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Global Chillers Market Outlook 2025-2034: Trends, Innovations, And Future Outlook
Chillers
What Is the Chillers Market Size and Projected Growth Rate?
In the last few years, the market size for chillers has experienced a consistent growth. Its expansion is forecasted to continue from $10.68 billion in 2024 to reach $11.14 billion in 2025, with a compound annual growth rate (CAGR) standing at 4.3%. The increase during the historic period is credited to the expansion of industrial and commercial construction, the incorporation of hvacr systems in both residential and commercial properties, the use of process cooling in industrial setups, a surge in need for air conditioning and refrigeration, along with a focus on energy efficiency and sustainable cooling solutions.
Steady expansion is predicted for the chillers market in the forthcoming years, reaching a worth of $13.22 billion in 2029, with a 4.4% compound annual growth rate (CAGR). This forecasted growth can be ascribed to factors like rapid urbanization and the expansion of megacities fueling the need for cooling solutions, the growth of data centers and IT infrastructure, the increased usage of chillers in the food and beverage processing industry, the demand for district cooling systems in urban setups and the market expansion in emerging markets and developing economies. Key current trends forecasted include the shift towards low-global warming potential (GWP) refrigerants, incorporation into smart building systems, developement of modular and scalable chiller systems, the usage of heat recovery chillers for cogeneration and implementation of advanced control systems and predictive analytics.
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What Are the Major Segments in the Chillers Market?
The chillers market covered in this report is segmented -
1) By Product Type: Air Cooled Chiller, Water Cooled Chiller
2) By Power Range: Less than 50 kW, 50-200 kW, More than 200 kW
3) By Compressor Type: Screw Chillers, Centrifugal Chillers, Absorption Chillers, Reciprocating Chillers
4) By End User: Commercial, Industrial, Residential
Subsegments:
1) By Air Cooled Chiller: Scroll Air Cooled Chillers, Screw Air Cooled Chillers, Reciprocating Air Cooled Chillers
2) By Water Cooled Chiller: Centrifugal Water Cooled Chillers, Screw Water Cooled Chillers, Reciprocating Water Cooled Chillers
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What Are The Driving Chillers Market Evolution?
The chillers market is projected to expand due to the increase in new commercial construction buildings. Commercial structures, which use chillers to extract heat from the air and maintain appropriate temperature regulation, are a key market for chillers. The inclusion of intelligent technologies such as occupancy sensors, HVAC and lighting controls, and smart thermostats in modern commercial properties can significantly decrease energy consumption in unused areas like offices or conference rooms. As per the American Council for an Energy Efficient Economy (ACEEE), smart building technologies can lead to a reduction of energy consumption by 18% for HVAC systems, 28% for plugged equipment, and 33% in the case of lighting. Hence, the escalation in new commercial construction buildings is likely to provide numerous opportunities for different participants in the chillers market.
Which Firms Dominate The Chillers Market Segments?
Major companies operating 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., 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, Delta T Systems Inc., Chase Cooling Systems, TopChiller, CAREL UK Ltd., Frost Italy S.r.l., Cold Shot Chillers, York International Corporation, Multistack LLC, Airedale International Air Conditioning Ltd., Blue Star Limited, Danfoss A/S, Climaveneta S.p.A., Lennox International Inc.
What Trends Are Expected to Dominate the Chillers Market in the Next 5 Years?
Chillers market's notable corporations are prioritizing the construction of energy-efficient water chillers in order to strengthen their market position. These chillers are advantageous in lessening energy usage and trimming down operational expenses by cooling water in an efficient manner for a multitude of uses. One such example could be seen in March 2023, when Atlas Copco Compressors LLC, an American firm dedicated to sustainable productivity solutions, launched its TCA water chiller series consisting of four unique designs. This line is commended for its patented adiabatic pre-cooling system along with an integrated free-cooling segment. The leading model, TCA55-215, is a user-friendly industrial water chiller offered in four modifications that provide cooling abilities varying between 55 to 228 kW. Each unit is furnished with innovative functions targeted at optimizing energy efficiency, assuring safe operations, simplifying the setup and upkeep processes, all while being cost-effective.
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Which Is The Largest Region In The Chillers Market?
Asia-Pacific was the largest region in the Chillers market in 2024. The regions covered in the chillers market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Chillers Market?
2. What is the CAGR expected in the Chillers Market?
3. What Are the Key Innovations Transforming the Chillers Industry?
4. Which Region Is Leading the Chillers Market?
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