New York, US, May 24, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Chillers Market Research Report 2023 By Type, By Capacity, By End-use Industry, And By Region –Market Forecast 2032”. The global chillers market is demonstrating notable revenue growth in the next few years. Growing demand across industries would drive market growth. The global chillers market is poised to escalate from USD 4.2 billion in 2022 to USD 5.72 billion by 2032, growing at a 3.50% CAGR during the assessment period (2023-2032).
Chillers Market Overview
The growing demand for chillers from various industries and favorable government policies for manufacturing chillers boost the market growth. The emergence of smart chillers, with preventive maintenance and other unique features, positively influences the market demand. These intelligent chillers provide decreased outages, fewer disruptions, and extended equipment life. Advances in IoT technology have enabled the development of connected chillers.
In many industries, chillers are used to regulate the temperature of machinery, equipment, and surroundings. Considering the growing demand for intelligent chillers that allow preventive maintenance features to react swiftly to the problem area and improve the overall efficacy of chillers, manufacturers are increasingly focusing on the development of connected chillers. Thus, growing IoT integrations influence the chillers market growth.
Leading chillers market players includes,
- Mitsubishi Electric Corporation
- Carrier Global Corporation
- Daikin Industries Ltd.
- LG Electronics
- Dimplex Thermal Solutions
- Johnson Controls International Plc
- Thermax Ltd.
- Gree Electric Appliances Inc.
- Midea Group Co. Ltd
- Trane Technologies Plc.
- Among others.
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Growing demand for chillers from various industries, such as semiconductors, paper & cement, blow molding machines, medical imaging, and power generation, propel the market's expansion. Also, government initiatives to expand industrial construction drive the chillers market. The growing adoption of smart chillers in the dairy and processed food sectors push the market demand further.
The consumption of processed foods is increasing due to changing lifestyle of consumers and their desire for convenience. Additionally, various benefits of processed food, such as simple preservation & storage, convenience & simplicity, and time efficiency in cooking, drive the processed food market.
Food processing and packaging applications require dependable indirect refrigeration equipment. Food and beverage manufacturers & distributors use water chillers for food processing more frequently than any other refrigeration system. Thus, the growing use in the processed food sectors worldwide fosters the chiller market revenue.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2032: USD 5.72 billion |
| CAGR during 2023-2032 | 7.59% CAGR |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Capacity, End-use Industry, and Region |
| Key Market Opportunities | Growing need for environment-friendly and sustainable products |
| Key Market Dynamics | Growing investments New Product launches Rising application across various industries |
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Competitive Analysis
Several giant players are operating in the global chillers market, forming a competitive landscape. With their strong global presence, these players make the market appear highly competitive and fragmented. The growing competition among chillers providers encourages them to develop advanced products. They focus on developing advanced resources to meet the growing global demand. Well-established players incorporate acquisitions, collaborations, partnerships, expansions, and product & technology launches to stay ahead in market competition.
For instance, on Apr. 06, 2023, Panasonic, a Japanese HVAC&R manufacturer, launched its new propane (R290)-based heat pump chiller, ECOi-W, for light-commercial applications. The move marks its entry into the commercial HVAC market after its acquisition of Systemair, a Swedish manufacturer of commercial HVAC systems, including chillers, heat pumps, air conditioners, and fan coil units.
Segments
The global chillers market report is segmented into types, capacities, end-use industries, and regions. The type segment is subs-segmented into screw, scroll, centrifugal, absorption, and reciprocating. Of these, the scroll segment dominates the market, witnessing growing popularity with its cost-effectiveness, minimal maintenance requirements, and high performance.
The capacity segment is subs-segmented into less than 17.5 kW, 17.6 to 50 kW, 51 to 100 kW, 101 to 200 kW, 201 to 350 kW, 351 to 500 kW, 701 to 900 kW, 901 to 1200 KW, 1201 to 1500 kW, 1501 to 2000 kW, 2001 to 25000 kW, and more than 2501 kW. Among these, the 701-900 kW segment dominates the market, witnessing extensive use across industries.
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The end-use industry segment is subs-segmented into food & beverage, plastics, medical & pharmaceuticals, rubber, chemicals & petrochemicals, printing, alternative energy, laser cutting, and others. Of these, the food & beverage segment accounts for the largest market share, headed by the increasing use of chillers for precise and consistent temperature regulation. By regions, the chillers market is segmented into North America, Europe, Asia-Pacific, and rest-of-the-world (RoW).
Regional Analysis
North America dominates the global chillers market, witnessing the growing use in hospitals, offices, large retail stores, and theaters. Besides, governments' efforts to expand infrastructure like airports, museums, and exhibition centers positively impact the chillers market growth. Increased tourism and construction activities drive the chillers market demand across residential, commercial, and industrial sectors in this region.
Europe accounts for the second-largest chillers market share, headed by the rising consumption of refrigerated foods. Chillers witness vast demand from the food and beverage industry, contributing to the region's industrial sector revenue. Moreover, the rising demand for small and medium-powered cooler units in this region substantiates the chillers market size. Germany holds the largest share, and the UK is the fastest-growing market for chillers.
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The Asia-Pacific region is rapidly emerging as a profitable market for chillers. Increasing investments in the commercial and residential construction industries and the growing number of data centers in this region escalate the chillers market value. China holds the largest share, while India is the fastest-growing market for chillers in the Asia-Pacific region.
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