Global Chillers market research 2024, Forecast To 2033

26 Jan, 2024

The chillers market has shown steady growth, increasing from $9.04 billion in 2023 to $9.43 billion in 2024, marked by a compound annual growth rate (CAGR) of 4.3%. This growth in the historic period is attributed to the expansion of industrial and commercial construction, the proliferation of heating, ventilation, air conditioning, and refrigeration (HVACR) systems in residential and commercial buildings, the adoption of process cooling in industrial applications, a heightened demand for air conditioning and refrigeration, and a focus on energy efficiency and sustainable cooling solutions. Projecting strong growth in the upcoming years, the market is expected to reach $11.68 billion in 2028, with a CAGR of 5.5%. This growth is fueled by urbanization and the growth of megacities driving demand for cooling solutions, the expansion of data centers and IT infrastructure, the adoption of chillers in food and beverage processing, demand for district cooling systems in urban developments, and market growth in developing economies and emerging markets. Major trends in the forecast period encompass the transition to low-GWP refrigerants, integration with smart building systems, modular and scalable chiller systems, heat recovery chillers for cogeneration, and the use of advanced controls and predictive analytics.

Global Chillers Market Key Driver

The chillers market anticipates growth with the rise in new commercial construction buildings. Smart technologies, as per The American Council for an Energy Efficient Economy, can reduce energy consumption by 18% for HVAC systems. This surge in construction is poised to create opportunities in the chillers market in 2023, with continued expansion in 2024 and 2028.

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Global Chillers Market Segments

The global chillers market covered in this report is segmented –
1) By Product Type: Air Cooled Chiller, Water Cooled Chiller
2) By Power Range: Less than 50 kW, 50-200 kW, More than 200 kW
3) By Compressor Type: Screw Chillers, Centrifugal Chillers, Absorption Chillers, Reciprocating Chillers
4) By End User: Commercial, Industrial, Residential

Major Chillers Industry Players

Carrier Corporation, Daikin Industries Ltd., Trane Technologies plc, Hitachi Air Conditioning Company Ltd., Johnson Controls International plc, Thermax Limited, Smardt Chiller Group Inc., Mitsubishi Electric Corporation, Midea Group Co. Ltd., LG Electronics Inc., Reynold India Pvt. Ltd., Dimplex Thermal Solutions, Dunham-Bush Ltd., Frigel Firenze SpA, Friulair S.R.L., HYDAC International GmbH, Thermal Care Inc., SKM Air Conditioning, Meccanotecnica Applicata S.r.l., KKT Chillers, Glen Dimplex Thermal Solutions, Delta T Systems Inc., Chase Cooling Systems, TopChiller, CAREL UK Ltd., Thermo Fisher Scientific Inc., Thermionics Corporation, Welkin Solutions, Frost Italy S.r.l., Cold Shot Chillers, York International Corporation, McQuay International, Multistack LLC, Airedale International Air Conditioning Ltd., Blue Star Limited, Gesellschaft für Entstaubungsanlagen Group AG, Danfoss A/S, Climaveneta S.p.A., Lennox International Inc.

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Chillers Market Overview

The chillers are used for controlled cooling. Chillers are defined as refrigeration system that is used to lower the temperatures of process fluids, machinery, and others by removing heat from them and transferring it to other spaces. Chillers are mainly essential for regulating and maintaining the temperatures in various industries.

Chillers Global Market Report 2023 provides data on the global chillers market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The chillers market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.