Chillers Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Chillers Market

The chillers market size was valued at USD 9.65 billion in 2018, and the market is now projected tgrow from USD 17.60 billion by 2032, exhibiting a CAGR of 4.1% during the forecast period of 2015-2026.

Smart chillers have IoT integration and the product is progressively acquiring popularity because of preventive maintenance. These chillers minimize downtime, extend equipment life and reduce disruptions. Manufacturers are focusing on connected chillers tmeet rising demand for remote monitoring, diagnostics and data analytics tdrive chillers market growth. Smart chillers enhance performance by swiftly addressing emergencies and system issues.

The chillers market is alsgrowing in various industries due tincreasing applications and innovation. Chillers and their usage in multiple industries, along with recent mergers and acquisitions are driving the chillers market share. It includes ecosystem analysis, industry SWOT and key macro/microeconomic factors. The competitive landscape and company profiles offer insights intmarket positioning. Industry growth is fueled by increasing demand for efficient cooling solutions.

Comprehensive Analysis of Chillers Market

The chillers market and machinery and equipment industry is rising at an exponential rate due tits market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the machinery and equipment industry. These segmentations are methodically segregated by types and by applications. The type includes, Screw Chillers, Scroll Chillers, Centrifugal Chillers and Others. The application includes, Chemicals and Petrochemicals, Food and Beverages, Plastics, Rubber, Medical and Others.

Asia Pacific leads the chillers market, driven by strong demand from China’s industrial sector. Cost-effective and easy-to-install chillers are gaining popularity. Rising construction projects further boost market growth. Increasing investments in data centers fuel demand for chillers. The region’s expanding infrastructure supports continued market dominance.

The top players in the market play a crucial role in the machinery and equipment industry assuring industrial prospectus growth and setting market standards. These players include, Daikin, Johnson Controls, Johnson Controls-Hitachi Air Conditioning, Mitsubishi Heavy Industries, Ltd., Polaris Industries Australasia, LG Electronics, Midea, Dunham-Bush Americas, Chongqing General Industry Co., Ltd., Carrier Corporation and The Danfoss Group. These market players provide a level-playing competitive landscape.

In July 2018, Daikin introduced one of its superior, small-sized DZ chiller series and affiliated it with friendly refrigerants, R134a and R-1234ze.

Segmentation Table

Global Chillers Market Scope

Study Period 2015-2026

Base Year 2018

Forecast Period 2019-2026

Growth Rate CAGR of 4.1% from 2019 t2026

Historical Period 2015-2017

Unit Value (USD billion)

Segmentation By Type, Application, and Geography

By Type

Screw Chillers

Scroll Chillers

Centrifugal Chillers

Others

By Application

Chemicals & Petrochemicals

Food & Beverages

Plastics

Rubber

Medical and Others

By Geography

North America (U.S. and Canada)

Europe (U.K., Germany, France, Italy, and Rest of Europe)

Asia Pacific (Japan, China, India, Southeast Asia, and Rest of Asia Pacific)

Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)

Latin America (Brazil, Mexico, and Rest of Latin America)