Screw Chillers Market Soars to $6.5 Billion by 2031, Propelled by a 3.4% CAGR from 2022

The global screw chillers market, valued at $4.6 billion in 2021, is projected to reach $6.5 billion by 2031, with a compound annual growth rate (CAGR) of 3.4% from 2022 to 2031.

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Chillers serve as cooling devices for various applications, such as cooling raw materials, fluid streams, and equipment in industrial settings, as well as food and beverages in commercial and residential contexts. Key attributes driving the market include efficiency, low environmental impact, and durability.

Market Dynamics:

Factors driving market growth include increased consumption of frozen foods, rising demand across diverse industries, shifts in consumer lifestyle patterns favoring convenience, and growing awareness of energy-efficient cooling solutions. Additionally, industrialization, technological advancements, expanding applications for cooling processes, and environmental concerns contribute to market expansion. However, challenges such as high electricity costs and rising production expenses due to raw material price hikes may impede market growth.

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Segmentation:

By type, screw chillers dominate the market and are expected to maintain this position throughout the forecast period. The segment's growth is propelled by demand from industries like pharmaceuticals, food and beverages, chemicals, and automotive sectors, along with increasing environmental awareness favoring eco-friendly refrigeration solutions.



Regarding applications, the plastic segment is anticipated to lead during the forecast period, driven by rising demand for plastic materials in everyday items, increased industrial usage, and manufacturers focusing on industry-specific chiller features like temperature control for plastic processing.



The petrochemical segment is forecasted to exhibit significant growth, driven by demand for petroleum products and applications in industries such as paint, pharmaceuticals, and tire manufacturing.

Regional Insights:

North America dominated the market in 2018 and is expected to maintain its lead due to factors like increased consumption of frozen foods, technological adoption, rising industrial demand, and disposable income growth.



Europe is projected to hold the second-largest market share, driven by the adoption of energy-efficient cooling devices, environmental product shifts, and investments in chiller development.



Asia Pacific is anticipated to witness the highest CAGR, attributed to investments in various industries like petrochemicals, food and beverages, and plastics, as well as the presence of emerging producers and growing GDP, particularly in China.

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Key Players:

Prominent players in the global screw chillers market include Johnson Controls, Midea, The Danfoss Group, Carrier Corporation, Daikin, Mitsubishi Heavy Industries Ltd., LG Electronics, Thermax Inc., Polaris Industries Australasia, and Trane Inc. These companies engage in mergers, acquisitions, and new product development to expand their market share and gain competitive advantages.



The market segmentation encompasses various types of chillers (screw, scroll, centrifugal, absorption, reciprocating) and applications (food and beverages, petrochemicals, rubber, plastic, others). Detailed insights into market dynamics, regional analysis, and company profiles are provided to offer comprehensive market understanding.

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