Press release
Chillers Industry will Reach USD 12.67 Billion and Hist a CAGR of 3.7% by Forecast Outlook 2028
Chillers Market
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A chiller is a machine that removes heat from a liquid through a refrigeration cycle in order to provide cold water for air conditioning systems, industrial processes, or other cooling applications. Chillers work by using a compressor to compress refrigerant gas, which then circulates through a condenser where it releases the heat it has absorbed. The cooled refrigerant then flows through an evaporator where it absorbs heat from the liquid being cooled, such as water. The chilled liquid is then pumped through a system to provide cooling. Chillers can be air-cooled or water-cooled and come in a range of sizes and capacities to meet different cooling needs.
An increase in demand for process cooling in the industrial application, to control room atmosphere is anticipated to proliferate the growth of the global chillers market. In addition, rise in construction spending in countries such as India, Germany, Japan, the U.S., and others drives the growth of the market. For instance, expenditure on private construction activities by the U.S. government increased by over 50% and that on public construction surged by over 20% from 2012 to 2020.
Further, the government spending on installing heating, ventilation, and air conditioning (HVAC) systems is expected to boost the global chillers market growth. For instance, in 2020, the German government spent $603.4 million for installing and upgrading heating, ventilation, and air conditioning systems in commercial and industrial buildings.
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An increase in spending on the tourism sector is expected to lead to rise in demand for chillers in the commercial and public buildings. This in turn is estimated to fuel the demand of the global chillers. For instance, according to the Central office of the Federal Agency for tourism, the Russian government planned to spend $1.85 million per year for 3-year period from 2020 to 2022.
Global Chillers Market Segments
By Type
• Screw Chiller
• Scroll Chiller
• Centrifugal Chiller
• Others
By Product Type
• Air Cooled Chiller
• Water Cooled Chiller
By End User
• Chemicals & Petrochemicals
• Food & Beverages
• Medical
• Others
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Company Profiles:
The key players profiled in the report include Carrier Global Corporation, Mitsubishi Electric Corporation, Daikin Industries Ltd, Dimplex Thermal Solutions, LG Electronics, Johnson Controls International Plc, Gree Electric Appliances Inc of Zhuhai, Midea Group Co. Ltd, Thermax Ltd, and Trane Technologies Plc.
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