Global chiller market is expected to reach $9.5 billion by 2024, citing a CAGR of 4.9% during the forecast period. The market is predominantly driven by a rising number of construction projects coupled with the growing demand for cooling equipment in industrial applications, according to P&S Intelligence.
Rising preference for smart connected devices has been observed to be one of the key trends in the market. This has led manufacturers to incorporate connected solutions in chillers offering remote monitoring and preventive maintenance. Smart connected chillers incorporate remote monitoring and cloud-based analysis tools, that enable service providers to gather data from equipment, analyze it and then notify customers of the best time to perform maintenance or make upgrades which reduce unplanned repairing costs and improve the operational efficiency of the chiller. As a result, the popularity of smart connected chillers is increasing in the chiller market around the globe.
Insights on market segments
Based on the type, the chiller market is segmented into centrifugal, screw, scroll, absorption, and reciprocating, wherein the screw chiller category is projected to witness fastest growth during the forecast period. Sectors such as hospitals, small factories, retail stores, and hotels are registering the adoption of water-cooled screw chillers which are cost effective as well as environment-friendly. For instance, in APAC, China registered the highest consumption of these chillers in 2018, where the government is focusing on cutting down HCFC refrigerants, which are commonly used in chillers, to a more environment-friendly HFC based refrigerant, R134a.
Screw chillers are majorly required for large applications that require cooling with a capacity of above 200 ton. Generally, water cooling is preferred for large cooling applications due to its high heat dissipation ability leading to higher efficiency, faster cooling, and larger tonnage capacity. In the global market, particularly, chemical, food & beverage, and pharmaceutical industries constitute the largest demand for chillers, wherein countries like India is registering high growth potential in the pharmaceutical industry. All these factors buoyed the demand for water-cooled screw type chillers.
Growing demand for cooling equipment for industry applications
The surging requirement of cooling equipment in industrial applications is another factor driving the growth of the chiller market. Primarily chillers are used in industries for controlled cooling of products, and factory machinery in a wide range of industries. Chillers are usually used for pharmaceutical formulation, chemical processing, paper and cement processing, food & beverage processing, X-ray diffraction, power supplies and power generation stations, and welding, among others. In the food & beverage industry, from dairies and breweries to wineries and bakeries, cooling is an essential component in these application areas, wherein chillers are widely used across the food processing industry. As a result, the growing consumer base and changing needs of several industries to meet the demand across the globe is propelling the growth of the market.
Browse report overview with 140 tables and 87 figures spread through 215 pages and detailed TOC on "Chiller Market Research Report: By Product (Screw, Centrifugal, Scroll, Absorption, Reciprocating), End-User (Commercial, Industrial, Residential), Regional Insight (U.S., Canada, Italy, Germany, Turkey, France, Spain, Russia, U.K., China, Japan, India, South Korea, Indonesia, Thailand, Malaysia, Sri Lanka, Bangladesh, Bhutan, Saudi Arabia, U.A.E., Egypt, Israel, Oman and Bahrain, Nigeria, South Africa, Qatar, Kuwait, Tanzania, Ivory Coast, Uganda, Brazil, Mexico, Argentina) – Global Industry Analysis and Forecast to 2024" at:https://www.psmarketresearch.com/market-analysis/chiller-market
Rising awareness about inverter-controlled chillers to provide substantial opportunities
Growing demand for energy efficient cooling systems, including chillers across the globe would create opportunities for inverter-controlled chiller market during the forecast period. Inverter technology in chillers are highly efficient as compared to conventional AC systems. It offers benefits such as lower electricity bills, stable temperature, quick cooling, no sound disturbance, and a longer lifespan. Further, it offers improved partial load efficiency under low cooling water temperature conditions in off-peak seasons. Hence, the demand for inverter-controlled chillers is expected to create opportunities in the market.
The construction of new stadiums and game villages would drive the requirement of chillers. For instance, football stadiums in Qatar being developed are to be air-conditioned owing to the extreme environmental conditions. The air-conditioned stadiums would use high-end and heavy-duty chillers to maintain the air temperature inside the stadiums and would offer a comfortable environment for the audience. Hence, several upcoming sports events and construction of supporting infrastructure would fuel the demand for chillers market globally.
Johnson Controls International PLC, Samsung Electronics Co. Ltd., Ingersoll-Rand plc, United Technologies Corporation, Daikin Industries Ltd., Gree Electric Appliances, Inc. of Zhuhai, Zamil Air Conditioners, Thermax Limited, Mitsubishi Electric Corporation, Petra Engineering Industries Co, S.K.M Air Conditioning LLC, and Danfoss A/S are some the key players in the global chiller market.
Chiller Market Segmentation
Market Segmentation by Product
Market Segmentation by End-User
Market Segmentation by Region