Water Chillers Market Competitive Share Analysis and Forecast Report 2032

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. 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.

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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.

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.

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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.

COMPETITION ANALYSIS
The major players profiled in the report having significant water chillers market share included are Carrier Global Corporation, Mitsubishi Electric Corporation, Daikin Industries Ltd., Dimplex Thermal Solutions, LG Electronics, Johnson Controls International PLC, Gree Electric Appliances, Inc. of Zhuhai, Thermax Limited, Midea Group Co., Ltd., and Trane Technologies plc. Major companies in the market have adopted product launch, partnership, business expansion, and acquisition as their key developmental strategies to offer better products and services to customers in the market that is contributing towards water chillers market growth.

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Key findings of the study
• • By type, the screw chiller segment is expected to experience rapid growth in the market and is projected to grow at a CAGR of 2.7% from 2023 to 2032.
• • By capacity, the >700 kW segment is projected to grow at a CAGR of 2.6% during the forecast period.
• • By end user industry, the chemicals & petrochemicals segment is projected to grow at a CAGR of 2.3% during the forecast period.
• • By system, the continuous flow segment is projected to grow at a CAGR of 3.2% during the forecast period.
• • Region wise, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 3.8% during the forecast period.

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