The HVAC chillers 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% during 2021–2028.
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. Popularity of HVAC chillers is increasing owing to various advantages such a 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, sports venues, and others.
Chillers from Arctic Chiller Group, Ltd. are installed in high-end residential complexes throughout North America, and serves as the primary air-conditioning system. The Arctic Chiller Group also serves skating facilities across the United States and Canada, through direct ice freezing, ice rink cooling and chiller maintenance. Growing aviation sector and increasing count of new commercial construction buildings drives 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 $535 billion by 2025-26. Thus, demand for respective chillers is also expected to increase. Screw Chillers are vapor compressor chillers that make use of a screw compressor for transporting the coolant through the system. These chillers are suitable for high rise buildings considering quiet operation, compact installation, high energy efficiency and lower maintenance costs. With growing real estate sector all over the world, requirement for screw chillers is forecasted to increase remarkably.
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HVAC Chillers Market: Strategic Insights
Market Size Value in US$ 9,425.53 million in 2021 Market Size Value by US$ 12,878.92 million by 2028 Growth rate CAGR of 4.56% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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HVAC Chillers Market: Strategic Insights
| Market Size Value in | US$ 9,425.53 million in 2021 |
| Market Size Value by | US$ 12,878.92 million by 2028 |
| Growth rate | CAGR of 4.56% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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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 HVAC chillers 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.
Lucrative Regions for HVAC Chiller Providers
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HVAC Chillers Market Insights
Increasing Number of Data Centers Fuels Growth of HVAC Chillers Market
Rise in the count of data centers is anticipated to drive the growth of HVAC chillers market in near future all over the world. Data centers need a lot of energy and the main driver of data center design engineers’ work is to offer reliable, energy-efficient and cost-effective HVAC systems. The newest commercial chiller equipment provides proven reliability, competitive energy performance and integral controls in a modular package without the requirement for water. Efficiency is a crucial factor while selecting the chiller for the data center. So, when it comes to finalizing the chiller for this application, the selection of a unit having the right compressor is a primary task. In data centers, free cooling doesn’t always need an extremely cold climate. Whenever the outdoor temperature is sufficient cold, this chillers turn off the compressors and take advantage of the favorable outdoor temperature. Now-a-days, many companies are outsourcing their data operations to the third-party providers which have got expertise in data center operations. Colocation data centers are particularly famous because they offer power, physical space, and cooling systems for local communication systems.
Technology-Based Market Insights
Based on technology, the HVAC chillers market is segmented into air-cooled, water-cooled, and steam-fired. In 2020, the air-cooled segment accounted for the largest market share.
HVAC Chillers Market, by Technology, 2020 and 2028 (%)
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Type-Based Market Insights
Based on type, the HVAC chillers market is segmented into process chillers, scroll chillers, screw chillers, centrifugal chillers, and absorption chillers. In 2020, the screw chillers segment accounted for the largest share in the market.
The players operating in the HVAC chillers market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
- In June 2018, SKM Air Conditioning, one of the leading air conditioning manufacturers in the Gulf, joined the Eurovent Middle East association. SKM has become the 40th member company of Eurovent Middle East association.
- In March 2020, Daikin agreed a joint venture with Singapore Electric Power to supply a centralized cooling system in Singapore’s first smart city. Company is also believed to have signed maintenance contract for the chillers.
The global HVAC chillers market has been segmented as mentioned below:
By Technology
By Technology
- Air-Cooled
- Water- Cooled
- Steam-Fired
By Type
Process Chillers
Scroll Chillers
Screw Chillers
Centrifugal Chillers
Absorption Chillers
By Application
Commercial
Industrial
Residential
By Geography
North America
- US
- Canada
- Mexico
Europe
- France
- Germany
- Italy
- UK
- Russia
- Rest of Europe
Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of APAC
Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
South America (SAM)
- Brazil
- Argentina
- Rest of SAM
Company Profiles
- LG Electronics
- Mitsubishi Electric Corporation
- Carrier Global Corporation
- DAIKIN INDUSTRIES, Ltd.
- Thermal Care, Inc.
- Trane
- Kaltra
- SKM Air Conditioning
- Johnson Controls, Inc.
- AIREDALE INTERNATIONAL AIR CONDITIONING LTD.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology, Type and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The initial stage of the IoT revolution is on the horizon, and IoT is making its mark on the heat, ventilation and air conditioning (HVAC) industry. IoT enabled HVAC products are helping many customers to maximize the efficiency of their HVAC systems. 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.
Asia-Pacific (APAC) HVAC Chillers market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The ongoing industrialization of cities, elevating disposable income of consumers, rising demand for luxury products, and stringent government norms focusing on global warming are the factors contributing to the growth of the Asia-Pacific HVAC chiller market. The construction sectors in countries such as China and India are witnessing huge investments, specifically for the establishment of retail spaces, commercial office buildings, and manufacturing facilities, as well as for the expansion and construction of airports. According to Civil Aviation Administration of China (CAAC), China aims to construct 216 new airports by 2035 to meet the growing demands for air travel.
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 growing popularity since 1980s. It can be used in various residential, commercial, and industrial application. 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 outdoor malls and theme parks. Air cooled chiller cost less to install and require less maintenance compared to water cooled chiller because they have less equipment.
In industrial sector, industrial water chillers are utilized in a broad range of applications where chilled liquid or water are circulated through a process equipment. Generally, these chillers are utilized for cooling machinery and products. Water chillers are used in different applications with respect to tool and die cutting, injection molding, food and beverage, lasers, chemicals, semi-conductors, machine tool and more. With heat being the most common byproduct, no industrial machine, motor or process is 100% efficient. Removal of the heat is very important in industrial processes otherwise, it can accumulate over time and lead to reduced production times, premature equipment failure and equipment shutdowns.
The improving economic conditions across the globe coupled with urbanization has led to the growth in the industrial sector. There has been a rise in the construction of medical centers, malls, complexes, hotels, commercial buildings and manufacturing facilities, which propels the demand for HVAC chillers. Urbanization has changed the lifestyle of the people and increased the inclination towards safety and security. Technological developments along with the modifications in government and organizational regulations for temperature control contributes towards the growth of the HVAC chiller market.
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. Popularity of HVAC chillers is increasing owing to various advantages such a 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, sports venues, and others.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. HVAC Chillers Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. HVAC Chillers Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Rising Demand from Various Industries
5.1.2 Increasing Number of Data Centres to Boost Market Growth
5.2 Market Restraints
5.2.1 Less Efficiency in Humid Environment and High Maintenance Cost
5.3 Market Opportunities
5.3.1 Economic Growth in Developing Countries Across the World
5.4 Future Trends
5.4.1 Development of IoT enabled HVAC Chillers
5.5 Impact Analysis of Drivers and Restraints
6. HVAC Chillers Market – Global Analysis
6.1 HVAC Chillers Market Global Overview
6.2 HVAC Chillers Market – Global Revenue and Forecast to 2028 (US$ Million)
