Chillers Market

Chillers Market Outlook (2022 to 2032)

Global sales of chillers are predicted to rise at a CAGR of 2.8% from 2022 to 2032. In 2022, the global chillers market stands at a valuation of US$ 4.2 billion and is expected to reach US$ 5.5 billion by the end of 2032.

More consumers nowadays are choosing screw compressors that utilize eco-friendly refrigerants. Along with being user-friendly and low-maintenance systems, screw chillers are operated either as air freezers or water freezers through two interlocked helical rotors that compress the refrigerant.

Report Attributes	Details
Chillers Market Size (2022E)	US$ 4.2 Billion
Forecasted Market Value (2032F)	US$ 5.5 Billion
Global Market Growth Rate (2022 to 2032)	2.8% CAGR
North America Market Share (2022)	26.7%
Europe Market Share (2022)	23.2%
Key Companies Profiled	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

Sales Analysis of Chillers (2017 to 2021) Vs. Market Outlook (2022 to 2032)

“Increasing Need for Cooling Equipment in Industrial Units”

According to Fact.MR, a market research and competitive intelligence provider, worldwide consumption of chillers is expected to increase at a CAGR of 2.8% from 2022 to 2032.

With 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, and industrial & manufacturing plants, have become essential elements of the HVAC systems.

Increasing the requirement for cooling equipment in industrial units is boosting the sales of chillers. The demand for chillers has seen continuous growth globally during the last few years.

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.

The fast pace of modern life has caused considerable changes in eating habits. Consumers are more inclined toward frozen foods, given their convenience in carrying and cooking. That said, efficient freezing activity is essential to avoid microbe penetration in food products. This has led to the use of process chillers in the frozen food space, which is a key growth propeller for the chillers market.

Chillers eliminate heat from the liquid through vapor compression and are used widely in the industrial and commercial sectors 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 the plastic industry for cooling the hot plastic that is injected, extruded, and blown; in the brewery industry for cooling kettles in fermentation; in the printing industry for cooling warm rollers; in the laser cutting industry; in the medical industry for cooling the MRI units; in the HVAC industry to maintain the desired temperature in the high rise buildings.

What Market Factors are Propelling Demand for Chillers?

“Rising Adoption of Cost-efficient & Energy-efficient Cooling Systems”

Increased disposable income and rapid urbanization are expected to drive the demand for chillers over the coming years. Due to the significant amount of frozen food consumed, hydro chillers have emerged as the most popular option for the chilling effect, which is fueling the expansion of the worldwide chillers market.

Chillers are projected to experience growth prospects over the projection period as a result of increasing awareness about devices that maintain the room temperature and rising demand for green construction initiatives.

There will be chances for market expansion in the chillers sector as a result of important energy conservation measures being implemented to meet the rising demand for energy-efficient cooling systems. The growing need for affordable cooling systems in the industrial sector is predicted to fuel the expansion of the chillers industry.

What Strategies are New Companies Using to Thrive in This Industry?

“Implementation of Innovative & Sustainable Technology for Efficient Products”

Start-ups are focused on technological development to offer consumers super-efficient chillers at a low price, service, noise, and vibration levels. New entrants are concentrating on producing chillers based on an innovative and sustainable technology designed for minimal energy loss in industrial applications.

For instance :

• Fenagy, a new Denmark-based company, makes CO2-based chillers and heat pumps. The company makes chillers that are environment-friendly by using carbon dioxide as its coolant and excess heat for its operations. The company’s technology can be integrated with energy, thermal, and energy grid activities.

What is the Regional Chillers Market Analysis?

“Rising Power Cooler Unit Demand and Growing Usage of Chillers in High-rise Office Buildings across North America & Europe”

North America accounts for 26.7% share of the global chillers market. 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 U.S. Department of Energy (DOE).

Rising investments by key market players in manufacturing facilities for product developments are driving the market growth in North America. The market expansion in the region is being driven by the quick growth of the commercial and residential construction industries, increasing demand for industrial cooling systems, and rising power cooler unit demand.

With a 23.2% market share, Europe is the second-largest region for the chillers market. The replacement of R22 refrigerants, the prominent presence of chiller providers, and the use of chillers in high-rise office buildings and airports are driving market growth in Europe.

In the Asia Pacific, Vietnam, China, and Thailand have seen major growth in the chillers market owing to a small number of huge projects, mainly supplied by centrifugal chillers.

In China, the demand for chillers is seen in 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.

Which End User Drives High Demand for Chillers?

“Rapid Integration of Chillers for Temperature-sensitive Processes in Plastic Industry”

Based on end user, the chillers market is segmented into rubber, food & beverages, plastic, medical & pharmaceuticals, chemicals & petrochemicals, and others. Chillers are widely used in plastic manufacturing.

They are largely used in rapidly cooling hot plastic that is injected, extruded, stamped, or blown. This is in sync with the plastic industry, which has witnessed renascent growth in the past years, particularly plastic gaining high traction in the FMCG sector.

Particular attention is given by manufacturers to industry-specific chiller characteristics, such as temperature regulation for operations that are temperature-sensitive in the plastic industry. The rising proliferation of chillers in the growing plastic industry has had a profound impact on sales of chillers, in turn aiding the growth of their market worldwide.

Competitive Landscape

Chiller manufacturers follow a variety of energy-efficiency standards set by governing bodies. To meet the rising demand for these products, market players are concentrating on obtaining certifications and growing their production capacities.

The pervasiveness of chillers across various end-use applications, coupled with rising advancements in technology, has led to the development of IoT-based chillers.

For instance :

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

Key Segments Covered in Chillers Industry Research

• By Compressor Type :

  • Screw Chillers
  • Centrifugal Chillers
  • Scroll Chillers
  • Reciprocating Chillers
  • Absorption Chillers

• By Capacity :

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

• By Heat Rejection Method :

  • Air-cooled Chillers
  • Water-cooled Chillers
  • Absorption Chillers

• By Refrigerant Type :

  • R22
  • R407C
  • R134A
  • R410A
  • Others

• By End User :

  • Rubber
  • Food & Beverages
  • Plastic
  • Medical & Pharmaceuticals
  • Chemicals & Petrochemicals
  • Others

• By Region :

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa