Water Chillers Market Size Is Surpassing USD 9.1 Billion by 2033, Growing at Projected 3.8% CAGR

Water chillers market size from USD 6.3 billion in 2023 to USD 9.1 billion in 10 years. The rising urbanization drives the market’s growth. China is one of the most valuable building markets in Asia-Pacific, and due to rising income levels, growing urbanisation, and industrialization, annual construction expenditures are predicted to rise there until 2030.

New Jersey, March 04, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 6.3 billion water chillers market will reach USD 9.1 billion by 2033. Water chillers are mechanical units designed to reduce water temperature. Most water chillers use a closed-loop system, which transfers heat using a refrigerant. The refrigerant then releases the heat from the water into the atmosphere. Compressors, condensers, and evaporators are some of the parts that water chillers employ to cool. Unlike air chillers requiring vents and ducts, water chillers occupy less space, operate silently, and are vibration-free. Water chillers are used more often in hospitals and classrooms, so their ability to operate quietly is one of their main advantages. They also require less energy and upkeep. Water chillers are more efficient than air conditioners because of the high heat conductivity of water relative to air. As water chillers are installed within buildings rather than being exposed to elements like rain, snow, ice, and heat, they also require fewer parts replacements than air-cooled chillers because they require constant fresh air to function.

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Key Insights on Water Chillers Market

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

Asia-Pacific’s fast urbanization has raised demand for HVAC systems and cooling options in residential and commercial buildings. An integral part of these systems is water chillers. In addition, the area is seeing an increase in the emphasis placed on sustainability and energy efficiency. As a result, businesses and organizations are adopting more energy-efficient and eco-friendly cooling solutions, which can increase the demand for innovative water chillers.

The screw chiller segment dominated the market with the most significant revenue of USD 1.57 billion.

The screw chiller segment dominated the market with the most significant revenue of USD 1.57 billion. Cooling systems and industrial processes both use screw chillers to provide cooling solutions. The cooling capacity of the lightweight, compact screw chillers ranges from 20 tonnes to 1,000 tonnes.

The 351-700 kW segment dominated the market with the most significant revenue of USD 2.20 billion.

The 351-700 kW segment dominated the market with the most significant revenue of USD 2.20 billion. High-capacity water chillers are systems that have a capacity ranging from 351 to 700 kW. They are ideal for larger manufacturing plants, commercial structures, and industrial operations demanding bigger cooling loads.

The chemicals and petrochemicals segment dominated the market with the most significant revenue of USD 1.82 billion.

The chemicals and petrochemicals segment dominated the market with the most significant revenue of USD 1.82 billion. Water chillers cool the reactor and maintain the correct reaction temperature. Furthermore, the main goal of leading market participants is to design and produce chillers that help the petrochemical and chemical sectors.

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Market Dynamics:

Drivers: Growing emphasis on sustainability

Businesses worldwide are making an effort to adopt environmentally friendly procedures, and water chillers that adhere to strict environmental requirements and employ eco-friendly refrigerants are becoming increasingly popular. Water chillers are a great option for companies and sectors wishing to cut carbon emissions without sacrificing peak cooling efficiency because of their little environmental effect and compliance with sustainability objectives. The market for water chillers is expected to rise due to the increased focus on sustainability and energy efficiency, which will fulfil the changing demands of an increasingly ecologically aware public.

Restraint: High initial investment

The rising demand for variable refrigerant flow (VRF) systems, fluctuating raw material prices, and high setup and initial investment costs are expected to limit the growth of the worldwide water chiller market.

Opportunity: Technological advancements

Continuous developments in chiller technology have produced more ecologically friendly and energy-efficient systems. Users wishing to cut expenses on operations and energy use are drawn to these developments.

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Some of the major players operating in the water chillers market are:

● Daikin Industries Ltd.
● Midea Group Co., Ltd.
● Thermax Limited
● LG Electronics
● Dimplex Thermal Solutions
● Mitsubishi Electric Corporation
● Carrier Global Corporation
● Trane Technologies plc
● Johnson Controls International PLC
● Hitachi, Ltd.

Key Segments covered in the market:

By Type:

● Screw Chiller
● Centrifugal Chiller
● Absorption Chiller
● Scroll Chiller
● Reciprocating Chiller
● Others

By Capacity:

● 351-700 kW
● 101-350 kW
● 0-100 kW
● >700 kW

By End-User Industry:

● Plastics and Rubber
● Chemicals and Petrochemicals
● Food and Beverage
● Healthcare
● Others

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About the report:

The global water chillers market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter’s five forces model, attractiveness analysis, raw material 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 that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client’s objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client’s requirements whether they are looking to expand or planning to launch a new product in the global market.

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Email: sales@thebrainyinsights.com 
Web: http://www.thebrainyinsights.com

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