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Chillers Market is Estimated to be Worth USD 3.98 billion by 2022, and it will Grow at a CAGR of 3% to Reach a Valuation of USD 4.34 billion by the year 2029 end | Data by Exactitude Consultancy

Chillers Market by Product Type (Air Cooled Chiller and Water Cooled Chiller), Power Range (50 Kw, 50 to 200 Kw, and More Than 200 Kw), and Region, Global trends and forecast from 2022 to 2029

Luton, Bedfordshire, United Kingdom, Dec. 07, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Chillers Market.

The global chiller market is expected to grow at a 3% CAGR from 2022 to 2029. From USD 3.98 billion in 2022, it is expected to exceed USD 4.34 billion by 2029.     

Chillers Market Overview

A chiller is a type of cooling system that removes heat by circulating heat-absorbing refrigerant through a series of mechanisms that release the heat. A chiller's essential components include a compressor, condenser, expansion valve, and evaporator. They collaborate to move a refrigerant that removes heat from a process, operation, or space. There are several different types of chillers, each with its own method of removing heat. All chillers use air or water to cool themselves.
In recent years, global warming has resulted in numerous activities and warmer temperatures in the surrounding environment. A chiller is a device that removes excess heat from a home, business, or manufacturing facility.

The market is growing due to an increase in demand for chillers from various industry verticals such as food and beverages, petrochemicals, rubber, plastic, medical, and others. The expansion of the aviation industry and the increase in new commercial construction buildings are expected to drive the global chillers market.

Chillers cool commercial and industrial buildings by removing heat from them. Chillers are becoming increasingly popular due to their solar cooling applications.

In the medical industry, there is an increase in demand for chillers.

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Chillers Market Segmentation

By Product Type

  • Air Cooled Chiller

  • Water Cooled Chiller

Water-cooled chillers are typically used in conjunction with a cooling tower and employ a condenser water treatment system to remove mineral deposits.

When discharge is not an issue, an air-cooled chiller is used. It absorbs heat from the water and transfers it to the air: first, heat from the circulating chilled water is absorbed in the evaporator, and then the refrigerant condenses and releases heat into the air in the condenser.

By Type

  • Screw Chiller

  • Scroll Chiller

  • Centrifugal Chiller

  • Absorption Chiller

  • Reciprocating Chillers

  • Explosion-Proof Chillers

  • Low-Temperature Chillers

  • Evaporative Chillers

  • Others

Scroll chillers use a series of scrolls to compress the refrigerant and operate more quietly and efficiently. They are becoming more popular as a result of their environmental friendliness.

Furthermore, rising demand from industries such as oil and gas, pharmaceutical, chemical, food and beverage, and automotive is expected to propel the market in the near future.

Centrifugal Chillers are commonly used to cool large spaces such as buildings, universities, government buildings, and airports. As a result, manufacturers of centrifugal chillers are constantly innovating.

By Capacity

  • Water Cooled

    • Less than 500 T

    • 500 T to 1,000 T

    • 1,001 T to 2,000 T

    • Above 2,000 T

  • Air-cooled

    • Less than 150 T

    • 150 T–300 T

    • 301 T–500 T

    • Above 500 T

By End-User

  • Commercial

    • Hospitality

    • Transportation

    • Offices and buildings

    • Healthcare

    • Supermarkets/Hypermarkets

    • Government

  • Industrial

    • Oil and gas

    • Food and beverage

    • Energy and utilities

    • Automotive

    • Chemicals and petrochemicals

  • Residential

The residential category would experience the fastest chiller market size growth during the forecast period. The growing popularity of district cooling in urban areas, as well as the rate of urbanization, are driving up chiller sales.

The petrochemical industry is expected to grow rapidly in the near future. End-user demand for oil, gasoline, and petroleum products such as olefins (propylene, ethylene, and aromatics) is driving growth in the petrochemical industry.

Market Dynamics
Drivers

o   In the medical industry, there is an increase in demand for chillers.

o   Process cooling is becoming increasingly popular in industrial applications.

o   R32 Refrigerant Use Is a Significant Market Trend

o   Rising global temperatures are boosting the growth of the chiller market.

o   The expanding construction sector is also helping the chiller market.

Opportunities

  • Absorption chiller

Restraints & Challenges

  • Industrial chillers are expensive to install.

  • Regulations apply to fluorinated greenhouse gases.

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Chillers Market Regional Insights

Due to rising Chinese demand, Asia Pacific dominated the market. Chillers are popular in China's industrial sector due to their low cost and ease of installation. Furthermore, the increase in Asian construction projects is expected to drive the chillers market during the forecast period. The growing demand for chillers as a result of increased data center investment is expected to drive the market forward.

Europe is experiencing steady growth as a result of chiller replacement demand. The adoption of new technology, such as oil-free compressors, is expected to boost demand for chillers.

The increasing demand for chillers in various industries such as chemicals and petrochemicals, food and beverages, and medical sectors is expected to drive significant growth in North America.

China and the United States are expected to lead the chiller market in terms of value. The chiller market in Vietnam, China, and Thailand has grown significantly as a result of a small number of large projects, which are mostly supplied by centrifugal chillers.

In China, chillers are in high demand in hospitals, schools, power plants, and telecommunications. Energy efficiency is driving the chiller market in India. Airports and shopping malls are the primary end-users of chillers in Indonesia.

Competitive landscape

The leading players in the chillers market profiled are Daikin Industries, Carrier Corporation, Friulair S.R.L., Trane Technology, MTA S.P.A., Smardt Chiller Group Inc. Johnson Controls- Hitachi Air Conditioning, KKT Chillers, Mitsubishi Electric Corporation, Johnson Controls, Polaris Industries Australasia, LG Electronics, Midea, Dunham-Bush Americas, Chongqing General Industry Co., Ltd, The Danfoss Group

  • Oct. 12, 2022: Daikin Applied today announced upgrades to its award-winning,100%-configurable Pathfinder air cooled screw chiller. Already the most efficient air-cooled screw chiller on the market, these upgrades will deliver even greater energy savings in the same footprint, as well as additional flexibility with the option to add factory-installed pump packages.

  • Aug. 2, 2022, Johnson Controls, has been recognized by independent analyst firm Frost & Sullivan with its Best Practices Customer Value Leadership Award for 2022. The assessment, covering chiller systems in buildings in North America, pitted Johnson Controls against global peers and roundly praised the company's technology and customer service as market-leading.

  • February 2022 - Air-conditioning designer Fujinetsu and chiller manufacturer Meiwa, exhibited a new jointly developed prototype of a propane (R290) chiller for air-conditioning applications at the HVAC&R Japan 2022 trade show.

FAQS

1. What is the growth rate of the Chiller Market?

2.  Who are the key players in the Chiller Market?

3.Which are the leading segments of the chiller market?

4.Which region dominates the chiller market?

5. What are the key factors driving the chiller market?

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