The market is growing due to increased demand for chillers from different industry verticals such as food & drinks, petrochemicals, rubber, plastic, medical, and others.
The global Chillers market is projected to reach $10,880.3 million by 2030, growing at a CAGR of 5.0 %
Covid-19 Impact & Market Status
The pandemic's emergence caused delays in chiller manufacture and manufacturing across the world, hurting the worldwide chiller business.
The shutdown of most industrial divisions resulted in a significant drop in demand for chillers. Nonetheless, the worldwide situation is projected to improve as a result of the launch of mass vaccination by numerous government organizations, and the market is expected to return to normal shortly.
The screw chiller segment is accounted for the highest share
In 2019, the screw chiller sector generated the most income. It is divided into two types of chillers: air-cooled chillers and water-cooled chillers. It is divided into three categories based on power range: less than 20 kW, 50-200 kW, and more than 200 kW. In 2019, the sector with more than 200 kW produced the most income. It is divided into chemicals and petrochemicals, food and drinks, medicinal, and other end users. In 2019, the others segment generated the most income.
The commercial segment is accounted for the highest share
In 2021, the commercial sector dominated the market, accounting for 44.4 percent of worldwide sales. Data centers, educational institutes, public buildings, corporate offices, healthcare facilities, and warehouses all utilize chillers to keep the temperature in commercial buildings cool during hot weather.
Chillers are used to cool the heat generated in data centers' high-density enclosed rooms. To minimise downtime and equipment failure, data centres must maintain constant temperature, humidity, air purity, and air movement. This is likely to boost product acceptance in the commercial sector.
The Asia Pacific region is accounted for the highest share
In terms of value, China and the United States are expected to lead the chiller market. Due to a small number of large projects, mostly supplied by centrifugal chillers, the chiller market in Vietnam, China, and Thailand has witnessed significant expansion.
Hospitals, schools, energy plants, and telecommunications all have high need for chillers in China. The chiller market in India is primarily driven by energy efficiency. In Indonesia, the main end-users of chillers are airports and retail malls.
The Middle East and Africa are expected to expand at a modest rate, while the United Kingdom is expected to grow at a faster rate than the rest of Europe. The fastest-growing market for chillers is predicted to be due to the replacement of R22 refrigerants and the use of chillers in high-rise office buildings and airports.
The worldwide chillers market is expected to develop due to the expansion of the aviation sector and the construction of new commercial buildings.
According to the Civil Aviation Administration of China (CAAC), between 2014 and 2017, China built 27 new airports, increasing the demand for chillers to keep the environment cold. These circumstances are expected to boost the market's growth. The market value of the global chillers market during 2022-2029 is likely to touch 4424.45 billion.
Because of its sun cooling uses, chillers are gaining popularity across the world. Chemicals, air conditioning equipment, hydraulics, refrigeration equipment, electronics, and defence systems are among the equipment and systems produced. Daikin Industries, for example, sells and services air conditioning systems for hotels, data centres, warehouses, hospitals, residential buildings, and maritime applications.
In most buildings, chillers have long been acknowledged as a major energy user. According to the US Department of Energy, chillers are responsible for over 20% of the power generated in North America (DOE). Pharmaceuticals, oil and gas, food and beverage, chemicals, and automotive are the industries with the strongest growth rates in the industry. Screw compressors that use ecologically friendly refrigerants are becoming increasingly popular among customers. Screw chillers are likely to increase market share in the next years due to their ease of use and inexpensive maintenance. Screw chillers accounted for about 49.8% of global market revenue in 2022, according to Global Industry Assessment. They worked as air-freezers or water-freezers by compressing the refrigerant with two interlocking helical rotors.
The fast pace of contemporary life has resulted in considerable changes in eating habits. Frozen meals are more popular among consumers since they are easier to transport and prepare. However, effective freezing action is required to prevent microbial penetration in food items. As a result, chillers are now being used in the frozen food industry, which is a major growth driver for the chiller market. Chillers are frequently utilised in the plastics industry, in addition to frozen food.
They're primarily employed in injected, extruded, stamped, or blown hot polymers that need to cool quickly. This is in line with the plastics business, which has seen resurgence in recent years, with plastics in particular gaining popularity in the FMCG sector. The increased use of chillers in the plastics sector has had a significant influence on chiller sales, assisting in the global expansion of their market. The widespread usage of chillers in a variety of end-use applications, along with technological improvements, has led to the creation of IoT (Internet of Things)-based chillers.
Carrier Global Corporation, Daikin Industries Ltd, Mitsubishi Electric Corporation, Dimplex Thermal Solutions, Johnson Controls International Plc, LG Electronics, Gree Electric Appliances Inc of Zhuhai, Thermax Ltd, Midea Group Co. Ltd, and Trane Technologies Plc are among the key players profiled in the report.
Latest Innovations in the Chiller Market: A Snapshot
- Hitachi has developed an R134Aa-based semi-automatic twin screw compressor that is ecologically beneficial. High-quality touch panels with minimum vibration are used in air-conditioning systems in public buildings and industrial operations. The chillers market is expected to expand as the number of data centre investments rises. Equinix and Singapore-based GIC, for example, created a joint venture in 2019 to develop and run supercomputers across Europe.
Chillers Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 4424.45 billion|
|Segment Covered||Type, End-User, Product, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Carrier Global Corporation, Daikin Industries Ltd, Mitsubishi Electric Corporation, Dimplex Thermal Solutions, Johnson Controls International Plc, LG Electronics, Gree Electric Appliances Inc of Zhuhai, Thermax Ltd, Midea Group Co. Ltd, and Trane Technologies Plc.|
Key Segments of the Chillers Market
Type Overview, 2022-2029 (USD Billion)
Product Overview, 2022-2029 (USD Billion)
- Water Cooled Chiller
- Air Cooled Chiller
End-User Overview, 2022-2029 (USD Billion)
- Food and Beverages
- Chemical and Petrochemicals
Regional Overview, 2022-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa