Gas Liquefaction Chillers Market

Gas Liquefaction Chillers Market Study by Air-cooled and Water-cooled for Liquefied Natural Gas Plants, Petrochemicals, Pharmaceuticals & Biotechnology, Food & Beverages, and Others from 2023 to 2033

Analysis of Gas Liquefaction Chillers Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Gas Liquefaction Chillers Market Outlook (2023 to 2033)

The global gas liquefaction chillers market is anticipated to be worth US$ 4.35 billion in 2023 and likely to reach US$ 5.85 billion by 2033. The market is predicted to increase at a CAGR of 3% over the forecast period.

The global market is driven by various factors, including :

  • Increasing Demand for Natural Gas: The growing demand for natural gas, rising urbanization, and industrialization are increasing the adoption of gas liquefaction chillers. These chillers are widely used to transport natural gas efficiently.
  • Expanding LNG Infrastructure: Growing liquefied natural gas infrastructure, such as export facilities and natural gas terminals, drives the global market. The demand for gas liquefaction chillers is rising to store and transport natural gas into liquid form.
  • Growing LNG Trade: The rising export and import trade of liquefied natural gas is rapidly growing the demand for gas liquefaction chillers. These chillers play a crucial role at export and regasification terminals during import, expanding the global market.
  • Environmental Regulations: Government bodies imposed strict regulations to reduce environmental impact and greenhouse gas emissions. Adopting gas liquefaction chillers is improving fuel with the environmental goals driving the global market.
  • Technological Advancements: Growing advanced technologies in gas liquefaction chillers to improve reliability, efficiency, and performance are surging the global market. Manufacturers innovate and develop energy-efficient compressors, intelligent control systems, and enhanced heat systems. These chillers are offering cost-effective and operate efficiently.
  • Energy Diversification Strategies: Developed and developing countries reduce their reliance on a single energy source by adopting diversification strategies. The gas liquefaction chillers convert natural gas into liquefied natural gas more efficiently. These countries reduce their dependency and enhance energy security by diversifying their energy sources.
  • Industrial Application: Rising end-use industries such as chemicals, oil & gas, petrochemicals, food & beverages, and pharmaceuticals drive the global market. These sectors rely on gas liquefaction chillers for low-temperature processes and cooling purposes.
Report Attributes Details

Market Size (2023)

US$ 4.35 billion

Projected Market Size (2033)

US$ 5.85 billion

Global Market CAGR (2023 to 2033)

3%

Leading Region - Market Share (2023)

North America

Leading Type of Technology Category (2023 to 2033)

Advanced Technology

Key Regions Covered

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

Key Companies Profiled

  • Linde AG
  • Air Products and Chemicals, Inc.
  • Chart Industries, Inc.
  • General Electric Company
  • Siemens AG
  • Johnson Controls International plc
  • Cryostar SAS
  • Atlas Copco AB
  • Howden Group Ltd.
  • ACD, LLC
  • Fives Group
  • MITSUBISHI HEAVY INDUSTRIES, LTD.
  • Kobelco Compressors Corporation
  • Shell-N-Tube Private Limited
  • CIMC Enric Holdings Limited

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Historical Comparison of the Gas Liquefaction Chillers Market between the Periods of 2018 to 2022 and 2023 to 2033

The market grew steadily by rising demand for natural gas and growing infrastructure between 2018 and 2022. The several end-use, including oil & gas, food & beverages, chemicals, and petrochemicals, expanded the global market between 2018 and 2022.

Increasing demand for a cleaner energy source to transport efficiently drives the global market during the forecast period. The rising infrastructure, modernization, changing consumer demand, and strict regulations are increasing the adoption of gas liquefaction chillers.

The rising government regulations to reduce carbon emissions and promote sustainability are fueling the global market by 2033. Advanced technology, innovations, and improved energy efficiency in several end-use industries are flourishing globally.

