The global chillers market is expected to reach USD 15.56 billion by 2030, at a CAGR of 4.42% from 2021 to 2030. There is a growing demand for process cooling in industrial applications, which is a crucial factor driving the chillers market.
Chillers are commonly used in the industrial sector to keep equipment temperature stable, and the environment relaxed. Compressors, evaporators, condensers, control units, power panels, and expansion valves are examples of chiller components. Global warming has resulted in numerous activities in recent years warmer temperatures in the surroundings. A chiller is a device that removes excess heat from housing, commercial, or manufacturing facility. Hotels, eateries, healthcare facilities, sports arenas, and production and commercial plants have become necessary components. Chillers provide air conditioning by removing heat from commercial and industrial structures. Because of their solar cooling applications, chillers are gaining popularity worldwide. Some chillers are openly accessible and cloistered designs, with the latter being the most common. These coolers' ability is controlled by using inlet vortices on the propellers, which blocks the flow of coolants. The compact size and elevated operating excellence of the machinery at full load are expected to boost demand. Chemicals, refrigeration equipment, air conditioning equipment, electronics, hydraulics, and defense systems are manufactured.
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The growth is due to the sudden rise in demand for different industry verticals like plastic, petrochemicals, medical, and many more. Chillers are also being used in industries to keep hardware and nearby area cool. Rising demand from industries such as semiconductor materials, publications, cement industries, and the power production sector is expected to drive market growth. Government initiatives from various countries are causing an increase in construction projects, fueling the expansion of the chillers market.
As the population is on the rise, consumption of frozen foods is also rising. The beverage industry is another reason for the market's growth, as chillers are used to keep the equipment cool and prevent it from overheating. The market is majorly driven by rising demand for chillers in the manufacturing industry, as well as growing preference for district cooling. Besides that, the strong growth for passive cooling in the manufacturing industries is expected to drive market growth. And in the medical and pharmaceutical industries, chillers are used to reduce the temperature of all the machines like an x-ray machine, CAT scanners, etc.
Industrial chillers are not cost-effective when compared to traditional chillers. While setting up the chiller, operating, maintenance and Installation charges are also considered, which is greater than that of the commercial chillers. Also, there has been a gap of communication with the enterprises, which eventually restricts the growth of the chillers market.
Chillers are used in many end-use industries like plastics, medical and pharmaceuticals, chemicals and petrochemicals, etc., which shows a potential growth. Also as the pollution is increasing these days due to the cooling process, governments are focusing on preservation of energy these days by using absorption chillers as they emit very less carbon dioxide and other hazardous gases. These factors will propel market growth opportunities.
Fluorinated gases regulations are one of the most significant challenges in the chiller market, affecting chillers as evaporators and condensers. In 2015, the European Union (EU) proposed substantial changes to the F-gas restrictions for reducing hydrofluorocarbon emissions (HFCs).
The global chillers market has been segmented based on end-user industry, type, and regions.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and the Middle East, and Africa. Asia Pacific region emerged as the most prominent global chillers market with a 32.52% share of the market revenue in 2020.
Asia Pacific region Chillers Market Share in 2020 - 32.52%
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The key players are now focusing on implementing strategies such as adopting new technology, mergers & acquisitions, joint venture, and partnerships to better their market position in the global chillers industry.
Daikin acquired ABCO HVACR Supply + Solutions "ABCO" in January 2021. This strategy creates a strong foundation for Daikin's extensive equipment, parts, and accessories. Furthermore, it strengthens Daikin's opportunity for local territory collaboration among ABCO branches, Daikin group companies, and Daikin's entire regional customer base.
Daikin Industries Ltd. introduced a new rotational oil-free liquid chiller with magnetic load-carrying technology in 2018. It has characteristics such as a low noise level, 32% energy efficiency, and a quick reboot. It is best suited for data center use.
Pro Chiller Systems has created new IoT-powered chillers that allow data visualization through a customized instrument panel. IoT-powered chillers can help with cost-effective management and surveillance for a range of manufacturing application areas, creating them a hot trend in the chillers market.
Hitachi has initiated an R134Aa-based moderately twin screw cylinder that is environmentally friendly. For air-conditioning implementation in various factories and building plants, high-quality touch boards with low resonance are used.
As per The Brainy Insights, the size of the chillers market was valued at USD 10.1 Billion in 2021 to USD 15.56 Billion by 2030.
The global chillers market is growing at a CAGR of 4.42% during the forecast period 2022-2030.
