Global Industrial Air Chiller Market Size, Share & Industry Trends Analysis Report By Function (Stationary and Transport), By Type, By Industry (Pharmaceutical, Food & Beverage, Oil & Gas, Utility & Power), By Regional Outlook and Forecast, 2022 – 2028

Global Industrial Air Chiller Market Size, Share & Industry Trends Analysis Report By Function (Stationary and Transport), By Type, By Industry (Pharmaceutical, Food & Beverage, Oil & Gas, Utility & Power), By Regional Outlook and Forecast, 2022 – 2028

The Global Industrial Air Chiller Market size is expected to reach $5.9 billion by 2028, rising at a market growth of 4.5% CAGR during the forecast period.

Air condenser, dry filter, compressor, air blower, refrigerant, water pump, water tank, and expansion valve are all components of an industrial air chiller. Metal finishing, plastic processing, water jet cutting, medical care, microbrewery, winery, brewery, hydroponics, and food processing are all examples of applications where industrial air chillers are employed. Due to rising demand for industrial air chillers across metal processing, governments, as well as food service industries around the world, the industrial air chiller market is expected to grow rapidly over the forecast period.

The use of R32 refrigerants is currently one of the key developments in the chiller business. R32 transports heat more efficiently than R22 and reduces the chiller's electricity use by a significant amount. R32, like R410A and R22, has a far lower Global Warming Potential (GWP) than those refrigerants. Furthermore, because R32 has a higher chilling capacity than many other refrigerants, chillers that use it require less pipe, resulting in higher operational efficiency. R32's use in chillers is increasing as a result of its energy efficiency and environmental friendliness. With an increasing number of technological advancements in these air chillers, the adoption of these chillers is estimated to surge in the coming years. This factor would aid in increasing the growth of the industrial air chiller market.

In the mid-to-large-sized commercial, industrial, and institutional facilities, chilled water is utilized to cool and dehumidify the air. Liquid-cooled via cooling towers evaporative cooled, and air-cooled chillers are all options. Water or liquid-cooled chillers can outperform air-cooled systems in terms of efficiency and environmental effect.

COVID-19 Impact

In the first three quarters of 2020, end-use sectors such as chemicals and petrochemicals, printing, and laser cutting saw a decrease in production. The chillers' output was further impacted by a drop in the demand from end-use industries. The novel coronavirus was rapidly spreading throughout several countries and regions, wreaking havoc on people's lives and the community as a whole. It began as a human health issue and evolved into a major threat to global trade, economics, and finance. Lockdown caused by the COVID-19 pandemic has halted the manufacture of numerous components of industrial air chillers. Industrial and commercial users first cut their expenditure on various industrial air chillers as a result of the economic slump. The intensity of the COVID-19 pandemic has, however, been greatly decreased as a result of the advent of several vaccines. The number of COVID-19 instances has dramatically decreased as of mid-2022.

Market Growth Factors

Growing demand for process cooling in industrial applications

With the rapid adoption of several technologies by people and industrial applications all over the world, the demand for industrial air chillers is rapidly expanding all over the world. One of the major factors that are aiding in the surging demand is the increasing disposable income of people across the world. Rising per capita income has improved people's living standards, leading to increased demand for leisure and comfort products like air conditioners and refrigerators. Another driving force for the chilling equipment market is the rising food and healthcare industries. As a result, the demand for refrigeration has increased significantly, which boosts the market for chillers.

Enhanced water conservations

The availability of water, the cost of treatment, and the potential for additional building and construction complexity all play an important role in system selection. Because air-cooled chillers do not require water, they are frequently preferred by consumers, especially in areas where water is scarce or prohibitively expensive. One of the two key resources consumed by data centers is water. In recent years, data centers all over the world are consuming significant volumes of water, which includes water consumed directly at data center sites as well as water used to produce electricity that powered them. As a result, the advantages of an air-cooled chiller include fewer maintenance costs, a preconfigured system for quicker design and installation, and higher performance in cold temperatures.

Market Restraining Factors

Rigorous government regulations and guidelines for environment conservation

The regulations and guidelines that are imposed on the utilization of industrial chillers are an important consideration when selecting a chiller system. For example, water-cooled chillers are prohibited or limited in several countries due to the fact that it releases water waste into other water bodies, which can be significantly harmful to the environment. Operators would incur greater expenditures if wastewater from accessible water-cooled chillers is treated before being released into natural water bodies.

Function Outlook

Based on Function, the market is segmented into Stationary and Transport. In 2021, the stationary segment acquired the highest revenue share of the industrial air chiller market. The demand for stationary air chillers is rising because of their characteristics, such as big size, high capacity, efficiency, and productivity. Many stationary industrial air chillers have been introduced by major manufacturers. Furthermore, a variety of stationary air chillers are available across the market, which is expediting the growth of the segment.

Type Outlook

Based on Type, the market is segmented into Screw Driven Chillers, Scroll Compressor Chillers, Reciprocating Chillers, and Centrifugal Chillers. In 2021, the centrifugal chiller segment garnered a significant revenue share of the industrial air chiller market. The rising growth of the segment is attributed to the cost-effectiveness of these chillers. Centrifugal chillers are used to supply chilled water for all applications that require a large amount of cooling capacity. It's a technique that can be used indoors or in weather-protected regions.

Industry Outlook

Based on Industry, the market is segmented into Pharmaceutical, Food & Beverage, Oil & Gas, Utility & Power, and Others. In 2021, the pharmaceutical segment witnessed the largest revenue share of the market. The growth of the segment is rising due to the increasing demand for air chillers from the pharmaceuticals sector owing to the advent of various medicines that are made to be kept in a cold environment.

