Chiller Market Size, Growth, Trends, Demand and Forecast 2024-2032

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Summary:

  • The global chiller market size reached USD 10.7 Billion in 2023.
  • The market is expected to reach USD 14.8 Billion by 2032, exhibiting a growth rate (CAGR) of 3.68% during 2024-2032.
  • Asia Pacific leads the market, accounting for the largest chiller market share.
  • Screw accounts for the majority of the market share in the type segment due to its capacity of handling large cooling loads.
  • Water cooled holds the largest share in the chiller industry.
  • More than 200 kW remains a dominant segment in the market as high-capacity chillers are needed to meet the substantial cooling demands in industrial environments.
  • Chemicals and petrochemicals represent the leading application segment.
  • The growing demand for energy-efficient chillers is a primary driver of the chiller market.
  • The expansion of IoT integration and smart chillers is propelling the chiller market.

Industry Trends and Drivers:

  • Increasing Demand for Energy-Efficient Chillers:

As industries and commercial sectors push toward sustainability, the demand for energy-efficient chillers is on the rise. These chillers are designed to reduce energy consumption and emissions while maintaining optimal cooling performance. Regulations aimed at reducing greenhouse gases are prompting companies to invest in chillers with lower global warming potential (GWP) refrigerants. Energy-efficient chillers also help organizations save on operational costs, making them more appealing. With advanced technologies like variable speed drives (VSDs) and enhanced heat exchangers, modern chillers now offer significant energy savings. The focus on sustainability and operational cost reduction is driving the adoption of these units across multiple sectors, including manufacturing, healthcare, and data centers.

  • Growth in the Use of IoT and Smart Chillers:

The integration of Internet of Things (IoT) technologies in chillers is transforming how systems are monitored and maintained. IoT-enabled chillers offer real-time performance data, allowing for predictive maintenance and better energy management. Facility managers can monitor equipment remotely, identifying inefficiencies or potential failures before they become significant problems. This reduces downtime and maintenance costs while extending the lifespan of chillers. With data analytics, smart chillers can be optimized for performance, ensuring precise temperature control and reduced energy waste. The growing adoption of IoT technologies is enhancing operational efficiency and increasing the demand for smart chillers across industries.

  • Expanding Adoption of Renewable Energy-Powered Chillers:

The increasing focus on renewable energy sources is influencing the chiller market, with more companies integrating renewable-powered chillers into their systems. Solar-powered absorption chillers, for instance, are gaining traction due to their ability to use solar energy for cooling, thereby reducing reliance on conventional electricity. As energy prices fluctuate and the need for sustainability grows, renewable energy-powered chillers offer a viable solution to reduce carbon footprints. Additionally, advancements in renewable technologies, like solar panels and storage systems, are making these chillers more efficient and cost-effective. The shift toward greener energy sources is playing a key role in the market expansion of renewable-powered chillers.

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Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Type:

  • Screw
  • Scroll
  • Centrifugal
  • Others

Screw accounts for the majority of shares due to its high efficiency and versatility in handling large cooling loads across various industries.

Breakup by Product Type:

  • Air Cooled
  • Water Cooled

Water cooled dominates the market due to its superior cooling performance and energy efficiency, especially in large-scale industrial and commercial applications.

Breakup by Power Range:

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

More than 200 kW represents the majority of shares as larger chillers are required for extensive cooling demands in industrial settings and large commercial buildings.

Breakup by End Use Industry:

  • Food and Beverage
  • Plastic and Rubber
  • Chemicals and Petrochemicals
  • Pharmaceuticals
  • Others

Chemicals and petrochemicals hold the majority of shares due to the significant cooling requirements in processes such as distillation and refining.

Market Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

Asia Pacific holds the leading position owing to rapid industrialization, urbanization, and the growing need for cooling solutions in emerging economies like China and India.

Top Chiller Market Leaders:

  • Carrier Global Corporation
  • Daikin Industries Ltd.
  • Friulair S.r.l.
  • General Air Products
  • HYDAC International GmbH
  • Johnson Controls International PLC
  • KKT Chillers Inc.
  • LG Electronics Inc.
  • Mitsubishi Electric Corporation
  • PolyScience Inc.
  • Trane Technologies plc

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