Chilled Water System Market – Introduction
Chilled water systems have been gaining widespread traction in recent times, on account of their ability to eliminate heat from water. In numerous commercial and residential buildings, a chilled water system is used as a refrigerant for preventing the buildings from heating. The chilled water then circulates through the loop and absorbs the heat.
Increasing trends of urbanization coupled with the rise in the disposable income of the consumers have significantly influenced their spending capabilities on upgraded facilities, which has driven the demand for the chilled water system in recent times. With the gradually bridging information gap pertaining to the benefits offered by the chilled water system, commercial industries are anticipated to drive the sales of these systems. However, the high installation and maintenance cost of the chilled water system as compared to the direct expansion system could act as a growth deterrent for the chilled water system market.
Chilled Water System Market – Novel Developments
Partakers operating in the chilled water system market have been striving to procure a significant share of the market by employing strategies such as mergers and acquisitions, productive collaborations, hefty investments for research and development, and new product launches.
Some of the significant players operating in the chilled water system market comprise of SPXs Corporation, SPIG S.p.A, Paharpur Cooling Towers, Johnson Controls Inc., Hamon Group, Brentwood Industries Inc., Bell Cooling Tower, Baltimore Aircoil Company, Cool Water Technologies, Wessels Company, King Sun Industry Co. Ltd., Berg Chilling Systems Inc., Johnson Controls, Delta Cooling Towers, Inc., Cooling Tower Systems, Inc., Cool Water Technologies, Horus Air Moving Co. Ltd., and Liang Cooling Tower Sdn Bhd.
- In November 2018, Berg Chilling Systems Inc. expanded its operational facility in Edmonton, which will serve as a one-stop-shop for all the refrigeration need of the consumers. The company has been gradually fortifying its position in the food and beverage sector, with an utmost focus on offering tailor-made solutions as well as high-quality service.
- Delta Cooling Towers, Inc., developed packaged cooling systems for myriads of applications that allow uncomplicated installation. The closed-circuit cooling systems developed by the company is such that the atmospheric air cannot establish any contact with the processed water, which eliminates the water from picking any foreign particles.
- In November 2018, Baltimore Aircoil Company announced the launch of Vertex Evaporative Condenser, which offers high reliability and ease of maintenance. The condenser provides enhanced safety and accessibility. The product offers the lowest cost of ownership with significantly low installation and operational cost.
Chilled Water System Market – Dynamics
Cost and Energy Efficiency of the Chilled Water System to Drive the Sales
With the rising cognizance pertaining to the benefits of water in the cooling systems as compared to thin air, manufacturers of chiller have been endeavoring towards making optimum use of water, which is available cheaply and in abundance. This further aids in making the chilled water systems cost-efficient, which is estimated to enhance the desirability of the systems.
Rising awareness apropos of the energy efficient systems has encouraged the consumers to invest in the high performing chilled water system, which has hard-pressed the manufacturers to enhance the efficiency of their products. As a result of which, the chilled water system market is anticipated to witness promising growth opportunities in the upcoming years.
Reduced Noise During Operations Make Chilled Water Systems Suitable for Residential and Commercial Buildings
Residential localities require systems that do not take a toll on the peaceful environment. In addition, businessmen require quiet areas to focus on their designated tasks. As a result, chilled water systems have been gaining traction, owing to its competency to operate at quieter levels than the customary air cooling systems.
The degree of quietness plays an important role in hospitals, schools, and colleges as well, which is anticipated to fuel the adoption rate of the chilled water system and, in turn, influence the growth of the chilled water system market in these establishments.
Poor Efficiency of the Systems to Operate in Humid Weather and High Maintenance Needs to Impede the Market Growth
High levels of humidity lead to an increase in the wet-bulb temperature, which results in the rising operational cost. Owing to the higher ambiguity of humidity, the comfort level reduces and the chilled water systems can create a clammy feeling for the residents. Such an increase in the humidity levels can be better handled with the help of air cooling systems that can efficiently extract moisture from the system.
Another significant factor impeding the growth of the chilled water market is the high installation and maintenance cost of chilled system water. Deposition of metal on the loop installed for the circulation of water needs periodic inspection and internal and external cleaning of the machinery, which causes a hesitance among the end-users for their adoption, thereby hindering the growth of the chilled water system market.
Chilled Water System Market – Segmentation
The chilled water system can be bifurcated on the basis of:
Chilled Water System Market Segmentation – By Type
Depending on the type, the chilled water system market can be segmented on the basis of:
- Stratified Tank Systems
- Multiple Tank Systems
- Diaphragm Tank Systems
Chilled Water System Market Segmentation – By Application
On the basis of the application, the chilled water system can be fragmented on the basis of:
- Food Processing and Storage
- Industrial, Commercial, and Residential
- Healthcare and Pharmaceuticals
- Petrochemical Processing
- Petroleum and Natural Gas Refining
- Power Generation and Automotive
The research report presents a comprehensive assessment of the chilled water system market and contains thoughtful insights, facts, and historical data and statistically supported and industry-validated chilled water system market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to chilled water system market segments such as geographies, application and industry.
Chilled water system market report covers exhaustive analysis on:
- Chilled Water System Market Segments
- Chilled Water System Market Dynamics
- Chilled Water System Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
Chilled water system market regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru)
- Western Europe (Germany, Italy, France, U.K, Spain, BENELUX, Nordic, Eastern Europe)
- CIS and Russia
- Asia-Pacific (China, India, ASEAN, South Korea)
- Middle East and Africa (GCC Countries, South Africa, Turkey, Iran, Israel)
The chilled water system market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with chilled water system market attractiveness as per segments. The report on chilled water system market also maps the qualitative impact of various chilled water system market factors on chilled water system market segments and geographies.
Chilled Water System Market Report Highlights:
- Detailed overview of parent chilled water system market
- Changing chilled water system market dynamics in the industry
- In-depth chilled water system market segmentation
- Historical, current and projected chilled water system market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players operating in the chilled water system market and Products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on chilled water system market performance
- Must-have information for chilled water system market players to sustain and enhance their market footprint
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