The global chillers market has been segmented based on end-user, type, and regions. The Medical & Pharmaceutical segment led the market in 2021. The screw segment led the market in 2021.
Asia Pacific region emerged as the largest market for chillers.
The market's growth will be influenced by the increase in per capita income expanding food and healthcare industries, rise in population, increase in consumption of frozen food, increase in use in the medical and pharmaceutical industries.
High industrial chillers costs and fewer long-term benefits could hamper the market growth.
The use of eco-friendly cooling equipment and an increase in the use of absorption chillers will provide considerable opportunities to the market.
Key players are Daikin Industries, Carrier Corporation, Trane Technology, Johnson Controls- Hitachi Air Conditioning, Mitsubishi Electric Corporation, Smardt Chiller Group Inc., K.K.T. Chillers, M.T.A. S.P.A., and Friulair S.R.L.
1.1. Objectives of the Study
1.2. Market Definition
1.3. Research Scope
1.5. Key Target Audience
2. Research Methodology and Assumptions
3. Executive Summary
4. Premium Insights
4.1. Porter’s Five Forces Analysis
4.2. Value Chain Analysis
4.3. Top Investment Pockets
4.3.1. Market Attractiveness Analysis By End-Use Industry
4.3.2. Market Attractiveness Analysis By Type
4.3.3. Market Attractiveness Analysis By Region
4.4. Industry Trends
5. Market Dynamics
5.1. Market Evaluation
5.2.1. Increase in per capita income expanding food and healthcare industries.
5.2.2. Rise in population.
5.2.3. Increase in consumption of frozen food.
5.2.4. Increase in use in the medical and pharmaceutical industries
5.3.1. High industrial chillers costs.
5.3.2. Less long-term benefits
5.4.1. The use of eco-friendly cooling equipment.
5.4.2. Increase in use of absorption chillers
6. Global Chillers Market Analysis and Forecast, By End-Use Industry
6.1. Segment Overview
6.3. Chemical & Petrochemical
6.5. Food & Beverage
6.6. Medical & Pharmaceutical
7. Global Chillers Market Analysis and Forecast, By Type
7.1. Segment Overview
8. Global Chillers Market Analysis and Forecast, By Regional Analysis
8.1. Segment Overview
8.2. North America
8.5. South America
8.6. Middle East and Africa
8.6.2. South Africa
9. Global Chillers Market-Competitive Landscape
9.2. Market Share of Key Players in Global Chillers Market
9.2.1. Global Company Market Share
9.2.2. North America Company Market Share
9.2.3. Europe Company Market Share
9.2.4. APAC Company Market Share
9.3. Competitive Situations and Trends
9.3.1. Product Launches and Developments
9.3.2. Partnerships, Collaborations, and Agreements
9.3.3. Mergers & Acquisitions
10. Company Profiles
10.1. Daikin Industries
10.1.1. Business Overview
10.1.2. Company Snapshot
10.1.3. Company Market Share Analysis
10.1.4. Company Product Portfolio
10.1.5. Recent Developments
10.1.6. SWOT Analysis
10.2. Carrier Corporation
10.2.1. Business Overview
10.2.2. Company Snapshot
10.2.3. Company Market Share Analysis
10.2.4. Company Product Portfolio
10.2.5. Recent Developments
10.2.6. SWOT Analysis
10.3. Trane Technology
10.3.1. Business Overview
10.3.2. Company Snapshot
10.3.3. Company Market Share Analysis
10.3.4. Company Product Portfolio
10.3.5. Recent Developments
10.3.6. SWOT Analysis
10.4. Johnson Controls- Hitachi Air Conditioning
10.4.1. Business Overview
10.4.2. Company Snapshot
10.4.3. Company Market Share Analysis
10.4.4. Company Product Portfolio
10.4.5. Recent Developments
10.4.6. SWOT Analysis
10.5. Mitsubishi Electric Corporation
10.5.1. Business Overview
10.5.2. Company Snapshot
10.5.3. Company Market Share Analysis
10.5.4. Company Product Portfolio
10.5.5. Recent Developments
10.5.6. SWOT Analysis
10.6. Smardt Chiller Group Inc
10.6.1. Business Overview
10.6.2. Company Snapshot
10.6.3. Company Market Share Analysis
10.6.4. Company Product Portfolio
10.6.5. Recent Developments
10.6.6. SWOT Analysis
10.7. K.K.T. Chillers
10.7.1. Business Overview
10.7.2. Company Snapshot
10.7.3. Company Market Share Analysis
10.7.4. Company Product Portfolio
10.7.5. Recent Developments
10.7.6. SWOT Analysis
10.8. M.T.A. S.P.A.
10.8.1. Business Overview
10.8.2. Company Snapshot
10.8.3. Company Market Share Analysis
10.8.4. Company Product Portfolio
10.8.5. Recent Developments
10.8.6. SWOT Analysis
10.9. Friulair S.R.L
10.9.1. Business Overview
10.9.2. Company Snapshot
10.9.3. Company Market Share Analysis
10.9.4. Company Product Portfolio
