The Latin America, Middle East and Africa Water Chillers Market would witness market growth of 6.7% CAGR during the forecast period (2023-2029).
In order to deliver cooling energy, district cooling uses a centralized system of creating chilled water that is provided through a network of underground pipelines. It has been established that district cooling is a more economical cooling option with a lower carbon impact. Traditional decentralized AC (air conditioning) systems are inferior to district cooling since they have a greater environmental and climate impact while being less efficient.
In addition, the use of district cooling instead of conventional air conditioning during times of high demand can cut down on electricity use. To minimize the present electricity use of air conditioning systems, the Dubai government is implementing centralized district cooling systems. The usage and popularity of water chillers are anticipated to rise as a result of such eco-friendly and economic activities and projects. With the increase of urbanization, the demand for district cooling will increase in the coming years, which in turn will raise the demand.
The world's seventh-largest estimated oil and gas reserves are in the United Arab Emirates (UAE). The UAE manufactures 3 million barrels of oil and liquids on average per day, and its oil reserves total 100 billion barrels. Oil & gas production, which makes up approximately 13% of all exports and accounts for around 30% of the nation's GDP, is the primary driver of those exports. Unconventional oil & gas production is being developed by the United Arab Emirates. At Jebel Ali, over 80 trillion cubic feet (ft3) of gas reserves were found by the UAE. The administration has set a goal to achieve gas independence by the year 2030. Thus, the regional market is expanding as a result of the booming oil and gas industry.
The Brazil market dominated the LAMEA Water Chillers Market by Country in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $142.6 Million by 2029. The Argentina market is anticipated to grow at a CAGR of 7.3% during (2023 - 2029). Additionally, The UAE market would witness a CAGR of 6.4% during (2023 - 2029).
Based on Industry, the market is segmented into Chemicals & Petrochemicals, Food & Beverages, Medical, Plastics & Rubber, and Others. Based on Capacity, the market is segmented into >700 kW, 351-700 kW, 101-350 kW, and 0-100 kW. Based on System, the market is segmented into Continuous Flow, and Water Accumulation. Based on Type, the market is segmented into Screw Chiller, Scroll Chiller, Centrifugal Chiller, Absorption Chiller, Reciprocating Chiller, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Water Chillers Market is Projected to reach USD 7.9 Billion by 2029, at a CAGR of 3.2%
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. (Glen Dimplex Ireland), LG Electronics (LG Corporation), Johnson Controls International PLC, Gree Electric Appliances, Inc. of Zhuhai, Thermax Limited, Midea Group Co., Ltd., and Trane Technologies PLC.
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