What is Global Chillers Market?
The Global Chillers Market is a vast and dynamic sector that encompasses a wide range of products used for cooling purposes. Chillers are machines that remove heat from a liquid via a vapor-compression or absorption refrigeration cycle. This liquid can then be circulated through a heat exchanger to cool equipment, or another process stream such as air or process water. The global market for chillers is vast and varied, with products ranging from small, portable units to large, industrial-scale systems. The market is driven by a variety of factors, including the growing need for cooling in industrial applications, the increasing demand for energy-efficient cooling solutions, and the ongoing development of new and improved chiller technologies. However, the market also faces several challenges, such as the high cost of chillers and the need for regular maintenance and servicing. Despite these challenges, the global chillers market continues to grow and evolve, offering numerous opportunities for manufacturers, suppliers, and end-users alike.
0°C to -29°C, -30°C to -49°C, -50°C to -99°C, -100°C or less, Others in the Global Chillers Market:
The Global Chillers Market is segmented based on temperature range into five categories: 0°C to -29°C, -30°C to -49°C, -50°C to -99°C, -100°C or less, and others. Each of these segments represents a different application of chillers, with varying levels of cooling capacity and energy efficiency. The 0°C to -29°C segment is typically used for general cooling applications in commercial and industrial settings, while the -30°C to -49°C segment is often used for more specialized applications that require lower temperatures, such as in the pharmaceutical and biotechnology industries. The -50°C to -99°C segment is used for ultra-low temperature applications, such as in scientific research and development. The -100°C or less segment represents the most extreme cooling applications, such as in space exploration and cryogenics. The "others" segment includes all other types of chillers that do not fit into the above categories. Each of these segments has its own unique market dynamics, with different drivers, restraints, opportunities, and challenges.
Commercial, Industrial in the Global Chillers Market:
The Global Chillers Market finds its usage in two main areas: Commercial and Industrial. In the commercial sector, chillers are used in a variety of applications, including air conditioning for buildings and cooling for data centers. They are also used in the food and beverage industry to cool products and maintain optimal storage conditions. In the industrial sector, chillers are used for cooling machinery and equipment, as well as for process cooling in industries such as plastics, chemicals, and pharmaceuticals. The use of chillers in these sectors is driven by the need for reliable, efficient cooling solutions that can maintain precise temperature conditions. However, the use of chillers in these sectors also presents several challenges, such as the need for regular maintenance and the high energy consumption of some chiller systems. Despite these challenges, the demand for chillers in the commercial and industrial sectors continues to grow, driven by the ongoing development of new and improved chiller technologies.
Global Chillers Market Outlook:
The global Chillers market, valued at US$ 7300.5 million in 2022, is projected to reach US$ 9770.4 million by 2029, growing at a CAGR of 4.2% during the forecast period 2023-2029. The Asia-Pacific region holds the largest market share, accounting for nearly 39.62% of the global consumption in 2019. Europe follows closely behind, with a consumption market share of nearly 27.12% in 2019. The commercial segment, which includes applications such as air conditioning and cooling for data centers, accounted for the highest market share of 56.60% in 2019. The industrial segment, which includes applications such as cooling machinery and process cooling, held 43.40% of the market. These figures highlight the significant role that chillers play in both commercial and industrial settings, and the ongoing demand for efficient, reliable cooling solutions.
| Report Metric | Details |
| Report Name | Chillers Market |
| Accounted market size in 2022 | US$ 7300.5 in million |
| Forecasted market size in 2029 | US$ 9770.4 million |
| CAGR | 4.2% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
|
| Segment by Application |
|
| Production by Region |
|
| Consumption by Region |
|
| By Company | Trane, Johnson Controls - Hitachi, Carrier, Mitsubshi, LG Electronics, Daikin, DunAn, Dunham-Bush, TICA, Bosch, Ebara, Smardt Chiller Group, Parker Hannifin, Dimplex Thermal Solutions |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
