Chillers Market Size, Share & Trends Analysis Report By Product (Water-Cooled, Air -Cooled), By Application (Commercial, Residential, Industrial), By Compressor Type, By Region, And Segment Forecasts, 2023 - 2030

Chillers Market Size, Share & Trends Analysis Report By Product (Water-Cooled, Air -Cooled), By Application (Commercial, Residential, Industrial), By Compressor Type, By Region, And Segment Forecasts, 2023 - 2030

Chillers Market Growth & Trends

The global chillers market size is expected to reach USD 13.45 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.4% over the forecast period. Rising demand for efficient HVAC and refrigeration systems in newly constructed structures to maintain the increasing internal temperature is expected to drive the market over the forecast period.

Chillers are used in various industries, including plastics, food & beverage, printing, medical, electronics, petrochemical, pharmaceutical, and power plants to provide cooling. Increasing adoption of chillers in manufacturing facilities, residential structures, hospitals, restaurants, and sporting arenas, among others is expected to positively impact the product demand.

The demand for HVAC systems for cooling and dehumidifying the buildings is witnessing significant growth over the past few years on account of the rising atmospheric temperatures, attributed to global warming. Furthermore, the ability of the chillers to efficiently transfer heat from the internal environment to the external atmosphere is expected to support market growth.

Lockdown imposed to curb the spread of COVID-19 coupled with low GDP growth in various economies has resulted in dampening the construction activities globally. Furthermore, the closure of end-user facilities, including various production facilities and commercial buildings, has hampered the demand for repair & maintenance and aftermarket sales of the product.

Chillers Market Report Highlights

• The water-cooled segment accounted for the largest revenue share of 62.4% in 2022 owing to the longer life span and high efficiency of these systems as compared to air-cooled equipment for large cooling loads.
• The air-cooled segment is expected to witness the fastest CAGR of 4.8% from 2023 to 2030, in terms of revenue, on account of low initial and maintenance costs of these systems due to the simple construction and design
• The screw chillers segment accounted for the largest revenue share of 49.7% in 2022. These coolers work on either air-cooled or water-cooled mechanisms, using two interlocking rotating helical rotors for compressing the refrigerant.
• Asia Pacific dominated the market and accounted for the largest revenue share of 45.2% in 2022 due to investments in the commercial and residential construction industries.

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