Water Chillers Market Rapidly Gaining Traction in Key Business Opportunities 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.

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.

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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.

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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Along with this, it has introduced new software for making product energy efficient. In addition, it has also incorporated design improvements in condensers and other components to achieve higher efficiency. Such incorporation of advanced technologies chillers is anticipated to create lucrative opportunities for the water chillers market growth.

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.

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Top Players:
Johnson Controls International PLC, Hitachi, Ltd., Carrier Global Corporation, Daikin Industries Ltd., Trane Technologies plc, Midea Group Co., Ltd., LG Electronics, Dimplex Thermal Solutions, Thermax Limited, Mitsubishi Electric Corporation

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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