The chillers market was valued at US$ 9,972.06 million in 2022 and is projected to reach US$ 14,870.70 million by 2030; it is expected to register a CAGR of 5.1% during 2022–2030.
Analyst Perspective:
The global chillers market has been segmented into five major regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). In 2022, Asia Pacific led the global chillers market with a substantial revenue share, followed by North America, Europe, the Middle East & Africa, and South America. Among all the mentioned regions, Asia Pacific is the fastest-growing region.
North American countries such as the US, Canada, and Mexico are the early adopters of sophisticated technologies. With growing education and literacy levels in developing countries in Asia Pacific, the Middle East and Africa, and South America, awareness regarding the benefits of modern technologies such as chillers are also increasing considerably. Europe is well known for its elevated standard of living and higher income levels. China and Japan contribute the most to the chillers market share in APAC. The growing focus on the construction of skyscrapers in these countries boosts the growth of chillers market.
Further, there is a rising demand for housing in the UK because of cuts in stamp duty on the sales of new homes. In addition, increasing disposable income, growing industrialization, new chiller product popularity, and strict government norms focused on global warming are triggering the production and adoption of chillers. Iraq, Saudi Arabia, Iran, the UAE, and Kuwait are the top revenue generators in the Middle East. Increasing construction activities, a flourishing hospitality industry, and hot climatic conditions are the key factors driving the chillers market in this region. The count of department stores, hospitals, schools, colleges, and commercial buildings is increasing in South and Central America. Further, the integration of the Internet of Things (IoT) with chillers is creating more promising opportunities for the global chillers market players.
Market Overview:
Chillers provide cooling in residential, industrial, and commercial places. Chillers provide air conditioning in buildings with the use of chilled water. Rooftop chillers usually are air-cooled, whereas basement chillers are water-cooled. Rising humidity concerns in both developed and developing countries and surging demand for air conditioning systems for safety and comfort are boosting developments in the chillers market across the world. HVAC chillers are widely used across industries such as pharmaceuticals, electronics & semiconductors, aerospace & defense, food & beverages, cold storage, turbine, and leather. Thus, increased preference for district cooling systems in industries and high-rise buildings is a major factor boosting the chillers market growth. Moreover, the increase in adoption of HVAC chillers in commercial spaces and the residential sector, the rise in disposable income, the rapid pace of urbanization, and the continuous proliferation of the tourism industry in different regions contribute to the chillers market growth. The construction of new hotels and public infrastructure adds to the demand for HVAC chillers.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Chillers Market: Strategic Insights
Market Size Value in US$ 9,972.06 million in 2022 Market Size Value by US$ 14,870.70 million by 2030 Growth rate CAGR of 5.1% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Chillers Market: Strategic Insights
| Market Size Value in | US$ 9,972.06 million in 2022 |
| Market Size Value by | US$ 14,870.70 million by 2030 |
| Growth rate | CAGR of 5.1% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Market Driver:
Rising Demand from Various Industries Boosting the Chillers Market Growth
HVAC chillers play a crucial role in maintaining the required temperature of any space, machinery, or equipment. HVAC chillers remove the heat and transfer it somewhere else. These chillers can be utilized in numerous residential spaces, for example, small to large size rooms, garages, basements, and crawlspaces. The popularity of HVAC chillers is increasing owing to various advantages such as portability, convenience, and quick and easy maintenance. Moreover, the growth of HVAC chillers market 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, among others.
Chillers from Arctic Chiller Group, Ltd. are installed in high-end residential complexes throughout North America and serve as the primary air-conditioning system. 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 US$ 535 billion by 2025–2026. Thus, the growth for chillers market is also expected to increase. Screw chillers are vapor compressor chillers that make use of a screw compressor for transporting the coolant through the system. These chillers are suitable for high-rise buildings considering quiet operation, compact installation, high energy efficiency, and lower maintenance costs. With the growing real estate sector worldwide, the requirement for screw chillers is expected to increase remarkably.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Segmental Analysis:
Based on type, the chillers market share is segmented into air-cooled, water-cooled, and steam-fired. Air-cooled chiller utilizes the mechanical refrigeration cycle to produce chilled water and antifreeze mixture. Air-cooled chillers are common in modern systems and have been growing popular since the 1980s. They can be used in various residential, commercial, and industrial applications. Industrial chillers are often used in large buildings such as hotels, indoor malls, hospitals, and large industrial buildings, as well as locations that may have multiple buildings that require cooling, such as malls and theme parks. Air-cooled chillers cost less to install and require less maintenance compared to water-cooled chillers because they have less equipment. The growing construction industry, along with the increasing implementation of stringent new building regulations by governments worldwide, especially in China, Japan, the U.S., South Korea, and Europe, are expected to be key factors driving the demand for air-cooled HVAC chiller technology. A significant contribution of HVAC chillers in the reduction of CO2 emissions, stringent governmental regulations for increasing energy efficiency, and increased investments in commercial and residential sectors are driving the chillers market.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Regional Analysis:
The chillers market in North America is further segmented into the US, Canada, and Mexico. Growing urbanization and continuous economic growth have resulted in increased construction of hospitals, offices, large retail, and theaters. Governments of North American countries are encouraging the development of smart cities and the expansion of airport facilities. Thus, increasing construction activities and smart city projects and rising tourism industry are boosting the demand for HVAC chillers in the residential, industrial, and commercial sectors across the region. The US Department of Energy (DoE) is heavily investing in the improvement of energy efficiency standards throughout the country. The DOE's mission is to ensure the security and prosperity of the US by addressing its environmental, energy, and nuclear challenges through transformative science and technology solutions. With the growing preference for adopting energy-efficiency standards, the adoption of modular chillers is also on the rise in the country due to their low environmental impact. Further, continuous advancements in machine learning and the IoT are propelling the deployment of modular chillers in residential projects. All such factors are contributing to the chillers market growth North America.
