with Long-Term Efficiency, Revolutionising Cooling Solutions. Methanol Chillers Market to Register a CAGR of 6.4% through 2033.
Rockville, May 24, 2023 (GLOBE NEWSWIRE) — It is anticipated that the methanol chillers industry may increase from US$ 1.77 billion in 2023 to US$ 3.3 billion by 2033. Between 2023 and 2033, the global methanol chillers market is anticipated to expand at a 6.4% CAGR. Methanol chillers are employed in a variety of settings, including industrial operations, office buildings, data centres, and refrigeration systems.
The increasing demand for energy-efficient cooling solutions is the primary factor fueling the market expansion of methanol chillers. Methanol chillers have several benefits over conventional cooling systems, including less energy use, cheaper operating costs, and less environmental impact. The demand for energy-efficient cooling options like methanol chillers increases as sustainability becomes a big issue for businesses and governments.
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The growing demand for environment-friendly and energy-efficient cooling solutions is helping to boost the methanol chillers market. The demand for effective cooling in data centres and factors like governmental regulations and the switch to environment-friendly refrigerants fuel methanol chillers market expansion. If methanol chillers are to be used widely, cost-related issues may need to be resolved.
Understanding the Influential Factors that Impact Financial Markets
Environmental Laws and Energy Efficiency
Globally, governments and regulatory agencies are enforcing strong laws regarding environmental effects and energy efficiency. Methanol has zero ozone depletion potential (ODP) and a low global warming potential (GWP) than typical refrigerants, making it a great alternative for chillers. They become regulated-compliant and environment-friendly as a result.
Expanded Industrialization
The demand for cooling systems, especially methanol chillers, is anticipated to rise as industrialisation spreads across a variety of industries. To sustain ideal operating conditions, sectors like chemicals, pharmaceuticals, and data centres need effective cooling systems.
Growing Interest in Sustainable Solutions
Many industries are looking for energy-efficient and environment-friendly cooling solutions as the focus on sustainability increases. Methanol chillers can be a good substitute because they use less energy than traditional chillers and perform better for the environment.
Concerns about Safety
Methanol is a poisonous and highly flammable chemical. Its handling and storage necessitate stringent safety procedures. Methanol’s inherent dangers may deter some potential customers from using methanol chillers, particularly in businesses with stringent safety rules or those concerned about potential accidents or leakage.
Limited Knowledge
Methanol chillers may not be widely adopted or used since many consumers and end users may not be aware of their advantages and benefits. Lack of knowledge can also result in a small consumer base and poor methanol chillers market expansion.
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Key Takeaways
- Between 2023 and 2033, the absorption chiller segment has been expanding by product type.
- Small capacity methanol chillers in the methanol chillers market might be popular for home and small business use.
- While methanol chillers with medium and large capacities can be popular for commercial and industrial applications that need great chilling capacities.
- From 2023 to 2033, Asia Pacific region is anticipated to continue to dominate the methanol chillers market.
- The end-use sector for pharmaceuticals is regarded as one of the leading and most significant industries in the methanol chillers market.
Competitive Landscape
In comparison to other categories of refrigeration equipment, the methanol chiller industry is relatively uncompetitive. The methanol chillers business is moderately competitive; a few major manufacturers dominate the sector, but some small competitors are providing cutting-edge solutions to take on big businesses.
A small number of significant methanol chillers manufacturers —including Johnson Controls, Inc., Mitsubishi Electric Corporation, and Daikin Industries, Ltd.—dominate the market. These methanol chillers manufacturers dominate their respective markets and are recognized as industry leaders.
Latest Strategies:
- The Rochester Institute of Technology in Dubai is powered by a partnership between Johnson Controls and the Dubai Silicon Oasis Authority.
Johnson Control has announced a partnership with the Rochester Institute of Technology – Dubai (RIT Dubai), the integrated free zone technology park, Dubai Silicon Oasis Authority (DSOA), and Dubai Silicon Oasis (DSO), the region’s first smart, healthy, and sustainable new campus.
- Daikin Invests in Terawatt Technology to Speed Up Battery Materials Application Development
A new company called TeraWatt Technology conducts research and development on the next generation of high-energy-density lithium-ion batteries. The company wants to boost load capacity and flight time for drone deliveries, increase the range of electric automobiles, and adapt its batteries to new uses like eVTOL (electric vertical take-off and landing aircraft). To create applications and improve its battery technologies for lithium-ion battery materials, Daikin has been working with TeraWatt Technology.
Key Companies Profiled
- Johnson Controls Inc.
- Carrier Corporation
- Trane Technologies
- Daikin Industries Ltd.
- Mitsubishi Electric Corporation
- Blue Star Limited
- York (Johnson Controls)
- Climaveneta (Mitsubishi Electric)
- McQuay International
- Thermax Limited
Regional Outlook
Asia Pacific’s methanol chillers market is significantly industrialising and urbanising, with China, Japan, and India leading the way. This development is boosting the need for cooling systems across several industries, which opens up huge prospects for the methanol chiller market. Methanol chillers are becoming popular as a result of rising environmental concerns and the demand for energy-efficient solutions.
Methanol chillers are mostly sold in the United States and Canada in North America. There is a sizable need for cooling systems in the area and a well-established industrial sector. Methanol chillers are becoming popular as a result of strict environmental restrictions, an increased focus on sustainability and energy efficiency, and both.
Nations in Europe have been aggressively pushing environment-friendly and energy-efficient technologies. Due to their minimal influence on the environment, methanol chillers can be thought of as an alternative to conventional refrigerants. Europe’s methanol chillers market is anticipated to expand due to strict environmental restrictions and a focus on sustainable solutions.
Key Segments
By Product Type:
- Absorption Methanol Chillers
- Compression Methanol Chillers
By Capacity:
- Small Capacity Methanol Chillers
- Medium Capacity Methanol Chillers
- Large Capacity Methanol Chillers
By End-Use Industry:
- Chemical and Petrochemical Industry
- Food and Beverage Industry
- Pharmaceuticals Industry
- HVAC and Refrigeration Industry
- Data Centers
By Sales Channel:
- Direct Sales
- Indirect Sales
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Key Questions Covered in the Methanol Chillers Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Methanol Chillers sales grow until 2033?
- Which are the factors hampering the Methanol Chillers demand?
- Which region will spearhead the growth in the global industry by 2033?
- Which are the factors driving sales in the Methanol Chillers Market during the forecast period?
Check out more related studies published by Fact.MR Research:
Chillers Market Forecast: In 2022, the global chillers market forecasts a valuation of US$ 4.2 billion and is expected to reach US$ 5.5 billion by the end of 2032. Global sales of chillers are predicted to rise at a CAGR of 2.8% from 2022 to 2032.
Process Chillers Market Share: East Asia is expected to hold the most dominant global process chillers market share. An optimistic scenario of various end-use industries such as plastics is foreseen to auger well the global demand for process chiller over the forecast duration.
Portable Chiller Market Size: The global portable chiller market size is expected to grow at a significant CAGR due to an increasing demand from various end-use industries for ultra-low and low temperature as well as process cooling.
Centrifugal Chiller Market Revenue: The centrifugal chiller market revenue is predicted to grow at 3.4% CAGR during the forecast period. The centrifugal chiller market has high growth potential due to the adoption of technologies such as oil-free magnetic bearing technology with high-efficiency heat exchangers.
Reciprocating Chiller Demand: Global reciprocating chillers demand is anticipated to witness significant growth in 2021. Historical data from 2016 to 2020 and estimates for 2021 to 2031 are included in the reciprocating chiller industry study report.
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