Asia Pacific Chillers Market Forecast to 2030 - Regional Analysis

List of Tables

The Asia Pacific chillers market is expected to grow from US$ 5,000.85 million in 2022 to US$ 8,062.57 million by 2030. It is estimated to register a CAGR of 6.2% from 2022 to 2030.

Development of IoT enabled HVAC Chillers Boosts Asia Pacific Chillers Market

The initial stage of the IoT revolution is on the horizon, and IoT is making its mark on the heat, ventilation, and air conditioning (HVAC) industry. IoT enabled HVAC products are helping many customers to maximize the efficiency of their HVAC systems. People in smart cities are transforming their houses into smart homes with latest technologies and devices. The crucial reason behind the adoption of advanced technology in developed countries is the strong economic condition along with supportive infrastructure.

In short period of time, HVAC chillers will be able to fine-tune and make changes in settings for themselves, with lesser or no human input at all. In simple words, HVAC chillers will be able to make the required judgment as per the specific condition on their own. TCS is helping Voltas in developing a remote chiller monitoring system which will be able to prevent the chiller breakdowns. Intel deployed their IoT gateway, TCS made use of their IoT framework and Voltas leveraged their chiller expertise for jointly developing a centralized system which can monitor chillers remotely across distinct geographies. End to end solutions from TCS helps in diagnosing the real-time health of the chillers via live dashboard, identifying anomalies in the equipment parameters and raise notifications and alerts for the respective field engineer and predict failures in equipment for proactive maintenance.

Asia Pacific Chillers Market Overview

Asia-Pacific (APAC) HVAC chillers market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The ongoing industrialization of cities, elevating disposable income of consumers, rising demand for luxury products, and stringent government norms focusing on global warming are the factors contributing to the growth of the Asia-Pacific HVAC chillers market. The construction sectors in countries such as China and India are witnessing huge investments, specifically for the establishment of retail spaces, commercial office buildings, and manufacturing facilities, as well as for the expansion and construction of airports. According to Civil Aviation Administration of China (CAAC), China aims to construct 216 new airports by 2035 to meet the growing demands for air travel. In 2020, the building construction spending in Asia crossed US$ 4.5 trillion, which was ~50% of the global expenditure on construction projects. Moreover, the growing popularity and adoption of new trends such as green building in emerging and developed countries is providing significant growth opportunities for the HVAC chillers market players. Stringent government norms and standards for controlling energy consumption and promoting energy-efficient practices is also contributing to the rise in acceptance of green technologies. According to the World Green Building Council (World GBC), Australia (~46%) and China (~42%) majorly focus on supporting the construction of green buildings. Moreover, countries such as India, Japan, and China are investing heavily in commercial building projects, which further propels the HVAC chiller demand. Increasing focus on the construction of skyscrapers in China and Japan is offering new opportunities for the flourishment of the HVAC chillers market players in Asia Pacific.

Asia Pacific Chillers Market Revenue and Forecast to 2030 (US$ Million)

Asia Pacific Chillers Market Segmentation

The Asia Pacific chillers market is segmented into technology, type, application, and country.

Based on technology, the Asia Pacific chillers market is segmented into air-cooled, water-cooled, and steam-fired. The air-cooled segment held the largest share of the Asia Pacific chillers market in 2022.

In terms of type, the Asia Pacific chillers market is segmented into process chillers, scroll chillers, screw chillers, centrifugal chillers, absorption chillers, modular chillers, and reverse cycle chillers. The screw chillers segment held the largest share of the Asia Pacific chillers market in 2022.

Based on application, the Asia Pacific chillers market is segmented into industrial, commercial, and residential. The industrial segment held the largest share of the Asia Pacific chillers market in 2022.

Based on country, the Asia Pacific chillers market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific chillers market in 2022.

LG Electronics Inc, Mitsubishi Electric Corp, Carrier Global Corp, Daikin Industries Ltd, Thermal Care, Inc, Trane Inc, Kaltra, SKM Air Conditioning, and Airedale International Air Conditioning Ltd are some of the leading companies operating in the Asia Pacific chillers market.

