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Chillers Market

Chillers Market

Chillers Market Forecast, Trend Analysis & Competition Tracking - Global Review 2021 to 2031

Chillers Market
FACT554MR

Market Overview

With the increasing temperatures in the environment, global warming has caused many changes in recent years. A chiller removes unwanted heat from a residential, commercial, or industrial building. Hotels, restaurants, hospitals, sporting arenas, industrial and manufacturing plants, have become essential elements of the HVAC systems.

Key Developments in Chillers Market

Chillers are gaining traction globally, due to their solar cooling applications. A wide range of equipment and systems is produced, including chemicals, refrigeration equipment, air conditioning equipment, electronics, hydraulics, and defense systems.

For instance, Daikin Industries sells and provides services to air conditioning systems for places like hotels, data centres, warehouses, hospitals, residences, and marine applications.

Chillers have long been recognized as a major energy consumer in most facilities. Nearly 20% of the power in North America is generated by the extensive use of chillers, according to the US Department of Energy (DOE).

The market sees the highest growth in industries such as oil and gas, pharmaceuticals, chemicals, food and beverage, and automotive. Many consumers are choosing screw compressors that utilize eco-friendly refrigerants. In addition to being user-friendly and low-maintenance, screw chillers exhibit an increasing market share in the coming years.

According to Global Industry Assessment, in 2019, screw chillers were accounted for over 49.8% of market revenue in world. They operated either as air-freezers or water-freezers through two interlocked helical rotors that compressed the refrigerant.

For Instance, Hitachi has introduced an eco-friendly R134Aa based semi-automatic twin screw compressor. In public buildings and industrial plants, high-quality touch panels with low vibration are used for air-conditioning systems.

The increasing number of data center investments will likely lead to growth for the chillers market. For instance, in 2019 Equinix and Singapore-based GIC formed a joint venture to build and operate supercomputers throughout Europe.

Fast pace of modern lifestyle has induced significant transitions apropos of eating habits. Consumers are more inclined toward frozen foods, given its convenience in carrying and cooking. That said, efficient freezing activity is essential in order to avoid microbe penetration in food products. This has led to the use of chillers in the frozen food space, which is a key growth propeller for chillers market.

In addition to frozen food, chillers are widely used in the plastics manufacturing. They are largely used in rapidly cooling hot plastics that are injected, extruded, stamped or blown. This is in sync with the plastic industry, which has witnessed renascent growth since the past years, particularly plastics gaining high traction in the FMCG sector. Rising proliferation of chillers in the growing plastics industry has had a profound impact on sales of chillers, in turn aiding the growth of their market worldwide.

Pervasiveness of chillers across various end use applications coupled with rising advancements in technology have led to the development of IoT (Internet of Things) based chillers.

For instance, Pro Chiller Systems have developed new IoT powered chillers that enable data visualizations via customized dashboard. IoT powered chillers can facilitate efficient monitoring and control for various industrial applications, making them a trending novelty in the chillers market.

Chillers eliminate heat from the liquid through vapor compression and are used widely in the industrial and commercial sector to maintain equipment temperature for better performance. The liquid is circulated through a heat exchanger or any other process, such as air or process water, to cool the equipment. These devices are used in a wide area, such as industries, homes, offices, etc.

Chillers find applications in new housing developments and commercial sectors. Chillers can primarily be classified as, namely, absorption chillers and refrigerant compression chillers. Absorption chillers are the fastest growing type of chillers, globally.

Chillers find applications in plastics industry for cooling the hot plastic that is injected, extruded and blown; in brewery industry for cooling of kettles in fermentation; in printing industry for cooling warm rollers; in laser cutting industry; in medical industry for cooling the MRI units; in HVAC industry to maintain desired temperature in the high rise buildings.

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Global Chillers Market: Dynamics

The increasing requirement of cooling equipment in the industrial units is the primary driver for the chillers market. The demand for chillers has seen continuous growth globally during the last few years.

Rapid urbanization and increasing industrialization have sustained the demand for chillers. Substantial economic transformation owing to rapid industrialization and commercialization is anticipated to drive the chillers market further throughout the forecast period.

