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2025-2034 Chillers Market Evolution: Disruptions, Innovations, and Untapped Opportunities
Chillers Market
What Is the Expected CAGR for the Chillers Market Through 2025?
In recent years, the size of the chillers market has seen a steady increase. It's anticipated that it will experience a rise from $10.68 billion in 2024 to $11.14 billion in 2025, with a compound annual growth rate (CAGR) of 4.3%. Factors contributing to this growth during the historical period include expansion in commercial and industrial construction, an increase in hvacr systems in residential and commercial properties, application of process cooling in industrial scenarios, a heightened demand for refrigeration and air conditioning, and an emphasis on energy efficiency and sustainable cooling options.
What's the Projected Size of the Global Chillers Market by 2029?
In the coming years, the size of the chillers market is projected to experience consistent growth, inflating to $13.22 billion by 2029 with a 4.4% compound annual growth rate (CAGR). This growth across the future spectrum is likely due to factors such as the increased need for cooling systems triggered by urbanization and the rise of enormous cities, the expansion of data centres and IT infrastructure, the implementation of chillers in the processing of food and beverages, demand for district cooling systems in urban plans, and market expansion in emerging markets and growing economies. Key trends to watch during the forecast period include shifting towards low-GWP refrigerants, incorporation into smart building systems, chiller systems that are modular and scalable, heat recovery chillers for cogeneration, and the utilization of sophisticated controls and predictive analytics.
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Top Growth Drivers in the Chillers Industry: What's Accelerating the Market?
The chillers market is poised for growth, mainly driven by the surge in new commercial construction buildings. Commercial properties use chillers to cool down the air, thereby maintaining an optimum temperature control. Intelligent control systems such as occupancy sensors, smart thermostats, and HVAC and lighting controls - all incorporated into smart commercial buildings - contribute to the reduction of energy consumption in unoccupied workspaces, conference halls, and other areas. For example, The American Council for an Energy Efficient Economy (ACEEE) reveals that smart building technologies have the potential to lower HVAC system's energy usage by 18%, plugged equipment by 28%, and lighting by 33%. Consequently, the increasing number of new commercial construction buildings is likely to open up opportunities for a variety of participants in the chillers market.
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What Trends Will Shape the Chillers Market Through 2029 and Beyond?
Leading companies in the chillers market are concentrating their efforts on the creation of energy-efficient water chillers in order to stay competitive. By effectively cooling water for various uses, these energy-efficient water chillers can decrease energy usage and running costs in cooling systems. Case in point, in March 2023, Atlas Copco Compressors LLC, a company based in the US specializing in sustainable productivity solutions, launched its TCA water chiller series, which includes four unique models. This series features a patented adiabatic pre-cooling mechanism and an incorporated free-cooling section. The flagship model, TCA55-215, is an easy-to-use industrial water chiller that comes in four variations, with cooling capacities ranging anywhere from 55 to 228 kW. These units are packed with a plethora of inventive attributes, all designed to optimize energy efficiency, maintain operational safety, streamline the installation and maintenance procedures and offer cost-effectiveness.
What Are the Main 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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Which Top Companies are Driving Growth in the Chillers Market?
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.
Which Regions Will Dominate the Chillers Market Through 2029?
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.
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