Colombia HVAC Chillers Market is expected to reach US$ 80.74 million by 2028

PRESS RELEASE BY The Insight Partners 01 Feb 2023

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Report: Colombia HVAC Chillers Market Forecast to 2028 - COVID-19 Impact and Country Analysis by Technology (Air-Cooled, Water-Cooled, and Steam-Fired), Type (Scroll Chillers, Screw Chillers, Centrifugal Chillers, and Absorption Chillers), and Application (Commercial, Industrial, and Residential)

According to our latest market study on “Colombia HVAC Chillers Market Growth Forecast to 2028 – COVID-19 Impact and Country Analysis – by Technology, Type, Application, and Geography,” the market is expected to grow from US$ 65.43 million in 2022 to US$ 80.74 million by 2028; it is estimated to grow at a CAGR of 3.6% from 2022 to 2028.

An HVAC chiller is a thermal device that controls the temperature by circulating cooling liquids such as water, and the liquid’s temperature is adjusted by the refrigerant cycle. Chillers circulate chilled water through a closed loop to control rising process temperatures. The heated water is then circulated through the chiller unit and undergoes a continuous cycle of refrigeration or absorption while removing heat during a process. Any industrial process, machine, or motor generates immense heat, which is the most common reason for the inefficiencies of processes. If this generated heat is not removed, it will accumulate over time, causing reduced production time, equipment shutdowns, and even premature equipment failure. Implementing cooling solutions into industrial process system design is necessary to avoid failures. Hence, HVAC chillers are commonly used to cool products and machinery for different applications in various industries, including injection molding, tool and die cutting, food and beverage, chemicals, lasers, machine tools, and semiconductors. It is also used for air conditioning in buildings and factories.

The HVAC chillers market size in Colombia is significantly growing owing to a few factors such as rising demand for district cooling, surging count of skyscrapers, and increasing government spending on the construction of buildings. Colombia is a generally warm country with an average temperature of 27°C. Refrigeration and air conditioning are extensively used in the country due to tropical conditions, which propels their demand. Moreover, with the rising demand for proper air conditioning in commercial buildings and homes, using HVAC chillers has become necessary in Colombia. Due to increasing industrial development, HVAC chillers are widely used in centralized air conditioning systems for buildings requiring medium to large cooling loads. HVAC chillers are used widely for various cooling applications in many manufacturing industries such as chemicals; pharmaceuticals; dairy & food; commercial buildings, including hotels, hospitals, offices, airports, theatres, auditoria, multiplexes, data processing centers; and telecom switching exchange systems.

Impact of COVID-19 Pandemic on Colombia HVAC Chillers Market Analysis

The stringent lockdown imposed by the government in Colombia to combat the rapid spread of SARS-CoV-2 hindered the Colombia HVAC chillers market. The manufacturing sector in the country operated at a low capacity to ensure all workers’ safety and maintain social distancing norms imposed by the government in the first two quarters of 2020, which restrained the sector’s growth. As a result, the HVAC chillers market in Colombia reported a decrease in production volume. Moreover, the restrictions on international trade negatively affected the supply of raw materials. Thus, the supply chain disruption across the country hindered the growth of the market in the first two quarters of 2020. Additionally, the temporary shutdown of industrial plants and commercial and residential complex construction activities across Colombia reduced the demand for HVAC chillers across the country. However, the government started to ease restrictions in Q3 of 2020. Therefore, due to the resumption of the supply of components from countries such as China and construction activities, the operations at industrial plants restarted with low working capacity. All these factors are aiding in reviving the Colombia HVAC chillers market growth. Thus, the Colombia HVAC chillers market has been experiencing growth due to the restart of the industrial activities at full capacity across the country and an increase in investments to develop industrial plants by private and public organizations.

The report segments the Colombia HVAC chillers market Analysis as follows:

The Colombia HVAC chillers market size is segmented into technology, product type, and application. Based on product type, the HVAC chillers market is segmented into screw chillers, centrifugal chillers, scroll chillers, and absorption chillers. Based on application, the HVAC chillers market is segmented into industrial, residential, and commercial. Based on technology, the HVAC chillers market is segmented into air-cooled, water-cooled, and steam-fired.

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