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Water Chillers Market

Water chillers Market: Global Opportunity Analysis and Industry Forecast, 2020–2027

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Water chillers are mechanical device that are used to lower the temperature of water. Most water chillers employ a closed loop system where a refrigerant is used for the heat exchange process. The heat extracted from the water by the refrigerant is then transferred to the atmosphere. Water chillers use components such as compressors, condensers, and evaporators for the cooling process. Water chillers require small space and are noiseless and vibration-less in their operation as they do not need vents and ducts unlike air chillers. The feature of quiet operation of water chillers is a major advantage for it as water chillers find increased application in hospitals and schools. They also incur low energy and maintenance costs. The thermal conductivity of water is very high, in comparison to that of air and thus water chillers are more efficient than air conditioners. Water chillers also do not need parts replacement as often as air cooled chillers as they are installed inside buildings unlike air chillers which are exposed to the outdoor elements such as rain, snow, ice, and heat, as they require lots of fresh supply air to operate.

­Market scope and structure analysis:

Report Metric


  Market size available for years


  Base year considered


  Forecast period


  Forecast units

  Value (USD Millions)

  Segments covered

  Type, Capacity, Industry Verticals and Region.

  Regions covered

North America (U.S., Mexico and Canada), Europe (Germany, UK, Netherlands, Italy and France), Asia-Pacific (China, Japan, South Korea, Sri Lanka and India), LAMEA (Latin America, Middle East, and Africa)

  Companies covered

The key players in the Water chillers market include Daikin Industries Ltd., Johnson Controls, Trane Inc., Carrier Corporation, Thermax Ltd., Hitachi Appliances Inc., Toshiba Machines Co Ltd., Robert Bosch LLC, Panasonic Corporation and Blue Star Limited among others.


COVID-19 scenario analysis:

  • COVID-19 pandemic has shut-down the production of various products in the global water chillers industry, mainly owing to the prolonged lockdown in major global countries. This has hampered the growth of the global water chillers market significantly from last few months, as is likely to continue during 2020.
  • COVID-19 has already affected the sales of equipment and machinery in the first quarter of 2020 and is likely to cause a negative impact on the market growth throughout the year. 
  • The major demand for equipment and machinery was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, the UK, and China, which is badly affected by the spread of coronavirus, thereby halting the demand for equipment and machinery.
  • Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which the players would have to modify their investment plans.
  • Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19 infection cases start to decrease.

Top impacting factors: Market Scenario Analysis, Trends, Drivers, Opportunities, Restraints and Impact Analysis

Water chillers are benefited by their advantages over air chillers such as noiseless operation and higher efficiency. Quiet operation of water chillers is an important feature for end users such as hospitals and schools, where any extra noise is unwanted. Since water chillers use water as a refrigerant instead of other toxic chemicals, they are safer for people who come in contact with them. The growing global population, rising disposable income levels are important factors that are expected to contribute to the growth of the global water chillers market. The rising urbanization and increased construction activity around the world is also a major driver for this market. However, the higher cost of water chillers is a major restraining factor. Air chillers are cheaper in comparison to water chillers as they do not need components such as cooling towers and condenser water pumps as part of their design. Also, water chillers are less efficient than air chillers in humid environment. This is because humidity raises the wet-bulb temperature, which indicates how efficiently water absorbs heat. Water chillers however have longer lifespan and offer more savings on energy costs than air chillers. The opportunity for growth of the global water chillers market comes from the extensive use of water chillers in the global food & beverage, chemical & petrochemical and rubber & plastic industries. Petrochemicals that flow through pipes require cooling to reduce the heating of the product and water chillers are used in the plastic manufacturing industry to cool the hot plastic after extrusion or blowing molding process.

The global water chillers market trends are as follows:

Rising global population and urbanization 

According to data from the United Nations (U.N), more than 54% of global population is living in urban areas. Due to the factors of growing population, urbanization and increased standard of living of consumers around the world, the global air duct market is expected to expand. These factors are expected to aid the global water chillers market grow as the growth of the global HVAC industry goes hand in hand with growth of urbanization. With rising disposable income, consumers are increasingly looking for increased comfort in their living or working conditions. Rising number of nuclear families is resulting in increasing construction of buildings in urbanized and rural areas. With the increasing number of commercial spaces such as hotels, office spaces, airports, educational institutions and hospitals, the water chillers market is expected to grow at a rapid pace. A water chiller system can provide the benefit of reducing energy and maintenance costs due to its higher efficiency and longer service life. The rising number of hospitals, individual clinics, schools and colleges around the world is anticipated to accelerate the market growth for water chillers in the near future as quiet operation is particularly important in such environments where unwanted noise caused by air conditioner operation can cause disturbance.

Surge in use of district cooling in place of traditional air conditioning

District cooling is a centralized system of producing chilled water which supplied through underground pipeline system to provide cooling energy. District cooling is proven as a more cost-effective cooling solution that generates less carbon footprint. District cooling is better than traditional decentralized air conditioning as it reduces the impact on the environment and climate while being more efficient. District cooling as an alternative to traditional air conditioning can reduce electricity consumption during peak demand period. Centralized district cooling systems are being implemented by the government of Dubai to reduce the current electricity consumption of air conditioning systems. Such environment-friendly and cost-effective initiatives and projects are expected to increase the popularity and adoption of water chillers.

Key segments covered:




  • Screw Chiller
  • Scroll Chiller
  • Centrifugal Chiller
  • Absorption Chiller
  • Reciprocating Chiller
  • Others


  • 0-100 kW
  • 101-350 kW
  • 351-700 kW
  • >700 kW


  Industry verticals


  • Chemicals & Petrochemicals
  • Food & Beverage
  • Plastics & Rubber
  • Healthcare
  • Others


Key benefits of the report:

  • This study presents the analytical depiction of the global water chillers market industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global water chillers market share.
  • The current market is quantitatively analyzed from 2019 to 2027 to highlight the global water chillers market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides a detailed global water chillers market analysis based on competitive intensity and how the competition will take shape in coming years. 
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