The Global Chillers Market size is expected to reach $13.2 billion by 2029, rising at a market growth of 4.0% CAGR during the forecast period.
Asia Pacific is the leading region in chillers because of the demand for air conditioning systems due to increased urbanization and rising global temperatures. In addition to residential and commercial structures, industrial facilities, and moving vehicles, they are employed in many different contexts. Hence, Asia Pacific generated $4,605 million revenue in 2022. In these environments, chillers are used to cool the air, increasing comfort, lowering humidity, and maintaining air quality. Moreover, due to the expansion of the building sector, particularly in emerging economies. Since high-efficiency it can aid in lowering energy consumption and carbon emissions, their use in air conditioning systems also complies with the rising need for energy-efficient solutions.
The major strategies followed by the market participants are Product Launches as the key developmental strategy to keep pace with the changing demands of end users. For instance, In February, 2023, LG Electronics USA revealed Inverter Scroll Heat Pump Chiller that features a cooling capacity up to 110° Fahrenheit and a heating capacity of down to 32° Fahrenheit. Additionally, the heat pump chiller features LG inverter technology which enables the unit to adjust according to the changing loads. Additionally, In February, 2023, Johnson Controls unveiled The YORK YLAA Air-Cooled Scroll Chiller and The YORK YVFA Free-Cooling, Variable-Speed Screw Chiller. The new YORK YLAA Air-Cooled Scroll Chiller features a soldered plate evaporator and two autonomous circuits for partial verbosity. The YORK YVFA Free-Cooling, Variable-Speed Screw Chiller features air-to-liquid free-cooling coils and variable-speed drive (VSD) compressors which help in improving productivity.
Based on the Analysis presented in the KBV Cardinal matrix; Carrier Global Corporation is the forerunner in the Market. In October, 2022, Carrier enhanced its AquaForce Vision 30KAV liquid chiller range with five better capacity models. The new models feature a range between 900kw and 1300 kw that would allow customers to meet their needs to increase capacity. The new range also features options for low-noise and heat recovery fans. Companies such as Daikin Industries, Ltd., Trane Technologies PLC, Mitsubishi Electric Corporation are some of the key innovators in Market.
The rise in living standards across the world has led to a growth in demand for leisure and comfort goods like refrigerators and air conditioners. Another factor propelling the demand for cooling equipment is the expanding food and healthcare sectors. Furthermore, the demand for refrigeration equipment is expanding rapidly due to rising frozen food consumption and rising population numbers. As a result, the chiller market is growing due to increased demand for refrigeration. All of these elements are predicted to have a beneficial impact on the growth of the market during the projection period.
Chillers with smart connectivity feed data straight from the unit to the cloud so personnel can use it for advanced analytics and remote monitoring. Now that chillers have smart connectivity, machine operators can anticipate when a chiller may malfunction or run below peak efficiency. With fewer interruptions, less downtime, and longer equipment life, operators can now do early or predictive maintenance. Cloud data storage, critical alarm systems, and remote monitoring and diagnostics functionality are some important aspects of smart connected chillers. The use of smart connected chillers is anticipated to develop due to their numerous advantages, which will stimulate the market's expansion.
Manufacturers are increasingly providing financing alternatives and leasing contracts to clients to overcome these obstacles and make it simpler for customers to buy and install high-efficiency chillers. Furthermore, some manufacturers are putting a lot of effort towards lowering the maintenance requirements for their chillers by including self-diagnostic capabilities and other cutting-edge technology that can find and fix issues before they become significant difficulties. Therefore, even though the chiller market is hampered by high initial and ongoing costs, manufacturers are addressing these problems and lowering the cost, and increasing the accessibility of chillers for a wider variety of consumers.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
By type, the market is segmented into screw chiller, scroll chiller, centrifugal chiller, and others. In 2022, the screw chiller segment held the highest revenue share in the market. Product popularity results from several aspects like affordability, ease of upkeep, and high efficiency. Furthermore, it is anticipated that the market will be driven in the near future by rising demand from sectors like oil and gas, pharmaceuticals, chemicals, food and beverage, and the automotive industry. In addition, because screw compressors use an environmentally benign refrigerant, environmentally concerned consumers are largely embracing them.
