Chillers Market Manufacturing Outlook 2023 – 2032: Industry Size, Sales, Growth Dynamics, Technology, Trends and Forecast
Research Reports
Jul 17, 2023
The Global Chillers Market refers to the worldwide industry involved in the manufacturing, distribution, and sales of chiller systems. Chillers are cooling devices that remove heat from a liquid or air through the process of vapor compression or absorption refrigeration. They are commonly used in various industrial, commercial, and residential applications to maintain temperature and humidity control.
According to MRFR analysis, the Global Chillers Market is expected to register a CAGR of~3.5% from 2022to 2030 and hold a value of over USD 5.7 billion by 2030.
Key Players
Some of the key market players are:
- Mitsubishi Electric Corporation
- Daikin Industries Ltd
- Dimplex Thermal Solutions
- LG Electronics
- Johnson Controls International Plc
- Gree Electric Appliances Inc of Zhuhai
- Midea Group Co. Ltd
- Thermax Ltd
- Trane Technologies Plc.
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The Global Chillers Market is driven by several factors, including the increasing demand for cooling systems in various sectors such as manufacturing, food and beverage, pharmaceuticals, data centers, and commercial buildings.
The COVID-19 pandemic had a significant impact on the Global Chillers Market. The global lockdowns, travel restrictions, and temporary closures of manufacturing facilities disrupted the supply chains of chiller components and equipment. This led to delays in production, shortage of raw materials, and difficulty in fulfilling orders, affecting the market’s overall growth.
Regional Analysis
The largest region in the Global Chillers Market is North America. The North American region, comprising the United States and Canada, is one of the significant markets for chillers. The region has a strong presence of various industries such as manufacturing, pharmaceuticals, data centers, and commercial buildings, which drive the demand for chillers.
Europe is another important region in the global chiller market. Countries like Germany, France, the United Kingdom, and Italy have well-established industrial sectors that require cooling solutions. Moreover, the region has stringent energy efficiency regulations and environmental standards, promoting the adoption of energy-efficient chillers. The emphasis on sustainable cooling technologies further fuels the market in Europe.
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Market Segmentation
The Global Chillers Market has been segmented into type and application.
Based on the type, the market has been segmented into scroll, screw, centrifugal and reciprocating.
Based on the application, the market has been segmented into plastics, food & beverage, medical & pharmaceuticals and chemicals & petrochemicals.
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