Chiller Market Share, Growth, Industry Analysis, Latest Trends and Forecast 2023-2028

According to the latest report by IMARC Group, titled "Chiller Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028″, The global chiller market size reached US$ 10.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 13.1 Billion by 2028, exhibiting a growth rate (CAGR) of 4.0% during 2023-2028.

Chiller represents cooling systems that regulate the temperature by circulating a liquid as a cooling liquid. It is available in several product types, including screw, scroll, centrifugal, water-cooled, air-cooled, etc. These chiller variants comprise of compressors, condensers, evaporators, control units, expansion valves, and power panels. They are designed to cool products, machines, and glycol by providing a continuous flow of coolant for maintaining the target temperature at a constant level. Chiller models offer numerous advantages, such as energy efficiency, improved flexibility, enhanced process control and safety, higher durability, etc. Consequently, they find widespread utilization across various sectors, including food and beverage (F&B), plastic, rubber, chemicals, petrochemicals, pharmaceutical, etc.

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Chiller Market Growth and Development:

The increasing product adoption to ensure the proper functioning of industrial machinery by optimizing the heat produced, owing to friction between components in high-powered equipment, is among the key factors driving the chiller market. Additionally, the elevating usage of the product in the F&B segment, on account of the rising consumption of frozen and packaged foods, is further stimulating the market growth. In line with this, the escalating need for water chillers in food processing and food packaging applications of multiple items, such as cheese, sauce, yogurt, ice cream, chocolate, etc., that require reliable indirect cooling solutions for retaining a precise and consistent temperature is acting as another significant growth-inducing factor. Moreover, the launch of energy-efficient chillers that help reduce energy costs and lower environmental impact and carbon emissions is also positively influencing the global market. Besides this, the expanding installation of the products in buildings to remove heat and maintain optimal internal temperature is expected to propel the chiller market over the forecasted period.

Chiller Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape with Key Players:

The competitive landscape of the chiller market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• Carrier Global Corporation
• Daikin Industries Ltd.
• Friulair S.r.l.
• General Air Products
• HYDAC International GmbH
• Johnson Controls International PLC
• KKT Chillers Inc.
• LG Electronics Inc.
• Mitsubishi Electric Corporation
• PolyScience Inc.
• Trane Technologies plc

Key Market Segmentation:

The report has segmented the chiller market on the basis of type, product type, power range, end-use industry and region.

Breakup by Type:

• Screw
• Scroll
• Centrifugal
• Others

Breakup by Product Type:

• Air Cooled
• Water Cooled

Breakup by Power Range:

• Less than 50 kW
• 50-200 kW
• More than 200 kW

Breakup by End Use Industry:

• Food and Beverage
• Plastic and Rubber
• Chemicals and Petrochemicals
• Pharmaceuticals
• Others

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Turkey, South Africa, Others)

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Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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