Product Code: BMIRE00030004

1. Introduction

1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation

2. Executive Summary

2.1 Key Insights
2.2 Market Attractiveness

3. Research Methodology

3.1 Coverage
3.2 Secondary Research
3.3 Primary Research

4. Asia Pacific Chillers Market Landscape

4.1 Overview
4.2 PEST Analysis
- 4.2.1 APAC
4.3 Ecosystem Analysis

5. Asia Pacific Chillers Market - Key Industry Dynamics

5.1 Chillers Market - Key Industry Dynamics
5.2 Market Drivers
- 5.2.1 Rising Demand from Various Industries
- 5.2.2 Increasing Number of Data Centres to Boost Market Growth
5.3 Market Restraints
- 5.3.1 Less Efficiency in Humid Environment and High Maintenance Cost
5.4 Market Opportunities
- 5.4.1 Economic Growth in Developing Countries Across the World
5.5 Future Trends
- 5.5.1 Development of IoT enabled HVAC Chillers
5.6 Impact of Drivers and Restraints:

6. Chillers Market - Asia Pacific Market Analysis

6.1 Chillers Market Revenue (US$ Million), 2022 - 2030
6.2 Chillers Market Forecast and Analysis

7. Asia Pacific Chillers Market Analysis - Technology

7.1 Overview
- 7.1.1 Chillers Market , By Technology (2022 and 2030)
7.2 Air-Cooled
- 7.2.1 Overview
- 7.2.2 Air-Cooled Market, Revenue and Forecast to 2030 (US$ Million)
7.3 Water-Cooled
- 7.3.1 Overview
- 7.3.2 Water-Cooled Market, Revenue and Forecast to 2030 (US$ Million)
7.4 Steam-Fired
- 7.4.1 Overview
- 7.4.2 Steam-Fired Market Revenue and Forecast to 2030 (US$ Million)

8. Asia Pacific Chillers Market Analysis - Type

8.1 Overview
- 8.1.1 Asia Pacific Chillers Market , By Type (2022 and 2030)
8.2 Process Chillers
- 8.2.1 Overview
- 8.2.2 Process Chillers Market Revenue, and Forecast to 2030 (US$ Million)
8.3 Scroll Chillers
- 8.3.1 Overview
- 8.3.2 Scroll Chillers Market Revenue, and Forecast to 2030 (US$ Million)
8.4 Screw Chillers
- 8.4.1 Overview
- 8.4.2 Screw Chillers Market Revenue, and Forecast to 2030 (US$ Million)
8.5 Centrifugal Chillers
- 8.5.1 Overview
- 8.5.2 Centrifugal Chillers Market Revenue, and Forecast to 2030 (US$ Million)
8.6 Absorption Chillers
- 8.6.1 Overview
- 8.6.2 Absorption Chillers Market Revenue, and Forecast to 2030 (US$ Million)
8.7 Modular Chillers
- 8.7.1 Overview
- 8.7.2 Modular Chillers Market Revenue, and Forecast to 2030 (US$ Million)
8.8 Reverse Cycle Chillers
- 8.8.1 Overview
- 8.8.2 Reverse Cycle Chillers Market Revenue, and Forecast to 2030 (US$ Million)

9. Asia Pacific Chillers Market Analysis - Application

9.1 Overview
- 9.1.1 Asia Pacific Chillers Market , By Application (2022 and 2030)
9.2 Commercial
- 9.2.1 Overview
- 9.2.2 Commercial Market Revenue, and Forecast to 2030 (US$ Million)
9.3 Industrial
- 9.3.1 Overview
- 9.3.2 Industrial Market Revenue, and Forecast to 2030 (US$ Million)
9.4 Residential
- 9.4.1 Overview
- 9.4.2 Residential Market Revenue, and Forecast to 2030 (US$ Million)