Key Player Analysis:
Danfoss; Carrier Global Corporation; DAIKIN Industries, LTD; Johnson Controls; Kaltra; LG Electronics; Mitsubishi Electric Corporation; SKM Air Conditioning; Trane Technologies Inc; and Thermal Care, Inc. are among the key players operating in the chillers market.
Recent Developments:
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the global chillers market. A few recent developments by the key chillers market players are listed below:
Year | News | Region |
November 2022 | AIREDALE INTERNATIONAL AIR CONDITIONING LTD. announced the launch of a new production facility in Virginia, US. The new plant will manufacture cooling solutions to capture opportunities in the growing data center industry. | North America |
April 2022 | WaterFurnace International announced the completion of the Air-Conditioning, Heating, and Refrigeration Institute's (AHRI) Water-Cooled Water-Chilling and Heat Pump Package certification program. | North America |
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Chiller Technology, Technology, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Daikin Industries, Ltd., Johnson Controls International plc, Trane, LG Electronics, and Mitsubishi Electric Corporation are the key market players operating in the chiller market market.
People in smart cities are transforming their houses into smart homes with latest technologies and devices. The crucial reason behind the adoption of advanced technology in developed countries is the strong economic condition along with supportive infrastructure.
The Chiller market in Europe is sub segmented into France, Germany, Russia, Italy, the UK, and the Rest of Europe. Western European countries are more developed and technologically advanced than Nordic and Eastern European countries. The market growth in the region is largely attributed to the growing demand for HVAC chillers in hotels, restaurants, food and beverages industry, office buildings and medical centers. The rising adoption of green building technologies is further expected to fuel the market growth in Europe.
With growing real estate sector all over the world, requirement for screw chillers is forecasted to increase remarkably.
Surging disposable income, temperature concerns, and spending on comfort and luxury are a few factors that drive the growth of the global chiller market.
The List of Companies - Chillers Market
- Danfoss
- Carrier Global Corporation
- DAIKIN Industries LTD
- Johnson Controls
- Kaltra
- LG Electronics
- Mitsubishi Electric Corporation
- SKM Air Conditioning
- Trane Technologies Inc
- Thermal Care Inc
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Trends and growth analysis reports related to Chillers Market
Oct 2023
Type-C Tanks Market
Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Tank Type (Cylindrical, Bi-lobe, and Tri-lobe), Application (Cargo Tanks and Fuel Tanks), End User (LNG, LPG, LH2, and Ethanol), and Geography
Oct 2023
Water Treatment Industry Valves Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Valve Type (Ball Valves, Butterfly Valves, Diaphragm Valves, Safety Valves, Check Valves, Gate Valves, and Others) and Material Type (Steel Alloys, Stainless Steel, Cast Iron, and Others)
Oct 2023
Construction Scaffolding Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Offering [Scaffolding Products (Sale) and Rental Solutions], Type (Frame Scaffolding, Tube and Clamp Scaffolding, Ringlock Scaffolding, Cuplock Scaffolding, and Others), and End User (Residential Building, Commercial Building, Industrial, Oil and Gas Industry, Events, and Others)
Oct 2023
Conventional Lathe Machine Market
Forecast to 2028 - Global Analysis by Spindle Orientation (Horizontal and Vertical), Number of Axis (2 and 3), End-User (Automotive, General Machinery, Aerospace, Electronics, Oil & Gas, Others), and Lathe Type (Universal Lathe and Oil Country Lathe)