Chillers Market: Global Industry Analysis And Forecast (2022-2029)

Chillers Market size was valued at US$ 3.9 Bn. in 2021 and the total Chillers revenue is expected to grow by 3.2% from 2022 to 2029, reaching nearly US$ 5.02 Bn.

Chillers Market Overview:

A chiller is a broad name for a device that regulates temperature by circulating a liquid e.g. water or a heat medium as a cooling liquid, the temperature of which is controlled by the coolant cycle. It is used as an air conditioner in buildings and industries, as well as controlling the temperature of different industrial gadgets and laboratory equipment, and apparatus It is known as a "chiller" since it is frequently used for chilling.It is widely used as a suitable device to cool heat generating components and air conditioning systems e.g. laser processing devices and high-frequency heating devices at a consistent temperature, solving different cooling difficulties and increasing energy efficiency. Chillers Market To know about the Research Methodology :- Request Free Sample Report The report explores the Chillers market's segments (Product, Compressor Type, End-Use, and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). It provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2020. The report investigates the Chillers market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Chillers market's contemporary competitive scenario.

Chillers Market Dynamics:

A major driver of market growth is that for industrial purposes, there is an increasing demand for process cooling. The increase in per capita income has resulted in increased demand for luxury and leisure items e.g. refrigerators and air conditioners throughout the world. Another major driver in the market is the booming food and healthcare sectors. Aspects such as the growing population and increased consumption of frozen meals all contribute considerably to the growth of the market. Process cooling is widely utilized in the food and beverage sector for pasteurization and food processing procedures that create a lot of heat. Chillers are utilized in these procedures to keep the equipment cool and prevent it from overheating.Chillers are being used in the medical and pharmaceutical industries to decrease the temperature of X-Ray equipment, CAT scans, and laser therapy processes that require process cooling. All of these reasons contribute to the chillers market growth. A major restraint in the market growth is that industrial chillers have a high startup cost. Industrial chillers are significantly more expensive than typical chiller systems. Facility operators should consider start-up cost, operational cost, and energy savings when determining the operational expenses of an industrialized chillers system. Industrial chillers have a greater initial development cost than residential chillers for equal capacity installations. Moreover, while establishing chiller systems, owners do not consider operational costs, leading them to purchase less expensive HVAC equipment. This is the primary reason why small-scale businesses prefer cost-effective alternatives with low initial setup expenses. Additionally, the long-term advantages of industrial chillers are not well communicated to companies, suppressing demand for chillers and limiting the market growth. A complicated criterion for chiller selection for various applications is a major challenge in the market growth. When choosing a chiller, it is critical to align the chiller's functionality, performance, and characteristics with the equipment's usage circumstances and state. If businesses ignorethis matching process, the chiller may not operate properly when it is turned on, and it is also plausible that the apparatus will be cooled and the chiller itself will create difficulties. In addition to issues with the predefined temperature and amount of heat to be frozen, the lifting altitude of the pipework that links the cooled components and chiller may change due to the average thickness, length, and structure of the piping, making choosing the chiller type more difficult than it is with other appliances. To appropriately pick a chiller, the temperature of the flowing water has to be measured, and then, based on the installation location, it has to be determined whether it is air-cooled or water-cooled. Companies can pick a chiller after establishing the cooling efficiency of the apparatus and the capacity of the pump. It is critical to choose a product while also checking the usage circumstances with these processes.

Chillers Market Segment Analysis:

By Product, the water-cooled segment is expected to grow at a CAGR of 6.6% during the forecast period.Because of their extended life span and higher efficiency as compared to air-cooled apparatus for big cooling loads inside the structures, water-cooled machinery is always equipped to guarantee that the components deteriorate slowly. Water-cooled chillers are often utilized for higher capacity applications and utilize water from exterior cooling systems. These coolers remove heat from a condenser's gaseous coolant before it is converted into a fluid. Water-cooled cooling systems are heat exchangers that provide cooling water to remove heat from the coolant to cool structures, process fluids, and equipment. The air-cooled segment is expected to grow at a CAGR of 5.6% during the forecast period. Because of the cheap cost of these items due to the system's smaller number of components these coolers take up less room and may be mounted on skyscraper roofs, freeing up space within the building for additional operations. The greater noise produced by the compressors and fans of air-cooled devices, on the other hand, is likely to restrict their adoption in residential structures. Additionally, the segment growth is expected to be hampered by the need for regular replacement of the product due to equipment degradation caused by exposure to air, ice, rain, and sunlight. Chillers Market By End-Use, the commercial segment is expected to grow at a CAGR of 5.7% during the forecast period.Chillers are used to manage the temperature in commercial properties e.g. corporate offices, data centers, municipal areas, health clinics, educational establishments, and warehouses during hot weather. Chillers are used to cool the heat produced in high-density confined rooms in data centers. The necessity to maintain a consistent temperature, moisture, air purity, and air circulation within data centers to minimize downtime and system failure is anticipated to drive the commercial segment growth. Glycol chillers are used in vineyards and distilleries to keep beverages at the proper temperature. These freezers circulate cooled propylene glycol through cooling systems to keep the wine and beer storage units cold. Petrochemical corporations e.g. Chevron and Exxon utilize explosion-proof chillers to control the temperature of their buildings, as do offshore petroleum rigs. Low-temperature solutions help to sustain temperatures as low as -35° F and are used for chemical cooling as well as creating ice for frozen skating rinks.

