Chillers Market Future Opportunity Assessment for Business Growth By 2032

According to a new report published by Allied Market Research, titled, "Chillers Market," The chillers market size was valued at $9.8 billion in 2021, and is estimated to reach $14.5 billion by 2032, growing at a CAGR of 3.5% from 2023 to 2032.

The escalating global temperatures attributed to the effects of global warming are set to fuel the demand for cooling equipment. This surge is particularly notable in the growing adoption of chillers, driven by their effectiveness in removing heat from various structures and maintaining optimal internal temperatures. Chillers, as integral components of air conditioning systems, play a pivotal role in residential, commercial, and industrial settings. Key elements of these cooling systems include compressors, evaporators, condensers, expansion valves, control units, and power panels.

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Chillers operate by utilizing refrigerants to extract heat from both condenser and evaporator units, contributing to the overall cooling process. In the United States, the Joint Center for Housing Studies predicts that the demand for renovations and new constructions will be predominantly influenced by the baby boomer demographic over the next decade. This demographic shift is anticipated to stimulate increased construction activities in residential, commercial, and industrial sectors, thereby positively impacting the growth of the cooling equipment market in the country.

In the realm of chillers, two primary types stand out: vapor compression chillers and vapor absorption coolers. Vapor compression chillers employ an electrically-driven mechanical compressor to circulate refrigerants within the system, with variations like air-cooled and water-cooled configurations. On the other hand, vapor absorption coolers utilize external heat sources, such as hot water or steam, to facilitate the movement of refrigerants within the system. This process involves the refrigerant circulating between areas characterized by different pressure and temperature levels.

As the demand for cooling solutions continues to rise in response to climatic changes, coupled with the ongoing construction activities globally, the market for chillers is poised for substantial growth. The versatility of chillers in catering to diverse cooling needs across residential, commercial, and industrial sectors positions them as integral components in addressing the evolving demands of a warmer world.

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Top Players:
The major players, such as Carrier Global Corporation, Mitsubishi Electric Corporation, Daikin Industries Ltd, Dimplex Thermal Solutions, LG Electronics, Johnson Controls International Plc, Gree Electric Appliances Inc of Zhuhai, Midea Group Co. Ltd, Thermax Ltd, and Trane Technologies Plc have focused on developing new products to strengthen their presence in the market. Moreover, these companies adopted product launch and business expansion as a key strategy for improving the product portfolio. For instance, in December 2020, Mitsubishi Electric Corporation launched a new Climaveneta NX2 chillers. It is an air-cooled chiller having two or four scroll compressors. This chiller has a cooling capacity ranging from 40 to 376 Kw. It is a high energy-efficient chiller, best suitable for hotels, offices, hospitals, and universities.

Segmentation Based On:
The chillers market is segmented into type, product type, power range, end user, and region.

By type, it is divided into screw chiller, scroll chiller, centrifugal chiller, and others.

By product type, it is bifurcated into air-cooled chiller, and water-cooled chiller.

By power range, it is classified into less than 20 kW, 50-200 kW, and more than 200 kW.

By end user, it is fragmented into chemicals & petrochemicals, food & beverages, medical, and others. By region, it is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific held the largest chillers market share.

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Key benefits for stakeholders
• The chillers market forecast report provides an in-depth analysis of the market with current and future chillers market trends to elucidate the imminent investment pockets.
• Information regarding key drivers, restraints, and opportunities along with their impact analysis on the market is provided in the report.
• Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
• The quantitative chillers market analysis from 2021 to 2032 is provided to determine the market potential.
• The key players within the chillers market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of chillers industry.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, DE. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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This release was published on openPR.