What Has Been the Growth Trajectory for the Industrial Air Chiller Market in Recent Years?
The industrial air chiller market has seen considerable growth due to a variety of factors.
• In recent times, there has been a robust growth in the industrial air chiller market. The market is set to expand from $4.99 billion in 2024 to $5.24 billion in 2025, with a compound annual growth rate (CAGR) of 5.0%. Factors such as incentives and rebates, geopolitical influences, maintenance habits, shifting industry demands, and refrigerant regulations have contributed to the growth in the historic period.
What Is The Expected Growth In The Industrial Air Chiller Template Market?
The Industrial Air Chiller market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of industrial air chillers is projected to witness substantial expansion in the coming years. It is anticipated to reach a valuation of $6.51 billion in 2029, growing at a compound annual growth rate (CAGR) of 5.6%.
Increased acceptance of renewable energy, after-sales service enhancements, resilience towards changing climates, investments in research and development, replacement cycles, urban expansion, and infrastructural growth are factors propelling this projected growth rate. The foremost trends during this prediction period encapsulate energy efficiency, regulatory norms around the environment, demand surges from end-user industries, urban growth, infrastructural development, and an emphasis on precision cooling.
What Main Forces Are Fueling Expansion In The Industrial Air Chiller Market?
The surging expansion of the pharmaceutical sector is anticipated to drive the growth of the industrial air chiller market in the future. Firms in the pharmaceutical industry, which engage in the production and sale of medicinal drugs, utilize industrial air chillers for the secure storage of medicines, drugs and other chemicals, so their growth directly impacts the chiller market. To illustrate, the European Federation of Pharmaceutical Industries and Associations (EFPIA), a Belgium-based industry group that advocates for the pharmaceutical sector in Europe, reported a significant uptick in R&D spending in January 2023. The investment spiralled up from $30.5 billion in 2020 to $46.5 billion in 2021, further soaring up to $48.6 billion in 2022, revealing a remarkable hike in research and development investment within the pharmaceutical sector. Hence, the accelerated growth of the pharmaceutical industry is fuelling the expansion of the industrial air chiller market.
What Are The Primary Segments In The Global Industrial Air Chiller Market?
The industrial air chiller market covered in this report is segmented –
1) By Type: Centrifugal Chillers, Reciprocating Chillers, Scroll Compressor Chillers, Screw Driver Chillers
2) By Function: Stationary, Transport
3) By End User Industry: Food And Beverage, Pharmaceutical, Utility And Power, Oil And Gas, Other End User Industries
Subsegments:
1) By Centrifugal Chillers: Water-Cooled Centrifugal Chillers, Air-Cooled Centrifugal Chillers
2) By Reciprocating Chillers: Water-Cooled Reciprocating Chillers, Air-Cooled Reciprocating Chillers
3) By Scroll Compressor Chillers: Water-Cooled Scroll Chillers, Air-Cooled Scroll Chillers
4) By Screw Driver Chillers: Water-Cooled Screw Driver Chillers, Air-Cooled Screw Driver Chillers
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Which Key Trends Are Driving Changes In The Industrial Air Chiller Market?
Major industrial air chiller market players are concentrating on introducing innovative items such as brine chillers to boost energy effectiveness and decrease operational costs in industrial settings. Brine chillers are unique cooling systems employing a saltwater or brine solution as a coolant, designed to absorb and dissipate heat. These chillers are predominantly used in industrial operations, food manufacturing, and HVAC systems because of their efficacy in sustaining low temperatures. To illustrate, Emicon, a cooling solutions manufacturer from India, unveiled its new R290 brine chiller series in December 2023. This series, featuring the environmentally responsible R290 coolant, is engineered for high energy efficiency and dependability. The latest brine chillers are set to accommodate a range of industrial applications, promoting eco-friendly cooling solutions through cutting-edge technology and minimal environmental harm.
Who Are the Key Players In The Industrial Air Chiller Market?
Major companies operating in the industrial air chiller market include:
• Johnson Controls International PLC
• Mitsubishi Electric Corporation
• Daikin Industries Ltd.
• Trane Technologies Company LLC
• Carrier Global Corporation
• Blue Star Limited
• Airedale International Air Conditioning Ltd.
• Hiver Aircon Pvt. Ltd.
• GEM Orion Machinery Private Limited
• Jiangsu Huazhao Refrigeration Equipment Co. Ltd.
• Fujitsu General Limited
• Haier Group Corporation
• Midea Group
• Ingersoll Rand Inc.
• Panasonic Holdings Corporation
• Hitema International S.r.l.
• HYDAC Technology GmbH
• KKT chillers Inc.
• Lennox International Inc.
• LG Electronics Inc.
• MTA S.p.A.
• Multistack LLC
• Parker-Hannifin Corporation
• Process Cooling Systems Inc.
• Reynold India Pvt. Ltd.
• Rittal GmbH & Co. KG
• Shanghai Shenglin M&E Technology Co. Ltd.
• Sterling HVAC Products
• Thermal Care Inc.
• YORK International Corporation
What Is The Most Dominant Region In The Industrial Air Chiller Market?
North America was the largest region in the industrial air chiller market in 2024. The regions covered in the industrial air chiller market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
