Wilmington, Delaware, Oct. 11, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Industrial Air Chiller Market Size, Share, Competitive Landscape and Trend Analysis Report by Type (Centrifugal Chillers, Reciprocating Chillers, Scroll Compressor Chillers, and Screw Driven Chillers), Function (Stationary and Transport), and End User (Foods & Beverages, Pharmaceuticals, Utility & Power, Oil & Gas and Others): Global Opportunity Analysis and Industry Forecast, 2022-2031”. The Industrial Air Chiller Market was valued at $4.7 billion in 2021 and is estimated to reach $7.2 billion by 2031, exhibiting a CAGR of 4.3% from 2022 to 2031.
Prime determinants of growth
The prime factors driving the growth of the mechanical and electromechanical locks market include increasing urbanization and construction activities, particularly in residential and commercial sectors, which boost demand for advanced security solutions. Technological advancements, such as the integration of smart features in electromechanical locks, are driving adoption among consumers seeking convenience and enhanced security. Rising concerns about property security and a growing preference for automated systems are also major drivers. Additionally, government regulations emphasizing building safety standards, combined with increasing disposable incomes and the expansion of the smart home market, further propel market growth.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $4.7 billion |
| Market Size in 2031 | $7.2 billion |
| CAGR | 4.3% |
| No. of Pages in Report | 237 |
| Segments Covered | Type, Function, End User, and Region |
| Drivers |
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| Opportunities |
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| Restraint |
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Segment Highlights
By type, the screw-driven chillers segment accounted major share of the market in 2021, due to their superior efficiency and reliability in various industrial applications. They offer a continuous cooling process and are particularly favored for their ability to handle large cooling loads in facilities like data centers, manufacturing plants, and hospitals. Their versatility in providing precise temperature control and energy efficiency makes them highly suitable for environments that require constant operation. Additionally, their lower maintenance needs and durability contribute to their popularity, driving widespread adoption across diverse industries.
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Based on function, in 2021, the stationary segment will dominate the market, owing to its extensive use in fixed, large-scale operations that require permanent cooling solutions. Stationary chillers are widely employed in industrial, commercial, and manufacturing sectors where they support continuous, heavy-duty cooling demands. Their ability to be integrated into building infrastructure for long-term use makes them preferable for companies looking for stable, reliable solutions. As industries expand, particularly in power generation and processing plants, the stationary chiller’s robust cooling capabilities and efficiency in managing large systems secure its lead in the market.
By end-user industry, the pharmaceuticals industry is the largest end-user in this market due to its stringent requirements for precise temperature control and reliable cooling solutions. In pharmaceuticals, maintaining specific temperatures is critical for preserving the integrity of products, especially in the production and storage of vaccines, biologics, and other temperature-sensitive drugs. As the demand for pharmaceuticals grows globally, driven by increasing healthcare needs and advancements in biotechnology, the industry’s reliance on high-performance chillers for efficient production processes and quality control boosts its position as a major consumer of these systems.
Regional Outlook
By region, Asia-Pacific is the largest regional market for chillers, driven by rapid industrialization, urbanization, and economic growth in countries such as China, India, and Japan. The region’s expanding manufacturing sector, particularly in industries like chemicals, pharmaceuticals, food and beverage, and electronics, demands efficient cooling solutions. Additionally, the growing infrastructure development and rising disposable incomes have led to an increase in commercial and residential construction, further fueling the demand for chillers. Government initiatives promoting energy-efficient systems also support the adoption of advanced chillers, solidifying the region's leading market position.
Players: -
- Airedale International Air Conditioning Ltd.
- Blue Star Limited
- Carrier Global Corporation
- Daikin Industries, Ltd.
- GEM Orion Machinery Private Limited
- Hiver Aircon Pvt.Ltd
- Jiangsu Huazhao Refrigeration Equipment CO., Ltd.
- Johnson Controls International PLC
- Mitsubishi Electric Corporation
- Trane Technologies Company, LLC.
The report provides a detailed analysis of these key players in the global industrial air chiller market. These players have adopted 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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Recent Development:
- In August 2021 - Blue Star Limited opened a new chiller testing facility, at the existing company’s R&D center in Wada, India. This can test air-cooled chillers as well as water-cooled chillers of capacity 440Tr and 712 TR respectively.
- In March 2022 - Carrier global launched AquaForce Vision 30KAV with PUREtec refrigerant. It is a compact process cooling chiller range with ultra-low global warming potential (GWP) refrigerant R-1234ze. It is ideal for industrial processing such as food manufacturing, pharmaceuticals, chemicals, plastics, metal industries, and applications requiring ultra-reliable cooling up to -12 degrees Celsius.
- In December 2020 - Daikin Airconditioning India acquired the air handling business of Gujrat, India, based Citizen Industries. With this move, Daikin Airconditioning India has enhanced its air conditioning and chiller offering in the region.
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