Chillers Market worth $15.42 billion by 2029 - Exclusive Report by MarketsandMarkets™

DELRAY BEACH, Fla., Dec. 19, 2024 /PRNewswire/ -- The report "Chillers Market, By Type (Screw, Scroll, Centrifugal, Absorption, Reciprocating), Medium (Air Cooled, Water Cooled, Liquid Coolant), Capacity, End-Use Industry (Plastic, FnB, Chemical & Petrochemical, Medical And Pharmaceuticals) – Global Forecast To 2029", The Chillers Market Is Projected To Reach USD 15.42 billion by 2029 at a CAGR of 5.0% from USD 12.08 billion in 2024.

The chillers market is driven by various major factors behind the chillers market, including increasing demand for HVAC systems in commercial, residential, and industrial applications. The need for efficient cooling systems has increased with rapid urbanization and infrastructure development in the developing world. This increase in energy-efficient and eco-friendly chillers has become a major driver because of government regulations and policies on reducing carbon emissions. Food and beverage, pharmaceutical, and data center are huge end-users due to their reliance on accurate temperature control in order to preserve product quality and improve operational efficiency. Advancements through the incorporation of IoT with smart controls in chillers also are expanding the market as they provide a significant boost to the performance of the system while providing an opportunity for predictive maintenance.

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"Europe accounts the second-largest share in chillers market in terms of value."

Europe is the second-largest share in chillers market because of well-established industrial base, rigid environment regulations, and more take-up of energy-saving technology. The strong presence of this region in automotive, food & beverages, pharmaceuticals, and chemical industries ensures consistent demand for chillers so that the manufacturing process would undergo precise temperature control. This has significantly focused the effort of European regions towards energy conservation, culminating in mass adoption of advanced GWP refrigerants-based chillers with efficient cooling technologies. The stringent regulations such as the European Union's F-Gas Regulation, encourage less use of high-GWP refrigerants, making the manufacturer strive to come up with solutions and innovate to meet such demand. The EU promotion of green building certifications and new energy-efficient infrastructure encourages many to integrate modern chillers in residential and commercial works. With more data centers proliferating rapidly to support digital transformation in Europe, increasing climate control requirements are an added advantage to demand chillers. The leading countries in demand for this sector are Germany, France, and Italy; all have solid industrial activities and invest a lot in infrastructure development. All these aspects, along with mature market technology, environmental goals, and all these factors in mind, makes the European region as the prominent contributor in the overall global market for chillers.

"Air-cooled chillers are the fastest growing medium in the chillers market during the forecast period, in terms of value."

Air-cooled chillers are witnessing the fastest growth in the market of chillers because they offer benefits such as low-maintenance, cost-effectiveness, and flexibility in installation. On the other hand, water-cooled chillers does not require cooling towers or a wide water supply. Therefore, they are the best option for regions with a scarcity of water or limited space. This feature reduces the initial investment and operational complexities and, hence, is preferred for small to medium-sized facilities, commercial spaces, and temporary cooling needs. Growing demand for energy efficiency and environment-friendly cooling systems is yet another reason for increasing demand for air-cooled chillers. Latest technological developments such as smart controls, variable speed drives, and enhanced designs of heat exchangers, has substantially improved the energy efficiency of these air-cooled chillers along with their performance in cooling. These fit in well with the global themes of sustainability and stringent adherence to environmental regulations. Increased demand for HVAC in residential, commercial, and industrial segments across emerging markets are driving this growth. Another factor for growth is their operation capability under different climatic conditions and are ideal for moderate and high-ambient temperature conditions. Its ease of installation, water usage, and applicability under various applications place air-cooled chillers at the helm as a fast-growing segment within the market of chillers.

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"Absorption is the fastest growing type in the chillers market by type during the forecast period."

The chillers market is experiencing exponential growth due to the energy efficient, environmentally friendly design of the absorption chillers, which has an edge over global sustainability goals. Unlike traditional chillers, absorption chillers use waste heat, solar energy, or low-grade thermal energy as their primary source instead of electricity. As people focus more on energy consumption, adoption rates of absorption chillers, particularly in areas with stricter environmental policies, have been increasing. Using natural refrigerants such as water or ammonia, with zero ozone depletion potential and low global warming potential, makes them more attractive to green-sensitive markets. Additionally, the absorption chillers are also widely used in district cooling systems and CHP plants wherein energy efficiency is increased, and cost reduction takes place. The soaring cost of energy and growing demands for environmentally friendly coolers across developed and developing nations also increase their demand. Moreover, with improvements in the technology related to absorption, their efficiency increased, and hence operational issues have been reduced and fuelled market growth. This brings forth an explanation for the absorption chiller growing rapidly in the world chillers market.

"Chillers ranging between capacity 300 kW – 700 kW accounted second-largest share in the chillers market during the forecast period."

Chillers of capacity 300 kW–700 kW account for the second-largest share in the market as they are versatile and appropriate for mid-sized applications. These are highly used in commercial buildings like hospitals, shopping malls, hotels, and office complexes, where demands for cooling lie in this range. The models in this range offer efficiency, performance, and compact size and are well suited for large projects requiring major cooling without the associated expense and space demand of larger models. Energy efficiency and sustainability demands have created an added driving force in the market. Most of the models included in this range come equipped with such advanced technologies as variable speed drives and low-GWP refrigerants, and the trend is supported by environmental legislation as well as operational savings. At the same time, urbanization in some part of the emerging economies further contributes to the demand from the mid-range chillers through the commercial and industrial applications. Pharmaceutical, food process as well as data centers count chillers in this range a benefit due to their value and cost-effectiveness in providing reliability. This segment provides an all-round solution that falls between smaller, less potent chillers and larger high-capacity models. Hence, it is one of the significant contributors to the total growth of the chillers market.

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"Chemicals & petrochemicals has the second-largest share in the chillers market during the forecast period."

The chemicals & petrochemicals industry has the second largest market share. This industry basically needs high performance in achieving high precision temperatures needed for specific processes in manufacturing. Many chemical businesses strongly depend on chillers due to chemical reactions needing temperature control so that to maintain optimal chemical interactions, avoid overheating appliances, ensure proper products and even stability within products, amongst others, during distillation processes, polymerization and condensation process. The ever-growing demand for plastics, resins, and specialty chemicals drives the growth of the global petrochemical industry, which also increases the demand for efficient cooling solutions. Chillers play a very important role in maintaining the operational efficiency and safety, especially in environments where the equipment and processes are likely to be prone to thermal stress. Advancements in chiller technology have increased adoption in the industry. Industries have invested more in chillers using low-GWP refrigerants, enhanced performance, and others, with the aim of adhering to environmental regulations as well as reducing operational costs. With high consumption of cooling capacity, combined with the critical role that chillers play in maintaining product integrity and safety, the chemicals and petrochemicals industry is one of the key drivers in the market for chillers. Thus, it becomes a significant contributor to the overall market demand.

Acquisitions and expansions are the major growth strategies adopted by the key players in the market. The key global players in the chillers market include DAIKIN INDUSTRIES, Ltd. (Japan), Trane Technologies plc (Ireland), Carrier (US), Johnson Controls Inc. (Ireland), Mitsubishi Electric Corporation (Japan), Smardt Chiller Group, Inc. (Canada), Drake Refrigeration Inc. (US), PolyScience (US), LG Electronics (South Korea), Dimplex Thermal Solutions (US), and Thermax Limited (India).

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