6.3 Market Positioning – Five Key Players
7. HVAC Chillers Market Analysis – By Technology
7.1 Overview
7.2 HVAC Chillers Market Breakdown, By Technology (2020 and 2028)
7.3 Air-Cooled
7.3.1 Overview
7.3.2 Air-Cooled: HVAC Chillers Market Revenue and Forecast to 2028 (US$ Million)
7.4 Water-Cooled
7.4.1 Overview
7.4.2 Water-Cooled: HVAC Chillers Market Revenue and Forecast to 2028 (US$ Million)
7.5 Steam-Fired
7.5.1 Overview
7.5.2 Steam-Fired: HVAC Chillers Market Revenue and Forecast to 2028 (US$ Million)
8. HVAC Chillers Market Analysis – By Type
8.1 Overview
8.2 HVAC Chillers Market Breakdown, By Type (2020 and 2028)
8.3 Process Chillers
8.3.1 Overview
8.3.2 Process Chillers: HVAC Chillers Market Revenue and Forecast to 2028 (US$ Million)
8.4 Scroll Chillers
8.4.1 Overview
8.4.2 Scroll Chillers: HVAC Chillers Market Revenue and Forecast to 2028 (US$ Million)
8.5 Screw Chillers
8.5.1 Overview
8.5.2 Screw Chillers: HVAC Chillers Market Revenue and Forecast to 2028 (US$ Million)
8.6 Centrifugal Chillers
8.6.1 Overview
8.6.2 Centrifugal Chillers: HVAC Chillers Market Revenue and Forecast to 2028 (US$ Million)
8.7 Absorption Chillers
8.7.1 Overview
8.7.2 Absorption Chillers: HVAC Chillers Market Revenue and Forecast to 2028 (US$ Million)
9. HVAC Chillers Market Analysis – By Application
9.1 Overview
9.2 HVAC Chillers Market Breakdown, By Application (2020 and 2028)
9.3 Industrial
9.3.1 Overview
9.3.2 Industrial: HVAC Chillers Market Revenue and Forecast to 2028 (US$ Million)
9.4 Commercial
9.4.1 Overview
9.4.2 Commercial: HVAC Chillers Market Revenue and Forecast to 2028 (US$ Million)
9.5 Residential
9.5.1 Overview
9.5.2 Residential: HVAC Chillers Market Revenue and Forecast to 2028 (US$ Million)
10. – Geographic Analysis
10.1 Overview
10.2 North America: HVAC Chillers Market
10.2.1 North America: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
10.2.2 North America: HVAC Chillers Market- by Technology
10.2.3 North America: HVAC Chillers Market- By Type
10.2.4 North America: HVAC Chillers Market- By Application
10.2.5 North America: HVAC Chillers Market- by Key Country
10.2.5.1 US: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
10.2.5.1.1 US: HVAC Chillers Market- by Technology
10.2.5.1.2 US: HVAC Chillers Market- By Type
10.2.5.1.3 US: HVAC Chillers Market- By Application
10.2.5.2 Canada: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
10.2.5.2.1 Canada: HVAC Chillers Market- by Technology
10.2.5.2.2 Canada: HVAC Chillers Market- By Type
10.2.5.2.3 Canada: HVAC Chillers Market- By Application
10.2.5.3 Mexico: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
10.2.5.3.1 Mexico: HVAC Chillers Market- by Technology
10.2.5.3.2 Mexico: HVAC Chillers Market- By Type
10.2.5.3.3 Mexico: HVAC Chillers Market- By Application
10.3 Europe: HVAC Chillers Market
10.3.1 Europe: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
10.3.2 Europe: HVAC Chillers Market- by Technology
10.3.3 Europe: HVAC Chillers Market- By Type
10.3.4 Europe: HVAC Chillers Market- By Application
10.3.5 Europe: HVAC Chillers Market- by Key Country
10.3.5.1 France: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
10.3.5.1.1 France: HVAC Chillers Market- by Technology
10.3.5.1.2 France: HVAC Chillers Market- By Type
10.3.5.1.3 France: HVAC Chillers Market- By Application
10.3.5.2 Germany: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
10.3.5.2.1 Germany: HVAC Chillers Market- by Technology
10.3.5.2.2 Germany: HVAC Chillers Market- By Type
10.3.5.2.3 Germany: HVAC Chillers Market- By Application
10.3.5.3 Italy: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
10.3.5.3.1 Italy: HVAC Chillers Market- by Technology
10.3.5.3.2 Italy: HVAC Chillers Market- By Type
10.3.5.3.3 Italy: HVAC Chillers Market- By Application
10.3.5.4 UK: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
10.3.5.4.1 UK: HVAC Chillers Market- by Technology
10.3.5.4.2 UK: HVAC Chillers Market- By Type
