The Philippines HVAC chillers market was valued at US$ 120.24 million in 2022 and is expected to reach US$ 165.35 million by 2030; it is estimated to record a CAGR of 4.2% from 2023 to 2030.

Analyst Perspective:

A rise in government support and budget allocations, and rapid urbanization contribute to the growth of the Philippines HVAC chillers market for the residential construction sector. Government support boosts residential ownership, affordable housing, and sustainable community in the country. Urbanization results in a higher standard of living and a need for convenience. Increased construction activities trigger the demand for chillers as each commercial building and public mall needs these systems. The growing demand for district cooling and an upsurge in the count of skyscrapers are among the prime factors driving the growth of the Philippines HVAC chillers market. Further, an increasing number of data centers provide lucrative opportunities for the market growth. Smart, connected, and eco-friendly HVAC chillers are likely to emerge as a significant trend in the Philippines HVAC chillers market during 2022–2028.

Philippines HVAC Chillers Market Overview:

An HVAC chiller is considered a thermal device that controls the temperature by circulating liquid whose temperature is adjusted by a refrigerant cycle. Any industrial process, machine, or motor generates immense heat, which is the most common reason for the inefficiencies of processes. Failure to eliminate generated heat would result in its accumulation over time, causing reduced production times, equipment shutdowns, and 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, 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 to maintain the temperature of several industrial devices and laboratory instruments, apparatuses, and equipment stable. There are several benefits of using an HVAC chiller. For instance, 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. The fact that an air conditioning system is vital to every commercial, residential, and industrial setup benefits the Philippines HVAC chillers market growth.

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Philippines HVAC Chillers Market: Strategic Insights

Market Size Value in	US$ 120.24 million in 2022
Market Size Value by	US$ 165.35 million by 2030
Growth rate	CAGR of 4.2% from 2023 to 2030
Forecast Period	2023-2030
Base Year	2022

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Philippines HVAC Chillers Market Driver:

Increase in Number of Construction Projects Drives Philippines HVAC Chillers Market

Commercial buildings, shopping malls, hotels, and residential complexes are the major end users of cooling systems, wherein they are used to maintain comfortable indoor temperatures. The Philippines has several new developing and luxurious projects, including air residence, sail residence, The Knightsbridge Residences, and Three Central. The country also has several ongoing upcoming construction projects. For example, Metrotowne Residential Complex involves the construction of 5 15-storied residential towers, including 1,650 units on 2.1ha of land in Metro Manila. This project is scheduled for completion in Q4 2026. San Fernando Cement Plant Expansion is another newly initiated project in the Philippines, which is due for completion in Q2 2024. This project involves a new cement production line having a production capacity of 3 million metric tons per annum in South Poblacion, San Fernando, Cebu, Central Visayas, the Philippines. HVAC chillers play a crucial role in cooling large spaces efficiently, which makes them an essential component of HVAC systems installed in these buildings. Thus, the proliferating construction sector, and its receptiveness toward technologically advanced chillers, contribute to the Philippines HVAC chillers market growth.

Philippines HVAC Chillers Market Segmental Analysis:

On the basis of technology, the Philippines HVAC chillers market is segmented into water-air-cooled chillers, water-cooled chillers, and steam-fired chillers. The water-cooled chillers held the largest share of the market in 2022. Water-cooled chillers are also considered the backbone of HVAC cooling systems. As industries continue to expand and develop, the demand for cooling solutions, including water-cooled chillers, increases. Water-cooled chillers are known for their energy efficiency compared to air-cooled alternatives. With a growing emphasis on sustainability and energy conservation, many businesses and organizations prefer water-cooled systems to reduce energy consumption and lower operating costs. Companies such as LG, Daikin, and Fahrenheit provide water-cooled chillers in the Philippines. Thus, the demand for water-cooled chillers remains steady and is expected to continue growing due to industrial development, energy efficiency requirements, and the need for effective cooling in several applications. All these factors are contributing to the water air-cooled chillers segment growth in Philippines HVAC chillers market.

Philippines HVAC Chillers Market Regional Analysis:

The Philippines HVAC chillers size was valued at US$ 120.24 million in 2022 and is projected to reach US$ 165.35 million by 2030; the market is expected to grow at a CAGR of 4.2% during 2023–2030. According to CEIC Data, industrial production in the Philippines increased by 2.2% YoY in March 2023, followed by an increase of 5.2% YoY in April 2023. As per the news covered by GMA Network Inc, in April 2023, manufacturing levels in the Philippines rose compared to the first three months of the year, and food products (14.7%) and transport equipment (38.0%) were the top two contributors to this upsurge. The expansion of the manufacturing sector helps to boost the growth of the HVAC chillers market in the country. Further, construction is one of the fastest-growing sectors in the Philippines. With the burgeoning number of construction projects in the commercial sector (including hotels, hospitals, schools, warehouses, manufacturing complexes, restaurants, sports arenas, and offices), the need for HVAC chillers is on the rise in the country. These systems help meet climate control and heat absorption requirements of commercial buildings. The ongoing industrialization of cities and the increasing income of consumers results in a rising demand for luxury products in the Philippines, which further benefits the Philippines HVAC chillers market growth.

Philippines HVAC Chillers Market Key Player Analysis:

The Philippines HVAC chillers market consists of players such as LG Electronics and Daikin Industries LTD, Mitsubishi Electric Corporation, Johnson Controls, Honeywell International Inc, Trane, Siemens, Panasonic Corporation, Midea, and Carrier.

Philippines HVAC Chillers Market Recent Developments: 

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the Philippines HVAC chillers market. A few recent key Philippines HVAC chillers market developments are listed below.

• In April 2023, Daikin announced the release of a new range of air-cooled scroll chillers featuring refrigerant R-32. This new series is the second generation of Daikin R-32 chillers, a range of products that set a new standard for energy efficiency and environmental responsibility in the HVAC industry in 2018 when they were first launched. The new series will be available in both the standard cooling-only version (EWAT-8-C) and the hydronic-free cooling version (EWFT-8-C).
• In November 2019, Honeywell representatives announced a strategic partnership with Midea Group to replace R-410A with Solstice N41 (R-466A) in HVAC applications, including variable refrigerant flow (VRF) and chiller systems. R-466A is a nonflammable and lower global warming potential (GWP) refrigerant for stationary air conditioning systems.
• In November 2019, Airedale International Air Conditioning Ltd., a British cooling specialist leader and a wholly owned subsidiary of Modine Manufacturing Company, signed an agreement with CyrusOne, the global real estate investment trust (REIT) specializing in highly reliable enterprise-class, carrier-neutral data center properties. Under this development, Airedale agreed to supply cooling solutions for upcoming data center projects of CyrusOne.