PUBLISHER: The Business Research Company | PRODUCT CODE: 1425564
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425564
Industrial Air Chiller Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on industrial air chiller market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for industrial air chiller? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The industrial air chiller market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
An industrial air chiller serves as a mechanism that absorbs heat from industrial process water and subsequently dissipates that heat into the surrounding air near the chiller unit.
Diverse types of industrial air chillers are available, such as centrifugal chillers, reciprocating chillers, scroll compressor chillers, and screwdriver chillers. Centrifugal chillers operate on the vapor compression cycle to efficiently cool water, generating large volumes of chilled water suitable for high-capacity cooling applications. They are commonly employed in district energy plants or various process plants. These chillers function in both stationery and transport capacities, finding use across multiple industries including food and beverage, pharmaceuticals, utility and power, oil and gas, among others.
The industrial air chillers market research report is one of a series of new reports from The Business Research Company that provides industrial air chillers market statistics, including industrial air chillers industry global market size, regional shares, competitors with an industrial air chillers market share, detailed industrial air chillers market segments, market trends and opportunities, and any further data you may need to thrive in the industrial air chillers industry. This industrial air chillers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The industrial air chiller market size has grown strongly in recent years. It will grow from $4.77 billion in 2023 to $5.03 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth witnessed in the historic period of the industrial air chiller market can be credited to a range of factors. These include the influence of incentives and rebates, geopolitical factors impacting trade and industry, evolving maintenance practices, shifts in industry demand patterns, and regulations concerning refrigerants. These collective elements contributed to the growth and development observed in the industrial air chiller sector during that period.
The industrial air chiller market size is expected to see strong growth in the next few years. It will grow to $6.17 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The projected growth in the upcoming period within the industrial air chiller market is expected to stem from various factors. These encompass the increased adoption of renewable energy sources, emphasis on after-sales services, fortification against climate change impacts, augmented investment in research and development, the replacement cycle of existing equipment, and the ongoing urbanization coupled with infrastructure expansion. Significant trends foreseen during this period include a focus on energy efficiency, adherence to environmental regulations, heightened demand from end-use industries, continued urbanization, infrastructure expansion, and a concentrated effort on precision cooling methods. These factors and trends collectively drive the anticipated growth trajectory in the industrial air chiller market in the forecast period.
The anticipated expansion within the pharmaceutical sector is poised to drive growth in the industrial air chiller market. Pharmaceuticals, involved in producing and distributing medically utilized drugs, heavily rely on industrial air chillers for the secure storage of medicines and chemicals. This symbiotic growth was evident in the UK, where pharmaceutical manufacture, as reported by the UK's Office for National Statistics in August 2021, surged by US$1.12 billion (8%) to reach a total of US$15.25 billion in 2020, significantly influencing the demand for industrial air chillers.
The escalating trajectory of the food and beverage (F&B) industry is projected to catalyze the industrial air chillers market. This multifaceted industry spans the entire food production and distribution chain. Industrial air chillers play a pivotal role in maintaining precise temperatures during various production stages, safeguarding product quality and safety. Notably, the surge in revenue within the food manufacturing sector, reported by Farm Credit Canada in March 2022, exceeding $125 billion and marking a 14.8% increase from 2020 figures, reinforces the reliance on industrial air chillers for preserving perishable goods and upholding industry standards.
A prevailing trend in the industrial air chiller market is the emphasis on product innovation. Key industry players are dedicated to developing groundbreaking products to reinforce their market foothold. Mitsubishi Electric's introduction of the R32 version of e-series air-cooled chillers in March 2021 exemplifies this pursuit. These units, available in 150kW and 180kW, boast unique features such as internal headers and low-temperature ambient loop heat network solutions, leveraging high-efficiency inverter compressors for enhanced performance.
Major players within the industrial air chillers sector are focusing on innovative offerings like high-performance industrial process cooling chillers to gain a competitive edge. Carrier's launch of the AquaForce Vision 30KAV in March 2022 signifies this trend. This new line of industrial process cooling chillers, designed for sectors like food manufacturing and pharmaceuticals, utilizes environmentally friendly refrigerant R-1234ze, offering exceptional energy efficiency and compact design while aligning with Carrier's sustainability goals.
Carrier Corporation's strategic acquisition of Guangdong Giwee Group in June 2021 underscores the competitive dynamics in the industrial air chillers market. This move expanded Guangdong's market reach as a China-based manufacturer of ventilation, heating, and air conditioning products, emphasizing the strategic positioning sought by key industry players.
Major companies operating in the industrial air chiller market report are Johnson Controls International PLC, Mitsubishi Electric Corporation, Daikin Industries Ltd., Trane Technologies Company LLC, Carrier Global Corporation, Blue Star Limited, Airedale International Air Conditioning Ltd., Hiver Aircon Pvt. Ltd., GEM Orion Machinery Private Limited, Jiangsu Huazhao Refrigeration Equipment Co. Ltd., Fujitsu General Limited, Haier Group Corporation, Midea Group, Ingersoll Rand Inc., Panasonic Holdings Corporation, Hitema International S.r.l., HYDAC Technology GmbH, KKT chillers Inc., Lennox International Inc., LG Electronics Inc., MTA S.p.A., Multistack LLC, Parker-Hannifin Corporation, Process Cooling Systems Inc., Reynold India Pvt. Ltd., Rittal GmbH & Co. KG, Shanghai Shenglin M&E Technology Co. Ltd., Sterling HVAC Products, Thermal Care Inc., YORK International Corporation
North America was the largest region in the industrial air chiller market in 2023. The regions covered in the industrial air chiller market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the industrial air chiller market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The industrial air chiller market consists of sales of air-cooled chillers, vapor compressor chillers, and vapor absorption chillers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.