10.3.5.4.3 UK: HVAC Chillers Market- By Application
10.3.5.5 Russia: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
10.3.5.5.1 Russia: HVAC Chillers Market- by Technology
10.3.5.5.2 Russia: HVAC Chillers Market- By Type
10.3.5.5.3 Russia: HVAC Chillers Market- By Application
10.3.5.6 Rest of Europe: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
10.3.5.6.1 Rest of Europe: HVAC Chillers Market- by Technology
10.3.5.6.2 Rest of Europe: HVAC Chillers Market- By Type
10.3.5.6.3 Rest of Europe: HVAC Chillers Market- By Application
10.4 APAC: HVAC Chillers Market
10.4.1 APAC: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
10.4.2 APAC: HVAC Chillers Market- by Technology
10.4.3 APAC: HVAC Chillers Market- By Type
10.4.4 APAC: HVAC Chillers Market- By Application
10.4.5 APAC: HVAC Chillers Market- by Key Country
10.4.5.1 Australia: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
10.4.5.1.1 Australia: HVAC Chillers Market- by Technology
10.4.5.1.2 Australia: HVAC Chillers Market- By Type
10.4.5.1.3 Australia: HVAC Chillers Market- By Application
10.4.5.2 China: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
10.4.5.2.1 China: HVAC Chillers Market- by Technology
10.4.5.2.2 China: HVAC Chillers Market- By Type
10.4.5.2.3 China: HVAC Chillers Market- By Application
10.4.5.3 India: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
10.4.5.3.1 India: HVAC Chillers Market- by Technology
10.4.5.3.2 India: HVAC Chillers Market- By Type
10.4.5.3.3 India: HVAC Chillers Market- By Application
10.4.5.4 Japan: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
10.4.5.4.1 Japan: HVAC Chillers Market- by Technology
10.4.5.4.2 Japan: HVAC Chillers Market- By Type
10.4.5.4.3 Japan: HVAC Chillers Market- By Application
10.4.5.5 South Korea: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
10.4.5.5.1 South Korea: HVAC Chillers Market- by Technology
10.4.5.5.2 South Korea: HVAC Chillers Market- By Type
10.4.5.5.3 South Korea: HVAC Chillers Market- By Application
10.4.5.6 Rest of APAC: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
10.4.5.6.1 Rest of APAC: HVAC Chillers Market- by Technology
10.4.5.6.2 Rest of APAC: HVAC Chillers Market- By Type
10.4.5.6.3 Rest of APAC: HVAC Chillers Market- By Application
10.5 MEA: HVAC Chillers Market
10.5.1 MEA: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
10.5.2 MEA: HVAC Chillers Market- by Technology
10.5.3 MEA: HVAC Chillers Market- By Type
10.5.4 MEA: HVAC Chillers Market- By Application
10.5.5 MEA: HVAC Chillers Market- by Key Country
10.5.5.1 South Africa: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
10.5.5.1.1 South Africa: HVAC Chillers Market- by Technology
10.5.5.1.2 South Africa: HVAC Chillers Market- By Type
10.5.5.1.3 South Africa: HVAC Chillers Market- By Application
10.5.5.2 UAE: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
10.5.5.2.1 UAE: HVAC Chillers Market- by Technology
10.5.5.2.2 UAE: HVAC Chillers Market- By Type
10.5.5.2.3 UAE: HVAC Chillers Market- By Application
10.5.5.3 Saudi Arabia: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
10.5.5.3.1 Saudi Arabia: HVAC Chillers Market- by Technology
10.5.5.3.2 Saudi Arabia: HVAC Chillers Market- By Type
10.5.5.3.3 Saudi Arabia: HVAC Chillers Market- By Application
10.5.5.4 Rest of MEA: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
10.5.5.4.1 Rest of MEA: HVAC Chillers Market- by Technology
10.5.5.4.2 Rest of MEA: HVAC Chillers Market- By Type
10.5.5.4.3 Rest of MEA: HVAC Chillers Market- By Application
10.6 SAM: HVAC Chillers Market
10.6.1 SAM: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
10.6.2 SAM: HVAC Chillers Market- by Technology
10.6.3 SAM: HVAC Chillers Market- By Type
10.6.4 SAM: HVAC Chillers Market- By Application
10.6.5 SAM: HVAC Chillers Market- by Key Country
10.6.5.1 Brazil: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
10.6.5.1.1 Brazil: HVAC Chillers Market- by Technology
10.6.5.1.2 Brazil: HVAC Chillers Market- By Type
