Water Chillers Market Worldwide Industry Analysis Growth 2032 To Reach $8.4 bn

Water chillers are the type of refrigeration systems that use water as the secondary refrigerant. Such systems are used for more complex and larger HVACR (heating, ventilating, air conditioning, and refrigeration) applications. These chillers help in lowering the temperature of water. A water chiller makes use of the heat exchanger in order to cool down the fluid.

There is a rise in demand for water chillers due to various advantages such as portability, convenience, and quick and easy maintenance. In addition, acceptance of water chillers in restaurants, hotels, kitchens and dining rooms increases to address temperature level concerns. This is expected to boost the growth of the market during water chillers market forecast period. Moreover, other industries where these chillers are used include rubber, petrochemical, medical, plastic and commercial office buildings.

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The water chillers market was valued at $6 billion in 2022, and is estimated to reach $8.4 billion by 2032, growing at a CAGR of 3.4% from 2023 to 2032.
Water chillers are available in a wide range of cooling capacities and cooling technologies, making them suitable for use in both small and large industrial facilities. Thereby positively influencing the growth of the market. Installation of chillers requires high initial capital investment and setup cost.

Furthermore, the cost of raw materials such as copper, aluminum, and steel can be a significant portion of the total cost of manufacturing chillers, and any price fluctuations can affect the profitability of the manufacturers, which can lead to higher prices for customers. Thereby, constraining the growth in the water chillers industry.

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The Screw Chiller segment to maintain its leadership status throughout the forecast period
Based on type, the screw chiller segment held the highest market share in 2022, accounting for more than one-third of the global water chillers market revenue and is expected to maintain its dominance throughout the forecast period. This is due to the fact that, screw chillers are used for providing cooling solutions for both industrial operations and cooling systems.

The screw chillers are lightweight and compact, and they have cooling capacities ranging from 20 tons to 1,000 tons. However, centrifugal chiller segment is projected to manifest the highest CAGR of 4.6% from 2023 to 2032, as centrifugal chillers are available in a wide range of capacities, making them suitable for various applications from small commercial buildings to large industrial facilities.

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The >700 kW segment to maintain its leadership status throughout the forecast period

Based on capacity, the >700 kW segment held the highest market share in 2022, accounting for more than two-fifths of the global water chillers market and is projected to rule the roost in terms of revenue during the forecast period. This is because, prominent players are developing technologically advanced and low-energy-consuming chillers to boost the development of the industry. However, the 0-100 kW segment is projected to manifest the highest CAGR of 4.7% from 2023 to 2032. This is due to the fact that, smaller chillers, which have a capacity of less than 101 kW, often use less energy than bigger chillers since they are designed to handle smaller cooling loads.

Top Players:
Hitachi, Ltd., Mitsubishi Electric Corporation, Midea Group Co., Ltd., Thermax Limited, Johnson Controls International PLC, Dimplex Thermal Solutions, LG Electronics, Daikin Industries Ltd., Carrier Global Corporation, Trane Technologies plc

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