Europe Industrial Chillers Market Forecast and Scope by 2031
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.
Europe Industrial Chillers Market Analysis
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.
Europe Industrial Chillers Market Overview
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.
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Europe Industrial Chillers Market: Strategic Insights
Market Size Value in US$ 507.35 million in 2021 Market Size Value by US$ 700.98 million by 2028 Growth rate CAGR of 5.0% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Europe Industrial Chillers Market: Strategic Insights
| Market Size Value in | US$ 507.35 million in 2021 |
| Market Size Value by | US$ 700.98 million by 2028 |
| Growth rate | CAGR of 5.0% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Europe Industrial Chillers Market Drivers and Opportunities
Rise in Adoption of Industrial Chillers for Energy-Efficient Operations in Industries
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.
Key Strategic Developments in Industrial Chillers
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:
- In March 2024, Mitsubishi Heavy Industries Thermal Systems, Ltd announced its plan to add Hydrolution PRO air-cooled heat pump chillers to its product portfolio for the European market by the end of 2024. The three models will have the capacity of 50 kW, 75 kW, and 100 kW classes, respectively, which will be used for heating and cooling in residential, commercial, and industrial applications in Europe.
- In August 2024, Aggreko invested in the cooling fleet for industrial applications in Europe. The company aims to introduce reliable, clean, and energy-efficient cooling solutions in the region. With this, the company is expected to grow its chillers portfolio to maintain critical operations in the industrial environment.
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.
Europe Industrial Chillers Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Europe industrial chillers market analysis are chiller type, process, and application.
- On the basis of chiller type, the market is bifurcated into water cooled chillers and air cooled chillers. The water cooled chillers segment held a larger Europe industrial chillers market share in 2023.
- By process, the Europe industrial chillers market is divided into continuous flow chillers and immersion chillers. The continuous flow chillers segment dominated the market in 2023.
- In terms of application, the Europe industrial chillers market is segmented into food & beverage processing, medical equipment, industrial manufacturing, and others. The industrial manufacturing segment held the largest share of the market in 2023.
Europe Industrial Chillers Market Share Analysis by Geography
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.
Europe Industrial Chillers Market Report Scope
Europe Industrial Chillers Market News and Recent Developments
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:
- MTA SpA, an Italian process cooling manufacturer, introduced a series of low-capacity air-cooled industrial chillers using propane (R290) refrigerant. Through this, the company strengthened its product portfolio in the industrial chillers industry in Europe. (Source: Wafer Works, Press Release, March 2022)
- Johnson Controls expanded its heat pump and chiller plant in Nantes, France, to double its capacity; this expansion aimed at supporting the increasing consumer demand in Europe. (Source: Wafer Works, Press Release, March 2024)
- Carrier launched HFO R-1234ze chillers. These new chillers are optimized for industrial processing applications such as food manufacturing, pharmaceuticals, chemicals, metal, and plastics, to provide ultra-reliable cooling. (Source: Wafer Works, Press Release, March 2022)
Europe Industrial Chillers Market Report Coverage and Deliverables
The "Europe Industrial Chillers Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:
- Europe industrial chillers market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Europe industrial chillers market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Europe industrial chillers market analysis covering key market trends, 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 Europe industrial chillers market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Process, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
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.
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
4. Europe Industrial Chillers Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 List of Vendors in the Value Chain
5. Europe Industrial Chillers Market – Key Market Dynamics
5.1 Europe Industrial Chillers Market – Key Market Dynamics
5.2 Market Drivers
5.2.1 Rise in Adoption of Industrial Chillers for Energy-Efficient Operations in Industries
5.2.2 Government Initiatives and Regulations Toward Reducing Carbon Emission
5.2.3 Growing Demand for Industrial Chillers from Pharmaceutical and Food & Beverages Industries
5.3 Market Restraints
5.3.1 High Overall Investment in Industrial Chillers
5.4 Market Opportunities
5.4.1 Key Strategic Developments in Industrial Chillers
5.5 Future Trends
5.5.1 Rise in Energy Transition Goals
5.6 Impact of Drivers and Restraints:
6. Europe Industrial Chillers Market Analysis
6.1 Europe Industrial Chillers Market Revenue (US$ Million), 2021–2031
6.2 Europe Industrial Chillers Market Forecast and Analysis
7. Europe Industrial Chillers Market Analysis – by Chiller Type
7.1 Water Cooled Chillers
7.1.1 Overview
7.1.2 Water Cooled Chillers: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
7.2 Air Cooled Chillers
7.2.1 Overview
7.2.2 Air Cooled Chillers: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
8. Europe Industrial Chillers Market Analysis – by Process
8.1 Continuous Flow Chillers
8.1.1 Overview
8.1.2 Continuous Flow Chillers: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Immersion Chillers
8.2.1 Overview
8.2.2 Immersion Chillers: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
9. Europe Industrial Chillers Market Analysis – by Application
9.1 Industrial Manufacturing
9.1.1 Overview
9.1.2 Industrial Manufacturing: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
9.1.3 Machine Tool
9.1.3.1 Overview
9.1.3.2 Machine Tool: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
9.1.4 Laser Systems
9.1.4.1 Overview
9.1.4.2 Laser Systems: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
9.1.5 Others
9.1.5.1 Overview
9.1.5.2 Others: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
9.2 Food and Beverage Processing
9.2.1 Overview
9.2.2 Food and Beverage Processing: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
9.3 Medical Equipment
9.3.1 Overview
9.3.2 Medical Equipment: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
9.4 Others
9.4.1 Overview
9.4.2 Others: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
10. Europe Industrial Chillers Market – Country Analysis
10.1 Europe
10.1.1 Europe Industrial Chillers Market Breakdown by Countries
10.1.2 Europe Industrial Chillers Market Revenue and Forecast and Analysis – by Country
10.1.2.1 Europe Industrial Chillers Market Revenue and Forecast and Analysis – by Country