10.6.5.1.3 Brazil: HVAC Chillers Market- By Application
10.6.5.2 Argentina: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
10.6.5.2.1 Argentina: HVAC Chillers Market- by Technology
10.6.5.2.2 Argentina: HVAC Chillers Market- By Type
10.6.5.2.3 Argentina: HVAC Chillers Market- By Application
10.6.5.3 Rest of SAM: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
10.6.5.3.1 Rest of SAM: HVAC Chillers Market- by Technology
10.6.5.3.2 Rest of SAM: HVAC Chillers Market- By Type
10.6.5.3.3 Rest of SAM: HVAC Chillers Market- By Application
11. Impact of COVID-19 Pandemic on Global HVAC Chillers Market
11.1 North America: Impact Assessment of COVID-19 Pandemic
11.2 Europe: Impact Assessment of COVID-19 Pandemic
11.3 Asia Pacific: Impact Assessment of COVID-19 Pandemic
11.4 MEA: Impact Assessment of COVID-19 Pandemic
11.5 SAM: Impact Assessment of COVID-19 Pandemic
12. Industry Landscape
12.1 Market Initiative
12.2 Merger and Acquisition
12.3 New Development
13. Company Profiles
13.1 LG Electronics
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Mitsubishi Electric Corporation
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Carrier Global Corporation
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 DAIKIN INDUSTRIES, Ltd.
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Thermal Care, Inc.
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Trane
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Kaltra
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 SKM Air Conditioning
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Johnson Controls, Inc.
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 AIREDALE INTERNATIONAL AIR CONDITIONING LTD.
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Word Index
LIST OF TABLES
Table 1. HVAC Chillers Market – Revenue, and Forecast to 2028 (US$ Million)
Table 2. North America: HVAC Chillers Market- by Technology – Revenue and Forecast to 2028 (US$ Million)
Table 3. North America: HVAC Chillers Market- By Type – Revenue and Forecast to 2028 (US$ Million)
Table 4. North America: HVAC Chillers Market- By Application – Revenue and Forecast to 2028 (US$ Million)
Table 5. US: HVAC Chillers Market- by Technology –Revenue and Forecast to 2028 (US$ Million)
Table 6. US: HVAC Chillers Market- By Type –Revenue and Forecast to 2028 (US$ Million)
Table 7. US: HVAC Chillers Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 8. Canada: HVAC Chillers Market- by Technology –Revenue and Forecast to 2028 (US$ Million)
Table 9. Canada: HVAC Chillers Market- By Type –Revenue and Forecast to 2028 (US$ Million)
Table 10. Canada: HVAC Chillers Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 11. Mexico: HVAC Chillers Market- by Technology –Revenue and Forecast to 2028 (US$ Million)
Table 12. Mexico: HVAC Chillers Market- By Type –Revenue and Forecast to 2028 (US$ Million)
Table 13. Mexico: HVAC Chillers Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 14. Europe: HVAC Chillers Market- by Technology – Revenue and Forecast to 2028 (US$ Million)
Table 15. Europe: HVAC Chillers Market- By Type – Revenue and Forecast to 2028 (US$ Million)
Table 16. Europe: HVAC Chillers Market- By Application – Revenue and Forecast to 2028 (US$ Million)
Table 17. France: HVAC Chillers Market- by Technology –Revenue and Forecast to 2028 (US$ Million)
Table 18. France: HVAC Chillers Market- By Type –Revenue and Forecast to 2028 (US$ Million)
Table 19. France: HVAC Chillers Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 20. Germany: HVAC Chillers Market- by Technology –Revenue and Forecast to 2028 (US$ Million)
Table 21. Germany: HVAC Chillers Market- By Type –Revenue and Forecast to 2028 (US$ Million)
Table 22. Germany: HVAC Chillers Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 23. Italy: HVAC Chillers Market- by Technology –Revenue and Forecast to 2028 (US$ Million)
Table 24. Italy: HVAC Chillers Market- By Type –Revenue and Forecast to 2028 (US$ Million)
