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HVAC chillers Market Dynamic Growth Factors, COVID-19 impact on Industry Share and Outlook 2021-2028

12-07-2023 02:51 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: Premium Market Insights

HVAC chillers Market Dynamic Growth Factors, COVID-19 impact

The HVAC chillers market is expected to grow from US$ 9,425.53 million in 2021 to US$ 12,878.92 million by 2028; it is estimated to grow at a CAGR of 4.56% during 2021-2028.

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The improving economic conditions across the globe coupled with urbanization has led to the growth in the industrial sector. There has been a rise in the construction of medical centers, malls, complexes, hotels, commercial buildings and manufacturing facilities, which propels the demand for HVAC chillers. Urbanization has changed the lifestyle of the people and increased the inclination towards safety and security.

Technological developments along with the modifications in government and organizational regulations for temperature control contributes towards the growth of the HVAC chiller market. In 2018, healthcare spending as a share of GDP in Japan was around 11 %. Healthcare spending as a share of GDP of Japan grew from 7.7 % in 2004 to 11 % in 2018 at an average annual rate of 2.69%. Thus, the demand for chillers required in medical sector is anticipated to grow further.

Urbanization and growing population in European countries are driving factors for growth of chillers market in this region. As per the United Nations reports, urbanization in Europe is supposed to rise by ~83.7% by 2050. According to EEA, 75% of population in EU prefers to stay in urban areas

The List of Companies - HVAC Chillers Market

1. LG Electronics
2. Mitsubishi Electric Corporation
3. Carrier Global Corporation
4. DAIKIN INDUSTRIES, Ltd.
5. Thermal Care, Inc.
6. Trane
7. Kaltra
8. SKM Air Conditioning
9. Johnson Controls, Inc.
10. AIREDALE INTERNATIONAL AIR CONDITIONING LTD.

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