Global Recirculating Chillers Market by Type (Floor Mounted, Rack Mounted, Bench Top) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global recirculating chillers market was worth USD 717.0 million in 2019. It is projected to grow at a 5.1% compound annual growth rate (CAGR), between 2020 and 2027. Closed-loop chillers, also known as recirculating chillers, are used to cool equipment and machines. These chillers are used in manufacturing, pharmaceutical, and laboratory industries. Automation and advances in these industries have allowed for the use of machines like thermo scientific equipment and reservoir. These machines generate heat that must be removed in order to ensure proper operation and greater efficiency. Market growth is expected to be driven by technological advances and automation.

They control fluid flow at controlled temperatures. The heat exchanging elements are installed in recirculating chillers to provide thermal stability and assist in automation. Certain recirculating chiller types, such as rack-mounted and benchtop, can be transported, which allows for greater flexibility in operations. This has led to an increase in demand. Recirculating chillers can also be used in residential applications within the HVAC system. Market growth is expected to be boosted by a broad range of applications.

Due to rising demand for data centers around the world, industrial applications are increasing. They are essential for data centres to function efficiently as they provide cooling. Their versatility will fuel their popularity. For instance, floor-mounted recirculating chillers are highly used in the semiconductors/manufacturing and plastic industries. Rack-mounted recirculating chillers, on the other hand, are widely used in laser machining and atomizing devices as well as packaging lines and x-ray equipment.

However, market growth is expected to be slowed by rising power costs. For small- and medium-sized projects, additional electricity consumption by components like the compressor, condenser and evaporator might prove to be costly. The high price of recirculating chillers will also be a hindrance to the market growth. The use of solar power generators will reduce the high power cost, and thus reduce the impact of restraint over the forecast period.

Type Insights

In 2019, the rack-mounted model held 45.1% of the market, compared to its counterparts. Rack-mounted recirculating chillers can be used to cool vacuum pumps and control the temperature of pain material. They are smaller and more mobile than traditional chillers. Rack-mounted recirculating chillers can also be used for benchtop chiller applications.

Next is the rack-mounted segment, followed by floor-mounted chillers and benchtop segments. Industrial applications will find floor-mounted recirculating chillers robust enough. The floor-mounted recirculating chillers have the ability to cool or heat the coolant. The benchtop recirculating chillers, however, are less popular than their counterparts. They are designed for very low-temperature applications and can be more expensive than other types.

Temperature Range Insights

With a market share of 50.9%, 1degC-100degC dominated in terms of revenue with a share at 51.1% in 2019. This is due to the increasing use of this temperature range for a variety of medical and laboratory applications. COVID-19 has also increased the use of recirculating chillers within the temperature range 1degC-100degC for specimen storage. Test delivery requires constant temperatures between 2deg and 8deg. Recirculating chillers that operate in this temperature range are also less expensive. This could be due to the increasing growth of the pharmaceutical industry. From 2020 to 2027, the segment between -100degC and 0degC is expected to see a 4.5% CAGR. Recirculating chillers that operate in extremely low temperatures, ranging from -100degC up to 0degC are quite expensive as they require two compressors. These chillers are capable of maintaining and ensuring fluid temperature stability. They are therefore used in industrial applications like plastics, laser processing, printing, and machine tools.

Application Insights

The market was dominated by the laboratory segment, which held a greater than 35.0% revenue share in 2019. This segment will continue to dominate the market for recirculating chillers over the forecast period. Recirculating chillers increase automation because they can adjust temperature across many industries and verticals like pharmaceuticals, oil and gas, laboratories, and manufacturing. This is due to the high percentage of industry applications. Market growth will also be impacted by the successful implementation of data into IT and telecom.

The industrial segment follows the laboratory application. These devices are used to reduce heat and maintain the industrial systems. Refcon Technologies and Systems Pvt. Refcon Technologies and Systems Pvt. Ltd. offer customized recirculating chillers according to the temperature. The pharma industry prefers closed-loop chiller system because it reuses water, which allows them to reach their eco-friendly goal.

Due to the COVID-19 pandemic, the pharmaceutical industry and laboratories must work efficiently to produce bulk medicines. Recirculating chillers have been used at an increasing rate since December 2019, and will continue to rise until April 2020, when the COVID-19 pandemic is under control globally. Lockdowns in major economies like India, China and the U.S. has caused significant disruption to IT, Telecom and BFSI as well as other verticals. The market has been affected by COVID-19 since December 2019, causing significant volatility. This is expected to improve by the middle of 2020.

Regional Insights

North America was the dominant market, with a 31.3% revenue share in 2019. Europe followed North America with a revenue share of 31.3% in 2019. This was due to Europe's large manufacturing base. The region is experiencing significant growth in manufacturing and pharmaceutical industries. This has led to a high demand for recirculating chillers.

The market in Asia Pacific was valued at USD158.4million by 2019. The region's thriving pharmaceutical and manufacturing sectors are responsible for this growth. Asia Pacific is the fastest growing region of the market, with a CAGR exceeding 6.5% over the forecast period. Market leaders such as India and China are expected to make significant investments in the region. Increased infrastructure spending is responsible for the high growth rate in this region. Market growth is expected to be driven by the increasing number of laboratories and rapid growth in the semiconductor industry over the forecast period.

Market Share Insights & Key Companies

JULABO GmbH introduced models like the CP-200F and CP-201F. These models have temperature control applications that can be set to a temperature range of -20 to +200 degrees Celsius or -30 to +200 degrees Celsius. These models offer faster heat-up and cooling times. JULABO GmbH has added features such as powerful heating circulators, refrigerator circulator and heating immersion circulators. Companies are expanding their product ranges vertically and horizontally. The market leader in recirculating chillers is:

• BUCHI Labortechnik AG

• International

• Dimplex Thermal Solutions

• LAUDA-Brinkmann

• Lytron Chillers

• Peter Huber Kaltemaschinenbau

Up Market Research published a new report titled “Recirculating Chillers Market research report which is segmented by Type (Floor Mounted, Rack Mounted, Bench Top), By Players/Companies Across International, Dimplex Thermal Solutions, Peter Huber K¤ltemaschinenbau, BœCHI Labortechnik AG, LAUDA-Brinkmann, Lytron Chillers”. 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 Recirculating Chillers Market Report Segments:

The market is segmented by Type (Floor Mounted, Rack Mounted, Bench Top).

Recirculating 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 Recirculating Chillers Market

Overview of the regional outlook of the Recirculating 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 Recirculating Chillers Market Report:

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

                1. Floor Mounted

                2. Rack Mounted

                3. Bench Top

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

We have studied the Recirculating 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.

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Reasons to Purchase the Recirculating 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.