IMARC Group, a leading market research company, has recently releases report titled Chiller Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028, The study provides a detailed analysis of the industry, including the global chiller marketsize, share, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the chiller market?
Theglobalchiller market sizereached US$ 10.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 13.1 Billion by 2028, exhibiting a growth rate (CAGR) of 4.0% during 2023-2028.
What is Chiller?
A chiller is a cooling system that removes heat from a liquid via a vapor-compression or absorption refrigeration cycle. This liquid can then be circulated through a heat exchanger to cool equipment or another process stream, such as air or process water. Chillers are used in a wide range of applications, including HVAC systems in commercial buildings, industrial processes, and medical equipment cooling. They are particularly vital in industries where precise temperature control is essential. There are different types of chillers, including air-cooled chillers, and water-cooled chillers. Air-cooled chillers use air to remove heat from the refrigerant, often using fans to dissipate the heat. Water-cooled chillers rely on water from an external cooling tower to cool the refrigerant. Chillers can be further categorized by the type of compressor technology used, such as reciprocating, screw, or centrifugal compressors, each having its advantages and suited applications. Chillers play a critical role in energy management as well. They can contribute to energy efficiency by using modern technologies that minimize power consumption.
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Chiller Market Growth and Development:
The rise in construction activities, including commercial buildings, malls, and residential complexes, is fueling the demand for HVAC systems, including chillers which represents one of the key factors driving the growth of the market across the globe. As urban areas expand, there's an increased need for cooling systems in both residential and commercial properties which is boosting the growth of the market. In line with this, many manufacturing processes require precise temperature control, which leads to the deployment of chillers, thus contributing to the growth of the market.
The booming data center industry requires efficient cooling solutions, which is creating a substantial market for chillers. In addition to this, newer chiller technologies that offer greater energy efficiency align with global sustainability goals and energy-saving regulations which is fueling the growth of the market. The market is also driven by the increasing integration of chillers with smart controls and IoT enables better monitoring and management, which is attracting modern enterprises. Stringent regulations regarding energy consumption and environmental sustainability encourage the adoption of energy-efficient chillers which is further propelling the growth of the market. Some governments provide incentives for adopting energy-efficient technologies, which further promotes the market.
Regions with hot climates naturally have higher demands for cooling systems, which is driving the market. The rising global temperatures increase the need for cooling across various sectors, which is enhancing the market growth. Apart from this, chillers are essential for cooling medical equipment like MRI machines, which leads to consistent demand from the healthcare industry, thus boosting the growth of the market. The growing awareness about energy conservation leads to consumer preference for energy-efficient chillers which is facilitating the growth of the market. Moreover, demand for customized solutions tailored to specific industrial or commercial needs is also acting as a major growth-inducing factor. Government and private investments in infrastructure development are creating a positive outlook for the market across the globe.
Chiller Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape with Key Players:
The competitive landscape of the chiller market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
Carrier Global Corporation
Daikin Industries Ltd.
Friulair S.r.l.
General Air Products
HYDAC International GmbH
Johnson Controls International PLC
KKT Chillers Inc.
LG Electronics Inc.
Mitsubishi Electric Corporation
PolyScience Inc.
Trane Technologies plc
Key Market Segmentation:
The report has segmented the chiller market on the basis of type, product type, power range, end-use industry and region.
Breakup by Type:
Screw
Scroll
Centrifugal
Others
Breakup by Product Type:
Air Cooled
Water Cooled
Breakup by Power Range:
Less than 50 kW
50-200 kW
More than 200 kW
Breakup by End Use Industry:
Food and Beverage
Plastic and Rubber
Chemicals and Petrochemicals
Pharmaceuticals
Others
Breakup by Region:
North America (United States, Canada)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Turkey, South Africa, Others)
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