Chillers Market by Type (Centrifugal Chiller, Screw Chiller, Scroll Chiller), Function (Air Cooled Chiller, Water-Cooled Chiller), Power Range, End-User - Global Forecast 2024-2030

Chillers Market by Type (Centrifugal Chiller, Screw Chiller, Scroll Chiller), Function (Air Cooled Chiller, Water-Cooled Chiller), Power Range, End-User - Global Forecast 2024-2030

The Chillers Market size was estimated at USD 4.82 billion in 2023 and expected to reach USD 5.02 billion in 2024, at a CAGR 4.25% to reach USD 6.45 billion by 2030.

The chillers market encompasses various types of cooling systems that provide temperature regulation, dehumidification, and heat removal for commercial and industrial applications. These systems are energy-efficient alternatives to conventional air conditioners and refrigeration units, utilizing vapor-compression or absorption techniques to transfer heat for cooling purposes. Increasing demand for energy-efficient cooling solutions due to stringent government regulations on energy consumption and rising awareness about environmental sustainability is driving the demand for chillers. Growing industrialization with the accelerating adoption of advanced technologies in HVAC systems is further expanding the usage of chillers. High initial investments owing to expensive components & installation costs associated with chillers hampers market growth. The rising development of next-generation chiller systems with higher energy efficiency ratings for compliance with evolving regulatory norms is expected to create opportunities for market growth.

Regional Insights

Europe, the Middle East, and the African region represent a highly developing landscape for the global chillers market owing to the massive expansion of end-user industries, the majority presence of product manufacturers, and stringent government norms for industrial safety. The latest data from Eurostat indicated an 8% rise in the production of manufactured goods in 2021 compared with 2020. Additionally, the presence of various petrochemical and pharmaceutical companies is driving the usage of chillers in Europe and the Americas. Moreover, the heavy investments in industrial sectors with supportive government initiatives toward Industry 4.0 evolution have increased the demand for chillers in the Asia-Pacific region. Additionally, significant investments in research and development for improved product designs and materials and innovations in chillers are expected to create a platform for market growth in the Americas.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Chillers Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Increasing demand for energy-efficient cooling solutions due to stringent government regulations
Rapid industrialization with increasing adoption of HVAC systems
Rising need for process cooling in the manufacturing sector

Market Restraints

High cost of maintenance and installation associated with chillers

Market Opportunities

Introduction of next-generation chillers with higher energy efficiency ratings
Growing adoption of eco-friendly chillers offering lower GWP

Market Challenges

Complex retrofitting processes in case of replacements of chillers

Market Segmentation Analysis

Type: Growing usage of screw chillers that offer reliable performance
End-User: Proliferated use of chillers in chemical & petrochemical industries

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Chillers Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Chillers Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Trane Technologies Acquires MTA

Trane Technologies Company, LLC announced the acquisition of MTA SpA, an Italian manufacturer and distributor of industrial process cooling, air conditioning (AC), and air treatment solutions. Providing process chillers and an expanded rental and services business, MTA is expected to strengthen Trane’s Commercial HVAC ability to bring efficient chillers solutions to pharmaceutical, food & beverage, and automotive industries in several markets.

Johnson Controls announces industry-first use of low-GWP refrigerants in scroll and free-cooling screw chillers for the U.S. market

Johnson Controls International PLC introduced two innovative chillers to the U.S, market: the YORK YLAA Air-Cooled Scroll Chiller and the YORK YVFA Free-Cooling, Variable-Speed Screw Chiller. These groundbreaking products utilize R-454B and R-1234ze refrigerants, which boast among the lowest global warming potential (GWP) levels. This makes the YLAA and YVFA more than compliant with forthcoming Environmental Protection Agency (EPA) and U.S. Climate Alliance regulations that phase out hydrofluorocarbon (HFC) refrigerants like R-410A from January 1, 2024.

Airedale Launches Range of Heat Pump and Low GWP Chillers

Airedale International Air Conditioning Ltd. introduced a new line of eco-friendly chillers and heat pumps designed for the comfort market, reinforcing our dedication to creating a greener, healthier world through energy-efficient and sustainable cooling solutions. These units operate on scroll and inverter screw compressor platforms essential for effective performance. The new offerings include two innovative product lines – SpiraChill and iChill – with additional models planned for future release.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Chillers Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Chillers Market, highlighting leading vendors and their innovative profiles. These include A.C.M. Kälte Klima S.r.l., Aermec UK Ltd., Afinox Srl, Airedale International Air Conditioning Ltd., Applied Companies Corporation, Carrier Global Corporation, Century Corporation, Cold Shot Chillers, Daikin Industries, Ltd., Danfoss A/S, Drycool Systems India Private Limited, Flamingo Chillers, Friulair S.r.l., Geson Refrigeration Equipment CO., Ltd., Hitachi, Ltd., HYDAC International GmbH, Hyundai Climate Control.Co.ltd., Johnson Controls International PLC, Kawasaki Thermal Engineering Co., Ltd., KKT Chillers by Ait-Deutschland GmbH, LG Electronics Co., Ltd., Mitsubishi Heavy Industries, Ltd., Reynold India Private Limited, Robur SpA, Shuangliang Eco-energy Systems Co., Ltd., Thermax Limited, Tika Pro LLC, Trane Technologies Company, LLC, World Energy, and Yazaki Energy Systems, Inc..

Market Segmentation & Coverage

This research report categorizes the Chillers Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type
Centrifugal Chiller
Screw Chiller
Scroll Chiller
Function
Air Cooled Chiller
Water-Cooled Chiller
Power Range
101 kW to 350 kW
351 kW to 700 kW
Less Than 100 KW
More than 700 kW
End-User
Chemical & Petrochemicals
Food & Beverages
Medical & Pharmaceutical
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year