On the basis of product type, the market is categorized into air cooled chiller, and water cooled chiller. In 2022, the water cooled chiller segment witnessed the largest revenue share in the market. This is because these systems, as compared to air-cooled equipment for significant cooling loads, have a longer lifespan and higher efficiency. The inside of the buildings is equipped with water-cooled machinery, which guarantees the gradual deterioration of the parts. Typically utilized for high-capacity applications, water-cooled chillers employ water from external cooling towers.
Based on power range, the market is divided into less than 50 kW, 50-200 kW, and more than 200 kW. The 50-200 kW segment garnered a significant revenue share in the market in 2022. The residential & commercial spaces are best suited for chillers that are less than 50 kW. They are sturdy, easy to install, lightweight, and energy efficient. According to the necessary cooling conditions in the laser industry, plastics industry, and other industries, these chillers are utilized to effectively carry out a wide range of medium-duty applications.
By end user, the market is bifurcated into chemicals & petrochemicals, food & beverages, medical and others. The food & beverages segment covered a considerable revenue share in the market in 2022. The segment is anticipated to experience growth over the next ten years due to an increase in the demand for glycol chillers in wineries and breweries to maintain beverage temperatures. Additionally, industrial chillers may effectively circulate chilled propylene glycol through creative cooling coils to maintain the cold temperature of the food storage containers and beverages.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 10.1 Billion |
| Market size forecast in 2029 | USD 13.2 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2029 |
| Revenue Growth Rate | CAGR of 4% from 2023 to 2029 |
| Number of Pages | 269 |
| Number of Table | 454 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Type, Product Type, Power Range, End User, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the market is analyzed across North America, Europe, Asia Pacific and LAMEA. In 2022, the Asia Pacific region led the market by generating the highest revenue share. Chillers are widely used in China's industrial sector since they are affordable and simple to install. Additionally, it is anticipated that the market will grow due to a rise in construction projects in Asia. Also, the chiller market is anticipated to expand due to the rising demand brought on by increased investments in data centers.
Free Valuable Insights: Global Chillers Market size to reach USD 13.2 Billion by 2029
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Carrier Global Corporation, Mitsubishi Electric Corporation, Daikin Industries, Ltd., Dimplex Thermal Solutions, Inc. (GlenDimplex), LG Electronics (LG Corporation), Johnson Controls International PLC, PolyScience (Preston Industries, Inc.), Smardt Chiller Group Inc. (Nanjing TICA Environmental Technology Co., Ltd.), Thermax Limited and Trane Technologies PLC.
By Type
By End User
By Product Type
By Power Range
By Geography
The Market size is projected to reach USD 13.2 billion by 2029.
Growing popularity of smart chillers are driving the Market in coming years, however, Large sums are required to be invested and maintenance cost is also high restraints the growth of the Market.
Carrier Global Corporation, Mitsubishi Electric Corporation, Daikin Industries, Ltd., Dimplex Thermal Solutions, Inc. (GlenDimplex), LG Electronics (LG Corporation), Johnson Controls International PLC, PolyScience (Preston Industries, Inc.), Smardt Chiller Group Inc. (Nanjing TICA Environmental Technology Co., Ltd.), Thermax Limited and Trane Technologies PLC.
The More than 200 kW segment is generating the highest revenue share in the Market by Power Range in 2022 thereby, achieving a market value of $5.2 billion by 2029.
The Chemicals & Petrochemicals segment is leading the Market by End User in 2022 thereby, achieving a market value of $4.8 billion by 2029.
The Asia Pacific market dominated the Market by Region in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $6.1 billion by 2029.
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