The latest report by IMARC Group, titled “Chiller Market by Type (Screw, Scroll, Centrifugal, and Others), Product Type (Air Cooled, Water Cooled), Power Range (Less than 50 kW, 50-200 kW, More than 200 kW), End Use Industry (Food and Beverage, Plastic and Rubber, Chemicals and Petrochemicals, Pharmaceuticals, and Others), and Region 2024-2032", The global chiller market size reached US$ 10.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 14.8 Billion by 2032, exhibiting a growth rate (CAGR) of 3.68% during 2024-2032.
Factors Affecting the Growth of the Chiller Industry:
- Increasing Industrialization and Urbanization:
As countries around the world continue to industrialize and urbanize, the demand for chillers, which are critical for air conditioning in large buildings and industrial cooling processes, has seen significant growth. Urbanization leads to the construction of commercial buildings, hospitals, airports, and shopping malls, all of which require effective and efficient cooling systems to manage indoor air quality and temperature. In industrial applications, chillers are used to cool products, machinery, and the workplace, enhancing productivity and safety. This demand is particularly pronounced in emerging economies in Asia-Pacific and Africa, where rapid urbanization and industrial growth are ongoing. Governments in these regions are investing heavily in infrastructure and construction projects, which further boosts the chiller market. Additionally, as industries such as pharmaceuticals and food processing expand, they rely increasingly on chillers for precise temperature control to meet regulatory standards and maintain product quality.
- Shift Toward Energy-Efficient Technologies:
Global concerns about energy efficiency and environmental sustainability are pushing the chiller market toward more energy-efficient solutions. Chillers consume a significant amount of energy, and as energy costs rise and regulations on emissions tighten, there is a growing demand for chillers that use less energy and have lower environmental impacts. Manufacturers are investing in research and development to produce chillers with improved energy performance, incorporating advanced technologies such as magnetic bearings, variable speed drives, and environmentally friendly refrigerants. These innovations reduce the operational costs associated with chillers and also align with global sustainability goals. Additionally, many countries have implemented strict regulations and standards for energy efficiency in HVAC systems, which further drive innovations in the chiller technology sector.
- Growth in the Retrofit Market:
The retrofit market for chillers is expanding significantly as older buildings seek to replace or upgrade their existing HVAC systems with new, more efficient models. This trend is driven by the aging infrastructure in developed countries and the need to comply with newer energy efficiency standards. Retrofitting involves updating the chiller systems to provide better cooling performance, energy efficiency, and reduced maintenance costs. This is more cost-effective than replacing entire systems and also offers an opportunity to install advanced controls and features that improve system reliability and adaptability to varying loads. The retrofit market is further buoyed by the increasing focus on building automation systems and smart building technologies, which integrate seamlessly with modern chillers to optimize energy use and improve overall building performance.
Competitive Landscape with Key Player:
- Carrier Global Corporation
- Daikin Industries Ltd.
- Friulair S.r.l.
- General Air Products
- HYDAC International GmbH
- Johnson Controls International PLC
- KKT Chillers Inc.
- LG Electronics Inc.
- Mitsubishi Electric Corporation
- PolyScience Inc.
- Trane Technologies plc
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Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Type:
- Screw
- Scroll
- Centrifugal
- Others
Screw dominates the market due to its high energy efficiency, reliability, and suitability for medium to large-scale industrial and commercial applications.
Breakup by Product Type:
- Air Cooled
- Water Cooled
Water cooled holds the maximum number of shares due to their high efficiency and capacity for handling large cooling loads, making them ideal for industrial and large commercial applications.
Breakup by Power Range:
- Less than 50 kW
- 50-200 kW
- More than 200 kW
More than 200 kW represents the largest segment as it is commonly used in both commercial and residential settings due to its optimal balance of cooling capacity and energy efficiency for mid-sized spaces.
Breakup by End Use Industry:
- Food and Beverage
- Plastic and Rubber
- Chemicals and Petrochemicals
- Pharmaceuticals
- Others
Chemicals and petrochemicals hold the maximum number of shares due to its extensive need for precise temperature control in production processes, which is critical for ensuring product quality, safety, and efficiency.
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific’s dominance in the chiller market is attributed to its rapid industrialization, urbanization, and the significant investments in infrastructure development across countries such as China and India.
Global Chiller Market Trends:
The food and beverage industry heavily relies on precise temperature control throughout the production, processing, and storage phases to ensure food safety and quality. Chillers play a crucial role in maintaining these conditions, especially in dairy, meat processing, and brewery sectors. As global demand for processed and preserved food increases, particularly in emerging markets, there is a corresponding rise in the demand for chillers to support these operations. Additionally, the chiller market is also benefiting from ongoing technological advancements that enhance chiller performance and functionality. For instance, the integration of IoT-enabled solutions in chiller systems allows for real-time monitoring and control, predictive maintenance, and enhanced operational efficiency. Innovations such as heat recovery systems and the use of alternative, less environmentally damaging refrigerants also contribute to market growth by offering added value to end-users.
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