Regional Outlook

Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In 2021, Asia-Pacific accounted for the highest revenue share of the industrial air chiller market. Due to the expansion in the pharmaceutical industry as well as other small and medium-size production industries, the market in the Asia-Pacific segment has grown at a rapid rate. The prevalence of various major market players in the region is one of the major factors that is driving the growth of the regional market.

The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Trane Technologies PLC, Carrier Global Corporation, Johnson Controls International PLC, Mitsubishi Electric Corporation and Daikin Industries, Ltd. are the forerunners in the Industrial Air Chiller Market. Companies such as Airedale International Air Conditioning Ltd. and Blue Star Limited are some of the key innovators in the Market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Johnson Controls International PLC, Mitsubishi Electric Corporation, Daikin Industries, Ltd., Trane Technologies PLC, Carrier Global Corporation, Blue Star Limited, Airedale International Air Conditioning Ltd., HIVER Aircon Pvt. Ltd., Gem Orion Machinery Private Limited, and Jiangsu Huazhao Refrigeration Equipment CO., Ltd.

Recent Strategies deployed in Industrial Air Chiller Market

Partnerships, Collaborations and Agreements:

Apr-2022: Carrier came into a partnership with ACI Mechanical and HVAC Sales. Through this partnership, the companies aimed to offer less energy-intensive solutions for cooling and heating applications to their customers. Moreover, this partnership would also complement ACI's strategy to develop high-performance HVAC systems that promote increased sustainability.

Jun-2021: Trane Technologies partnered with Honeywell, a global leader in providing smart building solutions. Under this partnership, the companies would focus on accelerating the migration to Honeywell's Solstice N41 a next-generation and environmentally preferable refrigerant. In addition, the Solstice N41 offers an equivalent level of safety to contractors as well as customers.

Product Launches and Product Expansions:

Mar-2022: Carrier launched the AquaForce Vision 30KAV and PUREtec refrigerant, a new range of chillers. The new high-performance compact process chillers aimed to optimize industrial processing, including pharmaceuticals, manufacturing, chemicals, etc. In addition, the chillers also comprise ultra-low global warming potential refrigerant R-1234ze.

Feb-2022: Airedale released DCS, a new line of air-cooled chillers. The new product range aimed to offer extended utilization of free cooling as it includes several compressor technologies as well as refrigerants, like R1234ze low global-warming option. In addition, the new systems have 910mm EC fans to deliver more air.

Sep-2021: Mitsubishi Electric rolled out the R32 version of its e-series chillers. The new R32 version connects six units in order to offer a total system capacity of approximately 1080kW. In addition, the new product would be available in the range of 150kW and 180kW units and substitute the previous R410A offering of Mitsubishi Electric.

Feb-2021: Daikin released the TZ series and VZ series, a new air-cooled chiller range. The new TZ air-cooled chiller range would be available in the market ranging from 130 kW up to 830 kW cooling capacity, while the VZ water-cooled chiller range would be commercialized in the range of 340 kW up to 1600 kW cooling capacity.

Nov-2020: Mitsubishi Electric rolled out the Climaveneta-branded NX2 range, a line of air source scroll chillers. Following this launch, the company aimed to expand its NX2 range and offer optimized energy sustainability and efficiency. In addition, the new products operate with reduced noise levels and are developed for perfect acoustic wellbeing.

Oct-2020: Airedale introduced TurboChill Hydro in its water-cooled chiller range. The new TurboChill offers increased flexibility and extensive cooling capacity at affordable prices.

Aug-2020: Trane Technologies introduced Sintesis Balance CMAF. The new product is a fully electric unit aimed to deliver chilled and hot water for heating and cooling buildings. Moreover, the new Sintesis Balance CMAF is best-suited for buildings with dynamic temperature demands.

Acquisitions and Mergers:

Jun-2021: Carrier took over Guangdong Giwee Group and its subsidiaries, including Guangdong Chigo Heating & Ventilation Equipment. With this acquisition, the company aimed to enter the rapidly growing variable refrigerant flow and light commercial market.

Dec-2020: Daikin India completed its acquisition of Citizen Industries, a leader in manufacturing AHU. This acquisition aimed to strengthen Daikin's product positioning across the commercial air-conditioning market. In addition, it would also enhance Diakin's position in the domestic commercial air-conditioning market.

Apr-2020: Mitsubishi Electric completed its acquisition of AQS PRODUKTER, an IT cooling and heat pump distributor. Through this acquisition, the company aimed to expand the capacities of its business in Sweden while also strengthening Mitsubishi Electric's total solutions capabilities in Europe.

Geographical Expansions:

Apr-2022: Blue Star expanded its geographical footprint in Maharashtra with the opening of a new facility in the Wada of Palghar district. With this geographical expansion, the company aimed to double the production of deep freezers.

Scope of the Study

Market Segments covered in the Report:

By Function

• Stationary
• Transport

• Screw Driven Chillers
• Scroll Compressor Chillers
• Reciprocating Chillers
• Centrifugal Chillers

• Pharmaceutical
• Food & Beverage
• Oil & Gas
• Utility & Power
• Others

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA

• Johnson Controls International PLC
• Mitsubishi Electric Corporation
• Daikin Industries, Ltd.
• Trane Technologies PLC
• Carrier Global Corporation
• Blue Star Limited
• Airedale International Air Conditioning Ltd.
• HIVER Aircon Pvt. Ltd.
• Gem Orion Machinery Private Limited
• Jiangsu Huazhao Refrigeration Equipment CO., Ltd.

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