Water Chiller market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Water Chillers Market

The Water Chillers Market size was valued at USD 5.07 billion in 2023, and the market is now projected tgrow t9.43 USD billion by 2032, exhibiting a CAGR of 4.4% during the forecast period of 2023-2030.

The pandemic has been anticipated tbe a bane for the entire industrial developments of various market and fields. This has affected the overall supply and demand chains of the particular market. As a result of the government's lockdown and other steps tstop the coronavirus from spreading, all supply activities were postponed, which decreased the amount of product related tthis domain. These factors affected the Water Chillers Market growth.

The first centrifugal chiller led tthe development of water chillers, which use components like evaporator, condenser, compressor, and refrigerants like R-22 tkeep industrial operations running smoothly without interfering with cooling. Important factors like high water thermal conductivity, low maintenance costs, vibration-free operation, and the need for a small space are expected tdrive the adoption of energy-efficient cooling solutions. Additionally, in the plastic and rubber industry, water chillers help cool hot plastic that has been extruded or blown away. These factors are among the most significant trends in the water chiller market that will accelerate growth. These particular growth driving factors have been recorded tattribute the Water Chillers Market Share.

It is necessary for a product market twalk with the trends in order tincreases its lucracy and profits in shares and all over revenue. Another factor driving the growth of the water chiller market is the increasing preference for district cooling over conventional cooling techniques. Companies are choosing tmake mergers and acquisitions in order tkeep their place in the market for water-cooled chillers. The current model is alsbeing modified in order tenhance performance in terms of maximum output and low sound emission. The food and beverage, rubber, and plastic and rubber industries, as well as cooling equipment and assembly processes, are the main uses for water chillers.

Comprehensive Analysis of Water Chillers Market

The segmentation of this particular market has been divided and then further subdivided intvarious categories. The market is divided intthree categories based on type: centrifugal, screw, and scroll water chillers. Because of its cheap production and maintenance costs, the centrifugal water chiller segment is expected tincrease at an exponential rate over the course of the projection period. Due tthe volume of shipments in the near future, water chillers with capacities between 351 and 700 kW are expected texperience the most growth in terms of water chiller market share, according tthe current analytical data supplied by industry specialists. The plastic and rubber sector is anticipated thold the largest market share by industry type. These particular segmentations have been categorized intsuch groups sthat their attribution tthe overall revenue systems are properly recorded studied sas tdetermine which is the leading and most beneficial segment of all.

The industrial sector's growth is expected tcause Asia Pacific tsee the greatest CAGR in the near future. Increased consumption of frozen foods and more awareness of energy-efficient goods are twfactors that are supporting the market's expansion. Important manufacturers are alsconcentrating on growing their operations in the Asia Pacific area because there are several industrial projects there. The region is expected tmaintain a significant proportion during the projected period.

Global markets are fiercely competitive and highly fragmented. Due ttheir creative packaging solutions, a few group of large market companies hold a fair amount of market share. Some of the major Companies includes Daikin Industries, Ltd. (Japan), Thermax Global (India), Trane (Ireland), Carrier Corporation (U.S.), Toshiba Machines CLtd. (Japan), Robert Bosch LLC (Germany), Hitachi, Ltd. (Japan), Panasonic Corporation (Japan), Johnson Controls (Ireland), and Blue Star Limited (India).

In December 2021, This particular company has attributed the market growth in terms of revenue and shares system. With the low global warming potential refrigerant R-1233zd (E), Johnson Controls unveiled the first fully optimized chiller for optimal performance: the YORK YZ magnetic bearing centrifugal chiller.

Segmentation Table

ATTRIBUTE DETAILS

Study Period - 2015-2026

Base Year - 2018

Forecast Period - 2019-2026

Historical Period - 2015-2017

Unit - Value (USD billion)

Segmentation By Type

• Scroll
• Screw
• Centrifugal

By Capacity (In Kw)

• >700
• 351 – 700
• 101 – 350
• 0 - 100

By Industry

• Plastic & Rubber
• Food & Beverage
• Chemical & Petrochemical
• Pharmaceuticals
• Other (Metal Forming, etc.)

By Region

• North America (U.S. and Canada)
• Europe (U.K., Germany, France, and the Rest of Europe)
• Asia Pacific (China, India, South Korea, and the Rest of Asia Pacific)
• Middle East & Africa (South Africa, GCC and the Rest of the Middle East & Africa)
• Latin America (Brazil, Mexico, and the Rest of Latin America)

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