PORTLAND,OR, June 07, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Chillers Market by Type (Screw Chiller, Scroll Chiller, Centrifugal Chiller, Others), by Product type (Air Cooled Chiller, Water Cooled Chiller), by Power range (Less than 50 kW, 50-200 kW, More than 200 kW), by End user industry (Chemicals and Petrochemicals, Food and Beverages, Medical, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the chillers market was valued at $9.8 billion in 2021 and is projected to reach $14.5 billion by 2032, registering a CAGR of 3.5% from 2023 to 2032.
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Prime determinants of growth
. The global chillers market is driven by factors such as growth of the manufacturing industry, increase in demand for chillers in medical industry and rise in consumption of frozen food.However, high initial cost of chillers and rise in demand for VRF systems restrain the growth of the market. Moreover, technological advancements are expected to present new opportunities in the coming years.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $9.8 billion |
| Market Size in 2033 | $14.5 billion |
| CAGR | 3.5% |
| No. of Pages in Report | 320 |
| Segments covered | Type, Construction Type, Application and Region. |
| Drivers | Growth of manufacturing industry Increase in demand for chillers in medical industry rise in consumption of frozen food |
| Opportunities | Technological advancements |
| Restraints | Rise in demand for VRF systemsHigh initial investment and setup cost |
Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a negative impact on the chillers market, owing to temporary closure of manufacturing facilities.
- However, the recovery of manufacturing industry in emerging countries of Asia-Pacific region, has fuelled the growth of the chillers industry.
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The screw chillers segment to maintain its leadership status throughout the forecast period
Based on type, the screw chillers segment held the highest market share in 2022, accounting for nearly half of the chillers market revenue, and it is estimated to maintain its leadership status throughout the forecast period. This is due to its low maintenance cost beacause of presence of fewer components.However, the centrifugal chiller segment is projected to manifest the highest CAGR of 4.3% from 2023 to 2032, owing to its high operational efficiency.
The water cooled chiller segment to maintain its lead position during the forecast period
Based on product type, the water cooled chiller segment accounted for the largest share in 2022, contributing to nearly three-fifths of the chillers market revenue, and is projected to maintain its lead position during the forecast period owing to its high cooling capacity. The air cooled chiller segment is projected to manifest the highest CAGR of 3.6% from 2023 to 2032, owing to its cost efficiency.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for around half of the chillers market revenue and is expected to witness the fastest CAGR of 3.9% from 2023 to 2032. The same region is likely to dominate the market during the forecast period. The government initiatives to boost manufacturing and increased demand from manufacturing and processing industries positively influences the growth of the chillers market.
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Leading Market Players: -
- Carrier Global Corporation
- Mitsubishi Electric Corporation
- Daikin Industries Ltd
- Dimplex Thermal Solutions
- LG Electronics
- Johnson Controls International Plc
- Polyscience Inc
- Smardt Chiller Group Inc
- Thermax Ltd
- Trane Technologies Plc
The report provides a detailed analysis of these key players in the chillers market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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