Press release
Water Chillers Market Huge Demand, Business Strategies, High Growth to Reach $8.4 bn by 2032
Water Chillers Market
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.
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Rise in global population and urbanization propels demand for fuel and electricity for domestic and commercial use. This, in turn, propels the demand for chillers in the energy sector. Industries in the energy sector such as petrochemical processing plants and electricity power plants make use of chillers to cool down and absorb heat from a process load. Petrochemical industries use high temperature to separate constituents of crude oil.
Moreover, to meet the rise in demand in the energy sector, public and private entities are building petrochemical processing plants and power plants.
For instance, in March 2022, Aramco along with North Huajin Chemical Industries Group Corporation and Panjin Xincheng Industrial Group planned to develop a petroleum refinery with 300,000 bpd capacity. Such factors are anticipated to drive the water chillers market.
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 other industries, to provide heating as well as cooling applications. 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, propels the growth of the market that inturn is helping in expansion of water chillers market size.
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Segmentation Based On:
By Type
Absorption Chiller
Reciprocating Chiller
Others
Screw Chiller
Scroll Chiller
Centrifugal Chiller
By End User Industry
Chemicals and Petrochemicals
Food and Beverage
Plastics and Rubber
Healthcare
Top Players:
Mitsubishi Electric Corporation, Daikin Industries Ltd., LG Electronics, Carrier Global Corporation, Hitachi, Ltd., Midea Group Co., Ltd., Trane Technologies plc, Dimplex Thermal Solutions, Thermax Limited, Johnson Controls International PLC
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