Rising Demand for Renewable Natural Gas Upsurge the Market Opportunities

Several market opportunities bring lucrative growth are :

  • Emerging Economies and LNG Markets: The increasing LNG markets and growing economies in various regions such as South America, Asia Pacific, and Africa are driving market opportunities. The rapidly growing import and export activities and rising LNG import terminals in these regions are increasing the demand for gas liquefaction chillers.
  • Renewable Natural Gas: The rising production of renewable natural gas and rising demand for eco-friendly alternatives drive global market opportunities. Gas liquefaction chillers are widely used to store, utilize, and transport renewable natural gas from one place to another.
  • Technology: Manufacturers are focused on developing improved, better, and energy-efficient chillers. To enhance control, optimize heat systems, and monitoring are upsurging market opportunities.
  • Retrofitting Existing Facilities: The increasing retrofitting of existing LNG plants and facilities is increasing the adoption of modern gas liquefaction chillers. These chillers are efficient, better performers, and provide cost-effective upgrades advancing the market opportunities.
  • Collaboration and Partnerships: Key manufacturers collaborate with essential companies to expand their market revenue. These essential companies are engineering firms, LNG companies, and energy companies. These companies work with their expertise to develop better and more efficient solutions as per customers' requirements.
  • Focus on Sustainability: The increasing consumer awareness of environmental concerns shifts them towards sustainability. The rising carbon emissions and greenhouse gases increase the demand for gas liquefaction chillers to lower the environmental impact.

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Volatility in Natural Gas Prices Limits the Global Market

Here are a few of the restraining factors that may decline the market growth are :

  • High Cost: The rising cost of gas liquefaction chillers, such as installation, design, and maintenance, may decline the global market. It requires huge investment to develop large-scale LNG infrastructure and plants.
  • Volatility in Natural Gas Prices: Increasing demand, geographical events, and rising economies may fluctuate the price of gas liquefaction chillers. Due to uncertain prices, the demand for gas liquefaction chillers is slowing down.
  • Infrastructure Limitations: The rise in limited gas liquefaction infrastructure, LNG terminals, and natural gas sources may decline in market growth.

Comparative View of Adjacent Industry

Gas Liquefaction Chillers Market :

Attributes Gas Liquefaction Chillers Market

CAGR (From 2023 to 2033)

3%

Market Value (2023)

US$ 4.35 billion

Growth Factor

Increasing demand for natural gas and growing LNG infrastructure.

Opportunity

The growing oil & gas sector, innovation of products, increasing industrialization, and urbanization.

Key Trends

Growing focus on sustainability, export facilities, and huge investments.

Chiller Market :

Attributes Chiller Market

CAGR (From 2023 to 2033)

3.2%

Market Value (2023)

US$ 4.0 billion

Growth Factor

Increasing demand for safety concerns, efficient energy, and space cooling.

Opportunity

Rising sustainability, growing infrastructure, and availability of advanced equipment.

Key Trends

Rising government initiatives, rising research and development activities, and key players.

Modular Chiller Market :

Attributes Modular Chiller Market

CAGR (From 2023 to 2033)

6%

Market Value (2023)

US$ 2.6 billion

Growth Factor

Increasing demand for superior performance, sustainable and cost-effective solutions for commercial places.

Opportunity

Rising government initiatives, key market entrance, and growing end-use industries.

Key Trends

Growing focus on sustainability, export facilities, and huge investments.

Know thy Competitors

Competitive landscape highlights only certain players
Complete list available upon request

A Comprehensive Segment Analysis of the Gas Liquefaction Chillers Market

Water-cooled Gas Liquefaction Chillers Dominate the Global Market

Based on water-cooled gas liquefaction chillers leading the global market by securing a maximum share during the forecast period. The demand for water-cooled gas liquefaction chillers is rising due to their cooling performance and better efficiency. These chillers are comparatively more suitable and widely used in industrial applications such as petrochemical facilities, LNG plants, etc.

Air-cooled gas liquefaction chillers are widely used in small applications. Lower cooling applications demand rapidly adopt these chillers. Water-cooled gas liquefaction chillers are estimated to lead the market by 2033.

Which Application is Highly Sough-after in the Global Market?

Based on application, Liquefied Natural Gas (LNG) industry dominates the global market by capturing a maximum share during the forecast period. The increasing demand for natural gas storage, export, and transport is surging the global market. The liquefied natural gas industry plays a significant role by increasing the demand for LNG infrastructure and natural gas.

The demand for gas liquefaction chillers is rapidly growing to control temperature, provide cooling capacity, and convert natural gas into LNG. The rising LNG infrastructure, new terminal facilities, and construction activities are expanding the global market. Other applications such as food & beverages, biotechnology, petrochemicals, and pharmaceuticals are also capturing huge market revenue in the global market.

