HVAC Chillers Market is expected to reach US$ 12,878.92 million by 2028

Rising Demand from Various Industries to Provide Growth Opportunities for HVAC Chillers Market during 2021–2028

According to our latest market study on “HVAC Chillers Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Technology, Type, and Application,” the market is expected to grow from US$ 9,425.53 million in 2021 to US$ 12,878.92 million by 2028; it is estimated to grow at a CAGR of 4.56% from 2021 to 2028.

The global HVAC chillers market is segmented into five major regions—North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America. In 2020, North America led the market with a substantial revenue share, followed by Asia Pacific and Europe. HVAC chillers play a crucial role in maintaining the required temperature of any space, machinery, or equipment. The chillers remove the heat and transfer it somewhere else. They can be utilized in numerous residential spaces, such as small to large size rooms, garages, basements, and crawlspaces. Popularity of HVAC chillers is increasing owing to their various advantages such as portability, convenience, and quick and easy maintenance. Moreover, the adoption of HVAC chillers is rising in restaurants, hotels, kitchens, and dining rooms to handle the concerns regarding temperature levels. Other industry verticals where these chillers are used are rubber, petrochemicals, medical, plastic, commercial office buildings, and sports venues. Chillers from Arctic Chiller Group, Ltd. are installed in high-end residential complexes across North America, and they serve as the primary air-conditioning systems. The Arctic Chiller Group also serves skating facilities across the US and Canada, through direct ice freezing, ice rink cooling, and chiller maintenance. Growing aviation sector and increasing count of new commercial construction buildings drive the demand for respective chillers. According to Invest India, India’s food processing industry is one of the largest across the globe and its output is predicted to reach $535 billion by 2025–2026. Thus, the demand for chillers is also expected to increase in India during the forecast period. Screw Chillers are vapor compressor chillers that make use of a screw compressor for transporting the coolant through the system.

The global HVAC chillers market is segmented on the basis of technology, type, application, and geography. The market, based on technology, is segmented into air-cooled, water- cooled, and steam-fired. By type, the market is segmented into process chillers, scroll chillers, screw chillers, centrifugal chillers, and absorption chillers. The market, based on application, is segmented into commercial, industrial, and residential. By geography, the market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, Italy, the UK, Russia, and the Rest of Europe), Asia Pacific (China, India, South Korea, Japan, Australia, and the Rest of APAC), Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the Rest of MEA), and South America (Brazil, Argentina, and the Rest of SAM).

Impact of COVID-19 Pandemic on North America HVAC Chillers Market

The COVID-19 pandemic hit almost all industries across the world in FY 2020 due to lockdown measures imposed by various countries, which disrupted supply chain of different industries and generated a demand and supply gap in different industries. However, the market is expected to regain its growth by the second quarter of 2022, according to the research study.

In North America, different industry verticals served by the HVAC and refrigeration sector have been hit at various levels by the COVID-19 pandemic. Hotels, hospitality, restaurants, and venues such as live entertainment and sports have been struggling due to concerns over contracting the virus, even after they could reopen. It is also expected that consumers will shift their spending toward alternatives such as durable goods, which, in turn, can have a positive effect on housing in the future.

The increasing number of infected individuals led governments of North American countries to close nation’s borders during Q2 of 2020. Manufacturing facilities are either temporarily shut or are operating with limited staff. Moreover, the supply chains of components and parts are disrupted. The US is the largest markets for HVAC chillers, especially due to its technologically advanced food & beverage and industrial manufacturing sectors. However, the outbreak has severely affected the production and revenue generation due to lowered production volumes across different industries. Thus, the COVID-19 pandemic continues to have a negative impact on the growth of the HVAC chillers market in North America.

LG Electronics; Mitsubishi Electric Corporation; Carrier Global Corporation; DAIKIN INDUSTRIES, Ltd.; Thermal Care, Inc.; Trane; Kaltra; SKM Air Conditioning; Johnson Controls, Inc.; and AIREDALE INTERNATIONAL AIR CONDITIONING LTD. are among the major companies operating in the HVAC chillers market.

HVAC Chillers Market — by Geography, 2020 and 2028 (%)

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HVAC Chillers Market to Grow at a CAGR of 4.56% to reach US$ 12,878.92 million from 2021 to 2028

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HVAC Chillers Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology (Air-Cooled, Water-Cooled, and Steam-Fired), Type (Process Chillers, Scroll Chillers, Screw Chillers, Centrifugal Chillers, and Absorption Chillers), and Application (Commercial, Industrial, and Residential)