Table 25. Italy: HVAC Chillers Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 26. UK: HVAC Chillers Market- by Technology –Revenue and Forecast to 2028 (US$ Million)
Table 27. UK: HVAC Chillers Market- By Type –Revenue and Forecast to 2028 (US$ Million)
Table 28. UK: HVAC Chillers Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 29. Russia: HVAC Chillers Market- by Technology –Revenue and Forecast to 2028 (US$ Million)
Table 30. Russia: HVAC Chillers Market- By Type –Revenue and Forecast to 2028 (US$ Million)
Table 31. Russia: HVAC Chillers Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 32. Rest of Europe: HVAC Chillers Market- by Technology –Revenue and Forecast to 2028 (US$ Million)
Table 33. Rest of Europe: HVAC Chillers Market- By Type –Revenue and Forecast to 2028 (US$ Million)
Table 34. Rest of Europe: HVAC Chillers Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 35. APAC: HVAC Chillers Market- by Technology – Revenue and Forecast to 2028 (US$ Million)
Table 36. APAC: HVAC Chillers Market- By Type – Revenue and Forecast to 2028 (US$ Million)
Table 37. APAC: HVAC Chillers Market- By Application – Revenue and Forecast to 2028 (US$ Million)
Table 38. Australia: HVAC Chillers Market- by Technology –Revenue and Forecast to 2028 (US$ Million)
Table 39. Australia: HVAC Chillers Market- By Type –Revenue and Forecast to 2028 (US$ Million)
Table 40. Australia: HVAC Chillers Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 41. China: HVAC Chillers Market- by Technology –Revenue and Forecast to 2028 (US$ Million)
Table 42. China: HVAC Chillers Market- By Type –Revenue and Forecast to 2028 (US$ Million)
Table 43. China: HVAC Chillers Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 44. India: HVAC Chillers Market- by Technology –Revenue and Forecast to 2028 (US$ Million)
Table 45. India: HVAC Chillers Market- By Type –Revenue and Forecast to 2028 (US$ Million)
Table 46. India: HVAC Chillers Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 47. Japan: HVAC Chillers Market- by Technology –Revenue and Forecast to 2028 (US$ Million)
Table 48. Japan: HVAC Chillers Market- By Type –Revenue and Forecast to 2028 (US$ Million)
Table 49. Japan: HVAC Chillers Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 50. South Korea: HVAC Chillers Market- by Technology –Revenue and Forecast to 2028 (US$ Million)
Table 51. South Korea: HVAC Chillers Market- By Type –Revenue and Forecast to 2028 (US$ Million)
Table 52. South Korea: HVAC Chillers Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 53. Rest of APAC: HVAC Chillers Market- by Technology –Revenue and Forecast to 2028 (US$ Million)
Table 54. Rest of APAC: HVAC Chillers Market- By Type –Revenue and Forecast to 2028 (US$ Million)
Table 55. Rest of APAC: HVAC Chillers Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 56. MEA: HVAC Chillers Market- by Technology– Revenue and Forecast to 2028 (US$ Million)
Table 57. MEA: HVAC Chillers Market- By Type – Revenue and Forecast to 2028 (US$ Million)
Table 58. MEA: HVAC Chillers Market- By Application – Revenue and Forecast to 2028 (US$ Million)
Table 59. South Africa: HVAC Chillers Market- by Technology –Revenue and Forecast to 2028 (US$ Million)
Table 60. South Africa: HVAC Chillers Market- By Type –Revenue and Forecast to 2028 (US$ Million)
Table 61. South Africa: HVAC Chillers Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 62. UAE: HVAC Chillers Market- by Technology –Revenue and Forecast to 2028 (US$ Million)
Table 63. UAE: HVAC Chillers Market- By Type –Revenue and Forecast to 2028 (US$ Million)
Table 64. UAE: HVAC Chillers Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 65. Saudi Arabia: HVAC Chillers Market- by Technology –Revenue and Forecast to 2028 (US$ Million)
Table 66. Saudi Arabia: HVAC Chillers Market- By Type –Revenue and Forecast to 2028 (US$ Million)
Table 67. Saudi Arabia: HVAC Chillers Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 68. Rest of MEA: HVAC Chillers Market- by Technology –Revenue and Forecast to 2028 (US$ Million)
