Chillers Market to Reach $16.84 Billion, Globally, by 2033 at 5.06% CAGR: The Brainy Insights

The chillers market size is anticipated to grow from USD 10.28 Billion in 2023 to USD 16.84 Billion in 10 years. The global market for chillers is expanding significantly due to the rising investment from the food and beverages, medical, chemicals and plastic industries. Further, the growing technological advancement will provide lucrative opportunities to the market.

Newark, June 04, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the chillers market will grow from USD 10.28 Billion in 2023 to USD 16.84 Billion by 2033. One of the main factors propelling the chillers market is the increasing need for process cooling in industrial applications. In addition, the manufacturing sector’s robust adoption of passive cooling is anticipated to propel market expansion. Furthermore, chillers are utilised in the pharmaceutical and medical sectors to lower the temperature of all equipment, including CAT scanners and X-ray machines.

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Key Insight of the Chillers Market

The Asia-Pacific region will account for the largest market size during the forecast period.

The Asia-Pacific region will hold a significant market share due to the growing demand for chillers in different end-user industries such as food and beverage, chemicals, pharmaceuticals, and plastics. The resurgence of such end-use sectors in China, India, and Southeast Asian nations is why the demand for chillers is promoted. Manufacturers of chillers worldwide are investing in APAC nations to set up production facilities and expand their market share.

The air-cooled segment is expected to augment the market during the forecast period.

The product type segment is divided into air-cooled and water-cooled. The air-cooled segment is expected to augment the market during the forecast period. An air-cooled chiller is a refrigeration unit that uses surrounding air to take heat out of a space. Refrigeration systems that cool fluids and cooperate with a facility’s air handler system are called air-cooled chillers. The system lowers the temperature of the parts, operations, and spaces by using air to cool the water and other fluids pumped through it.

The centrifugal segment is expected to augment the market during the forecast period.

The compressor segment is divided into centrifugal, scroll, screw, absorption and reciprocating. The centrifugal segment is expected to augment the market during the forecast period. Centrifugal chillers are utilised for processing lines and air conditioning of industrial factories such as automotive supplies, semiconductors, textiles, food and beverage, etc., as well as air conditioning of commercial facilities.

The food and beverages segment is expected to augment the market during the forecast period.

The end-user segment is divided into food and beverages, medical and pharmaceutical, chemicals and petrochemicals, plastics, and others. The food and beverages segment is expected to augment the market during the forecast period. In the preparation of food and beverages, chillers are used to protect and uphold the safety and quality of the final product. They can manage the temperature of beverages throughout manufacture and storage and cool and preserve perishable goods, including dairy, meat, and fruits.

Report Scope and Segmentation –

Report Coverage Details
Forecast Period 2024-2033
Forecast CAGR 5.06%
2033 Value Projection USD 16.84 Billion
Market Size in 2023 USD 10.28 Billion
Historical Data 2020-2022
No. of Pages 238
Report Coverage Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends
Segments Covered by Product Type, Compressor, End-user
Regions Covered The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Chillers Market Growth Drivers Increasing demand for cooling in several industries

Market Dynamics

Driver: Numerous benefits

A water chiller’s function in an industrial setting is precisely managing temperature to guarantee secure, effective, and productive operations. These chillers are immune to system inefficiencies brought on by variations in those ambient conditions, in contrast to air-cooled chillers. Second, these chillers efficiently decrease temperatures since water is a great channel for transporting heat energy. Due to this, they are the most energy-efficient choice for extensive industrial uses. To ensure optimal process compatibility, chillers can be customised to suit a wide range of settings and applications. A well-designed and well-maintained water-cooled chiller may increase output, reduce equipment downtime, and offer a safe working environment, regardless of the operation’s requirements.

Restraint: Maintenance issues

Water-cooled chillers need more maintenance because they contain more parts. Businesses should budget for recurrent inspections, contaminant-removal treatments for their water, and routine maintenance of the chiller’s equipment. The chiller will have additional downtime with more maintenance. A machine with more parts means more potential problems, so repairs for water-cooled chillers are more common than for air-cooled chillers.

Opportunity: Increasing industrial base in emerging economies

The increasing industrial base in the Asia Pacific, Europe, and North and Latin America has propelled the market’s growth. The output production in these regions has thus increased by leaps and bounds. Therefore, the countries in these regions face high demand for air conditioning as their industrial base is expanding rapidly. The growing demand for consumer goods has called for an increase in the supply of raw materials. Thus, the industries are engaged in extensive manufacturing practices to cope with the demands of different end-user consumers, such as the commercial and manufacturing industries. Emerging market economies are shifting from resource extraction and agriculture to manufacturing and industrial activity. The rising market economy usually integrates more into the global economy as it grows. Thus, emerging economies are researching and developing chillers and moving towards them to reduce their industries’ operational costs.

Challenges: Negative effects on water resource management

The application of chillers may also affect water resource management. Large amounts of water, such as in lakes or rivers nearby, are usually used to cool down chillers. Lower water levels and less water available to surrounding communities could affect this. Furthermore, the chemicals used in the water used in chillers during the chilling process have the potential to contaminate adjacent water sources.

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Some of the major players operating in the Chillers market are:

• Daikin Industries
• Friulair S.R.L.
• Carrier Corporation
• Trane Technology
• Smardt Chiller Group Inc.
• MTA S.P.A.
• Johnson Controls- Hitachi Air Conditioning
• Mitsubishi Electric Corporation,
• KKT Chillers

Key Segments Cover in the Market:

By Product Type:

• Air-Cooled
• Water-Cooled

By Compressor:

• Centrifugal
• Scroll
• Screw
• Absorption
• Reciprocating

By End-user:

• Food and Beverages
• Medical and Pharmaceutical
• Chemicals and Petrochemicals
• Plastics
• Others

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analyzed on value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.

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