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HVAC Chillers Market Scenario Analysis, Trends, Drivers and Impact Analysis 2031 | To Reach $15 Billion
HVAC Chillers Market
HVAC chillers are generally used in the industrial sector to maintain equipment temperature and keep the atmosphere cool. Some of the components of HVAC chillers include compressors, evaporators, condensers, control units, power panels, and expansion valves. HVAC chillers provide air conditioning by eliminating the unwanted heat from commercial and industrial buildings.
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The hvac chillers market size was valued at $9.5 billion in 2021, and is estimated to reach $15 billion by 2031, growing at a CAGR of 4.5% from 2022 to 2031. There is a rise in demand for HVAC chillers due to various advantages such as portability, convenience, and quick and easy maintenance. In addition, acceptance of HVAC chillers in restaurants, hotels, kitchens and dining rooms increases to address temperature level concerns. This is expected to boost the HVAC chillers market growth.
Moreover, other industries where these chillers are used include rubber, petrochemical, medical, plastic and commercial office buildings.
An increase in urban population in emerging countries such as India, Japan, and others, is expected to boost the adoption of modular chillers in chemical, automotive, food & beverages, and others industries, to provide heating as well as cooling atmosphere. In addition, surge in demand from food & beverage industry for modular chillers, due to rise in adoption in areas such as breweries, distillers, food and dairy processing units, as well as wineries, and vineyards, propel the growth of the HVAC chillers market.
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Top Players:
Honeywell International Inc., Mitsubishi Electric Corp., Johnson Controls International plc, Samsung Electronics Co. Ltd., Daikin Industries Ltd., AIREDALE INTERNATIONAL AIR CONDITIONING LTD., Panasonic Corporation, LG Electronics Inc., Trane Technologies Plc, PolyScience, Shuangliang Eco-Energy Co.Ltd., Siemens AG, Carrier Global Corporation, Thermal Care Inc., Kaltra, SKM Air Conditioning, Ab Electrolux
KEY FINDINGS OF THE STUDY
• The report provides an extensive analysis of the current and emerging global HVAC chillers market trends and dynamics.
• By operation type, the vapor compression chillers segment dominated the HVAC chillers market, in terms of revenue in 2021 and vapor absorption chillers is projected to grow at a significant CAGR during the forecast period.
• By application, the commercial segment has registered highest revenue in 2021.
• By region, Asia-Pacific is projected to register highest growth rate in the coming years.
• The key players within the global HVAC chillers market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the HVAC chillers industry.
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