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Chillers Market 2024, Industry Analysis, Potential Growth, Trends, Forecast To 2033
Chillers Global Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the Chillers industry. This report on Chillers market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The chillers market size has grown steadily in recent years. It will grow from $9.04 billion in 2023 to $9.43 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. The growth in the historic period can be attributed to growth in industrial and commercial construction, expansion of HVAC systems in residential and commercial buildings, adoption of process cooling in industrial applications, increased in demand for air conditioning and refrigeration, focus on energy efficiency and sustainable cooling solutions.
The chillers market size is expected to see strong growth in the next few years. It will grow to $11.68 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to urbanization and growth of megacities driving demand for cooling solutions, expansion of data centers and its infrastructure, adoption of chillers in food and beverage processing, demand for district cooling systems in urban developments, market growth in developing economies and emerging markets. Major trends in the forecast period include transition to low-gwp refrigerants, integration with smart building systems, modular and scalable chiller systems, heat recovery chillers for cogeneration, use of advanced controls and predictive analytics.
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Key Market Players:
Carrier Corporation, Daikin Industries Ltd., Trane Technologies PLC, Hitachi Air Conditioning Company Ltd., Johnson Controls International PLC, Thermax Limited, Smardt Chiller Group Inc., Mitsubishi Electric Corporation, Midea Group Co. Ltd., LG Electronics Inc., Reynold India Pvt. Ltd., Dimplex Thermal Solutions are prominent players in the Chillers industry.
Market Drivers:
According to the Chillers Market Report 2023 by The Business Research Company, the key factors driving the growth of the Chillers market, includes Major companies operating in the chillers market are focused on developing energy-efficient water chillers to gain a competitive edge in the market. Energy-efficient water chillers help reduce energy consumption and operational costs in cooling systems by efficiently cooling water for various applications.
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Market segments for Chillers include:
1) By Product Type: Air Cooled Chiller, Water Cooled Chiller
2) By Power Range: Less than 50 kW, 50-200 kW, More than 200 kW
3) By Compressor Type: Screw Chillers, Centrifugal Chillers, Absorption Chillers, Reciprocating Chillers
4) By End User: Commercial, Industrial, Residential
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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Browse More Reports:
Refrigerators Global Market Report 2024
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District Cooling Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/district-cooling-global-market-report
Electrical And Electronics Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/electrical-and-electronics-global-market-report
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