According to a new report, published by KBV research, The Global Water Chillers Market size is expected to reach $7.9 billion by 2029, rising at a market growth of 3.2% CAGR during the forecast period.
The Chemicals & Petrochemicals segment is leading the Global Water Chillers Market by Industry in 2022 thereby, achieving a market value of $2.7 Billion by 2029. In order to maintain the optimum temperature and avoid unfavorable side effects, the heat produced by chemical processes must frequently be dissipated. The reactor is cooled, and the appropriate reaction temperature is maintained using water chillers. Petrochemicals that flow throughout pipes need cooling to minimize the heating of the product.
The 351-700 kW segment is showcasing a CAGR of 3.4% during (2023 - 2029). Water chillers in the 351-700 kW range provide a substantial cooling capacity, making them suitable for cooling large industrial processes, commercial buildings, data centers, and other applications with high heat loads. They can efficiently handle the cooling requirements of medium to large-scale operations. Modern water chillers in this capacity range often incorporate advanced technologies such as variable speed drives (VSD), high-efficiency compressors, and heat recovery systems.
The Continuous Flow segment acquired the maximum revenue share in the Global Water Chillers Market by System in 2022 thereby, achieving a market value of $5 Billion by 2029. Continuous flow systems are very dependable and simple to install. As time passes, these systems become increasingly effective due to the employment of unique circulation systems designed specifically for them. Continuous-flow water chillers are typically compact, making them suitable for installations with limited space.
The Centrifugal Chiller segment has shown the high growth rate of 3.7% during (2023 - 2029). Because of its affordable manufacturing and maintenance, the market is expanding. Using centrifugal chillers, the heat that would otherwise enter the chilled water is removed. As a result, all applications that call for a significant cooling capability employ centrifugal chillers to supply chilled water. Even though they could need a sizable investment, centrifugal chillers typically provide a tailored configuration and an ensured ROI throughout their life, making them a particularly cost-effective option for cooling huge structures.
The Asia Pacific segment dominated the Global Water Chillers Market by Region in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $3.6 billion by 2029. The Europe market is experiencing a CAGR of 2.7% during (2023 - 2029). Additionally, The North America market would showcase a CAGR of 2.5% during (2023 - 2029).
Full Report: https://www.kbvresearch.com/water-chillers-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles 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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By System
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By Geography
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