Table 69. Rest of MEA: HVAC Chillers Market- By Type –Revenue and Forecast to 2028 (US$ Million)
Table 70. Rest of MEA: HVAC Chillers Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 71. SAM: HVAC Chillers Market- by Technology – Revenue and Forecast to 2028 (US$ Million)
Table 72. SAM: HVAC Chillers Market- By Type – Revenue and Forecast to 2028 (US$ Million)
Table 73. SAM: HVAC Chillers Market- By Application – Revenue and Forecast to 2028 (US$ Million)
Table 74. Brazil: HVAC Chillers Market- by Technology –Revenue and Forecast to 2028 (US$ Million)
Table 75. Brazil: HVAC Chillers Market- By Type –Revenue and Forecast to 2028 (US$ Million)
Table 76. Brazil: HVAC Chillers Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 77. Argentina: HVAC Chillers Market- by Technology –Revenue and Forecast to 2028 (US$ Million)
Table 78. Argentina: HVAC Chillers Market- By Type –Revenue and Forecast to 2028 (US$ Million)
Table 79. Argentina: HVAC Chillers Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 80. Rest of SAM: HVAC Chillers Market- by Technology–Revenue and Forecast to 2028 (US$ Million)
Table 81. Rest of SAM: HVAC Chillers Market- By Type –Revenue and Forecast to 2028 (US$ Million)
Table 82. Rest of SAM: HVAC Chillers Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 83. List of Abbreviation
LIST OF FIGURES
Figure 1. HVAC Chillers Market Segmentation
Figure 2. HVAC Chillers Market Segmentation – By Geography
Figure 3. Global HVAC Chillers Market Overview
Figure 4. Air-Cooled HVAC Chillers Segment Held the Largest Market Share in 2020
Figure 5. Screw Chillers Segment Held the Largest Market Share in 2020
Figure 6. Industrial Segment Held the Largest Market Share in 2020
Figure 7. Asia Pacific was the Largest Revenue Contributor in 2020
Figure 8. North America
Figure 9. Europe
Figure 10. Asia Pacific
Figure 11. Middle East & Africa
Figure 12. South America
Figure 13. HVAC Chillers Market– Ecosystem Analysis
Figure 14. Expert Opinions
Figure 15. HVAC Chillers Market: Impact Analysis of Drivers and Restraints
Figure 16. Geographic Overview: HVAC Chillers Market
Figure 17. Global HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
Figure 18. HVAC Chillers Market Breakdown, By Technology (2020 and 2028)
Figure 19. Air-Cooled: HVAC Chillers Market Revenue and Forecast to 2028 (US$ Million)
Figure 20. Water-Cooled: HVAC Chillers Market Revenue and Forecast to 2028 (US$ Million)
Figure 21. Steam-Fired: HVAC Chillers Market Revenue and Forecast to 2028 (US$ Million)
Figure 22. HVAC Chillers Market Breakdown, By Type (2020 and 2028)
Figure 23. Process Chillers: HVAC Chillers Market Revenue and Forecast to 2028 (US$ Million)
Figure 24. Scroll Chillers: HVAC Chillers Market Revenue and Forecast to 2028 (US$ Million)
Figure 25. SCREW CHILLERS: HVAC Chillers Market Revenue and Forecast to 2028 (US$ Million)
Figure 26. CENTRIFUGAL CHILLERS: HVAC Chillers Market Revenue and Forecast to 2028 (US$ Million)
Figure 27. Absorption Chillers: HVAC Chillers Market Revenue and Forecast to 2028 (US$ Million)
Figure 28. HVAC Chillers Market Breakdown, By Application (2020 and 2028)
Figure 29. Industrial: HVAC Chillers Market Revenue and Forecast to 2028 (US$ Million)
Figure 30. Commercial: HVAC Chillers Market Revenue and Forecast to 2028 (US$ Million)
Figure 31. Residential: HVAC Chillers Market Revenue and Forecast to 2028 (US$ Million)
Figure 32. HVAC Chillers Market Revenue Share, By Region (2020 and 2028)
Figure 33. North America: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
Figure 34. North America: HVAC Chillers Market Revenue Share, by Technology (2020 and 2028)
Figure 35. North America: HVAC Chillers Market Revenue Share, By Type (2020 and 2028)
Figure 36. North America: HVAC Chillers Market Revenue Share, By Application (2020 and 2028)
Figure 37. North America: HVAC Chillers Market Revenue Share, by Key Country (2020 and 2028)
