Wilmington, Delaware, United States, May 19, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The Global Chiller Market is projected to flourish at a CAGR of 4.7% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 7.1 billion is anticipated for the market in 2031. As of 2023, the market for chillers is expected to close at US$ 5.03 billion
The market for chillers is expected to grow in the future owing to the increasing demand from various industries. The rapid growth of the food & beverages, chemical & petrochemical industries, healthcare, metal manufacturing, plastic, and rubber industry, and the need for temperature control fuel the growth of the market during the forecast period.
The increasing industrialization and changing government policies drive the growth of the chillers market. The increasing number of data centers is anticipated to have a positive impact on the chillers market.
The demand for water-cooled chillers is high in the industrial sector as these chillers are efficient in rapidly lowering the temperature. The rapid growth in the chemical & petrochemical industry is also boosting the growth of the chillers market.
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Key Takeaways from the Market Report
- As of 2023, the chillers market is forecast to reach US$ 5.03 billion
- By type, demand for water-cooled chillers is rising significantly
- Direct segment to remain popular during the forecast period
- Based on end-use, the chemical & petrochemical segment is expected to account for a significant market share as it is used to remove excess heat from the material
- Screw driven chillers segment is expected to generate high revenue during the forecast period.
Chiller Market: Prominent Drivers and Trends
- Increased usage of chillers in the food & beverage to maintain the low temperature is creating opportunities for chillers market growth. Chillers are gaining traction due to the increasing consumption of frozen foods.
- Increased urbanization and increase in construction activities by the government of various countries the demand for chillers increases.
- Manufacturers are focusing on developing innovative and energy-efficient chillers with varying capacities that comply with environmental regulations to cater to different customer requirements.
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Chillers Market: Regional Analysis
- North America is expected to witness high demand for chillers owing to the increasing application in various industries such as food & beverages, chemical & petrochemical, and the healthcare sector.
- Asia Pacific is expected to account for the largest share of the chillers market, due to the increasing demand from the industrial sector in the countries like China, India, and South Korea.
Competitive Landscape
Transparency Market Research has profiled the following players in its global chillers market report:
- Daikin Industries
- Drake Refrigeration Inc
- Haier Electronics Group Co Ltd,
- Ingersoll Rand (Trane)
- Johnson Controls
- LG Electronics
- Mitsubishi Corporation
- Robert Botsch GmBH
- Sehno Machinery (Shenzhen) Co Ltd
- United Technology Corporation
Investment in research & development, product advancement, merger, and acquisition are some of the strategies adopted by leading players. Some of the development from the chillers market are as follows-
- Daikin water-cooled chillers wide range of chillers such as water-cooled screw compressor chillers, magnetic bearing centrifugal chillers, water-cooled centrifugal single compressor chiller, and many others. Daikin water-cooled chillers provide high quality, operational efficiency & energy savings for various application such as air conditioning applications, industry-type process cooling, and large-scale district heat source systems.
- Drake refrigeration r spilt air-cooled chiller systems are ideal solutions for medical, industrial, brewery, dairy and food processing, and many other industries. They are best suited to environments that cannot accommodate a packaged water-cooled chiller or packaged air-cooled chiller
- Senho Machinery co ltd is the leading manufacturer of water chillers and process cooling equipment in China. The product range includes air cooled & water cooled chillers scroll & screw type chillers, and low temperature glycol chillers
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Chillers Market: Key Segments
Type
- Air-cooled chiller
- Air-cooled Scroll Compressor Chiller
- Air cooled Screw Compressor Chiller
- Air-cooled high-efficiency Modular Chiller
- Others
- Water-cooled chiller
- Water-cooled screw compressor chillers
- Modular Central Plant
- Scroll Water Heater
- Magnetic Bearing Centrifugal Chiller
- Others
Refrigeration Cycle
- Vapour Absorption
- Vapour Compression
Compressor Technology
- Centrifugal Chiller
- Reciprocating Chiller
- Scroll Compressor Chiller
- Screw Driven Chiller
Power Range
- Less than 50 kW
- 50 kW to 200 kW
- More Than 200 kW
Temperature Range
- +30°C to -20°C
- -20°C to -40°C
- 40°C and below
End-Use Industry
- Chemical & petrochemical
- Food & beverages
- Healthcare
- Metal Manufacturing
- Others (Rubber, Plastic, etc)
Distribuion Channel
- Direct
- Indirect
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Transparency Market Research
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