Chillers Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

The global market value of the chillers market was valued at USD 9.9 billion in 2022, and a CAGR of 3.7% is expected during the forecast period. Chillers are refrigeration devices used to store food, beverages, and other perishable devices to increase their life. Increasing demand for removing heat from data centers is driving growth in the market significantly.

Increasing urbanization and industrialization are driving demand for the construction of new buildings in emerging economies like China and India and are driving growth in the market. Increasing demand from the pharmaceutical manufacturing industry and food processing is also witnessing significant growth in the market. The high cost of chillers due to the expensive ingredients used in them is a hindrance to the market’s growth.

Growth Drivers

Rising disposable income, increasing urbanization, and industrialization accelerate the demand for air conditioning in residential, commercial, and industrial buildings, thereby increasing the demand for chillers. Stringent regulations and policies aimed at reducing energy consumption and carbon emissions are promoting the adoption of energy-efficient chillers, leading to market growth. Growth in industries such as food and beverages, pharmaceuticals, and manufacturing, where chillers are essential for temperature control in production processes, contributes to the expansion of the market.

There is increasing demand for the upgrade of outdated chillers with more efficient models, and regular maintenance is required for the chillers. Rapid urbanization, particularly in emerging economies, is driving an increase in demand for new chillers. Increasing awareness of environmental issues and the importance of sustainable practices is driving growth in the market. Increasing growth in food and beverages, pharmaceuticals, and manufacturing is driving growth in the market. The development of more efficient and environmentally friendly refrigerants needs time.

Segmentation

By Type

·         Air Cooled Chiller

·         Water Cooled Chiller

By Product Type

·         Screw Chillers

·         Scroll Chillers

·         Centrifugal Chillers

·         Others

By Power Range

·         Less than 50 KW

·         50 KW-200 KW

·         More than 200 KW

By End-Users

·         Chemicals and Photochemical

·         Food and Beverages

·         Medicals

·         Others

Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Europe

·         Middle East and Africa

Chillers Market by Power Range Segmentation

On the basis of the power range, the chillers market is segmented into less than 50 KW, 50–200 KW, and more than 200 KW. Less than 50 KW is expected to dominate the market during the forecast period. Less than 50 KW is more suitable for residential and commercial areas. Efficient, light-weight, and robust chillers are used for energy efficiency and to reduce operational costs. Less than 50 KW of power is used for cooling operations in the plastic and laser industries to ensure energy efficiency. Major players such as SMARDT and MITSUBISHI Electric Corporation are offering less than 50 kw chillers.

Chillers Market by Product Type Segmentation

On the basis of products, the chillers market is classified into screw chillers, scroll chillers, centrifugal chillers, and others. Screw chillers are the leading segment and are expected to dominate during the forecast period. Increasing demand for cooling solutions in air conditioning systems is driving growth in the screw chiller market. Centrifugal chillers are expected to dominate during the forecast period because they are less noisy and require less maintenance. Increasing demand to ensure energy efficiency is the biggest reason behind the significant growth in the market.

Chillers Market by End-User Segmentation

On the basis of end-user segmentation, the chiller market is segmented into chemicals and photochemical, food and beverages, medical, and others. Others are leading segments, and the medical segment is expected to drive the growth in the market significantly. Increasing demand from the MRI units and operations theater in the hospitals to remove the excess heat is driving the demand in the chillers market. Increasing industrialization and rising disposable income are driving the demand in the market for energy-efficient chillers.

Increasing demand to reduce operational costs and increase efficiency is driving growth in the market. Energy efficiency is the major concern these days. The food and beverage industry are also witnessing moderate growth during the forecast period due to increasing demand for chillers to keep food fresh for a long time. The pharmaceutical industry has experienced significant growth during the forecast period.

Regional Outlook

On the basis of the regions, the chillers market is segmented into 5 parts: Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. Asia Pacific is the leading segment due to the increasing disposable income of people and rising urbanization and industrialization in the region. Increasing demand comes from a wide range of industries, like HVAC systems for buildings, process cooling in manufacturing facilities, temperature control in medical and pharmaceutical settings, and cooling of electronic equipment in data centers. Stringent energy efficiency regulations, technological advancements, industrial growth, urbanization, and rising awareness about environmental sustainability are driving the market towards success.

The demand for construction is growing rapidly in the region, and thus the demand for more efficient and new chillers is also growing with time. Technological advancements are the key factor in the growth of the market in China. The increasing adoption of renewable energy sources is the key factor behind the significant growth in the European market. European countries are efficiently focusing on sustainable building practices, including energy-efficient heating, ventilation, and air-conditioning systems. Urbanization and infrastructure project renewal in Europe are driving growth in the market.

North America being the technological hub, so many chillers in this region are reaching the end of their operational life-span. The commercial and industrial sectors in North America, including hospitality, healthcare, manufacturing, and data centers, drive the demand for chillers for space cooling. Energy efficiency is the major cause behind the growth in the North American market. Reduced operational costs and energy consumption are the key reasons behind the significant growth in the market. The presence of key players in Europe and the North American region is driving growth in the market significantly.

Key Players

·         JOHNSON CONTROLS INTERNATIONAL PLC

·         DIMPLEX THERMAL SOLUTIONS

·         Mitsubishi electric corporation

·         Daikin Industries Ltd

·         SMARDT CHILLER GROUP INC

·         TRANE technologies plc

·         Carrier Global Corporation

·         Thermax Limited

·         Polyscience Inc

·         Other Players