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2021
Chillers Market

Chillers Market

by Type (Screw Chiller, Scroll Chiller, Centrifugal Chiller, and Others), Product Type (Air Cooled Chiller and Water-Cooled Chiller), Power Range (50 Kw, 50-200 Kw, and More Than 200 Kw), and End User (Chemical and Petrochemicals, Food and Beverages, Medical, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2028
Update Available On-Demand

Report Code: A01505
Pages: 268
May 2021 | 25669 Views
Author(s) : Amol P, Priyanka K , Onkar S
Tables: 131
Charts: 76
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COVID-19

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The global chillers market size was $10,049.4 million in 2019 and is expected to reach $12,670.0 million by 2028, registering a CAGR of 3.7% from 2021 to 2028. Chillers are generally used in the industrial sector to maintain equipment temperature and keep the atmosphere cool. Some of the components of chillers include compressors, evaporators, condensers, control units, power panels, and expansion valves. Chillers provide air conditioning by eliminating the unwanted heat from commercial and industrial buildings. 

The COVID 19 outbreak has negatively influenced the development of the global chillers industry owing to the lockdown measure in regions such as Asia-Pacific & Europe in addition to delay in manufacturing & production of chillers.

A rise in demand for chillers from various industry verticals such as food & beverages, petrochemicals, rubber, plastic, medical, and others, fuels the growth of the market. The growth in aviation industry and rise in new commercial construction buildings, is anticipated to drive the global chillers market growth. For instance, according to Civil Aviation Administration of China (CAAC), China built 27 new airports between 2014 and 2017, which in turn, increased the demand for chillers, to keep the atmosphere cool. These situations are predicted to fuel the growth of the market.

Chillers-Market-2021-2028

In addition, increase in average temperature globally, which in turn, leads to the adoption of heating, ventilation, and air conditioning systems (HVAC systems)drives the growth of the market. For instance, according to Oppla Organization, by year 2100, the global temperature is expected to increase by 4.50°C in comparison to 1990s.

Major players such as Daikin Industries Ltd., LG Electronics, and others are engaged in offering centrifugal chiller to the market. For instance, in 2018, Daikin Industries Ltd. launched a new centrifugal oil-free water-cooled chiller with magnetic bearing technology. It has features such as low noise level, 32% energy saving, and rapid restart. It is best suitable for data center. 

An increase in government spending on construction building activities, requires more chillers for temperature control. This in turn is anticipated to cater to the growth of the chillers market. For instance, in December 2018, the construction industry of Spain accounted for 5.8% of country’s GDP. Furthermore, an increase in the effect of greenhouse gases produces a global warming effect globally. For instance, the total global warming effect is increased by 37% from 1990 to 2015. An increase in urbanization and surge in disposable income of people are the factors anticipated to fuel the growth of the global chiller market. For instance, urbanization in Latin America increased by 0.3% from 2018 to 2019. Moreover, surge in industrial and residential construction activities with government initiatives such as “National Infrastructure Program”, and “Nation Program on Strategies for Sustainable Smart Cities”, and others, are expected to drive the growth of the market.

Chillers Market
By Type

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Screw Chiller segment holds dominant position in 2019

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However, high initial investment and setup cost, fluctuation in raw material prices, and rise in demand for variable refrigerant flow (VRF) systems are anticipated to restrain the growth of the global chiller market. Furthermore, technological innovation in chillers is expected to offer remunerative opportunities for the global chillers market. 

The chillers market is segmented into type, product type, power range, end user, and region. By type, it is divided into screw chiller, scroll chiller, centrifugal chiller, and others. Screw chiller segment having the highest revenue in 2019. By product type, it is bifurcated into air-cooled chiller, and water-cooled chiller. By power range, it is classified into less than 20 kW, 50-200 kW, and more than 200 kW.  More than 200 kW segment generated the highest revenue in 2019. By end user, it is fragmented into chemicals & petrochemicals, food & beverages, medical, and others. The others segment contributed the highest revenue in 2019.By region, it is studied across North America, Europe, Asia-Pacific, and LAMEA. In 2019, Asia-Pacific region was the highest contributor to the global chillers market share, and is anticipated to secure a leading position during the forecast period.

