HVAC Chillers Market Expected to Reach $15 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “HVAC Chillers Market," The hvac chillers market size was valued at $9.5 billion in 2021, and is estimated to reach $15 billion by 2031, growing at a CAGR of 4.5% from 2022 to 2031.

HVAC chillers are generally used in the industrial sector to maintain equipment temperature and keep the atmosphere cool. Some of the components of HVAC chillers include compressors, evaporators, condensers, control units, power panels, and expansion valves. HVAC chillers provide air conditioning by eliminating the unwanted heat from commercial and industrial buildings.

There is a rise in demand for HVAC chillers  due to various advantages such as portability, convenience, and quick and easy maintenance. In addition, acceptance of HVAC chillers in restaurants, hotels, kitchens and dining rooms increases to address temperature level concerns. This is expected to boost the HVAC chillers market growth. Moreover, other industries where these chillers are used include rubber, petrochemical, medical, plastic and commercial office buildings.

An increase in urban population in emerging countries such as India, Japan, and others, is expected to boost the adoption of modular chillers in chemical, automotive, food & beverages, and others industries, to provide heating as well as cooling atmosphere. In addition, surge in demand from food & beverage industry for modular chillers, due to rise in adoption in areas such as breweries, distillers, food and dairy processing units, as well as wineries, and vineyards, propel the growth of the HVAC chillers market.

Major players have adopted product launch and acquisition as key strategies to sustain the competition and improve the product portfolio. For instance, in May 2021, Johnson Controls announced selection of R-454B as a future refrigerant for new HVAC equipment. It is a lower global warming potential (GWP) refrigerant to replace R-410A in its ducted residential and commercial unitary products and air-cooled scroll chillers.

Asia-Pacific accounted for the largest share of the global HVAC chillers market share in terms of revenue in 2021, owing to strong economic growth, rapid urbanization, and presence of large population base.

However, various manufacturers in the HVAC chillers market had to stop their business in countries such as China, the U.S., and India during the COVID-19 pandemic. This break directly impacted the sales of HVAC Chillers companies. In addition, lack of manpower and raw materials also constricted supply of equipment of HVAC chillers, which negatively influenced the growth of the market. Reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of HVAC chillers companies.

KEY FINDINGS OF THE STUDY

• The report provides an extensive analysis of the current and emerging global HVAC chillers market trends and dynamics. 
• By operation type, the vapor compression chillers segment dominated the HVAC chillers market, in terms of revenue in 2021 and vapor absorption chillers is projected to grow at a significant CAGR during the forecast period.
• By application, the commercial segment has registered highest revenue in 2021.
• By region, Asia-Pacific is projected to register highest growth rate in the coming years.
• The key players within the global HVAC chillers market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the HVAC chillers industry.
• The HVAC chillers market forecast analysis from 2022 to 2031 is included in the report.
• In-depth global HVAC chillers market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.