Colombia HVAC Chillers Market Key Players and Opportunities by 2028

Historic Data: 2020-2021   |   Base Year: 2022   |   Forecast Period: 2023-2028

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)

  • Report Date : Feb 2023
  • Report Code : TIPRE00029820
  • Category : Electronics and Semiconductor
  • Status : Published
  • Available Report Formats : pdf-format excel-format
  • No. of Pages : 149

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.

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Colombia HVAC Chillers Market: Strategic Insights

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

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)

 

  • This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.

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.
Report Scope

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 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-global-geography
  • Get the Regional Specific Data for Colombia HVAC Chillers Market

Colombia HVAC Chillers Market Report Scope

Report Attribute Details
Market size in 2022 US$ 65.43 Million
Market Size by 2028 US$ 80.74 Million
Global CAGR (2022 - 2028) 3.6%
Historical Data 2020-2021
Forecast period 2023-2028
Segments Covered By Technology
  • Air-Cooled
  • Water-Cooled
  • Steam-Fired
By Type
  • Scroll Chillers
  • Screw Chillers
  • Centrifugal Chillers
  • Absorption Chillers
By Application
  • Commercial
  • Industrial
  • Residential
Regions and Countries Covered Colombia
  • Colombia
Market leaders and key company profiles
  • AIREDALE INTERNATIONAL AIR COND
  • Daikin Industries Ltd
  • Johnson Controls International
  • LG Electronics Inc
  • Mitsubishi Electric Corp
  • Thermal Care, Inc.
  • Trane Technologies plc
  • Drake Refrigeration, Inc
  • AERMEC S.P.A.

  • 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.

    Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

    Major Companies operating in the Colombia HVAC Chillers Market are:

    1. AIREDALE INTERNATIONAL AIR COND
    2. Daikin Industries Ltd
    3. Johnson Controls International
    4. LG Electronics Inc
    5. Mitsubishi Electric Corp

    Disclaimer: The companies listed above are not ranked in any particular order.


    colombia-hvac-chillers-market-cagr

    • Get the Colombia HVAC Chillers Market top key players overview

    Frequently Asked Questions

    What are the market opportunities for Colombia HVAC chillers market?

    Data center design includes routers, switches, firewalls, storage systems, servers, and application-delivery controllers for storing and sharing applications and data. Colombia is emerging as the next frontier for data centers. Colombia is engaged in significant investments in the construction of data centers to support the country's technology sector.

    Which is the market size of the Colombia HVAC chillers market in 2022?

    The Colombia HVAC chillers market was valued at US$ 65.43 million in 2022 and is projected to reach US$ 80.74 million by 2028; it is estimated to grow at a CAGR of 3.6% during the forecast period.

    Which are the five key companies in the global Colombia HVAC chillers market?

    AIREDALE INTERNATIONAL AIR COND, Daikin Industries Ltd, Johnson Controls International, LG Electronics Inc, Mitsubishi Electric Corp, Thermal Care, Inc., Trane Technologies plc, Drake Refrigeration, Inc, AERMEC S.P.A. , GEA Group Aktiengesellschaft are the five key players in the Colombia HVAC chillers market. These companies have shown consistent growth in revenue and larger volumes of sales. Additionally, the well-established top five players are offering a comprehensive product portfolio and have a prominent presence in terms of share in the Colombian market.

    Which segment by technology lead the Colombia HVAC chillers market in 2022?

    Based on technology, the Colombia HVAC chillers market 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 avoiding water consumption is helping segment to dominate the market. In other hand, high energy efficiency and cooling capacity with fewer units is helping the segment to grow at highest CAGR rate.

    Naveen Chittaragi
    Naveen Chittaragi
    Associate Vice President,
    Market Research & Consulting

    Naveen is an experienced market research and consulting professional with over 9 years of expertise across custom, syndicated, and consulting projects. Currently serving as Associate Vice President, he has successfully managed stakeholders across the project value chain and has authored over 100 research reports and 30+ consulting assignments. His work spans across industrial and government projects, contributing significantly to client success and data-driven decision-making.

    Naveen holds an Engineering degree in Electronics & Communication from VTU, Karnataka, and an MBA in Marketing & Operations from Manipal University. He has been an active IEEE member for 9 years, participating in conferences, technical symposiums, and volunteering at both section and regional levels. Prior to his current role, he worked as an Associate Strategic Consultant at IndustryARC and as an Industrial Server Consultant at Hewlett Packard (HP Global).

    • Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
    • PEST and SWOT Analysis
    • Market Size Value / Volume - Global, Regional, Country
    • Industry and Competitive Landscape
    • Excel Dataset

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    The List of Companies - Colombia HVAC Chillers Market

    • AIREDALE INTERNATIONAL AIR COND
    • Daikin Industries Ltd
    • Johnson Controls International
    • LG Electronics Inc
    • Mitsubishi Electric Corp
    • Thermal Care, Inc.
    • Trane Technologies plc
    • Drake Refrigeration, Inc
    • AERMEC S.P.A.
    • GEA Group Aktiengesellschaft
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