Chillers Market worth $4.8 billion by 2026 | Key players Daikin Industries, Carrier Corp, Trane Technology, KKT Chillers, MTA S.P.A

According to recent market research "Chillers Market by Type (Screw, Scroll, Centrifugal, Absorption, Reciprocating), End-use industry (Plastic, Chemical & Petrochemical, Rubber, Food & Beverage, Medical & Pharmaceutical), and Region - Global Forecast to 2026", The chillers market is projected to grow from USD 4.1 billion in 2021 to USD 4.8 billion by 2026, at a CAGR of 3.0% during the forecast period. The growth of the chillers can be attributed to the stringent government regulations on energy efficiency and emissions, globally coupled with the increasing demand for space cooling and process cooling.

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The scroll segment dominated the chillers market, with a share of more than 40.0% in 2020. The scroll chillers use water and heat transfer fluids for cooling, making them very efficient compared to the other types of chillers, which utilize ambient air for cooling. This has increased its demand in space and process cooling in the commercial and industrial sectors.

Alternative energy sources are used to generate power at the power stations. These power stations generate tremendous heat during the process and create pollution. Thus, the absorption chillers are used at the power plants in order to maintain the temperature and reduce pollution. Alternative energy is the fastest-growing application in the market as chillers provide consistent temperature and pressure to the power generation process. Eliminating temperature and pressure variables simplifies the process development and optimization, ensuring the highest quality product. Instead of a wasteful, single-pass-through system, a chiller recirculates the cooling water in the system.

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The chillers market size is estimated to be USD 4.1 billion in 2021 and projected to reach USD 4.8 billion by 2026, at a CAGR of 3.0%, between 2021 and 2026. Chillers are used in the industrial sector to maintain equipment temperature and keep the atmosphere cool. Some of the components of chillers include compressors, evaporators, condensers, control units, power panels, and expansion valves. Chillers provide air conditioning by eliminating the unwanted heat from commercial and industrial buildings.

The chillers market is segmented based on type as scroll, screw, centrifugal, reciprocating, and absorption. Scroll chillers led the market in 2020 being cost-effective and consume less power as compared to other types of chillers. Additionally, absorption chillers are projected to grow at sthe highest rate during the forecast period owing to the increasing use of eco-friendly cooling equipment in various end-use industries. Also, absorption chiller offers high energy efficiency rate, low maintenance, and low CO2 emission ratio. Further, the absence of a compressor in the absorption coolers results in direct or indirect firing and controlling the capacity through the amount of heat entering the system is driving the market demand.

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Trane Technology (Ireland) is among the key players in the chillers market. It is specialized in the manufacturing of HVAC systems through its established brand ‘Trane’. It has a strong foothold across the North American region, contributing around 78.0% of group’s revenue. The company has adopted organic and inorganic strategies to increase its market share and revenue. For instance, in 2019, it acquired several channel points, such as distributors and independent dealers to expand the distribution network across the region.

Carrier Corporation (US) is one of the leading manufacturer and supplier of HVAC solutions. The company owns more than 80 brands, such as Carrier, Chubb, Kidde, and Edwards in the HVAC market. In 2021, the company registered an organic sales growth of 6.0%, majorly driven by the industrial and commercial HVAC markets. It has an established joint venture with another leading HVAC company, ‘TEC’. This strategic joint venture is expected to expand the company’s footprints in the neighboring countries. This overall scenario is expected to create significant revenue opportunities for the company.

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