The Europe Chillers Market would witness market growth of 3.1% CAGR during the forecast period (2023-2029).
The need for cooling equipment is projected to increase due to rising temperatures caused by global warming. As a result, the market is expected to grow in using chillers because of their capacity to manage internal temperature and remove heat from the building. Commercial, residential, and industrial buildings' excess heat is removed using chillers to provide air conditioning. These devices use refrigerants to remove heat from the condenser and evaporators. The two vapor compression chillers—air-cooled and water-cooled—use an electrically powered mechanical compressor to push the refrigerant through the systems.
However, vapor absorption coolers use heat sources, like hot water or steam, to facilitate the refrigerant's flow inside the system, which allows the refrigerant to migrate across regions of various pressures and temperatures. Public infrastructures like offices, hospitals, shopping centers, and housing societies have received major investment from the governments of numerous emerging nations. The economy’s growth in construction investment due to rapid economic, industrial, and population growth is expected to positively affect the market.
Germany is home to the world's fourth-largest industry and is a significant player in pharmaceutical production in Europe. The pharmaceutical industry saw a 5.7% increase in revenue in 2019, bringing the total to 46.4 billion euros. The clinic division contributed 14% of revenue to the pharmacy segment, which generated 85% of total revenue. During the same year, sales of medications in pharmacies rose by 5.3%, reaching a total of 58.8 billion euros. More than 500 pharmaceutical companies call Germany home, including national corporations and businesses with offices abroad. This is anticipated to enhance the demand in the regional market.
The Germany market dominated the Europe Chillers Market by Country in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $650.4 million by 2029. The UK market is estimated to grow at a CAGR of 2.2% during (2023 - 2029). Additionally, The France market would showcase a CAGR of 3.9% during (2023 - 2029).
Based on Type, the market is segmented into Screw Chiller, Scroll Chiller, Centrifugal Chiller and Others. Based on End User, the market is segmented into Chemicals & Petrochemicals, Food & Beverages, Medical and Others. Based on Product Type, the market is segmented into Water Cooled Chiller and Air Cooled Chiller. Based on Power Range, the market is segmented into More than 200 kW, 50-200 kW and Less than 50 kW. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Chillers Market is Projected to reach USD 13.2 Billion by 2029, at a CAGR of 4%
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.
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