Investigating Regional Gas Liquefaction Chillers Patterns: A Comprehensive Analysis

North America Region Outlook :

North America is a significant region that capture a maximum share of the global market by 2033. Several factors increase the North American market as follows:

  • Growing Natural Gas Industry: The increasing demand for natural gas and growing production in the United States have recently expanded the North American region. The growing developments, advanced technologies such as hydraulic fracturing, and innovation of advanced and modern gas liquefaction chillers drive the North American market size.
  • Expanding LNG Exports: The rising exporter of LNG, natural resources, and LNG terminals are driving the North American market. The region is a significant player in the global market by increasing production and exporting facilities of gas liquefaction chillers. The government supports the export facility at the international markets from North America.
  • Present Market Players: North America plays a crucial role in the global market by presenting key players during the forecast period. These key players are developing design, supplying gas liquefaction chillers, and manufacturing related equipment to enhance the North American market.
  • Supportive Infrastructure: North America's growing, well-established infrastructure is advancing the global market. The developments in LNG terminals, transportation networks, storage facilities, and handling distribution networks fuel the global market.

Overview of the Europe Market

Several factors influence the Europe market are :

  • LNG Imports: Europe is one of the leading regions in the global market that increase the adoption of gas liquefaction chillers through imports. Various European countries such as Canada, France, Germany, and Spain rely on LNG imports by increasing the demand for natural gas. An increase in distributors and suppliers plays a significant role in expanding the market in the region.
  • Energy Resources: Europe focuses on energy resources to reduce carbon footprints and promote sustainability. The demand for natural gas is widely used for cleaner alternatives in the region.
  • Growing Infrastructure: The growing infrastructure, such as LNG terminals, storage, and LNG plants, drives the European market. The growing construction activities, regasification processes, and liquefaction are upsurging the European market.
  • Environmental Regulations: The government focuses on improving environmental impacts and corrosion by promoting gas liquefaction chillers in the market. These chillers help to improve environmental impact and greenhouse gases.

Competitive Landscape

The market is highly competitive by prominent players in the global market during the forecast period. These players invest a lot in research and development activities to develop innovative products in the global market. These players adopt various marketing tactics such as mergers, acquisitions, partnerships, collaborations, agreements, and product launches.

Recent Developments in the Global Market are :

  • In 2020, Linde, an industrial gas company, announced its new agreement with Delta Offshore Energy. This agreement took place to supply LNG equipment and LNG-to-power in Vietnam to expand its business portfolio in the LNG industry.
  • In 2020, Air Products announced its agreement with ACWA Power. This agreement took place to develop a green hydrogen-based ammonia production facility in Suadi, Arabia.
  • In 2020, Chart Industries collaborated with ExxonMobil and Eagle LNG to develop its pipeline infrastructure in Florida. The company manufacture and design cryogenic equipment to enhance its portfolio in the region.
  • In 2021, Johnson Controls announced its new magnetic-bearing centrifugal chiller line. This advanced technology chiller improves performance and energy efficiency and reduces carbon emissions.

Key Segmentation in the Global Gas Liquefaction Chillers Market are

  • By Type :

    • Air-cooled Gas Liquefaction Chillers
    • Water-cooled Gas Liquefaction Chillers
  • By Application :

    • Liquefied Natural Gas Plants
    • Petrochemical Industry
    • Pharmaceuticals and Biotechnology
    • Food & Beverages
    • Other Industries
  • By Capacity :

    • Small Capacity Gas Liquefaction Chillers
    • Medium Capacity Gas Liquefaction Chillers
    • Large Capacity Gas Liquefaction Chillers
  • By Region :

    • North America
    • Europe
    • Latin America
    • Asia Pacific
    • The Middle East and Africa

- FAQs -

What is the Value of the Global Gas Liquefaction Chillers Market in 2023?

The global gas liquefaction chillers market stands at US$ 4.35 billion in 2023.

What is the Expected Growth for the Gas Liquefaction Chillers?

The gas liquefaction chillers demand is predicted to rise at a CAGR of 3% through 2033.

What is the Future Value of the Gas Liquefaction Chillers Market?

The global gas liquefaction chillers market is estimated to hit US$ 5.85 billion by 2033.

Which Region Holds the Majority of the Gas Liquefaction Chillers Market's Shares Globally?

North America accounts for a significant revenue share of the gas liquefaction chillers market.

What End-users Gas Liquefaction Chillers Market Segment Possesses a Notable Growth Potential?

Liquefied Natural Gas (LNG) industry segment is predicted to witness a significant CAGR in the gas liquefaction chillers sales through 2033.

Gas Liquefaction Chillers Market