Chillers Market Growing Demand For Process Cooling In Various Applications

According to Precision Business Insights' (PBI), latest report, the global chillers market size was valued at USD 13,583.1 million in 2022 and is poised to grow at a significant CAGR of 4.5% during the forecast period 2022-28. The rising temperatures due to global warming are likely to drive the demand for cooling equipment. Increasing the adoption of chillers owing to their ability to remove heat from the building and maintain internal temperature is anticipated to drive the market. The expansion of infrastructure, including electricity, dam, and commercial projects, is fuelling the growth of the chillers industry. For example, China's Belt and Road Initiative are projected to create doors for renewable energy projects. In 2018, the Trump administration announced an infrastructure development program worth more than USD 200 billion to improve the country's infrastructure. Moreover, the high manufacturing and setup cost of chillers is expected to slow down the overall Chillers Market growth.

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Screw Chiller Segment to Dominate the Chillers Market:
Based on type the global chillers market is segmented into Screw Chiller, Scroll Chiller, Centrifugal Chiller, and Others. the screw chillers segment held a considerable market during the estimated period. Market growth is driven by attributes such as cost-effectiveness, minimal maintenance, and great efficiency. Moreover, rising demand from sectors such as oil and gas, pharmaceutical, chemical, food and beverage, and automotive will propel the market in the near future. Screw compressors are popular among ecologically concerned customers due to their environmentally friendly refrigerant. Hitachi, for example, created the Semi-Hermetic Twin-Screw compressor, which employs the environmentally beneficial refrigerant R134a. Moreover, characteristics such as low noise, low vibration, and user-friendly touch panels have been specially designed to handle all activities ranging from process applications in factories to building air conditioning.

Asia Pacific Chillers Market:
The global chiller market, based on region, is segmented into America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. The Asia Pacific market is likely to hold the highest market share over the forecast period. It is projected to grow at a significant CAGR in the coming years. The Asia Pacific market is developing rapidly due to the increasing demand from China. The cost-effectiveness and ease of installation have resulted in the popularity of Chillers in China's industrial sector. Moreover, North America is likely to witness market growth. The growing construction spending coupled with repair and replacement activities is anticipated to drive the demand for energy-efficient modular chillers. the surging demand for electricity has stimulated the construction of enormous power plants in the U.S. These power plants to require cooling stations to maintain an optimal temperature in the facility.

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Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global Chillers market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In March 2022 - Daikin Applied launched Navigator, a screw compressor water-cooled chiller engineered with variable volume ratio technology. Built on Daikin's Applied innovation, VVR technology, and water-cooled technology, the Navigator offers the power of efficiencies that meet ASHRAE 90.1-2016 levels and IPLV as low as 0.36.

The chillers market is segmented based on product, technology, end-user, and geography.
Based on the type:
• Screw Chiller
• Scroll Chiller
• Centrifugal Chiller
• Others

Based on the Product Type:
• Air Cooled Chiller
• Water Cooled Chiller

Based on the Power Range:
• Less than 50 kW
• 50-200 kW
• More than 200 kW

Based on the End User:
• Chemicals & Petrochemicals
• Food & Beverages
• Medical
• Others

Key players profiles in the chillers market report are Carrier Global Corporation, Mitsubishi Electric Corporation, DAIKIN INDUSTRIES LTD, DIMPLEX THERMAL SOLUTIONS, LG Electronics, JOHNSON CONTROLS INTERNATIONAL PLC, Polyscience Inc., SMARDT CHILLER GROUP INC.

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This release was published on openPR.