According to the research report titled ‘Global Recirculating Chillers Market Size study, by Type (Rack Mounted, Floor Mounted and Bench Top), by Temperature (-100°C to 0°C, 1°C to 100°C and 101°C to 200°C), by Application (Industrial, Laboratory, Medical and Others), and Regional Forecasts 2021-2027’, available with MarketStudyReport, global recirculating chillers market is expected to grow at a significant rate over the analysis period 2021-2027.

Growing preference for provision of thermal stability, high demand in end-use segments, and increasing innovation & launch of new products are fueling the growth of global recirculating chillers market. According to Statista, the revenue from pharmaceutical market has increased from USD 1,204.8 billion in 2018 to USD 1,265.2 billion in 2020. 
 

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For the unversed, recirculating chillers are closed-loop chillers that are primarily used for cooling equipment and machines. These chillers are deployed in a variety of industries including manufacturing, pharmaceuticals, and laboratories.
 

Moreover, technological breakthroughs and surging use of machines in end-use segments are projected to augment industry development.
 

Despite the positive outlook, high recirculating chiller costs and soaring power costs are expected to stifle growth during the forecast period.
 

Based on product type, global recirculating chillers market is categorized into benchtop, floor mounted, and rack mounted. In terms of temperature type, the industry is classified into -100°C to 0°C, 1°C to 100°C, and 101°C to 200°C. Moving on to application ambit, the business vertical is split into medical, industrial, laboratory, and others.
 

From the regional standpoint, the research literature for the market spans across Asia Pacific, North America, Europe, and Latin America. Among these, Asia Pacific market is estimated to grow at a considerable pace during the forecast period, owing to flourishing pharmaceutical and manufacturing sectors in developing countries such as India and China.
 

The competitive landscape of worldwide recirculating chillers industry is defined by companies like SP Industries, Inc., BÜCHI Labortechnik AG, Lytron Chillers (Boyd Corporation), Laird Thermal Systems, Inc., Across International, Fryka-Kältetechnik GmbH, Grant Instruments (Cambridge) Ltd., LAUDA-Brinkmann LP, Peter Huber Kältemaschinenbau AG, and Glen Dimplex Group, among others.