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Chillers Market Growth: Insights on Market Size, Trends, and Key Players
Chillers Market Growth
Stepping Into a Booming Chillers Market: A Comprehensive Study on Market Size, Growth Drivers, and Emerging Trends
What Is The Projected Market Size Of The Global Chillers Market And Its Growth Rate?
The global chillers market has been demonstrating steady growth over the past years and can anticipate consistent expansion in the foreseeable future:
• In 2024, the market size was valued at $10.68 billion.
• In 2025, the market is projected to grow to $11.14 billion, with a compound annual growth rate (CAGR) of 4.3%.
• The market growth during these periods can be attributed to increased demand for air conditioning and refrigeration, adoption of process cooling in industrial applications, expansion of hvacr systems in residential and commercial buildings, and a focus on energy efficiency and sustainable cooling solutions.
• By 2029, the market is expected to reach $13.22 billion at a CAGR of 4.4%.
• Factors such as urbanization, expansion of data centers and IT infrastructure, growth of megacities, demand for district cooling systems in urban developments, and market growth in developing economies and emerging markets will contribute to market growth in the future.
What Is Driving The Growth In The Chillers Market?
The growth of the chillers market is significantly influenced by the rise in new commercial construction buildings. There is increased usage of chillers in commercial buildings to remove heat from the air to achieve proper temperature control. Innovations such as smart technologies including occupancy sensors, smart thermostats, and HVAC and lighting controls in commercial buildings are helping lower energy usage in unoccupied spaces, thereby creating more opportunities for the growth of the chillers market. According to The American Council for an Energy-Efficient Economy (ACEEE), these technologies can reduce energy consumption by 18% for HVAC systems, 28% for plugged equipment, and 33% for lighting.
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Who Are the Key Players Driving Chillers Market Growth?
Some of the key players in the chillers market include:
• 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.
What Are The Key Trends In The Chillers Market?
Key trends in the chillers market 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
What Are The Segments Of The Global Chillers Market?
The chillers market is categorized into various segments based on
• Product Type: Air Cooled Chiller, Water Cooled Chiller
• Power Range: Less than 50 kW, 50-200 kW, More than 200 kW
• Compressor Type: Screw Chillers, Centrifugal Chillers, Absorption Chillers, Reciprocating Chillers
• End User: Commercial, Industrial, Residential
Which Region Leads The Chillers Market?
Asia-Pacific was the largest region in the Chillers market in 2024. The chillers market report includes coverage of regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Chillers Market Global Market Report?
- Market Size Analysis: Analyze the Chillers Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Chillers Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Chillers Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Chillers Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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