Chillers Market
By End User

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Medical segment is expected to grow at a significant CAGR

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Competition Analysis

The key players profiled in the report include Carrier Global Corporation, Mitsubishi Electric Corporation, Daikin Industries Ltd, Dimplex Thermal Solutions, LG Electronics, Johnson Controls International Plc, Gree Electric Appliances Inc of Zhuhai, Midea Group Co. Ltd, Thermax Ltd, and Trane Technologies Plc.

The key players in this market adopted product launch, partnership, and expansion as their key strategies to meet the change in consumer demands. For instance, in February 2019, Dimplex Thermal Solutions launched a new P Series chiller for dairy and milk processing operations. This chiller is used in dairy applications with capacity of cooling milk from 100 degrees Fahrenheit to 40 degrees Fahrenheit within 30 minutes to protect from production of harmful bacteria. This chiller is available in size of ranging from 1/8 tons to more than 90 tons. It is best suited for dairy and milk processing applications.

Chillers Market
By Region

2027
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific Region is expected to dominate the market during the forecast period.

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Key Benefits For Stakeholders

  • The report provides an extensive analysis of the current and emerging global chillers market trends and dynamics.  
  • Extensive analysis of global chiller is conducted by following key product positioning and monitoring of the top competitors within the market framework.
  • In-depth market analysis is conducted by global chillers market estimations for the key market segments between 2019 and 2028. 
  • A comprehensive global chillers market analysis of all the regions is provided to determine the prevailing opportunities.
  • The global chillers market forecast analysis from 2021 to 2028 is included in the report.
  • The key market players within the global chillers market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the global chillers market.

Global Chillers Market Segments

By Type 

  • Screw Chiller
  • Scroll Chiller
  • Centrifugal Chiller
  • Others

By Product Type 

  • Air Cooled Chiller
  • Water Cooled Chiller

By Power Range 

  • Less than 50 kW
  • 50-200 kW
  • More than 200 kW

By End User

  • Chemicals & Petrochemicals
  • Food & Beverages
  • Medical
  • Others

BY Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa
 

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The global chiller market is experiencing significant growth, owing to an increase in the development in countries such as India, U.S., UK, and others. Chiller is the heart of any HVAC system and is installed in commercial, and industrial buildings to control temperature and cool the atmosphere. It uses refrigerant gas to move the unwanted heat between the condenser and the evaporator. 

Increase in spending on residential and commercial construction sector owing to meet indoor air quality drives the growth of the global chiller market. In addition, there has been a rise in awareness about installing heating, air conditioning, and ventilation (HVAC) systems, owing to increase in greenhouse gas emission and rise in global warming, which in turn caters to the growth of the global chillers market. For instance, Germany government aimed to reduce the greenhouse gas emission by at least 55% by 2030 as compared to 2019 emission level. Moreover, surge in demand for energy efficient, compact, and lightweight HVAC systems in commercial and industrial sectors is anticipated to drive the growth of the global chiller market. Furthermore, rise in tourism, which in turn, surges the demand for chillers in industry verticals such as food & beverage, packaging, and others, drives the growth of the market. For instance, the tourism industry in the U.S. experienced growth by 1.9% from 2017 to 2018.

However, high initial capital investment and fluctuation in raw material prices are anticipated to hamper the growth of the global chillers market. Conversely, rise in environment concerns, coupled with stringent government regulations toward energy-efficiency requirement regulations is anticipated to provide lucrative opportunities for the growth of the global chillers market.

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FREQUENTLY ASKED QUESTIONS?

A. The Global chillers market size was $10,049.4 million in 2019 and is projected to reach $12,670.0 million in 2028, growing at a CAGR of 3.7% from 2021 to 2028.

A. The forecast period considered for the global chillers market is 2021 to 2028, wherein, 2020 is the base year, 2021 is the estimated year, and 2028 is the forecast year.

A. The base year considered in the global chillers market is 2020.

A. The report for Global chillers market doesn’t provides Value Chain Analysis, but if there is a requirement for the same, it could be added as an additional customization.

A. On the basis of type, the water-cooled chiller segment is expected to be the most influencing segment growing in the global chillers market report.

A. Based on product type, the screw chiller segment generated the highest revenue, accounting for nearly half of the market share, and is projected to grow at a CAGR of 3.5% during the forecast period.

A. The report contains an exclusive company profile section, where the leading 10 companies in the market are profiled. These profiles typically cover company overview, geographical presence, and market dominance (in terms of revenue and volume sales).

A. The key trending market based on the power range in the global chillers market, is the more than 200 kW segment.

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