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
Market Size Value in US$ 9,425.53 million in 2021 Market Size Value by US$ 12,878.92 million by 2028 Growth rate CAGR of 4.56% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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HVAC Chillers Market: Strategic Insights
| Market Size Value in | US$ 9,425.53 million in 2021 |
| Market Size Value by | US$ 12,878.92 million by 2028 |
| Growth rate | CAGR of 4.56% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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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 Report Scope
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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology, Type and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Asia Pacific dominated the HVAC chillers market in 2023.
The development of IoT-enabled HVAC chillers is the future trend of the HVAC chillers market.
LG Electronics, Mitsubishi Electric Corporation, Carrier Global Corporation, DAIKIN INDUSTRIES, Ltd., Thermal Care, Inc., Trane, Kaltra, SKM Air Conditioning, Johnson Controls, Inc., and Airedale International Air Conditioning Ltd. are some of the leading players in the market.
US$ 15,102.47 million estimated value of the HVAC chillers market by 2031.
5.1% is the expected CAGR of the HVAC chillers market.
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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