Global Chillers Market by Compressor Type (Centrifugal, Screw), by Product (Water-cooled, Air-cooled), by End-use (Industrial, Commercial) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global chillers market was valued at USD 9.9 Billion in 2019. It is projected to grow at a compound annual rate (CAGR of 4.3%) between 2020 and 2027. The demand for cooling equipment will rise due to rising temperatures. The market is expected to grow because chillers are able to keep the interior temperature constant and heat out of buildings. The chillers' major components include the compressor, evaporator and condenser as well as expansion valve, control units and power panels. The chillers provide air conditioning by removing heat from commercial, residential, and industrial buildings. These devices use refrigerants to remove heat energy from the condenser or evaporators. The Joint Center for Housing Studies predicts that the baby boomers will drive demand for renovations and new constructions in the United States over the next ten year. The country's increasing construction activity is expected to have positive effects on its chillers market growth.

Vapor compression chillers are powered by an electric motor to push the refrigerant through the system. They can be classified as either air-cooled or water-cooled. The vapor absorption coolers use heat sources such as steam or hot water to enable the movement of the refrigerant within the system. This allows the refrigerant to move between different areas of temperature and pressure.

Various developing country governments have made significant investments in infrastructures such as hospitals, malls and offices. The growth in construction spending in emerging economies in the Middle East and Asia Pacific due to strong industrial and economic development and population expansion will have a positive effect on the chillers market.

Different countries have imposed lockdowns to stop the spread of the COVID-19 pandemic. This has led to restrictions on movement within and between countries. This has negatively affected the chiller market growth by limiting the ability of construction contractors to finish their projects.

Product Insights

The market leader in water-cooled segments accounted for 62.7% global revenue in 2019. This is due to their longer life spans and higher efficiency than air-cooled equipment with large cooling loads. The components of water-cooled equipment are kept cool inside buildings. This prevents them from deteriorating too quickly.

Water-cooled chillers use water from external cooling towers. They are often used for large capacities. These coolers remove heat from the refrigerant gaseous in a condenser, before it is converted into liquid. Cooling towers are heat exchangers that provide cooling water to remove heat from coolants in order to cool buildings, process fluids and machinery.

Air-cooled segments are expected to experience the fastest CAGR at 5.2% between 2020 and 2027 in Asia Pacific. This is due to the low cost of these equipment, which has fewer components. These coolers take up less space and can be mounted on the roofs of buildings. This allows for more space in the structure for other amenities.

The loud noises from the fans and compressors of air-cooled products are expected to restrict their penetration into residential buildings. Growth will be impeded by the need to replace the product frequently due to the material's deterioration from exposure to wind, rain, snow, frost, and sun.

Insights on Compressor Type

The market leader in screw chillers was 49.8% and they accounted for the majority of global revenue share in 2019. These coolers can be either water-cooled or air-cooled and use two interlocking rotating, helical rotors to compress the refrigerant. A slider or speed control can be used to adjust the product's capacity.

Absorption chillers can be used for applications with high-quality heat waste, such as buildings with heated swimming pools or hospitals. Absorption coolers can also be used in buildings with combined heat-power (CHP) engines. Absence of a compressor in absorption coolers results directly or indirectly firing, and control of the system's capacity by the heat entering it.

Reciprocal chillers are expected to see a 3.2% increase in demand from 2020-2027 in terms of revenue. This is due to their installation in low-cost refrigerators and small cooling loads. These coolers employ chamber and piston to compress refrigerant. They also control the capacity via speed control, cylinder unloading, or compressor staging.

There are two types of centrifugal chillers: open or hermetic. The latter is most commonly used. These coolers can be controlled by the use of inlet vanes, which are located on the impellers and restrict the flow refrigerants. It is expected that the equipment's compact size and high operational efficiency will have a positive effect on its demand.

End-use Insights

The market was led by the commercial sector, which accounted for 44.4% global revenue share in 2019. To maintain temperature during hot weather, chillers are used in many commercial buildings such as offices, data centers and public buildings.

