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Chillers Market Share, Trends, Growth Rate, Industry Report And Forecast To 2033
Chillers Market Share
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According to The Business Research Company's, 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 hvacr 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 it 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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Market Drivers and Trends:
The rise in new commercial construction buildings is expected to propel the growth of the chillers market. The commercial buildings use chillers to remove heat from the air and help in achieving a proper temperature control. Smart commercial buildings are incorporating smart technologies, such as occupancy sensors, smart thermostats, and HVAC and lighting controls help reduce energy usage in unoccupied offices, conference rooms, and other spaces. For instance, according to The American Council for an Energy Efficient Economy (ACEEE), technologies used in smart building can reduce 18% energy consumption for HVAC systems, 28% for plugged equipment and 33% for lighting. Therefore, the rise in new commercial construction buildings is expected to create opportunities for various players involved in the chillers market.
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. For instance, in March 2023, Atlas Copco Compressors LLC, a US- provider of sustainable productivity solutions, introduced its TCA water chiller range, which comprises four distinct configurations. This product line has patented adiabatic pre-cooling system and an integrated free-cooling section. The flagship model, TCA55-215, is a plug-and-play industrial water chiller available in four variations, offering cooling capacities ranging from 55 to 228 kW. These units come equipped with a range of innovative features, all aimed at maximizing energy efficiency, ensuring operational safety, and simplifying the installation and maintenance processes while also being cost-effective.
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Major Key Players of the Market:
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, Dunham-Bush Ltd., Frigel Firenze SpA, Friulair S.R.L., HYDAC International GmbH, Thermal Care Inc., SKM Air Conditioning, Meccanotecnica Applicata S.r.l., KKT Chillers, Glen Dimplex Thermal Solutions, Delta T Systems Inc., Chase Cooling Systems, TopChiller, CAREL UK Ltd., Thermo Fisher Scientific Inc., Thermionics Corporation, Welkin Solutions, Frost Italy S.r.l., Cold Shot Chillers, York International Corporation, McQuay International, Multistack LLC, Airedale International Air Conditioning Ltd., Blue Star Limited, Gesellschaft für Entstaubungsanlagen Group AG, Danfoss A/S, Climaveneta S.p.A., Lennox International Inc.
Chillers Market 2024 Key Insights:
• 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%.
• Chillers Market Thrives With The Surge In Commercial Construction And Smart Building Technologies
• Increasing Focus On Developing Energy-Efficient Water Chillers To Gain A Competitive Edge
• Asia-Pacific was the largest region in the Chillers market in 2023
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