chillers market overview : Global Industry Analysis by Size, Share,...

chillers market overview : Global Industry Analysis by Size, Share, Growth, Sourcing Strategy, Scope, Demand and Forecast to 2032

Posted 2024-01-31 10:46:34

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Market Research Future (MRFR) has published a cooked research report on the “chillers market” that contains information from 2023 to 2032. The chillers market is estimated to register a CAGR of 3.50% during the forecast period of 2023 to 2032 and projected to grow at USD 5.72 billion by 2032.

MRFR recognizes the following companies as the key players in the Market- Carrier Global Corporation, Mitsubishi Electric Corporation, Daikin Industries Ltd, Dimplex Thermal Solutions, LG Electronics, Johnson Controls International Plc, Gree Electric Appliances Inc of Zhuhai, Midea Group Co. Ltd, Thermax Ltd, Trane Technologies Plc.

Global Chillers Market Overview

Chillers market size is expected to experience steady growth, with projections indicating it will reach USD 4.34 billion in 2023 and further expand to USD 5.72 billion by 2032. This forecast suggests a compound annual growth rate (CAGR) of 3.50% during the forecast period from 2023 to 2032.

The global chillers market refers to the industry that manufactures and supplies cooling systems known as chillers. Chillers are essential equipment used for cooling liquids or air in various applications, ranging from industrial processes to commercial and residential air conditioning.

The steady growth projected for the Chillers market indicates its importance in supporting various sectors and facilitating efficient cooling processes. As industries increasingly prioritize energy efficiency and sustainable practices, the demand for modern and eco-friendly chillers is expected to remain robust.

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Chillers Market Segmentation

The Chillers market is characterized by diverse types, including Scroll, Screw, Centrifugal, Reciprocating, and Absorption chillers.

Capacity considerations range across various power thresholds, from greater than 17.5 kW to over 2501 kW.

Applications for chillers span multiple industries, such as plastics, food & beverage, medical & pharmaceuticals, chemicals & petrochemicals, rubber, printing, laser cutting, alternative energy, and various others.

Geographically, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World, reflecting the global distribution and utilization of chillers across different regions and industrial sectors.

This detailed classification provides a comprehensive overview of the chillers market, covering types, capacities, applications, and regional perspectives.

Market Drivers:

Commercial and Industrial Cooling Needs: The market for chillers is primarily driven by the demand for cooling solutions in commercial buildings, data centers, hotels, hospitals, manufacturing plants, and other industrial facilities.

Air Conditioning and HVAC Systems: Chillers are a key component of air conditioning and HVAC (heating, ventilation, and air conditioning) systems. They play a crucial role in maintaining comfortable indoor temperatures in commercial and residential buildings.

Process Cooling Applications: Chillers are widely used in various industries for process cooling applications. Industries such as chemical, pharmaceuticals, plastics, and food processing rely on chillers to cool machinery, processes, and products.

Chiller Types and Technologies: The chillers market offers various types of chillers, including air-cooled chillers, water-cooled chillers, screw chillers, centrifugal chillers, and absorption chillers. Each type caters to specific cooling requirements and system sizes.

Key Players:

Key Companies in the Chillers market include

· Carrier Global Corporation

· Mitsubishi Electric Corporation

· Daikin Industries Ltd

· Dimplex Thermal Solutions

· LG Electronics

· Johnson Controls International Plc

· Gree Electric Appliances Inc of Zhuhai

· Midea Group Co. Ltd

· Thermax Ltd

· Trane Technologies Plc

Chillers Industry Developments:

· In February 2022, Fujinetsu, an air-conditioning designer, and Meiwa, a chiller manufacturer, showcased a new prototype of a propane (R290) chiller at the HVAC&R Japan 2022 trade exhibition. The prototype was specifically designed for air-conditioning applications. According to company representatives, the prototype underwent effective testing, proving its cooling capacity and suitability for use in air-conditioning systems.

Propane (R290) is a natural refrigerant that has gained popularity due to its low global warming potential (GWP) and ozone depletion potential (ODP). As environmental concerns drive the industry to seek more sustainable and eco-friendly refrigerants, the development of the propane chiller prototype represents a significant step in promoting greener cooling solutions for air-conditioning applications.

· Moving to June 2021, Carrier Corporation, a leading HVAC and refrigeration solutions provider, acquired Guangdong Giwee Group (Giwee Group) and its subsidiaries, including Guangdong Chigo Heating & Ventilation Equipment Co., Ltd. The primary motivation behind this acquisition was to expand Carrier Corporation's presence in the rapidly growing variable refrigerant flow (VRF) and light commercial market.

The VRF technology offers energy-efficient heating and cooling solutions for buildings, making it increasingly popular in the commercial sector. With the acquisition of Giwee Group and its subsidiary, Carrier Corporation aimed to strengthen its position in the VRF market and tap into the substantial potential of the light commercial segment. The projected value of the VRF and light commercial market, estimated to reach approximately USD 20 billion by 2025, presents a significant growth opportunity for Carrier Corporation.