Pune, India, Oct. 17, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Chillers Market to 2030 – Global Analysis – by Chiller Technology (Air-Cooled, Water-Cooled, and Steam-Fired), Technology (Process Chillers, Scroll Chillers, Screw Chillers, Centrifugal Chillers, Absorption Chillers, Modular Chillers, and Reverse Cycle Chillers), Application (Commercial, Industrial, and Residential), and Geography,” the market is expected to grow from US$ 9.97 billion in 2022 to US$ 14.87 billion by 2030; it is anticipated to register a CAGR of 5.1% from 2022 to 2030.
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Green building projects and third-party data centers are among the significant trends creating promising opportunities for the chiller market players. Also, the growing investments in various developing countries of the Middle East & Africa creates immense scope for specific HVAC chillers required in commercial, industrial, and residential spaces. Concerns such as global warming and climatic changes are also contributing to the chiller market growth. In Europe, hotels, restaurants, resorts, cafeterias, food and beverage processing plants, multiplexes, etc., are expected to be major consumers of HVAC chillers in the coming years.
Considering summer heat, long sticky days, high humidity, nighttime temperatures, and mold, Japan generates a high demand for chillers. Australia's changing weather represents a considerable challenge to communities, individuals, businesses, governments, and the industrial sector. The country has already witnessed a rise in average temperatures for the past 60 years. These conditions drive the sales of residential and commercial chillers in Australia. Malaysia, Singapore, the Philippines, Thailand, and Bangladesh are among the major countries contributing to the chiller market growth in Asia Pacific.
Considering climate conditions, the UAE is the country that will need a high count of chillers in the coming years.
The chiller market share is segmented based on technology, type, application, and geography. The market, based on technology, is sub segmented into air-cooled, water-cooled, and steam-fired. On the basis of type, the market is sub segmented into process chillers, scroll chillers, screw chillers, centrifugal chillers, and absorption chillers. The chiller market share, by application, is sub segmented into commercial, industrial, and residential.
Global Chillers Market Scope:
| Market Size Value in | USD 9.97 Billion in 2022 |
| Market Size Value by | USD 14.87 Billion by 2030 |
| Growth rate | CAGR of 5.1% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Offering, Type, End-User |
| Regional scope | North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Chillers Market: Competitive Landscape and Key Developments
Danfoss; Carrier Global Corporation; DAIKIN Industries, LTD; Johnson Controls; Kaltra; LG Electronics; Mitsubishi Electric Corporation; SKM Air Conditioning; Trane Technologies Inc; and Thermal Care, Inc. are among the key chiller market players profiled during this study. In addition, several other important chiller market players have been studied and analyzed during the study to get a holistic view of the chiller market and its ecosystem.
In November 2022, Drake Refrigeration, Inc. introduced its new Cannabis extraction chillers at the 11th Annual MJBizCon event at the Las Vegas Convention Center. The new chillers help maintain fluid temperatures as low as -20°F to -40°F.
In October 2022, Mitsubishi Electric Corp announced that it had launched a new air-source chiller, which was developed in the Italian factory. This new R32 air-cooled chiller is highly efficient and operates using R32 refrigerant, which has a lower GWP of 677.
In February 2022, LG Electronics Inc announced the launch of the LG Inverter Scroll Heat Pump Chiller (ISHPC). It provides high performance and increased efficiency in the heat pump air-cooled chiller category.
In Jan-2022, Thermal Care, Inc. announced the launch of a new chiller, the Accuchiller TCFW375. It is specifically designed for ice rink applications and has efficiencies of both hybrid film evaporator and Turbocor TTH375 high lift variable speed centrifugal compressor.
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Chillers Market Analysis: Type Overview
Compared to other chillers, screw chillers have excellent part-load and full-load kW/ton efficiencies. Generally, with higher noise levels in the lower frequency octave bands, screw compressors are louder compared to scroll compressors. The screw chiller functions on screw compressors, and generally, very less space is needed to install them in residential and commercial buildings. The screw chiller is very efficient with regard to function as per the building capacity, and it never overcools the internal building space or internal environment. Usually, the source of coolant is water, and it has higher efficiency of cooling as compared to the air. The water which is there inside the compressor reduces the vibration effects of the plant. The functioning of the screw chiller does not create much noise within the long run or short run functioning. Screw chiller compressor has very a much smaller number of spare parts, and owing to this, maintenance work is significantly less. These chillers are perfect for high-rise buildings.
Go through further research published by The Insight Partners:
HVAC Chillers Market - Global Analysis and Forecast to 2028
Process Chillers Market - Global Analysis and Forecast to 2030
Modular Chiller Market - Global Analysis and Forecast to 2030
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