The Europe industrial chillers market size is expected to reach US$ 803.53 million by 2031 from US$ 509.36 million in 2023. The market is estimated to record a CAGR of 5.9% during 2023–2031. The rise in energy transition goals is likely to bring a new set of key trends in the market in the coming years.
The key factors fueling the growth of the Europe industrial chillers market include the rise in the adoption of industrial chillers for energy-efficient operations in industries, government initiatives and regulations toward reducing carbon emissions, and the growing demand from the pharmaceutical and food & beverages industries in Europe. However, the high initial investment in industrial chillers restrains the market growth. Moreover, the key strategic developments in the chillers industry are projected to create opportunities for the key companies operating in the Europe industrial chillers market during the forecast period. Further, the adoption of industrial chillers to achieve energy transition goals in Europe is expected to be the key trend in the Europe industrial chillers market from 2023 to 2031.
Industrial chiller systems are essential for temperature control and cooling in several industries. Selecting the right industrial chiller for process and space cooling can reduce cooling costs, minimize downtime, and improve operational efficiency. The rapid industrialization in developing economies and the expansion of existing industry verticals in Europe are expected to fuel the need for cooling systems in the coming years. Water-cooled industrial chillers are the most commonly used for various processing operations, followed by air-cooled industrial chillers. Different types and sizes of industrial chillers are used to cool down the machinery in an industrial environment. The requirement to maintain the temperature of machinery to optimize the production, safety, and quality of industrial produce is rising with the surge in manufacturing activities, which, in turn, is expected to boost the market growth during the forecast period.
Industrial chillers play a major role in conducting proper cooling operations in industries such as manufacturing, pharmaceuticals, food & beverages, plastics, and chemicals. By ensuring precise temperature control, industrial chillers boost productivity, product quality, and equipment longevity. In the manufacturing industry, industrial chillers are used to cool molds in plastic injection molding, maintain stable temperatures during chemical reactions, and protect the integrity of sensitive electronic components, as well as support the operation of plant supply equipment such as air compressors. In the pharmaceutical sector or the food & beverages industry, air- or water-cooled versions of process chillers are used to cool the process water used for operations.
Energy-efficient industrial chillers are in line with the European Union's goals to reduce energy consumption as well as support the transition to a low-carbon economy. These chillers use less electricity and reduce greenhouse gas emissions. Therefore, the manufacturers in Europe are focused on providing industrial chillers to various processing operations in industries, including food & beverages, chemicals & pharmaceuticals, manufacturing, rubber, plastics, automotive, and electronics, among others. For example, Zudek, an ammonia industrial chiller manufacturer, launched an air-cooled ammonia chiller (R717) that was used in a pharmaceutical site in Belgium. It improved the energy efficiency of the cooling system by 20% as compared to hydrofluorocarbon (HFC)-based unit. Thus, the rising adoption of industrial chillers for energy-efficient operations in industries boosts the market growth.
The industrial growth in the European Union, supported by the rise in demand for various products such as food and beverages, pharmaceuticals, and chemicals, requires heavy machinery, such as industrial chillers, for manufacturing. A few manufacturers of such types of machinery include Cosmotec, Pfannenberg Group Holding GmbH, Daikin Industries Ltd, Aggreko, MTA SpA, Johnson Controls, HYFRA Industrial Cooling Systems GmbH, and Frigel Firenze SpA, among others. These companies are engaged in adopting key strategies, such as business expansion, product launch, product development, and investment, to remain competitive in the market. A few of the key developments adopted by the players operating in the market are mentioned below:
Such key developments in the industrial chillers market are expected to create lucrative opportunities for the Europe industrial chillers market growth in the coming years.
Key segments that contributed to the derivation of the Europe industrial chillers market analysis are chiller type, process, and application.
The Europe industrial chillers market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Asia Pacific dominated the market in 2023, followed by North America and Europe.
The growing adoption and manufacturing of electric vehicles, advanced driver-assistance systems (ADAS), and telecommunication are creating the need for the development of various electronic components, which drives the Europe industrial chillers market. Moreover, Europe is prominent in automotive manufacturing and is experiencing a rise in demand for advanced semiconductors for the electrification and automation of vehicles. The growing demand for semiconductors is fulfilled by the construction of various semiconductor manufacturing facilities across Europe. For example, in August 2023, Robert Bosch, Taiwan Semiconductor Manufacturing Company (TSMC), Infineon Technologies, and NXP have formed a joint venture to invest in a new semiconductor plant in Dresden, Germany. Further, the European Semiconductor Manufacturing Company (ESMC) project began construction in the second half of 2023, with manufacturing expected to commence by the end of 2027. It will have a monthly production capability of 40,000 300 mm (12 inches) wafers using TSMC's 28/22 nanometer planar CMOS and 16/12 nanometer finFET process technologies.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 509.36 Million |
| Market Size by 2031 | US$ 803.53 Million |
| Global CAGR (2023 - 2031) | 5.9% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Chiller Type
|
| Regions and Countries Covered | Europe
|
| Market leaders and key company profiles |
The Europe industrial chillers market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Europe industrial chillers market are listed below:
The "Europe Industrial Chillers Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:
The List of Companies - Europe Industrial Chillers Market
The key players operating in the Europe industrial chillers market include Pfannenberg Group Holding GmbH, Frigel Firenze SpA, Eurodifroid, MTA S.p.A., Daikin Industries Ltd, ait-deutschland GmbH, HYFRA Industrial Cooling Systems GmbH, Stulz SpA, DELTATHERM Hirmer GmbH, technotrans SE, and Riedel Kooling.
Rise in energy transition goals is expected to drive the growth of the Europe industrial chillers market in the coming years.
The Europe industrial chillers market was estimated to be valued at US$ 509.36 million in 2023 and is anticipated to grow at a CAGR of 5.9% over the forecast period.
Energy-efficient industrial chillers are in line with the European Union's goals to reduce energy consumption as well as support the transition to a low-carbon economy. These chillers use less electricity and reduce greenhouse gas emissions. Thus, the rising adoption of industrial chillers for energy-efficient operations in industries boosts the market growth.
Germany is anticipated to grow at the fastest CAGR over the forecast period.
The water cooled chillers segment led the Europe industrial chillers market with a significant share in 2023.
The Europe industrial chillers market is expected to reach US$ 803.53 million by 2031.