The North America Water Chillers Market would witness market growth of 2.5% CAGR during the forecast period (2023-2029).
Water chillers employ water as an additional refrigerant. Applications involving larger, more complicated HVACR (heating, ventilation, air conditioning, & refrigeration) systems use such systems. The water temperature is lowered using these chillers. Because of their portability, ease, and quick and simple maintenance, water chillers are becoming increasingly popular. In addition, water chillers are becoming more popular in dining areas, kitchens, hotels, and restaurants as a solution to temperature-related issues. During the forecast period, the market is anticipated to expand. Additionally, these chillers are employed in the rubber, petrochemical, medicinal, plastic, and office building industries.
Around the region, there is a growing demand for luxury as well as leisure goods like freezers and air conditioners as a result of the rise in per capita income. The market is expected to expand significantly due to factors like the expanding population and rising demand for frozen meals. In process cooling procedures, chillers maintain the equipment's cooling and prevent overheating. In the medical & pharmaceutical sectors, chillers are used to lower the temperature of process-cooling-required laser therapy, CAT scan, and X-ray equipment. These factors all support the market expansion.
Around 3 million heating & cooling systems are changed out every year in the United States, and around $14 billion is invested on HVAC service and replacement during that time. According to the US Department of Energy and ENERGY STAR, most energy used in a typical home is heating and cooling. When built properly, heating and cooling systems that have earned the ENERGY STAR label can reduce yearly energy costs by 10% to 30%. In addition, these products have obtained independent approval for energy efficiency without compromising features or functionality. the regional HVAC demand will expand, increasing the demand for efficient cooling systems like water chillers.
The US market dominated the North America Water Chillers Market by Country in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $1,495 Million by 2029. The Canada market is exhibiting a CAGR of 4.9% during (2023 - 2029). Additionally, The Mexico market would showcase a CAGR of 3.9% 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 U.S., Mexico, Canada, and Rest of North America.
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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