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Chillers Market Size, Development Analysis, Key Trends, Growth Rate And Future Forecast (2023-2032)
Chillers Global Market
The Business Research Company's Chillers Global Market Report 2023 identifies The rise in new commercial construction buildings as the major driver for the Chillers market's growth in the forecast period. The commercial buildings use chillers to remove heat from the air and help in achieving a proper temperature control. Smart commercial buildings are incorporating smart technologies, such as occupancy sensors, smart thermostats, and HVAC and lighting controls help reduce energy usage in unoccupied offices, conference rooms, and other spaces.
The global chillers market size grew from $8.72 billion in 2022 to $9.01 billion in 2023 at a compound annual growth rate (CAGR) of 3.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The chillers market size is expected to grow to $10.88 billion in 2027 at a CAGR of 4.8%.
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Major competitors in the Chillers market are Carrier Corporation, Daikin Industries, Trane Technologies PLC., Hitachi Air Conditioning Company, Johnson Controls International PLC, Thermax Limited, Smardt Chiller Group Inc., Mitsubishi Electric Corporation, Midea, LG Electronics Inc.
A key trend in the Chillers market includes Strategic collaboration between companies. Companies manufacturing or supplying chillers are undergoing various collaborations to develop new technologies and productsFor instance, in March 2020, Vertiv, a US-based company operating in designing, building, and servicing critical infrastructure, signed a partnership with Geoclima, an Italy-based highly efficient and customizable chillers manufacturer, to provide high energy efficiency solutions for data center operations to gain the competitive advantage in the chiller market.
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The Chillers market is segmented -
1) By Product Type: Air Cooled Chiller, Water Cooled Chiller
2) By Power Range: Less than 50 kW, 50-200 kW, More than 200 kW
3) By Compressor Type: Screw Chillers, Centrifugal Chillers, Absorption Chillers, Reciprocating Chillers
4) By End User: Commercial, Industrial, Residential
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Chillers market.
The Business Research Company's "Global Chillers Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Chillers Market Include:
1. Executive Summary
2. Chillers Market Characteristics
3. Chillers Market Trends And Strategies
4. Chillers Global Market - Macro Economic Scenario
5. Chillers Market Size And Growth
……
27. Chillers Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Chillers Market
29. Chillers Market Future Outlook and Potential Analysis
30. Appendix
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