Chillers Market Size is anticipated to reach at a CAGR of 4.0% during the forecast period

 

During the projected period of 2022–2030, the worldwide chillers market is anticipated to grow at a compound annual growth rate (CAGR) of 4.0%.

In the industrial, residential, and commercial sectors, chillers are primarily used to manage equipment temperature for optimum performance and to keep the environment cool. By vapour compression, they remove the unwelcome heat from buildings to offer air conditioning. Compressors, condensers, evaporators, control units, pumps, pipes, cooling towers, high-pressure refrigerant relief valves, tanks, filters, fans, etc. are a few examples of the various chiller parts depending on the design.

 

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Growth Drivers:

In addition, it is evident that the governments of various developing nations are investing enormous sums of money in public infrastructure, such as hospitals, offices, malls, and housing societies, as well as launching programmes like the "National Infrastructure Program" and "Nation Program on Strategies for Sustainable Smart Cities" in order to support rapid population growth along with strong industrial and economic development. The increase in industrial and residential construction is increasing the demand for chillers, which is significantly assisting in the growth of the global chillers market.

Other factors include the rise in the number of centrifugal chillers being offered by market players, the expansion of construction in both developed and developing countries, the rise in disposable incomes driving up consumption of frozen foods, the adoption of advanced cooling systems by end-user industries, the expansion of data centre investments, and the growing emphasis on energy and operational cost minimization.

The high initial investment and setup costs associated with chillers, the frequent fluctuations in raw material prices, the rising demand for variable refrigerant flow (VRF) systems, and strict government regulations concerning greenhouse effects due to the use of chemicals in chillers for refrigeration process in various parts of the world may, however, restrain the growth of the global chillers market to some extent during the forecast period.

 

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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

 

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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xResearch is a market research and consulting organization that uses unique data, expert analysis, and new technologies to create trusted intelligence on industries. Our research is focused on delivering an informed and impartial view on essential market data of industry, and it is primarily driven by an in-depth study covering the following parameters: Market Sizing and Forecasting, Market Segmentation, Competitive Analysis, Strategic Assessment and Business Modelling.                   

 

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