10. Asia Pacific Chillers Market - Country Analysis

10.1 Asia Pacific
- 10.1.1 Asia Pacific Chillers, By Key Country - Revenue 2022 (US$ Mn)
- 10.1.2 Asia Pacific Chillers Market Revenue and Forecasts and Analysis - By Country
  - 10.1.2.1 Asia Pacific Chillers Market Revenue and Forecasts and Analysis - By Country
  - 10.1.2.2 China Chillers Market Revenue and Forecasts to 2030 (US$ Mn)
    - 10.1.2.2.1 China Chillers Market Breakdown by Technology
    - 10.1.2.2.2 China Chillers Market Breakdown by Type
    - 10.1.2.2.3 China Chillers Market Breakdown by Application
  - 10.1.2.3 Japan Chillers Market Revenue and Forecasts to 2030 (US$ Mn)
    - 10.1.2.3.1 Japan Chillers Market Breakdown by Technology
    - 10.1.2.3.2 Japan Chillers Market Breakdown by Type
    - 10.1.2.3.3 Japan Chillers Market Breakdown by Application
  - 10.1.2.4 India Chillers Market Revenue and Forecasts to 2030 (US$ Mn)
    - 10.1.2.4.1 India Chillers Market Breakdown by Technology
    - 10.1.2.4.2 India Chillers Market Breakdown by Type
    - 10.1.2.4.3 India Chillers Market Breakdown by Application
  - 10.1.2.5 South Korea Chillers Market Revenue and Forecasts to 2030 (US$ Mn)
    - 10.1.2.5.1 South Korea Chillers Market Breakdown by Technology
    - 10.1.2.5.2 South Korea Chillers Market Breakdown by Type
    - 10.1.2.5.3 South Korea Chillers Market Breakdown by Application
  - 10.1.2.6 Australia Chillers Market Revenue and Forecasts to 2030 (US$ Mn)
    - 10.1.2.6.1 Australia Chillers Market Breakdown by Technology
    - 10.1.2.6.2 . Australia Chillers Market Breakdown by Type
    - 10.1.2.6.3 Australia Chillers Market Breakdown by Application
  - 10.1.2.7 Rest of Asia Pacific Chillers Market Revenue and Forecasts to 2030 (US$ Mn)
    - 10.1.2.7.1 Rest of Asia Pacific Chillers Market Breakdown by Technology
    - 10.1.2.7.2 Rest of Asia Pacific Chillers Market Breakdown by Type
    - 10.1.2.7.3 Rest of Asia Pacific Chillers Market Breakdown by Application

11. Industry Landscape

11.1 Overview
11.2 Market Initiative
11.3 New Product Development

12. Company Profiles

12.1 LG Electronics Inc
- 12.1.1 Key Facts
- 12.1.2 Business Description
- 12.1.3 Products and Services
- 12.1.4 Financial Overview
- 12.1.5 SWOT Analysis
- 12.1.6 Key Developments
12.2 Mitsubishi Electric Corp
- 12.2.1 Key Facts
- 12.2.2 Business Description
- 12.2.3 Products and Services
- 12.2.4 Financial Overview
- 12.2.5 SWOT Analysis
- 12.2.6 Key Developments
12.3 Carrier Global Corp
- 12.3.1 Key Facts
- 12.3.2 Business Description
- 12.3.3 Products and Services
- 12.3.4 Financial Overview
- 12.3.5 SWOT Analysis
- 12.3.6 Key Developments
12.4 Daikin Industries Ltd
- 12.4.1 Key Facts
- 12.4.2 Business Description
- 12.4.3 Products and Services
- 12.4.4 Financial Overview
- 12.4.5 SWOT Analysis
- 12.4.6 Key Developments
12.5 Thermal Care, Inc.
- 12.5.1 Key Facts
- 12.5.2 Business Description
- 12.5.3 Products and Services
- 12.5.4 Financial Overview
- 12.5.5 SWOT Analysis
- 12.5.6 Key Developments
12.6 Trane Inc.
- 12.6.1 Key Facts
- 12.6.2 Business Description
- 12.6.3 Products and Services
- 12.6.4 Financial Overview
- 12.6.5 SWOT Analysis
- 12.6.6 Key Developments
12.7 Kaltra
- 12.7.1 Key Facts
- 12.7.2 Business Description
- 12.7.3 Products and Services
- 12.7.4 Financial Overview
- 12.7.5 SWOT Analysis
- 12.7.6 Key Developments
12.8 SKM Air Conditioning
- 12.8.1 Key Facts
- 12.8.2 Business Description
- 12.8.3 Products and Services
- 12.8.4 Financial Overview
- 12.8.5 SWOT Analysis
- 12.8.6 Key Developments
12.9 Airedale International Air Conditioning Ltd
- 12.9.1 Key Facts
- 12.9.2 Business Description
- 12.9.3 Products and Services
- 12.9.4 Financial Overview
- 12.9.5 SWOT Analysis
- 12.9.6 Key Developments

13. Appendix

13.1 About The Insight Partners