Chillers Market Growth, Size, Research Report and Forecast (2024-2030)
The chillers market is increasingly competitive, and key players have begun focusing their product launches to remain at the top. Daikin Industries launched two air-cooled scroll chillers called YORK YLAAs that offer redundancy.
North American chillers market continues to experience strong economic expansion and urbanization, driving increased economic activity and urbanization. Government support of airport infrastructure expansion projects as well as smart city initiatives is driving residential, commercial, and industrial demand for these products.
Chillers Market is expected to grow rapidly at a 4.26% CAGR consequently, it will grow from its existing size of from $11.68 billion in 2023 to $15.85 billion by 2030.
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Growth Drivers and Trends
Chillers are used in various industries to regulate equipment temperatures. An increase in demand from industries like semiconductors, paper & cement industry, medical imaging, blow molding machines and power generation sector is driving growth in chillers market. Furthermore, government initiatives in various countries are encouraging industrial construction activities which further propel its expansion.
Chillers Market Analysis The rapid expansion of processed food is another driver for chillers market growth. Demand is rising among developing nations due to an ageing population, increased disposable income, and convenience provided by processed foods. Chilled food helps prolong shelf life thus driving further chillers market expansion.
The global chillers market can be divided into six major segments based on type, capacity, end-use industry and region. Asia Pacific region is projected to experience rapid expansion as industrial construction and manufacturing activity surges; simultaneously the rise in manufacturing industries across countries like Vietnam and India is fuelling their respective chiller markets in this area.
High initial costs and price fluctuations of raw materials are key impediments to growth of the chillers market. Furthermore, COVID-19 crisis has had a detrimental impact, forcing some industrial units to close while postponing construction projects.
Opportunities
In the coming years, the global chillers market is projected to experience exponential expansion due to rising demand from various industries for cooling equipment and an increasing preference for district cooling. Furthermore, with expanding chemical industries producing vast amounts of heat that needs cooling down quickly and maintaining temperature. Furthermore, an anticipated rise in data centers worldwide should drive this market further forward.
Chillers can be utilized by many industries, from plastic manufacturing (injecting, extrusion and blowing) to brewery fermentation processes; printing industry roller cooling; medical imaging units to remove excess heat; HVAC companies for maintaining indoor temperatures in high-rise buildings as well as hospitals and labs with surgical equipment cooling needs. Furthermore, chillers may even be utilized by hospitals and labs for surgical equipment cooling purposes.
Consumption of frozen and fast-food items has been one of the primary drivers behind the growth of chillers market. Furthermore, an increase in disposable incomes is encouraging consumers to purchase processed and frozen food items to save both time and money - thereby driving up commercial chiller demand especially those that can fit large freezers. New players in this field are making lightweight chillers that are eco-friendly as well as easy to install into large freezers.
Challenges
Chillers are widely utilized in both commercial and industrial settings to remove excess heat, as well as being utilized in data centers to keep equipment cool. Their increasing popularity is driving global chillers market growth.
Chemicals & Petrochemicals will likely dominate the global chillers market, driven by rising demand for their products that has resulted in new facility construction as well as expansions at existing ones, necessitating cooling systems such as chillers. Chillers are commonly used by this sector to cool reaction vessels, distillation columns and other process equipment.
Investment in the building sector is another factor driving global chillers market growth. Construction of commercial and residential buildings often necessitates medium to heavy-duty HVAC and refrigeration equipment that leads to an increase in chiller sales.
The global chillers market is highly fragmented and competitive, with numerous small and large players competing for market share. Key industry players such as Carrier, Daikin Industries, Drake Refrigeration, Ingersoll Rand (Trane), Haier, Johnson Controls, LG Electronics Mitsubishi Corporation Senho Machinery are just some of the big players competing to maintain market dominance. This report includes an in-depth examination of this landscape; key players' market shares, product portfolios, business strategies and revenue generation are identified alongside growth opportunities as well as potential barriers that exist between entry points in each region of this global chillers market.
Forecast
The global chillers market is anticipated to experience significant expansion over the coming years due to increasing construction projects in commercial, residential and industrial settings as well as data centers' increasing number. High initial costs, maintenance expenses and technological limitations could impede this industry's expansion, however.
Process cooling is one of the key drivers behind chiller sales in food & beverage production industries such as pasteurization and food baking that generate a great deal of heat. Chillers also serve a similar function for medical & pharmaceutical equipment like X-Ray machines, CT scans and laser therapy treatments that need cooling down after being in use for long.
Asia Pacific was the top market for chillers in 2022. This region is expected to experience robust growth going forward due to increasing investments in commercial and residential construction projects in China and an expanding IT sector in India that should spur demand.
This report provides an analysis of key players operating in the chillers market and provides an overview of their business strategies, product offerings, market shares and recent developments. Furthermore, a detailed evaluation is performed on major challenges and opportunities facing this sector of industry.
Competitive Landscape of the Chillers Market
- Daikin Industries
- Johnson Controls
- Trane Inc.
- Carrier Corporation
- Thermax Limited
- GEA Group
- Broad Group
- Dunham Group
- Smartd Chiller Group Inc.
- Thermal Care Inc.
- SKM Air Conditioning
New Developments in Chillers Market
On February 23, 2023, Daikin launched the second generation cooling only chiller range with R32 scroll blowers. Daikin's second generation of R32 cooling-just chillers conveys high full- and part-load efficiencies with an expanded limit range up to 1,010 kW (contrasted with the current 704 kW) inside a new, minimized impression offering a decreased size of 275 mm.
On February 10, 2023, the YORK YLAA Air-Cooled Scroll Chiller, manufactured by Johnson Controls, became the first air-cooled scroll chiller in the U.S. to utilize the refrigerant R-454B. Additionally, the YORK YVFA Free-Cooling, Variable-Speed Screw Chiller, manufactured by Johnson Controls, became the first free-cooling screw chiller in the U.S. to utilize the refrigerant R-1234ze. Both of these products aim to improve performance.
Segments Covered in the Chillers Market
Chillers Market by Type
- Screw Chiller
- Scroll Chiller
- Centrifugal Chiller
- Others
Chillers Market by Product Type
- Air Cooled Chiller
- Water Cooled Chiller
Chillers Market by End User
- Chemicals & Petrochemicals
- Food & Beverages
- Medical
- Others
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