Figure 38. US: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
Figure 39. Canada: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
Figure 40. Mexico: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
Figure 41. Europe: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
Figure 42. Europe: HVAC Chillers Market Revenue Share, By Technology (2020 and 2028)
Figure 43. Europe: HVAC Chillers Market Revenue Share, By Type (2020 and 2028)
Figure 44. Europe: HVAC Chillers Market Revenue Share, By Application (2020 and 2028)
Figure 45. Europe: HVAC Chillers Market Revenue Share, By Key Country (2020 and 2028)
Figure 46. France: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
Figure 47. Germany: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
Figure 48. Italy: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
Figure 49. UK: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
Figure 50. Russia: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
Figure 51. Rest of Europe: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
Figure 52. APAC: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
Figure 53. APAC: HVAC Chillers Market Revenue Share, By Technology (2020 and 2028)
Figure 54. APAC: HVAC Chillers Market Revenue Share, By Type (2020 and 2028)
Figure 55. APAC: HVAC Chillers Market Revenue Share, By Application (2020 and 2028)
Figure 56. APAC: HVAC Chillers Market Revenue Share, By Key Country (2020 and 2028)
Figure 57. Australia: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
Figure 58. China: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
Figure 59. India: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
Figure 60. Japan: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
Figure 61. South Korea: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
Figure 62. Rest of APAC: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
Figure 63. MEA: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
Figure 64. MEA: HVAC Chillers Market Revenue Share, By Technology (2020 and 2028)
Figure 65. MEA: HVAC Chillers Market Revenue Share, By Type (2020 and 2028)
Figure 66. MEA: HVAC Chillers Market Revenue Share, By Application (2020 and 2028)
Figure 67. MEA: HVAC Chillers Market Revenue Share, By Key Country (2020 and 2028)
Figure 68. South Africa: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
Figure 69. UAE: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
Figure 70. Saudi Arabia: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
Figure 71. Rest of MEA: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
Figure 72. SAM: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
Figure 73. SAM: HVAC Chillers Market Revenue Share, By Technology (2020 and 2028)
Figure 74. SAM: HVAC Chillers Market Revenue Share, By Type (2020 and 2028)
Figure 75. SAM: HVAC Chillers Market Revenue Share, By Application (2020 and 2028)
Figure 76. SAM: HVAC Chillers Market Revenue Share, By Key Country (2020 and 2028)
Figure 77. Brazil: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
Figure 78. Argentina: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
Figure 79. Rest of SAM: HVAC Chillers Market – Revenue and Forecast to 2028 (US$ Million)
Figure 80. Impact of COVID-19 Pandemic in North American Country Markets
Figure 81. Impact of COVID-19 Pandemic in Europe Country Markets
Figure 82. Impact of COVID-19 Pandemic in Asia Pacific Country Markets
Figure 83. Impact of COVID-19 Pandemic in MEA Country Markets
Figure 84. Impact of COVID-19 Pandemic in SAM Country Markets
The List of Companies - HVAC Chillers Market
- LG Electronics
- Mitsubishi Electric Corporation
- Carrier Global Corporation
- DAIKIN INDUSTRIES, Ltd.
- Thermal Care, Inc.
- Trane
- Kaltra
- SKM Air Conditioning
- Johnson Controls, Inc.
- AIREDALE INTERNATIONAL AIR CONDITIONING LTD.
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.
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