Chillers Market by Type, Function, Power Range, End-User

List of Tables

[185 Pages Report] The Chillers Market size was estimated at USD 4.82 billion in 2023 and expected to reach USD 5.02 billion in 2024, at a CAGR 4.25% to reach USD 6.45 billion by 2030.

The chillers market encompasses various types of cooling systems that provide temperature regulation, dehumidification, and heat removal for commercial and industrial applications. These systems are energy-efficient alternatives to conventional air conditioners and refrigeration units, utilizing vapor-compression or absorption techniques to transfer heat for cooling purposes. Increasing demand for energy-efficient cooling solutions due to stringent government regulations on energy consumption and rising awareness about environmental sustainability is driving the demand for chillers. Growing industrialization with the accelerating adoption of advanced technologies in HVAC systems is further expanding the usage of chillers. High initial investments owing to expensive components & installation costs associated with chillers hampers market growth. The rising development of next-generation chiller systems with higher energy efficiency ratings for compliance with evolving regulatory norms is expected to create opportunities for market growth.

KEY MARKET STATISTICS
Base Year [2023]	USD 4.82 billion
Estimated Year [2024]	USD 5.02 billion
Forecast Year [2030]	USD 6.45 billion
CAGR (%)	4.25%

Regional Insights

Europe, the Middle East, and the African region represent a highly developing landscape for the global chillers market owing to the massive expansion of end-user industries, the majority presence of product manufacturers, and stringent government norms for industrial safety. The latest data from Eurostat indicated an 8% rise in the production of manufactured goods in 2021 compared with 2020. Additionally, the presence of various petrochemical and pharmaceutical companies is driving the usage of chillers in Europe and the Americas. Moreover, the heavy investments in industrial sectors with supportive government initiatives toward Industry 4.0 evolution have increased the demand for chillers in the Asia-Pacific region. Additionally, significant investments in research and development for improved product designs and materials and innovations in chillers are expected to create a platform for market growth in the Americas.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Chillers Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers
- Increasing demand for energy-efficient cooling solutions due to stringent government regulations
- Rapid industrialization with increasing adoption of HVAC systems
- Rising need for process cooling in the manufacturing sector

Market Restraints
- High cost of maintenance and installation associated with chillers

Market Opportunities
- Introduction of next-generation chillers with higher energy efficiency ratings
- Growing adoption of eco-friendly chillers offering lower GWP

Market Challenges
- Complex retrofitting processes in case of replacements of chillers

Market Segmentation Analysis
- Type: Growing usage of screw chillers that offer reliable performance
- End-User: Proliferated use of chillers in chemical & petrochemical industries

Market Disruption Analysis
Porter's Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Chillers Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Chillers Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Trane Technologies Acquires MTA

Trane Technologies Company, LLC announced the acquisition of MTA SpA, an Italian manufacturer and distributor of industrial process cooling, air conditioning (AC), and air treatment solutions. Providing process chillers and an expanded rental and services business, MTA is expected to strengthen Trane's Commercial HVAC ability to bring efficient chillers solutions to pharmaceutical, food & beverage, and automotive industries in several markets. [Published On: 2023-05-04]

Johnson Controls announces industry-first use of low-GWP refrigerants in scroll and free-cooling screw chillers for the U.S. market

Johnson Controls International PLC introduced two innovative chillers to the U.S, market: the YORK YLAA Air-Cooled Scroll Chiller and the YORK YVFA Free-Cooling, Variable-Speed Screw Chiller. These groundbreaking products utilize R-454B and R-1234ze refrigerants, which boast among the lowest global warming potential (GWP) levels. This makes the YLAA and YVFA more than compliant with forthcoming Environmental Protection Agency (EPA) and U.S. Climate Alliance regulations that phase out hydrofluorocarbon (HFC) refrigerants like R-410A from January 1, 2024. [Published On: 2023-02-10]