10.9.5. Recent Developments
10.9.6. SWOT Analysis
List of Table
1. Global Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)
2. Global Plastic, Chillers Market, By Region, 2019-2030 (USD Billion)
3. Global Chemical & Petrochemical, Chillers Market, By Region, 2019-2030 (USD Billion)
4. Global Rubber, Chillers Market, By Region, 2019-2030 (USD Billion)
5. Global Food & Beverage, Chillers Market, By Region, 2019-2030 (USD Billion)
6. Global Medical & Pharmaceutical, Chillers Market, By Region, 2019-2030 (USD Billion)
7. Global Chillers Market, By Type, 2019-2030 (USD Billion)
8. Global Screw, Chillers Market, By Region, 2019-2030 (USD Billion)
9. Global Scroll, Chillers Market, By Region, 2019-2030 (USD Billion)
10. Global Centrifugal, Chillers Market, By Region, 2019-2030 (USD Billion)
11. Global Absorption, Chillers Market, By Region, 2019-2030 (USD Billion)
12. Global Reciprocating, Chillers Market, By Region, 2019-2030 (USD Billion)
13. North America Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)
14. North America Chillers Market, By Type, 2019-2030 (USD Billion)
15. U.S. Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)
16. U.S. Chillers Market, By Type, 2019-2030 (USD Billion)
17. Canada Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)
18. Canada Chillers Market, By Type, 2019-2030 (USD Billion)
19. Mexico Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)
20. Mexico Chillers Market, By Type, 2019-2030 (USD Billion)
21. Europe Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)
22. Europe Chillers Market, By Type, 2019-2030 (USD Billion)
23. Germany Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)
24. Germany Chillers Market, By Type, 2019-2030 (USD Billion)
25. France Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)
26. France Chillers Market, By Type, 2019-2030 (USD Billion)
27. U.K. Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)
28. U.K. Chillers Market, By Type, 2019-2030 (USD Billion)
29. Italy Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)
30. Italy Chillers Market, By Type, 2019-2030 (USD Billion)
31. Spain Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)
32. Spain Chillers Market, By Type, 2019-2030 (USD Billion)
33. Asia Pacific Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)
34. Asia Pacific Chillers Market, By Type, 2019-2030 (USD Billion)
35. Japan Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)
36. Japan Chillers Market, By Type, 2019-2030 (USD Billion)
37. China Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)
38. China Chillers Market, By Type, 2019-2030 (USD Billion)
39. India Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)
40. India Chillers Market, By Type, 2019-2030 (USD Billion)
41. South America Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)
42. South America Chillers Market, By Type, 2019-2030 (USD Billion)
43. Brazil Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)
44. Brazil Chillers Market, By Type, 2019-2030 (USD Billion)
45. Middle East and Africa Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)
46. Middle East and Africa Chillers Market, By Type, 2019-2030 (USD Billion)
47. UAE Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)
48. UAE Chillers Market, By Type, 2019-2030 (USD Billion)
49. South Africa Chillers Market, By End-Use Industry, 2019-2030 (USD Billion)
50. South Africa Chillers Market, By Type, 2019-2030 (USD Billion)
List of Figures
1. Global Chillers Market Segmentation
2. Global Chillers Market: Research Methodology
3. Market Size Estimation Methodology: Bottom-Up Approach
4. Market Size Estimation Methodology: Top-Down Approach
5. Data Triangulation
6. Porter’s Five Forces Analysis
7. Value Chain Analysis
8. Global Chillers Market Attractiveness Analysis By End-Use Industry
9. Global Chillers Market Attractiveness Analysis By Type
10. Global Chillers Market Attractiveness Analysis By Region
11. Global Chillers Market: Dynamics
12. Global Chillers Market Share By End-Use Industry(2022 & 2030)
13. Global Chillers Market Share By Type (2022 & 2030)
14. Global Chillers Market Share by Regions (2022 & 2030)
15. Global Chillers Market Share by Company (2021)
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global chillers market based on below mentioned segments:
Global Chillers Market by End-User Industry:
Global Chillers Market by Type:
Global Chillers Market by Region:
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