Chillers Market Outlook, Segments, Geography, Dynamics, Recent Developments, and Strategic Insights by 2030

The chillers market size is projected to reach US$ 14,870.70 million by 2030 from US$ 9,972.06 million in 2022. The market is expected to register a CAGR of 5.1% during 2022–2030. Improvement in living standards and growth in healthcare spending augment the demand for chiller which is likely to remain a key trend in the market.

Chillers Market Analysis

The dynamic and promising economic outlook in developing countries and technological advancement in various Asian countries allow the development of the chillers market. Moreover, the residential and commercial sectors in developed countries are spending more on cooling systems, which is also acting as a major driver for the market. The major stakeholders in the Chiller market include component & raw material providers, HVAC chiller manufacturers, and various end users. HVAC chillers are made up of different types of metal. Mostly, plastic and other nontraditional materials are widely utilized for reducing the cost and the weight. Aluminum tubing or copper are critical ingredients in many chiller components. They offer a positive influence on system efficiency along with superior thermal properties. Various components in the HVAC chillers may differ with the application, but generally, they are comprised of corrosion-resistant metals and stainless steel. LG Electronics, Mitsubishi Electric Corporation, Carrier Global Corporation, DAIKIN INDUSTRIES, Ltd., and Thermal Care, Inc. are some of the significant manufacturers of chillers across the globe.

Chillers Market Overview

The increase in demand for smart homes, growing industrialization and urbanization are strengthening the demand for chillers across the globe. Additionally, the growing focus on the construction of skyscrapers in China and Japan has increased awareness about chilled water-cooled systems and is offering new opportunities to drive the demand for chillers globally. Extreme weather conditions, increasing population, growth in infrastructure and urban development projects, and rising healthcare concerns are some of the key factors that will compel global players to invest in the heating, ventilation, and air conditioning business. Moreover, the rising construction industry, along with hotels and restaurants, is anticipated to help the growth of the chillers market.

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Chillers Market: Strategic Insights

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Chillers Market Drivers and Opportunities

Increasing the Number of Data Centres to Favor Market

Growing urban development and proliferation of advanced technologies, coupled with an increase in the population, have resulted in high energy demand and consumption, due to which there is a rise in energy-efficient chillers globally. Moreover, there is a rise in the installation of HVAC chiller as the new HVAC technologies use AI to maximize productivity. The rise in the count of data centers is anticipated to drive the growth of the chillers market in the near future all over the world. Data centers need a lot of energy, and the major driver of data center design engineers’ work is to offer reliable, energy-efficient, and cost-effective HVAC systems, which are acting as a major driver for the market.

Economic Growth in Developing Countries Across the World

Positive economic outlook in developing countries such as China and Japan, allowing the development of the chillers market. The chiller market is growing due to commercial construction projects along with growing number of shopping complexes and retail stores. High standard of living and rise in health expenditure augment the demand for chiller in the developed nations. Furthermore, increasing demand for small- and medium-power cooler units in Southern Europe is anticipated to drive the product demand in the region, which is also projected to drive the growth of the chillers market globally over the coming years.

Chillers Market Report Segmentation Analysis

Key segments that contributed to the derivation of the chillers market analysis are chiller technology, technology, and application.

• Based on the chiller technology, the chillers market is divided into air-cooled, water-cooled, and steam-fired. The air-cooled segment held a larger market share in 2022.
• By Technology, the market is segmented into process chillers, scroll chillers, screw chillers, centrifugal chillers, absorption chillers, modular chillers, and reverse cycle chillers. The screw chillers segment held a significant share of the market in 2022.
• By Application, the market is segmented into commercial, industrial, and residential. The industrial segment held a significant share of the market in 2022.

Chillers Market Share Analysis by Geography

The geographic scope of the Chillers market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

Asia Pacific is leading the market. Increasing government inclination towards green building technology benefits associated with green building technology, such as higher energy efficiency, lower carbon footprints, and reduced impact on the environment, are attracting many residential and commercial developers and governments to implement chillers technology in the region. The rising implementation of advanced technologies, like the Internet of Things in HVAC systems, is projected to steer the growth of the chillers market. Moreover, ongoing initiatives such as green building construction by several emerging and developed countries are providing enormous development opportunities for the market in the Asia Pacific region.

Chillers Market Regional Insights

The regional trends and factors influencing the Chillers Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Chillers Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Chillers Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Chillers Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Chillers Market are:

1. Danfoss
2. Carrier Global Corporation
3. DAIKIN Industries LTD
4. Johnson Controls
5. Kaltra
6. LG Electronics

Disclaimer: The companies listed above are not ranked in any particular order.

Chillers Market News and Recent Developments

The 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 chillers market are listed below:

• Airedale International Air Conditioning Ltd. announced the launch of a new production facility in Virginia, US. The new plant will manufacture cooling solutions to capture opportunities in the growing data center industry. (Source: Airedale International Air Conditioning Ltd, Press Release, November 2022)
• WaterFurnace International announced the completion of the Air-Conditioning, Heating, and Refrigeration Institute's (AHRI) Water-Cooled Water-Chilling and Heat Pump Package certification program. (Source: WaterFurnace International, Press Release, April 2022)

Chillers Market Report Coverage and Deliverables

The “Chillers Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:

• Chillers market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Chillers market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST and SWOT analysis
• Chillers market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Chillers market
• Detailed company profiles