Wilmington, Delaware, United States, Aug. 07, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global HVAC chillers market is projected to flourish at a CAGR of 5.4% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 15.4 billion is anticipated for the market in 2031. As of 2023, the market for HVAC chillers is expected to close at US$ 10.2 billion.
The rise in construction activities, especially in commercial buildings, industrial complexes, and residential sectors, and the increasing need for air-cooled chillers is the main factor expected to increase the HVAC chiller’s market share during the forecast period.
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Competitive Landscape
The HVAC Chillers market is highly consolidated with the presence of a few market players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global HVAC chillers market report:
- Electrolux AB
- Carrier Global Corporation
- Daikin Industries Ltd.
- Honeywell International Inc.
- Johnson Controls International plc
- Shuangliang Eco-Energy Co., Ltd.
- LG Electronics Inc.
- Mitsubishi Electric Corp.
- Panasonic Corporation
- Samsung Electronics Co. Ltd.
- Siemens AG
- Trane Technologies Plc
- Thermal Care Inc.
Key Developments in the HVAC Chillers Market
- In March 2022 - Carrier introduced the AquaForce® Vision 30KAV with PUREtec™ refrigerant, a new line of high-performance, compact process cooling chillers with ultra-low global warming potential (GWP) refrigerant R-1234ze. The new chiller line is optimized for industrial processing such as food manufacturing, pharmaceuticals, chemicals, plastics, metal industries, and applications requiring ultra-reliable cooling up to -12degC.
- In November 2022 - Trane Technologies announced it will further reduce the carbon impact of its industry-leading, sustainable HVAC solutions by purchasing low-carbon steel from primary supplier Nucor Corporation, Econiq™, with an additional allotment from U. S. Steel, verdeX®. The steel will be used in U.S. manufacturing operations to build Trane® high-efficiency heat pumps and air conditioners for homes, and thermal management systems for commercial buildings such as schools and data centers.
- In June 2023 - Daikin Industries, Ltd. has recently relocated its Washington, D.C. office and opened the Daikin Sustainability & Innovation Center with the aim of further promoting environmental technologies and accelerating open innovation.
Competitive Landscape
The HVAC Chillers market is highly consolidated with the presence of a few market players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global HVAC chillers market report:
- Electrolux AB
- Carrier Global Corporation
- Daikin Industries Ltd.
- Honeywell International Inc.
- Johnson Controls International plc
- Shuangliang Eco-Energy Co., Ltd.
- LG Electronics Inc.
- Mitsubishi Electric Corp.
- Panasonic Corporation
- Samsung Electronics Co. Ltd.
- Siemens AG
- Trane Technologies Plc
- Thermal Care Inc.
Key Developments in the HVAC Chillers Market
- In March 2022 - Carrier introduced the AquaForce® Vision 30KAV with PUREtec™ refrigerant, a new line of high-performance, compact process cooling chillers with ultra-low global warming potential (GWP) refrigerant R-1234ze. The new chiller line is optimized for industrial processing such as food manufacturing, pharmaceuticals, chemicals, plastics, metal industries, and applications requiring ultra-reliable cooling up to -12degC.
- In November 2022 - Trane Technologies announced it will further reduce the carbon impact of its industry-leading, sustainable HVAC solutions by purchasing low-carbon steel from primary supplier Nucor Corporation, Econiq™, with an additional allotment from U. S. Steel, verdeX®. The steel will be used in U.S. manufacturing operations to build Trane® high-efficiency heat pumps and air conditioners for homes, and thermal management systems for commercial buildings such as schools and data centers.
- In June 2023 - Daikin Industries, Ltd. has recently relocated its Washington, D.C. office and opened the Daikin Sustainability & Innovation Center with the aim of further promoting environmental technologies and accelerating open innovation.
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HVAC Chillers: Key Trends and Opportunistic Frontiers
- The growing popularity of centralized chillers, as they serve multiple buildings, has gained popularity as a sustainable solution in densely populated urban areas, contributing to the growth of the HVAC chillers market.
- the rising demand for energy-efficient and eco-friendly cooling solutions, and the growing need for precise temperature control in industrial processes., contributing to the growth of the HVAC chillers market
- Ongoing research and development efforts have led to technological advancements and development to introduce advanced chiller technologies that enhance energy efficiency, performance, and reliability.
HVAC Chillers Market – Regional Analysis
- North America is expected to account for the largest share of the HVAC chillers market. The demand is driven by the extensive commercial sector, the need for temperature control in data centers, and the growth of the construction industry. Energy efficiency and sustainability initiatives by governments and businesses have further contributed to the adoption of high-efficiency chillers in the region.
- Asia Pacific is expected to dominate the HVAC chillers market during the forecast period owing to rapid industrialization, urbanization, and infrastructure development. The growing commercial and residential sectors, along with the expansion of data centers and industries, especially in countries like China, India, and Southeast Asian countries have increased the demand for HVAC chillers in the region.
HVAC Chillers Market – Key Segments
Type
- Air Chillers
- Water Chillers
- Others (Absorption Chillers, Ammonia Chillers, Centrifugal Chillers, etc.)
Cooling Capacity (TR)
- Up to 100
- 101 to 300
- 301 to 500
- 501 to 700
- 701 to 1000
- Above 1000
By Compressor Technologies
- Vapor Compression Chillers
- Centrifugal Chillers
- Turbocor Chillers
- Reciprocating Chillers
- Scroll Chillers
- Screw Chillers
- Others (Absorption Chillers, etc.)
- Vapor Absorption Chillers
- Steam Fired Chiller
- Hot Water Driven Chiller
- Direct-fired Chiller
- Single-effect Absorption Chiller
- Double-effect Absorption Chiller
- Others (Multi-Energy Driven Chiller, Exhaust Fired Chiller, etc.)
By End-user
- Retail Food Industry
- Post-harvest Products
- Pharmaceuticals Industry
- Hospitality Industry
- Horticulture
- Others (Chemical. Flowers, etc.)
Distribution Channel
- Direct
- Indirect
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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