Recirculating Chillers Market Size, Share & Trends Analysis Report By Type (Air-cooled, Water-cooled), By Temperature Range, By Application, By Region, And Segment Forecasts, 2024 - 2030

Recirculating Chillers Market Size, Share & Trends Analysis Report By Type (Air-cooled, Water-cooled), By Temperature Range, By Application, By Region, And Segment Forecasts, 2024 - 2030

Recirculating Chillers Market Growth & Trends

The global recirculating chillers market size is anticipated to reach USD 2.16 billion by 2030, expanding at a CAGR of 10.1%, according to a study conducted by Grand View Research, Inc. The market is projected to grow at a significant rate owing to increased usage of recirculating chillers in several application areas such as pharmaceuticals, medical, manufacturing, and data centres in IT, telecom, and BFSI. Increasing importance of energy-efficient products is also expected to have a positive impact on the market. Moreover, automation in the industry verticals requires necessary maintenance for proper functioning which can be achieved by the implementation of recirculating coolers.

Traditional coolers use more than 50.0 percent of energy for cooling; hence recirculating chillers are being adopted widely. Additionally, recirculating coolers or closed loop systems saves 90.0% of the total water used by the open loop cooler system and therefore they are also termed as renewable coolers. Hence, the growing adoption of sustainable yet efficient cooling solutions across industries and laboratories are expected to have a positive impact on market growth.

There are various types of recirculating chillers such as, rack mounted, floor mounted, and bench top. The rack mounted segment has wide range of applications as this product type is portable and smaller in size. Multiple coolers can be assembled into one rack and can be used as per the convenience of the user. The front fill reservoir access available in rack mounted chillers reduces spills. Similarly, benchtop coolers are portable and offer flexibility in terms of operations. Such factors are expected to bolster market growth.

The heat exchangers installed in the coolers provide thermal stability and suffices the requirement of automation. Moreover, availability of water-based as well as air-based coolers gives the users a range of products. However, high maintenance and installation cost associated with the product is expected to cause hindrance in market growth.

Recirculating Chillers Market Report Highlights

• The pharmaceutical application segment is expected to experience the fastest growth from 2024 to 2030. This is attributed to the increasing need for effective cooling solutions in pharmaceutical industry production facilities, storage units, and other settings.
• The air-cooled recirculating chillers segment dominated the global market and accounted for a revenue share of 58.1% in 2023. Air-cooler recirculating chillers are primarily used in settings or application areas where space has aesthetic value or does not have water access for water-cooler chillers.
• Based on temperature range, the 1°C to 100°C segment accounted for the largest revenue share in 2023. Growth in this segment is mainly driven by the increasing use of recirculating chillers in data centers, food and beverage production units, automotive and commercial semiconductor manufacturing facilities, and others.
• Asia Pacific recirculating chillers market is expected to experience the fastest CAGR from 2024 to 2030. The increasing number of manufacturing plants largely influences this market set up in the region, especially in countries such as China, India, and others.

Please note The report will be delivered in 2-3 business days upon order notification.