Chillers Market 2022 - Market Size & Forecast, Industry Trends, Manufacturers Analysis, & Opportunities 2030

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The global chillers market is expected to expand at a compounded annual growth rate (CAGR) of 4.0% during the forecast period of 2022-2030.

Chillers are typically used to maintain equipment temperature for better performance and for keeping the atmosphere cool in the industrial, residential, and commercial sectors. They provide air conditioning by taking out the unwanted heat from buildings through vapor compression. Depending on the design, the different components of chillers include compressors, condensers, evaporators, control units pumps, pipes, high-pressure refrigerant relief valves & cooling towers, tanks, filters, fans, etc.

Growth Drivers:

The primary factors driving the growth of the global chillers market include the escalating adoption of chillers because of their ability to remove heat from the buildings and maintain internal temperature; the proliferating demand for chillers from several end-user industry verticals across the globe; the soaring average temperatures due to global warming driving the need for cooling equipment; the surging concerns regarding machines to maintain room temperature; the burgeoning demand for cost and energy-efficient cooling systems in the industrial sector; and the rapidly growing urbanization worldwide.


Additionally, the governments of different developing countries in the purview of robust industrial and economic development coupled with rapid population expansion are seen to be investing huge amounts of funds in public infrastructures, such as hospitals, offices, malls, and housing societies, and are also rolling out initiatives such as “National Infrastructure Program,” and “Nation Program on Strategies for Sustainable Smart Cities”. This surge in industrial and residential construction activities is giving rise to the need for more chillers for temperature control, which is considerably aiding in the growth of the global chillers market.

Moreover, the rapid penetration of chillers across several end-use applications in tandem with the growing number of technological advancements in chillers has given rise to the introduction of IoT (Internet of Things) powered chillers in the market, which enable efficient control and monitoring of various industrial applications. Recently, Pro Chiller Systems introduced a new IoT powered chillers which facilitates data visualizations via customized dashboard. The advent of such chillers with advanced technologies is predicted to bring about tremendous growth opportunities for the global chillers market, especially in the next few years i.e. during the forecast period.

Furthermore, other factors such as the increased offering of centrifugal chillers by market players; the growing number of construction activities in the developed and developing nations; the rising disposable incomes leading to substantial consumption of frozen food among people; the increasing emphasis on energy and operational cost minimization among end-user industries leading to the adoption of advanced cooling systems; the surging number of data center investments; the enhancing demand for green building projects; and the expanding aviation industry are expected to further bolster the growth of the global chillers market during the forecast period.

However, factors such as the high initial investment and setup cost associated with chillers, the regular fluctuation in raw material prices, the growing demand for variable refrigerant flow (VRF) systems, and stringent government regulations pertaining to greenhouse effects, in different parts of the globe, due to the use of chemicals in the chillers for refrigeration process may hamper the growth of the global chillers market to some extent during the forecast period.

Chillers Market Segmentation:

By Product Type:

·         Air Cooled Chiller

·         Water Cooled Chiller

 

By Type:

·         Scroll

·         Screw

·         Centrifugal

·         Reciprocating

·         Absorption

 

By Capacity:

·         >17.5 kW

·         17.6-50 kW

·         51-100 kW

·         101-200 kW

·         >200 kW

 

By Refrigerant Type:

·         R22

·         R407C

·         R134A

·         R410A

·         Others

 

By End-Use Industry:

·         Plastics

·         Food & Beverage

·         Medical & Pharmaceuticals

·         Chemicals & Petrochemicals

·         Rubber

·         Printing

·         Laser Cutting

·         Alternative Energy

·         Others

 

By Region:

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East and Africa

 

Based on type, the screw segment captured the largest share of the global chillers market in 2021. The segment is anticipated to continue leading the market throughout the forecast period of 2022-2030. The high preference for screw chillers due to their user, and eco-friendly, and low maintenance attributes is the major factor attributed to the large share of the segment.

 

Based on product type, the water cooled chiller segment accounted for the largest share of the global chillers market in 2021. The segment is expected to retain its dominance further in the market during the forecast period. This is due to the longer life span and high efficiency of these systems in comparison to the air-cooled equipment for large cooling loads. However, the air cooled chiller segment is projected to achieve the highest CAGR in the market during the forecast period, owing to the requirement of less space, and the low cost of these chillers.

 

Based on end-use industry, the food & beverage segment is anticipated to expand at a growth rate of 3.5% during the forecast period. However, on the basis of capacity, the >200 kW segment is expected to dominate the market during the forecast period.

 

Regional Outlook:

The Asia Pacific region held the commanding position in the global chillers market in 2021, followed by North America and Europe. The region is predicted to maintain its position further in the market during the forecast period of 2022-2030. The major factors attributed to the growth of the market in the region include the high adoption of chillers due to the presence of well-established manufacturing industry in the region; the rapidly expanding construction industry in the region; the increasing investments by leading market players to establish their production plants in the region; the increasing number of huge projects; the growing focus on energy efficiency; and the rising number of data centers in the region. Furthermore, the rapid population growth and the easy availability of skilled labor in the region are also anticipated to bode well for the market's growth during the forecast period. India, China, Vietnam, Thailand, and Indonesia stand as the major contributors to the growth of the market in the region.

 

The European region is poised to emerge as the fastest growing regional market for chillers during the forecast period. The increasing demand for chillers in the food & beverage industry due to the escalating consumption of frozen foods; the rapid replacement of R22 refrigerants, the application of chillers in high rise office buildings and, airports in the region, and the rising demand for small- and medium-power cooler units in the region are the major factors ascribed to the market growth in the region. Germany and U.K. are the major contributors to the growth of the market in the region.

 

The Middle East and Africa region is projected to witness moderate growth in the market during the forecast period. The rising number of residential and commercial development activities, the expanding tourism sector, and the fast-paced urbanization in the region are predominantly attributed to the growth of the market in the region.

 

Key Companies in Chillers Market:

·         Smardt Chiller Group Inc.

·         Johnson Controls International Plc

·         Gree Electric Appliances Inc. of Zhuhai

·         Midea Group Co. Ltd.

·         Thermax Ltd.

·         Trane Technologies Plc.

·         KKT Chillers

·         MTA S.P.A

·         Friulair S.R.L

·         HYDAC International

·         Reynold India Pvt. Ltd.

·         Carrier Global Corporation

·         Mitsubishi Electric Corporation

·         Daikin Industries Ltd.

·         Dimplex Thermal Solutions

·         LG Electronics

·         Other Players

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