Colombia HVAC Chillers Market Key Players and Opportunities by 2028

The Colombia HVAC chillers 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.

HVAC chillers consist of four main components—compressor, evaporator, condenser, and thermal expansion valve. The compressor pumps the hot liquid or refrigerant to the condenser. The condenser transfers the heat once it has passed through the refrigerant to cool the outside of the system. The purpose of the evaporator is to move the heat from the water on the outside to get cool on the inside by the chiller components. A thermal expansion valve, also known as a refrigerant metering device, is in charge of the flow and pressure of the refrigerant coolant. Using an HVAC chiller for cooling has several benefits. A chiller provides consistent temperature and pressure to the industrial process. It eliminates temperature and pressure variables and simplifies process development and optimization. A chiller recirculates the cooling water, which minimizes the cost of water consumption. Air conditioning is vital to every commercial, residential, and industrial setup, thereby supporting the Colombia HVAC chillers market growth.

A rise in demand for district cooling and the upsurge in the count of skyscrapers are a few factors driving the growth of the Colombia HVAC chillers market. Further, an increasing number of data centers are providing lucrative growth opportunities for the market growth. The use of smart, connected, and eco-friendly HVAC chillers is expected to emerge as a significant trend in the Colombia HVAC chillers market size during the forecast period.

Customize This Report To Suit Your Requirement

You will get customization on any report - free of charge - including parts of this report, or country-level analysis, Excel Data pack, as well as avail great offers and discounts for start-ups & universities

Get FREE CUSTOMIZATION

Colombia HVAC Chillers Market: Strategic Insights

• Get Top Key Market Trends of this report.
  This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.

Free Sample PDF

Impact of COVID-19 Pandemic on Colombia analysis

Stringent lockdown imposed by the government to combat the rapid spread of the novel coronavirus that causes COVID-19 hindered the Colombia growth. 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 during the period. As a result, the HVAC chillers market growth in Colombia reported a decrease in production volume

Market Insights

Increase in Demand for District Cooling

Temperatures have risen across various Colombian cities such as Medellín due to increasing climate changes, worsened by the urban heat island effect, which keeps cities warm even after sunset. It is important to maintain a cool environment across Colombian cities to avoid several health issues caused due to rising temperatures. District cooling refers to providing chilled water for indoor cooling purposes to industrial, commercial, and residential buildings through a closed-loop pipe network. Thus, there is an increasing demand for district cooling across Colombia. For instance,

•   According to a study by Elsevier Ltd. in September 2022, 13 Colombian cities have potential demand for cooling of 650 MW. Further, Colombian cities have the potential to install 37 cooling districts.

Two Colombian companies and the other largest HVAC contractors implemented energy districts and microgrids in Colombia. The Alpujarra district cooling project serves the buildings of the center of the Government of Medellin. Monteria's second district cooling project serves a shopping mall and other buildings. The third district cooling project of Serena del Mar is at Cartagena.

Technology-Based Insights

Based on technology, the Colombia HVAC chillers market size is segmented into air-cooled, water-cooled, and steam-fired. Air-cooled advantages over water-cooled chillers such as lower maintenance cost, easy operations, and less water consumption are helping the water-cooled chillers segment to dominate the market. Moreover, high energy efficiency and cooling capacity with fewer units is helping the segment to grow at the highest CAGR.

Colombia HVAC Chillers Market Analysis, by Technology (% share)

Note: The outer circle represents the market size for 2028, and the inner circle represents the market size for 2022.

Companies operating in the Colombia HVAC chillers market adopt strategies such as mergers and acquisitions and market initiatives to maintain their market positions. A few of the notable developments by key players in the Colombia HVAC chillers market report are listed below:

• In November 2022, Airedale announced the launch of a cooling system optimizer solution. The newly launched solution delivers optimal performance across chilled water cooling systems in large data centers. A cooling system optimizer is designed to ensure data center’s cooling equipment such as chillers and computer room air handlers (CRAHs) work efficiently to deliver required cooling, maintain redundancy levels, and increase resilience.

Colombia HVAC Chillers Market Regional Insights

The regional trends and factors influencing the Colombia HVAC Chillers Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Colombia HVAC Chillers Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Colombia HVAC Chillers Market Report Scope

Colombia HVAC Chillers Market Players Density: Understanding Its Impact on Business Dynamics

The Colombia HVAC Chillers Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.