Chillers Market Regional Insights:

Due to investments in the corporate and residential building sectors, the APAC region led the market and accounted for more than 40 percent of global revenue in 2021. The growing number of data centers in the area is expected to boost chillers market growth during the forecast period. The continuous growth of the transportation infrastructure in the region is estimated to increase residential and commercial growth in the developing countries of APAC, which is expected to raise product demand throughout the forecast period. Factors such as increased tourism, rising population, and fast urbanization are driving the construction industry growth, which in turn is driving the chillers market growth. The product demand in the European food and beverage sector accounted for more than that of the region's industrial sector demand, mainly due to increased frozen food intake. Additionally, the rising demand for small and medium-power cooling devices in Southern Europe e.g. Cyprus and Turkey is expected to drive the regional product demand. Chillers Market The objective of the report is to present a comprehensive analysis of theChillers market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding theChillers market dynamics, and structure by analyzing the market segments and projecting theChillers market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Chillers market make the report investor’s guide.

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Global Chillers Market
Report Coverage Details
Base Year: 2021 Forecast Period: 2022-2029
Historical Data: 2017 to 2021 Market Size in 2021: US $ 3.9 Bn.
Forecast Period 2022 to 2029 CAGR: 3.2 % Market Size in 2029: US $ 5.02 Bn.
Segments Covered: by Product • Water-Cooled • Air-Cooled
by Compressor Type • Screw Chillers • Centrifugal Chillers • Absorption Chillers • Scroll Chillers • Reciprocating Chillers
by End-Use • Commercial • Residential • Industrial

Chillers Market, by Region

• North America • Europe • Asia Pacific • Middle East and Africa • South America

Chillers Market Key Players

Trane • Cold Shot Chillers • Tandem Chillers • Drake Refrigeration, Inc. • Refra • Carrier • FRIGEL FIRENZE S.p.A. • Midea • Rite-Temp • Multistack, LLC. • Daikin Industries, Ltd. • General Air Products • ClimaCool Corp. • Johnson Controls • Fluid Chillers, Inc. FAQs: 1. Which is the potential market forChillers in terms of the region? Ans.APAC is the potential market for Chillers in terms of the region. 2. What are the opportunities for new market entrants? Ans.A complicated criterion for chiller selection for various applications is a major challenge in the market growth. 3. What is expected to drive the growth of the Chillers market in the forecast period? Ans.A major driver of market growth is that for industrial purposes, there is an increasing demand for process cooling. 4. What is the projected market size & growth rate of the Chillers Market? Ans.Chillers Market size was valued at US$ 3.9 Bn. in 2021 and the total Chillers revenue is expected to grow by 3.2% from 2022 to 2029, reaching nearly US$ 5.02 Bn. 5. What segments are covered in the Chillers Market report? Ans. The segments covered areProduct, Compressor Type, End-Use, and Region.
1. Global Chillers Market: Research Methodology 2. Global Chillers Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Chillers Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Chillers Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12 COVID-19 Impact 4. Global Chillers Market Segmentation 4.1 Global Chillers Market, by Product (2021-2029) • Water-Cooled • Air-Cooled 4.2 Global Chillers Market, by Compressor Type (2021-2029) • Screw Chillers • Centrifugal Chillers • Absorption Chillers • Scroll Chillers • Reciprocating Chillers 4.3 Global Chillers Market, by End-Use (2021-2029) • Commercial • Residential • Industrial 5. North America Chillers Market(2021-2029) 5.1 North America Chillers Market, by Product (2021-2029) • Water-Cooled • Air-Cooled 5.2 North America Chillers Market, by Compressor Type (2021-2029) • Screw Chillers • Centrifugal Chillers • Absorption Chillers • Scroll Chillers • Reciprocating Chillers 5.3 North America Chillers Market, by End-Use (2021-2029) • Commercial • Residential • Industrial 5.4 North America Chillers Market, by Country (2021-2029) • United States • Canada • Mexico 6. Europe Chillers Market (2021-2029) 6.1. European Chillers Market, by Product (2021-2029) 6.2. European Chillers Market, by Compressor Type (2021-2029) 6.3. European Chillers Market, by End-Use (2021-2029) 6.4. European Chillers Market, by Country (2021-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Chillers Market (2021-2029) 7.1. Asia Pacific Chillers Market, by Product (2021-2029) 7.2. Asia Pacific Chillers Market, by Compressor Type (2021-2029) 7.3. Asia Pacific Chillers Market, by End-Use (2021-2029) 7.4. Asia Pacific Chillers Market, by Country (2021-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Chillers Market (2021-2029) 8.1 Middle East and Africa Chillers Market, by Product (2021-2029) 8.2. Middle East and Africa Chillers Market, by Compressor Type (2021-2029) 8.3. Middle East and Africa Chillers Market, by End-Use (2021-2029) 8.4. Middle East and Africa Chillers Market, by Country (2021-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Chillers Market (2021-2029) 9.1. South America Chillers Market, by Product (2021-2029) 9.2. South America Chillers Market, by Compressor Type (2021-2029) 9.3. South America Chillers Market, by End-Use (2021-2029) 9.4 South America Chillers Market, by Country (2021-2029) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1 Trane 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2 Cold Shot Chillers 10.3 Tandem Chillers 10.4 Drake Refrigeration, Inc. 10.5 Refra 10.6 Carrier 10.7 FRIGEL FIRENZE S.p.A. 10.8 Midea 10.9 Rite-Temp 10.10 Multistack, LLC. 10.11 Daikin Industries, Ltd. 10.12 General Air Products 10.13 ClimaCool Corp. 10.14 Johnson Controls 10.15 Fluid Chillers, Inc.

About This Report

Report ID 25715
Category Automation & Process Control
Published Date July 2022
Updated Date
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