Chillers Market worth USD 13,132.9 million by 2030

The Market Statsville Group (MSG) publishes the new report on the "Chillers Market by Product Type (Screw Chiller, Scroll Chiller, Centrifugal Chiller, and Others), by Type (Air-Cooled Chiller and Water-Cooled Chiller), by Power Range (Less than 50 kW, 50-200 kW, and More than 200 kW), by End-Users (Chemicals & Petrochemicals, Food & Beverages, Medical, and Others), by Region – Global Share and Forecast to 2030".

The global chillers market size is estimated to grow from USD 9,820.5 million in 2021 to USD 13,132.9 million by 2030, at a CAGR of 3.7% during the forecast period. Chillers are devices that eliminate heat from a fluid through a vapor-compression or absorption refrigerant cycle and discard that heat elsewhere. Increased spending on the commercial and residential construction sector owing to meet indoor air quality drives the growth of the global chiller market. Moreover, surge in demand for energy-efficient, compact, and lightweight HVAC systems in industrial and commercial sectors is anticipated to drive the growth of the global chiller market. Furthermore, rise in tourism, which in turn, surges the demand for chillers in industry verticals such as food & beverage, packaging, and others, drives the growth of the market.

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Scope of the Global Chillers Market

The chillers market has been segmented into the product type, power range, type, end-users, and region.

• By Product Type (Screw Chiller, Scroll Chiller, Centrifugal Chiller, and Others)
• By Type (Air-Cooled Chiller and Water-Cooled Chiller)
• By Power Range (Less than 50 kW, 50-200 kW, and More than 200 kW)
• By End-Users (Chemicals & Petrochemicals, Food & Beverages, Medical, and Others)
• By Region (North America, South America, Europe, Asia Pacific, and Middle East & Africa)

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The water-cooled chiller segment accounted for the largest market share, by type

Based on the type, the market is divided into air-cooled chillers and water-cooled chillers. In 2021, the water-cooled chiller had the largest share of 58.1% in the chillers market. A water-cooled chiller has a cooling tower, thus is an energy-efficient chiller. Water-cooled chillers have components such as cooling towers, condenser water pumps, chillers, and thermal energy storage (TES) reservoirs.

A rise in demand for low condensing chillers, and water-cooled chillers, is anticipated to fuel the growth of the water-cooled chiller market. Rapid urbanization and population and an increase in commercial construction buildings globally are anticipated to boost the growth of the water-cooled modular chiller. In addition, major players such as Trane Technologies Plc, Daikin Industries Ltd, and others are offering water-cooled chillers. For instance, Trane Technologies Plc. offered an Agility centrifugal water-cooled chiller. It has a cooling capacity ranging from 175 to 425 tons.

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Asia Pacific had the largest market share in the chillers market in 2021

Region-wise, the global chillers market is analyzed across five key regions: North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2021, Asia Pacific accounted for the highest market share of 48.1% in the global chillers market. An increase in the urbanization, and industrialization in emerging countries such as India, Japan, and others, drive the growth of the chillers market in the Asia-Pacific region.

In Asian countries, chillers are used in the food & beverages industry, corporate offices, airports, metro stations, and others. The growth in the electronics and aviation industries is expected to lead toward the development of the market. Moreover, an increase in industrialization and rapid urbanization in countries such as China, India, Vietnam, and Indonesia boost the growth of construction activities, leading to a rise in demand for chillers. For instance, in 2018, the government of India initiated National Smart Cities Mission (NSCM), which is expected to develop 100 smart cities by 2025. Thereby providing lucrative opportunities for the growth of the chillers market.

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This research report includes an examination of the leading companies' development and marketing strategies, as well as an examination of their product portfolios and winning strategies. It also consists of the profiles of leading companies such as Mitsubishi Electric Corporation, LG Electronics, Johnson Controls International Plc., Daikin Industries Ltd., Dimplex Thermal Solutions, Carrier Global Corporation, Smardt Chiller Group Inc., Thermax Ltd, Polyscience Inc., and Trane Technologies Plc.

About Market Statsville Group

Market Statsville Group (MSG) is a business research and consulting platform of Statsville Consulting Private Limited, based in Oklahoma, USA. MSG is the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in a wide range of industry verticals in market sizing, analysis, and intelligent business insights. MSG has experienced research analysts who are proficient at digging deep and providing various customizable data that help you make decisions with clarity, confidence, and impact. Furthermore, Market Statsville Group already benefited more than 1,000 companies each year for their revenue planning. It helped them take their disruptions/innovations early to the market by providing them research ahead of the curve.

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