Chillers Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
The chillers are used for controlled cooling. Chillers are defined as refrigeration system that is used to lower the temperatures of process fluids, machinery, and others by removing heat from them and transferring it to other spaces. Chillers are mainly essential for regulating and maintaining the temperatures in various industries.

Sizing and Forecast
The chillers market size has grown steadily in recent years. It will grow from <b>$9.04 billion in 2023 to $9.43 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. </b> The growth in the historic period can be attributed to growth in industrial and commercial construction, expansion of hvacr systems in residential and commercial buildings, adoption of process cooling in industrial applications, increased in demand for air conditioning and refrigeration, focus on energy efficiency and sustainable cooling solutions.

The chillers market size is expected to see strong growth in the next few years. It will grow to <b>$11.68 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. </b> The growth in the forecast period can be attributed to urbanization and growth of megacities driving demand for cooling solutions, expansion of data centers and it infrastructure, adoption of chillers in food and beverage processing, demand for district cooling systems in urban developments, market growth in developing economies and emerging markets. Major trends in the forecast period include transition to low-gwp refrigerants, integration with smart building systems, modular and scalable chiller systems, heat recovery chillers for cogeneration, use of advanced controls and predictive analytics.

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Segmentation & Regional Insights
The chillers market covered in this report is segmented –

1) By Product Type: Air Cooled Chiller, Water Cooled Chiller
2) By Power Range: Less than 50 kW, 50-200 kW, More than 200 kW
3) By Compressor Type: Screw Chillers, Centrifugal Chillers, Absorption Chillers, Reciprocating Chillers
4) By End User: Commercial, Industrial, Residential

<b>Asia-Pacific</b> was the largest region in the Chillers market in 2023. The regions covered in the chillers market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth
The rise in new commercial construction buildings is expected to propel the growth of the chillers market. The commercial buildings use chillers to remove heat from the air and help in achieving a proper temperature control. Smart commercial buildings are incorporating smart technologies, such as occupancy sensors, smart thermostats, and HVAC and lighting controls help reduce energy usage in unoccupied offices, conference rooms, and other spaces. For instance, according to The American Council for an Energy Efficient Economy (ACEEE), technologies used in smart building can reduce 18% energy consumption for HVAC systems, 28% for plugged equipment and 33% for lighting. Therefore, the rise in new commercial construction buildings is expected to create opportunities for various players involved in the chillers market.

Key Industry Players
Major companies operating in the chillers market include <b> Carrier Corporation, Daikin Industries Ltd., Trane Technologies plc, Hitachi Air Conditioning Company Ltd., Johnson Controls International plc, Thermax Limited, Smardt Chiller Group Inc., Mitsubishi Electric Corporation, Midea Group Co. Ltd., LG Electronics Inc., Reynold India Pvt. Ltd., Dimplex Thermal Solutions, Dunham-Bush Ltd., Frigel Firenze SpA, Friulair S.R.L., HYDAC International GmbH, Thermal Care Inc., SKM Air Conditioning, Meccanotecnica Applicata S.r.l., KKT Chillers, Glen Dimplex Thermal Solutions, Delta T Systems Inc., Chase Cooling Systems, TopChiller, CAREL UK Ltd., Thermo Fisher Scientific Inc., Thermionics Corporation, Welkin Solutions, Frost Italy S.r.l., Cold Shot Chillers, York International Corporation, McQuay International, Multistack LLC, Airedale International Air Conditioning Ltd., Blue Star Limited, Gesellschaft für Entstaubungsanlagen Group AG, Danfoss A/S, Climaveneta S.p.A., Lennox International Inc. </b>

The chillers market report table of contents includes:

1. Executive Summary
2.Chillers Market Characteristics
3.Chillers Market Trends And Strategies
4.Chillers Market analysis
5.Chillers Market Size And Growth
6.Chillers Segmentation
7.Chillers Regional And Country Analysis
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27.Chillers Competitive Landscape And Company Profiles
28.Chillers Key Mergers And Acquisitions
29.Chillers Future Outlook and Potential Analysis

TOP MAJOR PLAYERS:

• Carrier Corporation
• Daikin Industries Ltd.
• Trane Technologies plc
• Hitachi Air Conditioning Company Ltd.
• Johnson Controls International plc

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