Data centers use chillers to cool the heat generated by enclosed high-density spaces. To ensure product adoption in the commercial sector, it is important to maintain constant temperature, humidity, cleanliness, and air circulation within data centers.

In terms of revenue, the product demand in food and beverage will grow at a 3.4% CAGR from 2020 to 2027. Glycol chillers are used by wineries and breweries for maintaining the temperature of beverage products. These coolers cool chilled propylene glycol by moving it through cooling coils. This keeps the beverage and food cold.

Explosion-proof chillers can be found in petrochemical companies like Shell, Chevron and Exxon. They are used to maintain the facility's temperature. Low-temperature chillers are used to maintain temperatures as low at -40 degrees F. They also create ice for ice skate rinks.

Regional Insights

Asia Pacific was the dominant market, accounting for more than 45% of global revenue in 2019. This is due to investments in residential and commercial construction. The region's increasing number of data centers is expected to have a positive effect on chillers market growth during the forecast period.

The Kingdom of Saudi Arabia (KSA), which has a rapid growth in transportation facilities, is expected boost residential and commercial development within the vicinities. This is expected to have an impact on product demand over the forecast period. Factors such as population growth and increasing tourism are driving chillers market growth.

Due to rising frozen food consumption, the product demand in Europe's Food & Beverage industry was responsible for more than 20% of regional industrial sector revenues. The region's product demand is expected to rise due to the increasing demand for smaller and medium-power coolers in Southern Europe.

In Sydney and Melbourne, the construction of commercial buildings has seen significant growth. The steady population growth in Australia and the availability of skilled labor and technological advances in Australia are expected to drive the chillers market growth.

Market Share Insights & Key Companies

Due to the presence of both local and global manufacturers, the global market is highly competitive. Companies are actively involved in mergers & Acquisitions and joint ventures. To expand its product ranges, Trane purchased Arctic Chiller Group in September 2019. To meet increasing product demand, market players are focused on obtaining certifications and expanding their production capabilities. They also comply with all energy-efficiency regulations set forth by regulatory authorities. They offer a variety of systems and can be sold through multiple channels including distributors, company-owned sites, retailers & their websites, e-commerce websites, and online. The following are some of the most prominent players in chillers market:

• Trane

• Cold Shot Chillers

• Tandem Chillers

• Drake Refrigeration, Inc.

• Refra

• Carrier

• FRIGEL FRENZE S.p.A.

• Midea

• Rite-Temp

• Multistack, LLC.

• DAIKIN INDUSTRIES Ltd.

• General Air Products

• ClimaCool Corp.

• JOHNSON CONTROLS - HITACHI AIR CONDITIONING COMPANY

• Fluid Chillers, Inc.

Up Market Research published a new report titled “Chillers Market research report which is segmented by Compressor Type (Centrifugal, Screw), by Product (Water-cooled, Air-cooled), by End-use (Industrial, Commercial), By Players/Companies DAIKIN INDUSTRIES Ltd, Refra, JOHNSON CONTROLS - HITACHI AIR CONDITIONING COMPANY, Rite-Temp, Drake Refrigeration Inc, Trane, ClimaCool Corp, FRIGEL FIRENZE SpA, General Air Products, Tandem Chillers, Cold Shot Chillers, Fluid Chillers Inc, Multistack LLC, Carrier, Midea”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Chillers Market Report Segments:

The market is segmented by Compressor Type (Centrifugal, Screw), by Product (Water-cooled, Air-cooled), by End-use (Industrial, Commercial).

Chillers Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Chillers Market

Overview of the regional outlook of the Chillers Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Chillers Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Chillers Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Centrifugal

                2. Screw

                1. Water-cooled

                2. Air-cooled

                1. Industrial

                2. Commercial

9. Market scenario by region, sub-region, and country.
10. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
11. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
12. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Chillers Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
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• Product & Brand Management
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• Identifying Appropriate Advertising Appeals

Reasons to Purchase the Chillers Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.