Chiller Market Technological Advancements, Evolving Industry Trends and Insights

The increasing global temperature, on account of the extensive burning of fossil fuels such as natural gas and coal, is the main factor responsible for the mushrooming demand for chillers across the world. The burning of these fossil fuels causes the release of various greenhouse gases (GHG) such as nitrous oxides, carbon dioxide, and methane into the atmosphere. Moreover, the increasing GHG concentration in the environment is fueling the absorption of infrared radiation by the atmosphere.

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This is consequently raising the average global temperature. As per reports, the average temperature has increased by 1.28 °C (2.31 °F) from the late 19th century (1850–1900) to 2019. This is subsequently pushing up the requirement for chillers in commercial, industrial, and residential sectors around the world. Apart from the rising global temperature, the booming construction sector is also positively impacting the sales of chillers all over the world.

According to estimates, the value of the global construction industry will rise from $10.5 trillion in 2017 to $12.8 trillion by 2022, primarily because of the launch of residential building, metro rail, and airport construction projects around the world. For example, there were 115 under-construction high-rise buildings in London in 2018. Similarly, the number of such under-construction projects was 42 in Chicago in 2019. On the other hand, India is planning to build 100 airports over the next 15 years.

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China is following a similar path, with the country announcing that it aims to build 136 airports by 2025. These construction projects, once completed, will massively push up the demand for chillers, which, will, in turn, cause the expansion of the global chiller market. As a result, the value of the market will grow from $7,330.7 million in 2019 to $10,880.3 million by 2030, as per the estimates of the market research company, P&S Intelligence.

Furthermore, the market will advance at a CAGR of 5.0% between 2020 and 2030. Scroll, absorption, centrifugal, reciprocating, and screw are the most widely used types of chillers. Amongst these, the demand for centrifugal chillers is predicted to rise rapidly in the forthcoming years. This is credited to the ballooning requirement for industrial-grade chillers across the globe. Furthermore, between the two types of centrifugal chillers — water-cooled and air-cooled, the sales of the air-cooled variants will surge in the coming years.

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This release was published on openPR.