Dublin, June 01, 2023 (GLOBE NEWSWIRE) -- The "India Chiller Market By Product Type (Screw, Centrifugal, Scroll, Absorption), By End Use Sector (Commercial, Industrial), By Region, Competition Forecast & Opportunities, 2018-2031F" report has been added to ResearchAndMarkets.com's offering.
The India chiller market was valued USD546.34 million in 2022 and is projected to register a CAGR of 8.29% through 2031
The India Chiller market is growing at a robust growth rate owing to the increasing demand from industrial sector, growing construction industry, and growing demand from healthcare industry. Furthermore, the growing demand for cooling solutions and various government initiatives for energy efficient chillers is significantly contributing to the India Chiller market growth.
India Chiller Market Scope
A chiller is a cooling system that removes heat by circulating a refrigerant that absorbs heat and then releases it through a series of mechanisms. The main components of chiller include compressor, condenser, expansion valve, and evaporator.
They circulate a refrigerant that eliminates heat from a system, process, or space. There are various types of chillers, and each one has a unique method for eliminating heat. There are four types of chillers used in India, including screw, centrifugal, scroll, absorption.
In contrast to a water-cooled chiller, which circulates water using a cooling tower, an air-cooled chiller system uses fans to cool itself.
India Chiller Market Overview
The chiller market in India is witnessing high demand from industrial and commercial industry. The central air conditioning system includes chillers, which are in high demand across a variety of market segments, including commercial sector (such as hotels, hospitals, shopping centers, airports, and information technology facilities) and industrial sector (pharmaceuticals, automobiles, textile, chemical and FMCG).
In the food and beverage industry, process cooling is widely used for heat-generating procedures including pasteurization and food baking. Chillers are used to control the machinery's temperature and prevent it from overheating. Furthermore, there are numerous applications in the pharmaceutical industry that use various types of chillers for cooling purposes.
Chillers are used consistently for maintaining temperature of medical equipment like MRI machines, CT scanners, and PET scanners to operate more effectively. Thus, increasing demand for chillers from various commercial and industrial sectors will fuel the market.
India Chiller Market Drivers
In recent years, India has seen a gradual increase in the need for energy-efficient chillers. There is increase in demand of energy efficient chillers due to rising electricity prices, governmental specifications, and increased public awareness of environmentally friendly systems.
The Indian government has started several programs to encourage the use of eco-friendly and energy-efficient technologies. For instance, the Ministry of Power of the Indian government started a program in 2018 to encourage the installation of energy-efficient chiller systems across the country.
The Chiller Star Labeling Program was established by the Bureau of Energy Efficiency (BEE) to give chillers an energy performance star rating. Energy-efficient chillers must be used in commercial buildings, according to the government's Energy Conservation Building Code (ECBC). Thus, demand for energy efficient chillers will fuel the market.
In commercial and industrial buildings, the use of HVAC systems, particularly chillers, has expanded because of India's expanding construction sector. In comparison to traditional vapor compression-based cooling systems, installing low carbon cooling options such chillers in commercial buildings are preferred.
India Chiller Market Trends
The demand for chillers is rising significantly in India due to expansion of industrial sector at a faster rate. Chillers are widely used in various sectors, including chemicals, textiles, food, and beverages.
For instance, glycol chillers are used in vineyards and breweries for maintaining the appropriate temperature for fermentation. The need for cooling equipment is widely influenced by the rising consumption of frozen and processed foods. Therefore, the market would be driven over the forecast period by the rising demand for chillers from the food industry.
The demand for chillers has increased in the medical or pharmaceutical industry, which has supported the market's growth. For instance, in India, the hospital sector accounts for 80% of the entire healthcare market. In the medical and pharmaceutical fields, chillers are used to reduce the temperature of X-ray apparatus, CT scanners, and laser therapy procedures that require process cooling. Therefore, the market for chillers will expand at a faster pace over the forecast period with the expansion of the healthcare industry.
India Chiller Market Challenges
In India, chillers, an energy-intensive system, account for more than 40% of all energy used in commercial buildings. Government laws are frequently changed, which is unfavorable for the growth of market.
For instance, the Energy Conservation Building Code (ECBC) has set minimum energy efficiency requirements for commercial buildings with a connected load of 100kW or a contract demand of 120 KVA and above. Therefore, using advanced HVAC technologies is intended to solve the issue of high energy consumption in the chiller market.
The appropriate maintenance of chillers is necessary to keep this complex equipment in good working condition. The chiller could corrode, clog up, lose efficiency, or experience several other issues without proper maintenance. The servicing and maintenance of chillers is expensive as well as time consuming. Thus, high maintenance cost can be a challenge for India chiller market.
Market Opportunities
The growing demand from the food and beverage industry, which contributes to 3% of India's GDP and is one of the top employers in the nation, has had a major effect on the country's demand for chillers. Therefore, focus on commercial sector will create better market opportunities for chiller companies in India.
With the Hydrochlorofluorocarbons Phase-out Management Plan (HPMP), India successfully complied with the Montreal Protocol that has increased the scope for upgrading low global warming potential refrigerants. For instance, after gradually phasing out chlorofluorocarbons, India totally phased out "HCFC141b refrigerant" on 1 January 2020. (CFCs). Thus, to improve their market share, companies in the India chiller market can switch to environmentally friendly refrigerants. Companies can use low global warming potential refrigerants to increase the energy efficiency of chillers in India.
Competitive landscape
Company Profiles: Detailed analysis of the major companies present in India Chiller market.
- Daikin Airconditioning India Private Limited
- Blue Star Limited
- Voltas Limited
- Carrier Airconditioning & Refrigeration Limited
- Johnson Controls-Hitachi Air Conditioning India Limited c
- Kirloskar Chillers Pvt. Ltd
- LG Electronics India Pvt. Ltd.
- Mitsubishi Electric India Pvt. Ltd. (Climaveneta)
- Flamering (India) Private Limited
- Thermax Limited
Report Scope:
India Chiller Market, By Product Type:
- Screw
- Centrifugal
- Scroll
- Absorption
India Chiller Market, By End Use Sector:
- Commercial
- Industrial
India Chiller Market, By Region:
- North
- West
- South
- East
For more information about this report visit https://www.researchandmarkets.com/r/1iylew
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