Jersey City, New Jersey, April 15, 2024 (GLOBE NEWSWIRE) -- The Global Chiller Market is projected to grow at a CAGR of 4.35% from 2024 to 2031, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 10.23 Billion in 2023 and is expected to reach USD 14.39 Billion by the end of the forecast period.
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Browse in-depth TOC on “Chiller Market”
202 - Pages
126 – Tables
37 – Figures
Scope Of The Report
| REPORT ATTRIBUTES | DETAILS |
| STUDY PERIOD | 2018-2031 |
| GROWTH RATE | CAGR of ~4.35% from 2024 to 2031 |
| BASE YEAR FOR VALUATION | 2023 |
| HISTORICAL PERIOD | 2018-2022 |
| FORECAST PERIOD | 2024-2031 |
| QUANTITATIVE UNITS | Value in USD Billion |
| REPORT COVERAGE | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| SEGMENTS COVERED |
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| REGIONS COVERED |
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| KEY PLAYERS | Daikin Industries, Carrier Global Corporation, Trane Technologies Plc, Johnson Controls International Plc, Mitsubishi Electric Corporation, Smardt Chiller Group Inc, KKT Chillers, MTA S.p.A., Friulair S.r.l., HYDAC International GmbH, Reynolds India Pvt. Ltd, Thermax Limited, LG Electronics, Dimplex Thermal Solutions, Polyscience Inc., Yutai Group, Midea Group Co. |
| CUSTOMIZATION | Report customization along with purchase available upon request |
Chiller Market Overview
Technological Advancements Revolutionizing Chiller Market: The latest advancements in technology, such as variable-speed compressors and IoT integration, are revolutionising efficiency and performance, leading to an increased demand. Embrace innovation to stay ahead in the ever-changing landscape of the chiller market.
Growing Demand for Energy-Efficient Cooling Solutions: In light of growing sustainability concerns, there is a heightened focus on finding cooling solutions that are environmentally friendly. Surging adoption of energy-efficient chillers brings about significant cost savings and environmental benefits. Embrace this trend to enhance your presence in the Chiller Market.
Rapid Industrialization Fueling Chiller Market Growth: The increasing demand for dependable cooling systems is driven by the rapid growth of industrial sectors across the globe. From various industries to data centres, there is a significant increase in demand, which brings forth highly profitable prospects. Align your products and services to meet the varied needs of different industries in the flourishing Chiller Market.
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High Initial Investment Hindering Chiller Market Penetration: Although the potential for long-term savings is promising, the initial costs present a significant hurdle for prospective purchasers. Inform clients about the advantages of ROI and various financing choices to overcome obstacles, revealing unexplored opportunities in the Chiller Market.
Regulatory Compliance & Environmental Standards: Chiller manufacturers face operational complexities due to stringent regulations and environmental directives. Staying up-to-date with changing standards is essential for remaining compliant and staying competitive in the chiller market.
Supply Chain Disruptions Impacting Chiller Market Stability: The production and distribution of chillers are being significantly impacted by global supply chain disruptions, which are further worsened by geopolitical tensions and natural disasters. It is crucial to have proactive strategies and agile supply chain management in order to successfully navigate uncertainties in the Chiller Market landscape.
Geographic Dominance:
During the forecast period, Asia Pacific is expected to maintain its dominance in the chiller market. The Asia Pacific region is experiencing rapid urbanisation and industrialization, with notable growth in countries like China, India, and Southeast Asian nations. The increasing demand for chillers is being fueled by the transition in various sectors such as commercial buildings, industrial facilities, and data centres. With the growth of cities and industries, there is a rising need for effective cooling systems that can ensure optimal temperatures in buildings and manufacturing operations. This, in turn, is driving the demand for chillers in the market.
Chiller Market Key Players Shaping the Future
Major players, including Daikin Industries, Carrier Global Corporation, Trane Technologies Plc, Johnson Controls International Plc, Mitsubishi Electric Corporation, Smardt Chiller Group Inc, KKT Chillers. and more, play a pivotal role in shaping the future of the Chiller Market. Financial statements, product benchmarking, and SWOT analysis provide valuable insights into the industry's key players.
Chiller Market Segment Analysis
Based on the research, Verified Market Research® has segmented the global Chiller Market into Type, Product, End-User Industry, And Geography.
- Chiller Market, by Type
- Water-cooled
- Air-cooled
- Chiller Market, by Product
- Scroll Chillers
- Screw Chillers
- Centrifugal Chillers
- Reciprocating Chillers
- Absorption Chillers
- Chiller Market, by End-User Industry
- Plastics
- Food & Beverages
- Medical & Pharmaceuticals
- Chemicals & Petrochemicals
- Rubber
- Printing
- Laser Cutting
- Alternative Energy
- Others
- Chiller Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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