Industrial air chiller market was valued at $4.7 billion in 2021, and is projected to reach $7.3 billion by 2031, growing at a CAGR of 4.3% from 2022 to 2031

The global industrial air chiller market was valued at $4.7 billion in 2021 and is projected to reach $7.3 billion by 2031, growing at a CAGR of 4.3% from 2022 to 2031. Industrial air chillers play a crucial role in eliminating heat from various industrial processes by blowing ambient air via a fan around a condenser containing heated refrigerant or fluid. These chillers primarily consist of four components: condenser, expansion valve, evaporator, and compressor.

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Key Market Drivers

Industrial air chillers are essential in manufacturing industries, where high temperatures from processes such as melting, casting, and welding can lead to machinery failure. By controlling temperatures and preventing overheating, these chillers enhance operational efficiency. The pharmaceutical industry, driven by an aging population and increasing prevalence of communicable and non-communicable diseases, is another significant contributor to market growth. Air chillers are widely used for maintaining low temperatures essential for the safe storage of drugs and chemicals. Furthermore, rising global economic standards and population growth have boosted demand for chillers in the energy sector, particularly for fuel and electricity applications.

Innovations and Developments

Major players in the market are focusing on innovation to maintain competitiveness. For instance, in March 2022, Carrier Global Corporation introduced the AquaForce Vision 30KAV, a new line of air-cooled chillers featuring the ultra-low global warming potential (GWP) refrigerant R-1234ze. This product is designed for applications in industries such as food manufacturing, pharmaceuticals, chemicals, plastics, and metals. Additionally, companies are investing in business expansion strategies. In August 2021, Blue Star Limited established an air-cooled chillers testing facility at its R&D center in Maharashtra, India.

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Emerging Opportunities

The rapid growth of the IT sector, driven by globalization and advancements in internet and remote communication technologies, has also bolstered the demand for industrial air chillers. Heat generated by computers, servers, and other electronic equipment necessitates efficient cooling solutions. The availability of air-cooled chillers in a wide range of capacities and sizes makes them suitable for both large- and small-scale industries, further driving market growth.

Market Segmentation

By Type

The market is categorized into:

Centrifugal chillers

Reciprocating chillers

Scroll compressor chillers

Screw-driven chillers

The screw-driven chillers segment is expected to dominate the market throughout the forecast period.

By Function

Stationary

Transport

By End User

Food & Beverages

Pharmaceuticals

Utility & Power

Oil & Gas

Others

By Region

The market is analyzed across:

North America

Europe

Asia-Pacific: Dominated the market in 2021 and is anticipated to maintain its lead, driven by increasing manufacturing activities in the region.

LAMEA

Competitive Landscape

Key players profiled in the market include:

Airedale International Air Conditioning Ltd.

Blue Star Limited

Carrier Global Corporation

Daikin Industries, Ltd.

GEM Orion Machinery Private Limited

Hiver Aircon Pvt. Ltd.

Jiangsu Huazhao Refrigeration Equipment Co., Ltd.

Johnson Controls International PLC

Mitsubishi Electric Corporation

Trane Technologies Company, LLC

These companies adopt strategies such as product launches, partnerships, business expansions, and acquisitions to enhance their market presence.

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Key Benefits for Stakeholders

This report offers:

Quantitative analysis of market segments, trends, estimations, and dynamics from 2021 to 2031.

Insights into key drivers, restraints, and opportunities.

Porter's five forces analysis to help stakeholders make profit-oriented business decisions and strengthen their supplier-buyer networks.

In-depth segmentation analysis to identify prevailing market opportunities.

Regional and global market trends, key players, application areas, and growth strategies

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