Press release
HVAC Chillers Market Analysis by Recent Developments 2031 With a CAGR of 4.5%
HVAC Chillers Market
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.
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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.
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:
Johnson Controls International plc, AIREDALE INTERNATIONAL AIR CONDITIONING LTD., Samsung Electronics Co. Ltd., LG Electronics Inc., Carrier Global Corporation, Panasonic Corporation, Shuangliang Eco-Energy Co.Ltd., Kaltra, Thermal Care Inc., Mitsubishi Electric Corp., Trane Technologies Plc, Honeywell International Inc., Siemens AG, PolyScience, Daikin Industries Ltd., Ab Electrolux, SKM Air Conditioning
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.
• The HVAC chillers market forecast analysis from 2022 to 2031 is included in the report.
• In-depth global HVAC chillers market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.
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