Owing to the substantial consumption of frozen food, chillers have become the most prevalent choice for cooling effect, which, in turn, is driving the growth of the global chillers market. Rapid urbanization and rising disposable income will further foster the demand for chillers.

As rising demand for green building projects is being observed, growing concerns regarding machines to maintain room temperature will create growth opportunities for chillers during the forecast period.

Key measures being taken for energy conservation to meet increasing demand for energy efficient cooling systems will create growth opportunities in the chillers market. Rising demand for cost-efficient cooling systems in the industrial sector is anticipated to further foster the growth of the chillers market.

However, stringent government regulations regarding, greenhouse effects, in different parts of the world, owing to the use of chemicals in the chillers for refrigeration process might act as a restraint to the chillers market.

The major concerning factors for the end-use industries are energy and operational cost minimization, the maintenance cost of equipment and, to increase the product lifespan. This factors are anticipated to be achieved with the increasing research and development in upgrading energy-efficient solutions, introducing sustainable technologies and, adopting advanced cooling systems, which is a trend, observed in the market.

Global Chillers Market: Region-wise Outlook

China and U.S. are anticipated to dominate the chillers market, in terms of value. In the Asia Pacific, Vietnam, China and Thailand have seen major growth for chillers market owing to a small number of huge projects, mainly supplied by centrifugal chillers.

In China, the demand for chillers is seen from energy plants, hospitals, schools, and telecommunications. Energy efficiency is the main driver for the chillers market in India. Airports and shopping malls are the major end-users for chillers in Indonesia.

The Middle East and Africa region are anticipated to have moderate growth, while, in Europe, U.K. is anticipated to be the fastest growing for chillers market owing to the replacement of R22 refrigerants, and use of chillers in high rise office buildings and, airports.

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Global Chillers Market: Market Participants

Examples of some of the market participants in the global Chillers market are

  • Daikin Industries
  • Johnson Controls
  • Trane Inc.
  • Carrier Corporation
  • Thermax Limited
  • GEA Group
  • Broad Group
  • Dunham Group
  • Smartd Chiller Group Inc.
  • Thermal care Inc.
  • SKM Air Conditioning
  • Others

The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.

The report covers exhaust analysis on:

  • Market Segments
  • Market Dynamics
  • Market Size
  • Supply & Demand
  • Current Trends/Issues/Challenges
  • Competition & Companies involved
  • Technology
  • Value Chain

An Adaptive Approach to Modern-day Research Needs

Regional analysis includes:

  • North America (U.S., Canada)
  • Latin America (Mexico. Brazil)
  • Western Europe (Germany, Italy, France, U.K, Spain)
  • Eastern Europe (Poland, Russia)
  • South East Asia and Pacific (India, ASEAN, Australia & New Zealand)
  • China
  • Japan
  • Middle East and Africa (GCC Countries, S. Africa, Northern Africa)

The 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 market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.

Report Highlights:

  • Detailed overview of parent market
  • Changing market dynamics in the industry
  • In-depth market segmentation
  • Historical, current, and projected market size in terms of volume and value
  • Recent industry trends and developments
  • Competitive landscape
  • Strategies of key players and products offered
  • Potential and niche segments, geographical regions exhibiting promising growth
  • A neutral perspective on market performance
  • Must-have information for market players to sustain and enhance their market footprint

NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company

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Global Chillers Market: Segmentation

On the basis of Compressor Type, the Chillers Market can be segmented into:

  • Screw chiller
  • Centrifugal chiller
  • Scroll chiller
  • Reciprocating chiller
  • Absorption chiller

On the basis of Capacity, the Chillers Market can be segmented into:

  • <100 kW
  • 100 kW to 350 kW
  • 350 kW to 700 kW
  • >700 kW

On the basis of Heat Rejection Method, the Chillers Market can be segmented into:

  • Air cooled
  • Water cooled
  • Absorption

On the basis of Refrigerant Type, the Chillers Market can be segmented into:

  • R22
  • R407C
  • R134A
  • R410A
  • Others

On the basis of End-user, the Chillers Market can be segmented into:

  • Rubber industry
  • Food and beverage industry
  • Plastic industry
  • Medical and pharmaceutical industry
  • Chemicals and petrochemicals industry
  • Others

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