As the global population and economy continue to grow, the demand for high-end construction projects as well as affordable ones is rising. The construction sector takes into account projects ranging from residential buildings and commercial buildings to public spaces and transport facilities, such as railway stations and airports.
The global construction sector stood at $10.5 trillion in 2017, and is predicted to grow to $12.8 trillion by 2022. There are many such construction projects, which are in the pipeline. In Chicago, U.S., about 42 high-rise projects are under-construction, as of 2019.
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Further, the tourism sector is witnessing growth, which is resulting in the development of better airports across the world. One such example is of China, which plans to build around 136 new airports by 2025 in the country.
Such commercial spaces and residential projects require a centralized cooling system, for which chillers are used. These are compressor-based machines, which via an absorption-refrigeration or vapor compression cycle, remove heat from a liquid for cooling large facilities.
These machines generate chilled water, which is then used for cooling purposes. The growth of chiller market is predicted to advance at a 4.9% CAGR during the forecast period (2019–2024), as predicted in a P&S Intelligence study.
Chillers are of the following type: reciprocating, absorption, centrifugal, scroll, and screw. In 2018, the highest demand was for the screw type chillers, which are more efficient than centrifugal chillers; they work by a positive displacement compression technique.