ASEAN Chillers Market Expected to Reach $1,344.7 million by 2033-Allied Market Research

According to a new report published by Allied Market Research, titled, “ASEAN Chillers Market, by Compressor Type, Type, Refrigerant Capacity (RT), End User, and Region: Regional Opportunity Analysis And Industry Forecast, 2023-2032" The ASEAN Chillers market was valued at $842.1 million in 2023, and is projected to reach $1,344.7 million by 2033, registering a CAGR of 4.8% from 2024 to 2033.

A chiller is a mechanical device used to cool fluids, typically water or air, to a desired temperature. It consists of a compressor, condenser, evaporator, and an expansion valve. Chillers are commonly used in various industrial and commercial applications, including air conditioning systems for buildings, process cooling in manufacturing plants, and cooling equipment in data centers. By circulating chilled water or air through a system of pipes or ducts, chillers remove heat from the environment, maintaining comfortable temperatures and ensuring optimal performance of machinery and processes. They are essential in maintaining the stability of temperature-sensitive equipment and processes, making them indispensable in industries where precise temperature control is crucial for efficiency and product quality. 

The extensive use of chillers in ASEAN is primarily driven by the region's hot and humid climate, which necessitates effective cooling solutions for various applications such as air conditioning in buildings, process cooling in industries such as manufacturing and food processing, and data center cooling. In addition, rapid urbanization, industrialization, and increase in demand for comfort and productivity further propel the demand for chillers across ASEAN countries.

The rapid urban expansion and industrial progress in ASEAN nations such as Thailand, Indonesia, and Vietnam, play pivotal roles in propelling the chiller market forward. With cities industries flourishing, there is a growing demand for cooling solutions. Urban growth has heightened construction, both commercial and residential, thus driving the need for chillers to regulate indoor climates effectively. Furthermore, increase in industrial sectors, spanning manufacturing, food processing, and pharmaceuticals, need precise temperature management for their production processes, thereby increasing the requirement for chillers. Moreover, the expansion of data centers in urban landscapes also demands efficient cooling mechanisms to uphold optimal conditions for servers and IT infrastructure. Thus, the rapid urbanization and industrialization across ASEAN is anticipated to fuel the ASEAN chiller market growth during the forecast period.  

Chillers are commonly employed throughout the Association of Southeast Asian Nations (ASEAN) territory, across industries such as manufacturing, hospitality, and healthcare. These systems efficiently cool expansive areas and machinery, essential for maintaining ideal operational conditions and safeguarding perishable items. Given the prevalent tropical climate in numerous ASEAN nations, chillers are heavily relied upon for cooling buildings and ensuring occupant comfort. 

However, despite their benefits, the ASEAN chiller market faces hurdles and constraints such as high initial cost associated with chiller can prevent potential buyers, while concerns over energy efficiency and divergent regulations can affect the market growth. A shortage of skilled maintenance personnel can impede chiller performance. 

In addition, infrastructure limitations, such as unreliable power supply and water quality issues, are expected to hinder chiller operation. Addressing these issues requires coordinated efforts to improve affordability, enhance energy efficiency standards, develop maintenance infrastructure, promote innovation, and ensure regulatory alignment across ASEAN nations. 

The ASEAN chillers market is segmented into compressor type, type, refrigerant capacity (RT), end user, and region. By compressor type, the market is analyzed across magnetic levitation, scroll, screw, centrifugal and others. By type, it is bifurcated into air cooled, and water cooled. On the basis of refrigerant, it is classified into Water, R407C, R404A, R410A, R22, HCFC, Ammonia R717, HFO and others. By capacity, it is segmented into up to 100 RT, 101 RT To 300 RT, above 300 RT. By end user, it is divided into office, factory, and datacenter.  Region wise, it is analyzed across ASEAN.

The key players profiled in the report include Carrier, DAIKIN INDUSTRIES, Ltd., Dunham Bush, Mitsubishi Heavy Industries, Ltd. (Mitsubishi Corporation), Johnson Controls, LG Electronics, Smardt Chiller Group, Inc., (TICA), GREE Electric Appliances, Inc. of Zhuhai, Panasonic Corporation and Hisense International. These key players have adopted strategies such as product launch, expansion, acquisitions, investment, and joint venture to enhance their market penetration.

Key Findings Of The Study

• The ASEAN Chillers market was valued at $842.1 million in 2023.
• The screw segment was the highest revenue contributor to the market, with $354.9 million in 2023.
• The water cooled segment was the highest revenue contributor to the market, with $496.2 million in 2023.
• The Ammonia R717 segment was the highest revenue contributor to the market, with $283.8 million in 2023.
• Indonesia was the highest revenue contributor, accounting for $288.0 million in 2023, and is estimated to reach $419.5 million by 2033.