Airedale Launches Range of Heat Pump and Low GWP Chillers

Airedale International Air Conditioning Ltd. introduced a new line of eco-friendly chillers and heat pumps designed for the comfort market, reinforcing our dedication to creating a greener, healthier world through energy-efficient and sustainable cooling solutions. These units operate on scroll and inverter screw compressor platforms essential for effective performance. The new offerings include two innovative product lines - SpiraChill and iChill - with additional models planned for future release. [Published On: 2023-02-09]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Chillers Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Chillers Market, highlighting leading vendors and their innovative profiles. These include A.C.M. Kalte Klima S.r.l., Aermec UK Ltd., Afinox Srl, Airedale International Air Conditioning Ltd., Applied Companies Corporation, Carrier Global Corporation, Century Corporation, Cold Shot Chillers, Daikin Industries, Ltd., Danfoss A/S, Drycool Systems India Private Limited, Flamingo Chillers, Friulair S.r.l., Geson Refrigeration Equipment CO., Ltd., Hitachi, Ltd., HYDAC International GmbH, Hyundai Climate Control.Co.ltd., Johnson Controls International PLC, Kawasaki Thermal Engineering Co., Ltd., KKT Chillers by Ait-Deutschland GmbH, LG Electronics Co., Ltd., Mitsubishi Heavy Industries, Ltd., Reynold India Private Limited, Robur SpA, Shuangliang Eco-energy Systems Co., Ltd., Thermax Limited, Tika Pro LLC, Trane Technologies Company, LLC, World Energy, and Yazaki Energy Systems, Inc..

Market Segmentation & Coverage

This research report categorizes the Chillers Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type
- Centrifugal Chiller
- Screw Chiller
- Scroll Chiller

Function
- Air Cooled Chiller
- Water-Cooled Chiller

Power Range
- 101 kW to 350 kW
- 351 kW to 700 kW
- Less Than 100 KW
- More than 700 kW

End-User
- Chemical & Petrochemicals
- Food & Beverages
- Medical & Pharmaceutical

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

Product Code: MRR-BB6269D13E08

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Increasing demand for energy-efficient cooling solutions due to stringent government regulations
  - 5.1.1.2. Rapid industrialization with increasing adoption of HVAC systems
  - 5.1.1.3. Rising need for process cooling in the manufacturing sector
- 5.1.2. Restraints
  - 5.1.2.1. High cost of maintenance and installation associated with chillers
- 5.1.3. Opportunities
  - 5.1.3.1. Introduction of next-generation chillers with higher energy efficiency ratings
  - 5.1.3.2. Growing adoption of eco-friendly chillers offering lower GWP
- 5.1.4. Challenges
  - 5.1.4.1. Complex retrofitting processes in case of replacements of chillers
5.2. Market Segmentation Analysis
- 5.2.1. Type: Growing usage of screw chillers that offer reliable performance
- 5.2.2. End-User: Proliferated use of chillers in chemical & petrochemical industries
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Chillers Market, by Type

6.1. Introduction
6.2. Centrifugal Chiller
6.3. Screw Chiller
6.4. Scroll Chiller

7. Chillers Market, by Function

7.1. Introduction
7.2. Air Cooled Chiller
7.3. Water-Cooled Chiller

8. Chillers Market, by Power Range

8.1. Introduction
8.2. 101 kW to 350 kW
8.3. 351 kW to 700 kW
8.4. Less Than 100 KW
8.5. More than 700 kW

9. Chillers Market, by End-User

9.1. Introduction
9.2. Chemical & Petrochemicals
9.3. Food & Beverages
9.4. Medical & Pharmaceutical

10. Americas Chillers Market

10.1. Introduction
10.2. Argentina
10.3. Brazil
10.4. Canada
10.5. Mexico
10.6. United States

11. Asia-Pacific Chillers Market

11.1. Introduction
11.2. Australia
11.3. China
11.4. India
11.5. Indonesia
11.6. Japan
11.7. Malaysia
11.8. Philippines
11.9. Singapore
11.10. South Korea
11.11. Taiwan
11.12. Thailand
11.13. Vietnam

12. Europe, Middle East & Africa Chillers Market

12.1. Introduction
12.2. Denmark
12.3. Egypt
12.4. Finland
12.5. France
12.6. Germany
12.7. Israel
12.8. Italy
12.9. Netherlands
12.10. Nigeria
12.11. Norway
12.12. Poland
12.13. Qatar
12.14. Russia
12.15. Saudi Arabia
12.16. South Africa
12.17. Spain
12.18. Sweden
12.19. Switzerland
12.20. Turkey
12.21. United Arab Emirates
12.22. United Kingdom

13. Competitive Landscape

13.1. Market Share Analysis, 2023
13.2. FPNV Positioning Matrix, 2023
13.3. Competitive Scenario Analysis
- 13.3.1. Trane Technologies Acquires MTA
- 13.3.2. Johnson Controls announces industry-first use of low-GWP refrigerants in scroll and free-cooling screw chillers for the U.S. market
- 13.3.3. Airedale Launches Range of Heat Pump and Low GWP Chillers
13.4. Strategy Analysis & Recommendation

14. Competitive Portfolio

14.1. Key Company Profiles
14.2. Key Product Portfolio