10.1.2.2 Germany: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.2.1 Germany: Europe Industrial Chillers Market Breakdown by Chiller Type
10.1.2.2.2 Germany: Europe Industrial Chillers Market Breakdown by Process
10.1.2.2.3 Germany: Europe Industrial Chillers Market Breakdown by Application
10.1.2.2.4 Germany: Europe Industrial Chillers Market Breakdown by Type
10.1.2.3 United Kingdom: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.3.1 United Kingdom: Europe Industrial Chillers Market Breakdown by Chiller Type
10.1.2.3.2 United Kingdom: Europe Industrial Chillers Market Breakdown by Process
10.1.2.3.3 United Kingdom: Europe Industrial Chillers Market Breakdown by Application
10.1.2.3.4 United Kingdom: Europe Industrial Chillers Market Breakdown by Type
10.1.2.4 France: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.4.1 France: Europe Industrial Chillers Market Breakdown by Chiller Type
10.1.2.4.2 France: Europe Industrial Chillers Market Breakdown by Process
10.1.2.4.3 France: Europe Industrial Chillers Market Breakdown by Application
10.1.2.4.4 France: Europe Industrial Chillers Market Breakdown by Type
10.1.2.5 Italy: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.5.1 Italy: Europe Industrial Chillers Market Breakdown by Chiller Type
10.1.2.5.2 Italy: Europe Industrial Chillers Market Breakdown by Process
10.1.2.5.3 Italy: Europe Industrial Chillers Market Breakdown by Application
10.1.2.5.4 Italy: Europe Industrial Chillers Market Breakdown by Type
10.1.2.6 Rest of Europe: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.6.1 Rest of Europe: Europe Industrial Chillers Market Breakdown by Chiller Type
10.1.2.6.2 Rest of Europe: Europe Industrial Chillers Market Breakdown by Process
10.1.2.6.3 Rest of Europe: Europe Industrial Chillers Market Breakdown by Application
10.1.2.6.4 Rest of Europe: Europe Industrial Chillers Market Breakdown by Type
11. Competitive Landscape
11.1 Heat Map Analysis by Key Players
11.2 Company Positioning & Concentration
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Product Development
12.4 Mergers & Acquisitions
13. Company Profiles
13.1 Pfannenberg Group Holding GmbH
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Frigel Firenze SpA
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Eurodifroid
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 MTA S.p.A.
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Daikin Industries Ltd
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 ait-deutschland GmbH
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 HYFRA Industrial Cooling Systems GmbH
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Stulz SpA
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 DELTATHERM Hirmer GmbH
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 technotrans SE
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
13.11 Riedel Kooling
13.11.1 Key Facts
13.11.2 Business Description
13.11.3 Products and Services
13.11.4 Financial Overview
13.11.5 SWOT Analysis
13.11.6 Key Developments
14. Appendix
14.1 Word Index
14.2 About The Insight Partners
List of Tables
Table 1. Europe Industrial Chillers Market Segmentation
Table 2. List of Vendors
Table 3. Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Table 4. Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Chiller Type
Table 5. Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Process
Table 6. Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 7. Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Country
Table 8. Germany: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Chiller Type
Table 9. Germany: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Process
Table 10. Germany: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 11. Germany: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 12. United Kingdom: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Chiller Type
Table 13. United Kingdom: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Process
Table 14. United Kingdom: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 15. United Kingdom: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 16. France: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Chiller Type
Table 17. France: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Process
Table 18. France: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 19. France: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 20. Italy: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Chiller Type
Table 21. Italy: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Process
Table 22. Italy: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 23. Italy: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 24. Rest of Europe: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Chiller Type
Table 25. Rest of Europe: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Process
Table 26. Rest of Europe: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 27. Rest of Europe: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 28. Company Positioning & Concentration
Table 29. List of Abbreviation
List of Figures
Figure 1. Europe Industrial Chillers Market Segmentation, by Country
Figure 2. PEST Analysis
Figure 3. PEST Analysis
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. Europe Industrial Chillers Market Revenue (US$ Million), 2021–2031
Figure 6. Europe Industrial Chillers Market Share (%) – by Chiller Type, 2023 and 2031
Figure 7. Water Cooled Chillers: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 8. Air Cooled Chillers: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 9. Europe Industrial Chillers Market Share (%) – by Process, 2023 and 2031
Figure 10. Continuous Flow Chillers: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 11. Immersion Chillers: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 12. Europe Industrial Chillers Market Share (%) – by Application, 2023 and 2031
Figure 13. Industrial Manufacturing: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 14. Machine Tool: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 15. Laser Systems: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 16. Others: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 17. Food and Beverage Processing: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 18. Medical Equipment: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 19. Others: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 20. Europe Industrial Chillers Market Breakdown by Key Countries, 2023 and 2031 (%)
Figure 21. Germany: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 22. United Kingdom: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 23. France: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 24. Italy: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 25. Rest of Europe: Europe Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 26. Heat Map Analysis by Key Players
The List of Companies - Europe Industrial Chillers Market
- 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
- Riedel Kooling
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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