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Rise In Pharmaceutical Industry To Drive Market Growth: A Key Catalyst Accelerating Industrial Air Chiller Market Growth in 2025
Industrial Air Chiller
Industrial Air Chiller Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent times, the industrial air chiller market has experienced consistent growth. The market is projected to rise from $4.99 billion in 2024 to $5.14 billion in 2025, indicating a compound annual growth rate (CAGR) of 3.0%. The growth experienced during the historic period can be associated with various factors such as incentives and rebates, geopolitical influences, maintenance practices, shifts in industry demand, and refrigerant regulations.
Industrial Air Chiller Market Size Forecast: What's the Projected Valuation by 2029?
The market size of the industrial air chiller sector is anticipated to undergo consistent growth in the coming years, expanding to reach $6.25 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 5.0%. The development predicted for the forecasted period can be credited to factors such as the adoption of renewable energy, after-sales services, adaptability to climate change, investment in research and development, the replacement cycle, as well as urbanization and infrastructure growth. Noteworthy trends for the predicted period comprise energy efficiency, adherence to environmental regulations, demand from various end-user industries, along with a heightened focus on precision cooling.
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What Are the Drivers Transforming the Industrial Air Chiller Market?
The escalating development of the pharmaceutical sector is set to stimulate the expansion of the industrial air chiller market. Firms dealing in the production and distribution of medical drugs are categorized under pharmaceuticals. The application of industrial air chillers extends to the secure preservation of pharmaceutical components like medicines and other chemical substances, hence the rise of this sector promotes market growth. To illustrate, data from the European Federation of Pharmaceutical Industries and Associations (EFPIA), a Belgium-based association advocating for Europe's pharmaceutical sector, delineated a substantial augmentation in R&D expenditure. It escalated from $30.5 billion in 2020 to $46.5 billion in 2021, eventually hitting $48.6 billion in 2022. This highlights a remarkable growth in research and development funding in the pharmaceutical industry. Therefore, the expanding pharmaceutical sector is fueling the development of the industrial air chiller market.
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What Trends Will Shape the Industrial Air Chiller Market Through 2029 and Beyond?
Major firms in the industrial air chiller sector are emphasizing the creation of innovative products such as brine chillers. These are crafted with the aim to boost energy efficiency and cut down operational costs in industrial frameworks. Brine chillers make use of a brine or saltwater solution for absorbing and transferring heat, rendering themselves as efficient cooling systems. They are frequently utilized in industrial procedures, food manufacturing, and HVAC systems owing to their efficiency in sustaining lower temperatures. For example, in December 2023, Emicon, an Indian cooling solution manufacturing company, unveiled its new line of R290 brine chillers. The series includes eco-friendly R290 refrigerant technology, promising high energy efficiency and reliability. These newly-launched brine chillers are projected to serve various industrial requirements, promising sustainable cooling solutions that leverage advanced technology while minimizing environmental harm.
Which Segments in the Industrial Air Chiller Market Offer the Most Profit Potential?
The industrial air chillermarket covered in this report is segmented -
1) By Type: Centrifugal Chillers, Reciprocating Chillers, Scroll Compressor Chillers, Screw Driver Chillers
2) By Function: Stationary, Transport
3) By End User Industry: Food And Beverage, Pharmaceutical, Utility And Power, Oil And Gas, Other End User Industries
Subsegments:
1) By Centrifugal Chillers: Water-Cooled Centrifugal Chillers, Air-Cooled Centrifugal Chillers
2) By Reciprocating Chillers: Water-Cooled Reciprocating Chillers, Air-Cooled Reciprocating Chillers
3) By Scroll Compressor Chillers: Water-Cooled Scroll Chillers, Air-Cooled Scroll Chillers
4) By Screw Driver Chillers: Water-Cooled Screw Driver Chillers, Air-Cooled Screw Driver Chillers
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Which Firms Dominate the Industrial Air Chiller Market by Market Share and Revenue in 2025?
Major companies operating in the industrial air chiller market are Johnson Controls International PLC, Mitsubishi Electric Corporation, Daikin Industries Ltd., Trane Technologies Company LLC, Carrier Global Corporation, Blue Star Limited, Airedale International Air Conditioning Ltd., Hiver Aircon Pvt. Ltd., GEM Orion Machinery Private Limited, Jiangsu Huazhao Refrigeration Equipment Co. Ltd., Fujitsu General Limited, Haier Group Corporation, Midea Group, Ingersoll Rand Inc., Panasonic Holdings Corporation, Hitema International S.r.l., HYDAC Technology GmbH, KKT chillers Inc., Lennox International Inc., LG Electronics Inc., MTA S.p.A., Multistack LLC, Parker-Hannifin Corporation, Process Cooling Systems Inc., Reynold India Pvt. Ltd., Rittal GmbH & Co. KG, Shanghai Shenglin M&E Technology Co. Ltd., Sterling HVAC Products, Thermal Care Inc., YORK International Corporation
Which Regions Offer the Highest Growth Potential in the Industrial Air Chiller Market?
North America was the largest region in the industrial air chiller market in 2024. The regions covered in the industrial air chiller market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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