Chillers Market to Experience Significant Growth by 2030

 According to the Market Statsville Group (MSG), the global chillers market size was USD 9,820.5 million in 2021 and is expected to reach USD 13,132.9 million by 2030, registering a CAGR of 3.7% during the forecast period (2022 to 2030). Commercial sectors such as hotels, data centers, hospitals, and offices exhibit high demand for various types of chillers. They are energy-efficient, lightweight, environment-friendly, easy to install and eliminate greenhouse gas emissions.

Moreover, there is a surge in demand from the pharmaceutical industry and food & beverages industry for chillers due to a rise in adoption in areas such as distillers, food & dairy processing units, breweries, wineries, and vineyards drive the growth of the global chillers market.

A rise in the hospitality sector is expected to increase demand for chillers to reduce excess heat and maintain temperature. This drives the market growth over the forecast period. However, the high installation and maintenance cost associated with the chillers is anticipated to hamper the market's growth.

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Global Chillers Market Definition

Chillers are the refrigeration devices designed to store food, beverage, related ingredients, medicines, and other perishable items to increase their life cycle. In addition, they are used for other purposes, such as the removal of heat from data centers.

Global Chillers Market Dynamics

Drivers: Increase in demand for chillers in the medical industry

An upsurge in demand for chillers in the medical or pharmaceutical industry has fueled the market growth in the region. The applications in the pharmaceutical industry are varied and constantly require different types of chillers in terms of cooling types, source of cooling, and power range. This affects the design, size, and compressor used in chillers. Medical devices such as MRI machines, CT scanners, and PET scanners require consistent use of chillers for higher efficiency. With a population of around 1.40 billion in 2020, both medical and pharmaceutical markets in China are expected to witness considerable growth in the coming years.

Restraints: Rise in demand for VRF systems

Variable refrigerant flow (VRF) is a refrigeration system that consists of one outdoor condensing unit and multiple indoor units. VRF is a more sophisticated version of the HVAC and chiller system. It is engaged in offering refrigerant instead of chilled water and piping hot water to each fan coil unit or any air handling unit. Compared to industrial chillers, the VRF system has energy-efficient technologies, including heat pumping & heat recovery between warm, variable speed compressor & fan, and cold refrigerants.

In addition, the VRF system provides a more energy-efficient strategy, which consumes 11%–17% less energy than conventional chiller units. Furthermore, VRF systems offer features such as variable-output systems, lower energy costs, and energy-efficient chiller operations, which act as a major restraint for the global chillers market.

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Global Chillers Market Segmentation

The study categorizes the chillers market based on product type, power range, type, end-users, and region.

By Product Type Outlook (Revenue, USD Million, 2017-2030)

• Screw Chiller
• Scroll Chiller
• Centrifugal Chiller
• Others

By Type Outlook (Revenue, USD Million, 2017-2030)

• Air-cooled Chiller
• Water-cooled Chiller

By Power Range Outlook (Revenue, USD Million, 2017-2030)

• Less than 50 kW
• 50-200 kW
• More than 200 kW

By End-Users Outlook (Revenue, USD Million, 2017-2030)

• Chemicals & petrochemicals
• Food & beverages
• Medical
• Others

By Region Outlook (Revenue, USD Million, 2017-2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

The screw chiller segment accounts for the largest market share, by product type

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By product type, the global chillers market is categorized into screw chillers, scroll chillers, centrifugal chillers, and others. The screw chiller segment dominates the global chillers market with a market share of 46.2%. Screw chillers are used for cooling solutions in air conditioning systems as well as industrial processes.

A rise in demand for process cooling in industrial applications due to features such as energy efficiency, variable speed, environment-friendly, compact size, and minimal maintenance cost drives the market's growth. An increase in urbanization and industrialization in emerging economies such as France, the U.S., Germany, and others, propel the growth of the screw chillers market globally.

Asia Pacific accounts for the highest CAGR during the forecast period

Based on the regions, the global chillers market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. The Asia Pacific is the fastest-growing region, followed by North America during the forecast period. Asia-Pacific region includes China, Japan, India, Australia, and rest of Asia-Pacific. China has witnessed rapid population growth and industrialization from the past few years, resulting in establishments of new industrial units and a rise in residential construction.

Moreover, an increase in energy consumption and strict government norms for installing heating, and air conditioning systems in North America, are expected to boost the growth of the chillers market. An increase in construction-related activities and growth in housing for single, and multi-unit dwellings is expected to boost the demand for the product, which is projected to supplement the growth of the chillers market.

Key Market Players in the Global Chillers Market

Major players such as Trane Technologies Plc, Carrier Global Corporation, Johnson Controls International Plc, and others engaged in offering new products launch to the market to improve the product portfolio and drive the market's growth. For instance, in October 2020, Carrier Global Corporation launched a new AquaForce 30 XV air-cooled chiller. It is a variable speed screw chiller. It has new features such as efficient, reliable, easy installation, free cooling, low noise level, and help to eliminate equipment downtime.

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Major players in the market are:

• Mitsubishi Electric Corporation
• Daikin Industries Ltd
• LG Electronics
• Johnson Controls International Plc
• Carrier Global Corporation
• Dimplex Thermal Solutions
• Polyscience Inc
• Smardt Chiller Group Inc
• Thermax Ltd
• Trane Technologies Plc