HVAC Chillers Market Overview, Growth, Trends, Analysis, Research Report (2021-2031)

The HVAC chillers market size is projected to reach US$ 15,102.47 million by 2031 from US$ 10,154.41 million in 2023. The market is expected to register a CAGR of 5.1% during 2023–2031. The dynamic and promising economic outlook in developing countries and technological advancement in various Asian countries is likely to remain a key trend in the market.

HVAC Chillers Market Analysis

The increase in demand for smart homes, growing industrialization and urbanization are strengthening the demand for HVAC 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 HVAC 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 HVAC chillers market.

HVAC Chillers Market Overview

The major stakeholders in the global HVAC Chillers market ecosystem include raw material suppliers, HVAC Chillers manufacturers, and end-users. The raw material supplier is a crucial stakeholder in the ecosystem of the HVAC Chillers market. The major raw materials are silicon, stainless steel, hybrid, and other materials primarily used to manufacture the HVAC chillers. The major raw material suppliers include ASTM International, National Bearings, Kineco Limited, Morgan Advanced Materials, etc. ASTM International, which is a raw materials supplier for bearings, has announced seven new sponsored Research to Standards (R2S) projects to assist ASTM's Additive Manufacturing Center of Excellence (AM CoE) and its objective to accelerate AM standardization and industry adoption. As a result, increased activities from raw material suppliers are improving HVAC chiller production, fueling the market growth.

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HVAC Chillers Market: Strategic Insights

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HVAC Chillers Market Drivers and Opportunities

Increasing the Number of Data Centres to Favor Market

Growing urban development and the 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 HVAC 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 HVAC chillers market. The HVAC chiller market is growing due to commercial construction projects along with a growing number of shopping complexes and retail stores. High standard of living and rise in health expenditure augment the demand for HVAC 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 HVAC chillers market globally over the coming years.

HVAC Chillers Market Report Segmentation Analysis

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

• Based on the technology, the HVAC chillers market is divided into air-cooled, water-cooled, and steam-fired. The air-cooled segment held a larger market share in 2023.
• Based on the type, the HVAC chillers market is divided into process chillers, scroll chillers, screw chillers, centrifugal chillers, and absorption chillers. The screw chillers segment held a larger market share in 2023.
• Based on the application, the HVAC chillers market is divided into commercial, industrial, and residential. The industrial segment held a larger market share in 2023.

HVAC Chillers Market Share Analysis by Geography

The geographic scope of the HVAC 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. Government efforts in the Asia Pacific area, such as the 'Make in India' and 'Make in China' initiatives to enhance the country's manufacturing sector, would also benefit the HVAC Chillers industry. The growing development in the manufacturing, mining and aerospace sectors is driving the demand for HVAC Chillers market in the Asia Pacific region.

HVAC Chillers Market Regional Insights

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

HVAC Chillers Market Report Scope

HVAC Chillers Market Players Density: Understanding Its Impact on Business Dynamics

The HVAC 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 HVAC Chillers Market are:

1. LG Electronics
2. Mitsubishi Electric Corporation
3. Carrier Global Corporation
4. DAIKIN INDUSTRIES, Ltd.
5. Thermal Care, Inc.
6. Trane

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

HVAC Chillers Market News and Recent Developments

The HVAC 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 HVAC 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)
• LG Air Conditioning Technologies USA has launched the LG Inverter Scroll Heat Pump Chiller (ISHPC). (Source: LG Air Conditioning Technologies, Press Release, January 2022)

HVAC Chillers Market Report Coverage and Deliverables

The “HVAC Chillers Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• HVAC chillers market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• HVAC chillers market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST and SWOT analysis
• HVAC 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 HVAC chillers market
• Detailed company profiles